Tenant late on rent and its hitting us hard

[Anonymous]

My husband travels for work so without childcare covered by wages I can't work outside the home unfortunately.
We will be requesting a cashiers check and will have someone pick it up locally there.

PP was right, decession pricing is still in effect there but things are improving and we may be able to break even this year.

[Anonymous]

Anonymous wrote:You need to evict.

And to 13:38 many people can't sell in certain areas of the country because many areas are still in a recession even if the country as a whole is out of it. Kansas City, for example. I have two friends who have homes there (one in KS and one in MO) that neither of them can find anyone to sell to.

13:38: I asked that as a legitimate question. I've been the seller in a short sale situation, so I know about the housing crisis, but I wanted to know what their particular situation was. A little underwater versus a lot versus not...in a market where investors are making cash purchases or not...that sort of thing.

[Anonymous]

We have a separate account just for our out of state rental property -- and the tenant deposits the rent directly into that account. You don't have to wait for a check or cashier's check to arrive.

[Anonymous]

OP - can you use her security deposit to get you through the month, or have you already tapped that?

Is this a temporary set back for the tenant or is she just in over her head in general?

I would get on craigslist and hotpads for the area where your house is located and start looking at your direct competition before you start eviction proceedings. If there are a lot of houses on the market in your immediate area that are for rent, you'd better make sure that you want to jump into a weak rental market.

also, try renting it out yourself next time so you don't have to pay the realtor's fee.

[Anonymous]

Anonymous wrote:OP - can you use her security deposit to get you through the month, or have you already tapped that?

Is this a temporary set back for the tenant or is she just in over her head in general?

I would get on craigslist and hotpads for the area where your house is located and start looking at your direct competition before you start eviction proceedings. If there are a lot of houses on the market in your immediate area that are for rent, you'd better make sure that you want to jump into a weak rental market.

also, try renting it out yourself next time so you don't have to pay the realtor's fee.

Whoa, whoa, whoa. There are laws stating what you can and can't do with a security deposit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP - can you use her security deposit to get you through the month, or have you already tapped that?

Is this a temporary set back for the tenant or is she just in over her head in general?

I would get on craigslist and hotpads for the area where your house is located and start looking at your direct competition before you start eviction proceedings. If there are a lot of houses on the market in your immediate area that are for rent, you'd better make sure that you want to jump into a weak rental market.

also, try renting it out yourself next time so you don't have to pay the realtor's fee.

Whoa, whoa, whoa. There are laws stating what you can and can't do with a security deposit.

yeah, ok. and who's gonna check? the security deposit police? there are certain states that don't require that sec deps be held in escrow. We have 2 rental homes out of state, neither require escrow. get over yourself....whoa whoa whoa. lets see, I will go ahead and have a late mortgage payment because I'm afraid to tap a security deposit? you are clearly an anal rule-follower.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - can you use her security deposit to get you through the month, or have you already tapped that?

Is this a temporary set back for the tenant or is she just in over her head in general?

I would get on craigslist and hotpads for the area where your house is located and start looking at your direct competition before you start eviction proceedings. If there are a lot of houses on the market in your immediate area that are for rent, you'd better make sure that you want to jump into a weak rental market.

also, try renting it out yourself next time so you don't have to pay the realtor's fee.

Whoa, whoa, whoa. There are laws stating what you can and can't do with a security deposit.

yeah, ok. and who's gonna check? the security deposit police? there are certain states that don't require that sec deps be held in escrow. We have 2 rental homes out of state, neither require escrow. get over yourself....whoa whoa whoa. lets see, I will go ahead and have a late mortgage payment because I'm afraid to tap a security deposit? you are clearly an anal rule-follower.

If I were your tenant, I'd sue the shit out of you. It's illegal. If my landlord used my security deposit for anything else other than legitimate repairs when I move out, I'm allowed to sue you (under VA law).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - can you use her security deposit to get you through the month, or have you already tapped that?

Is this a temporary set back for the tenant or is she just in over her head in general?

I would get on craigslist and hotpads for the area where your house is located and start looking at your direct competition before you start eviction proceedings. If there are a lot of houses on the market in your immediate area that are for rent, you'd better make sure that you want to jump into a weak rental market.

also, try renting it out yourself next time so you don't have to pay the realtor's fee.

Whoa, whoa, whoa. There are laws stating what you can and can't do with a security deposit.

yeah, ok. and who's gonna check? the security deposit police? there are certain states that don't require that sec deps be held in escrow. We have 2 rental homes out of state, neither require escrow. get over yourself....whoa whoa whoa. lets see, I will go ahead and have a late mortgage payment because I'm afraid to tap a security deposit? you are clearly an anal rule-follower.

If I were your tenant, I'd sue the shit out of you. It's illegal. If my landlord used my security deposit for anything else other than legitimate repairs when I move out, I'm allowed to sue you (under VA law).

NP here but the deposit can also be used to cover NSF fees for the bounced checks, late fees, past due rent and depending on the language in the lease, attorney fees in an eviction proceeding. Also, OP just needs to be able to return the security deposit to the tenant when tenant moves out and it sounds like DH's raise will put them on solid financial ground in the near future so it shouldn't be a problem.

[Anonymous]

Op here Thank you for all the feedback. The rent is being wired to us today and the remaining months will be cashiers checks. Tenant is interested in buying and in process to get prequalified... Hopefully it works out. Either way we will be using our tax refund to get a month ahead on the mortgage so this doesnt happen again!!

[Anonymous]

Anonymous wrote:Op here Thank you for all the feedback. The rent is being wired to us today and the remaining months will be cashiers checks. Tenant is interested in buying and in process to get prequalified... Hopefully it works out. Either way we will be using our tax refund to get a month ahead on the mortgage so this doesnt happen again!!

I'm glad you got the $ squared away for this month (and hopefully subsequent months), but don't get your hopes up about her buying. If she's bouncing to you, she's got to have big financial issues and bad credit all around. She's probably telling you that to keep you from putting it on the market. I wouldn't trust anything she says at this point, and you should do what's best for your family as if she's not in the picture at all!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Op here Thank you for all the feedback. The rent is being wired to us today and the remaining months will be cashiers checks. Tenant is interested in buying and in process to get prequalified... Hopefully it works out. Either way we will be using our tax refund to get a month ahead on the mortgage so this doesnt happen again!!

I'm glad you got the $ squared away for this month (and hopefully subsequent months), but don't get your hopes up about her buying. If she's bouncing to you, she's got to have big financial issues and bad credit all around. She's probably telling you that to keep you from putting it on the market. I wouldn't trust anything she says at this point, and you should do what's best for your family as if she's not in the picture at all!

+1

See if you can stretch it out and evict her in a couple of months when it'd be easier to re-rent or list the house for sale...spring will bring more buyers or renters. I have 5 rentals and have a buffer to pay for 6 months in the event no rents come in.

[Anonymous]

Yeah.. We aren't counting on her to buy but she does have first right of refusal when we do go to list this summer. We will make do until spring when it would be easier to get her out and someone else in.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP - can you use her security deposit to get you through the month, or have you already tapped that?

Is this a temporary set back for the tenant or is she just in over her head in general?

I would get on craigslist and hotpads for the area where your house is located and start looking at your direct competition before you start eviction proceedings. If there are a lot of houses on the market in your immediate area that are for rent, you'd better make sure that you want to jump into a weak rental market.

also, try renting it out yourself next time so you don't have to pay the realtor's fee.

Whoa, whoa, whoa. There are laws stating what you can and can't do with a security deposit.

yeah, ok. and who's gonna check? the security deposit police? there are certain states that don't require that sec deps be held in escrow. We have 2 rental homes out of state, neither require escrow. get over yourself....whoa whoa whoa. lets see, I will go ahead and have a late mortgage payment because I'm afraid to tap a security deposit? you are clearly an anal rule-follower.

If I were your tenant, I'd sue the shit out of you. It's illegal. If my landlord used my security deposit for anything else other than legitimate repairs when I move out, I'm allowed to sue you (under VA law).

...and HOW would you know if they used your money for something else? do you used marked bills? WTF do you care so long as its returned to you when you move out. like you would really SUE THE SHIT OUT OF ME....

[Anonymous]

If she bounces a check on you, you can also have her arrested for passing a bad check.