Hubby started this morning at the apartment building with 4 units. Collecting rent from one. They were supposed to have $400, but had only $300. Going back tomorrow to try to collect the rest. The folks leave for work really early so he needs to get there before they leave. Still owe $550. Hubby is probably going to put them on a paymente plan for that ($110 per month for 5 months, plus the usual rent).
If the payment plan goes into effect, only 1 apartment will be behind in this building.
Tonight he is driving to a neighboring town (not the apartment we own) to collect rent. This might bring this tenant fully up to date - yay! This unit also on a payment plan (and extra $50 per month for 6 months).
Truthfully, times are hard and these people seem nice enough and are all working (now anyway!). If they all can get on their feet, maybe we can get regular rent payments. So far 4 out of 7 units are pretty reliable. Still working on getting the other 3 up to speed.
Preparing to put in a bid for two of the houses we saw on Sat (both for flipping). $50,000 each. A little scary in terms of our credit, but exciting to get started on the next phase of the business!
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