Landlord Land Mines

Lately, I’ve come across some pretty disturbing questions regarding landlords who rent out their properties even after defaulting on their mortgages and getting a notice of default in the mail. The tenants, who usually do not find out until the trustee’s sale is announced, continue to pay the rent to the landlords.

This makes me sick. While there is no law against this that I know of, the behavior of the landlords is despicable to say the least. How easy would it be to just send the tenants a letter saying the mortgage is in default and they need to start looking for another property? If they continue to stay, their time there is limited and they should continue to pay the rent until they leave.

I wonder if it is this behavior on the part of the landlords that make tenants think stealing things like light fixtures on the way out or just skipping out on a lease is okay.

Tags: Rent Collection by Purva Brown
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By the way, Happy Thanksgiving. But don’t forget to bill your tenants with the holiday madness…

It’s time. You should be sending a bill to your rentals today to ensure prompt payment of your rent. The statement should include the following:
- when rent is due
- when rent is late
- what the fine is for the rent being late
- what form to make the payment in
- where to send it.

It doesn’t hurt to have a return envelope with the statement with your address on it. Log that you have sent out this statement in your rental logs.

I know, I know. You’re saying most of these things are in the month-to-month or lease agreement you have signed with the tenants. But most of them have not been read, so remind them. Today.

And have a good December!

Tags: Rent Collection by Purva Brown
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