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Post by Script on Jul 8, 2009 20:26:15 GMT -5
My former client, Dr. XYZ, owns several rental properties in conjunction with other family members. The properties are luxury townhouses, apartments, etc. They are professionally managed; all tenant repairs done INSTANTLY: I know, because I used to see the bills from the management company.
Dr. XYZ's family has decided that they absolutely positively categorically MUST sell one of these rental properties: a six-plex. It has been substantially upgraded (new kitchens, bathrooms). The rents are not outrageous, but the units are considered luxury, plus they are in a highly desirable location.
Dr. XYZ called me before for advice. The management company has been informed of the decision to sell the property. Tomorrow a real estate agent is coming for the FIRST walk-through. The management company is obliged to give the tenants 48 hours' notice before entering. This is in the standard lease. They have given this notice. BUT.......
One of the tenants is a close personal friend of the XYZ family; she has lived there at a reduced rent for at least 15 years (maybe 25-30% lower than market value?)
This tenant has begged Dr XYZ not to enter her apartment, as it is messy and she is sooooooooooooo ashamed. She doesn't mind if a real estate agent comes in, but not her friend.
This is what I advised:
*let the real estate agent enter; Agent (whom I also know) has seen everything and will not be shocked.
*the agent is also bringing a surveyor for the first walk-through, to make a plan of the building. This costs mega-$$$ but is necessary. Let him enter the apartment.
*tell the friend that the XYZ family know that she has been under a lot of stress lately (her father's death; her neice's illness). Offer to send a cleaning lady WHENEVER to help clean the place.
*re-assure the friend that the new owners cannot turf her out; we have incredibly good tenant rights here.
*FURTHERMORE, it will take at least one full year to sell this property. Friend has LOTS OF TIME to consider her future.
Dr XYZ and family are a their collective wits' end. None of them are young. They have to spend AT LEAST $20,000 INSTANTLY to move some hydro meters at this location (they showed me the estimates). They have not received one single penny of money from the rentals in three solid months, as everything has gone to the management company for repairs and upgrades. And...........................they now have to cope with a tenant who may have trashed the apartment...........
something to think about
luv from Script (sees both sides of this issue)
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Post by Meme on Jul 8, 2009 21:32:50 GMT -5
thank you for saying this - I was just reading about learning to speak our thoughts honestly even though our thoughts may not be considered kind but when said in a kind and informative way, these thoughts can often mend opinions. - I know that often land-lords get trashed because we do not always understand that it is a business and they have to pay their bills also. There are good land lords and bad as well as good tenants and bad- I have always believed that if I borrow something or rent it that I need to really have respect for that item or place-. sometimes we do get behind on things like the rent money etc. but we have to realize that a business needs to be paid sooner or later- and so sad that many folks will cut and run and never go back to make good-. I do wish there could be more communication re land lords and tenants and that the good tenants did not have to pay for the bad but that is the way life works-. life is a pancake- it has two sides and a lot of mush in the middle--  |
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Post by southerngirl on Jul 8, 2009 21:37:12 GMT -5
I hope things work out for your friends (who are the landlords). Their tenant needs to honor the terms of her lease. I have had friends who rented out duplexes and rental houses and have heard some horror stories so I know they are out there.
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Post by moggyfan on Jul 8, 2009 23:16:25 GMT -5
I've been a renter for all my adult life. However, I have several friends who are landlords, and I am shocked at how often tenants simply do not pay their rent.
Mostly my friends work with people (as evictions and vacant apartments are expensive) and most of the tenants come through eventually. But it is a giant hassle for them and some rely on rental income to pay their own bills. Not all landlords are Snidely Whiplash.
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Post by Alexandra on Jul 9, 2009 12:22:46 GMT -5
Our landlady is pretty reasonable. There were a few times where we couldn't come up with the rent by the 5th and we simply called her and told her we needed another week or two, and we paid when promised. We've been at this apartment for 8 years and we seldom complain about anything...just if something needs fixed.
We came out of financial squalor. Hubby tracks and pays the bills and comes up with the budget, so we're doing fine there. What really helps is paying bills online.
My husband and I have been renters our entire marriage--we'll be having our 16th anniversary next month.
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