I have had investment properties on and off over the years. I have owned investment properties in Dearborn, Taylor, and Canton. In the early years I never did too well. I was too nice of a guy. If the rent was late I fell for every excuse. No matter how lame. I felt sorry for my renters.
But then I met an Ann Arbor property manager who said “It’s a business. You can’t treat renters as friends”. He said “when you first meet your renter you must lay down the rules. And then both of you have to live by them. You have a mortgage, you have taxes, you have insurance. You have to pay them. Treat this strictly as a business.
You have signed a contract with your renters. You are provide a place for the renter to live. They are to pay you on time and the full amount. You aren’t their parent or their friend.” The property manager said ” tell them right up front. I expect to be paid on the first of the month, no excuses. Or I will have to evict you. No sob stories, no excuses. If you can’t pay the rent each month on time don’t sign the contract, don’t move in. I will evict you if you don’t pay”
It was the best advice I ever got. I now tell my renters that I’m not their friend, I’m the landlord. To not to expect me to pay their rent or to support them. And unfortunately I will have to evict them if they don’t pay on time. It’s that simple.
I still get people that don’t pay, and that are late. But I don’t get strung along for months. I start the eviction process.
- The people that don’t want to pay their way.
- That want to push the system.
- That want me to pay for them to live, don’t live on my house.
- I have my own house, my own bills, my own wife to support. Don’t expect me to pay for another family.
I feel sorry for them. But they have the ability to get a second job. They have the ability to live within their means. I do. They have to make a choice. A simple choice. Pay the rent to live in a house or don’t pay and move out.
Pay and stay
or don’t you don’t live in this rental home anymore!
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