Good news and bad news on rentals

Well, I was just getting ready to announce that we had 6 out of 6 apartments fully paid this month (1 is still empty but  more on that later), when Hubby told me that one of our tenants had bounced a check. This is a very expensive problem for the tenant, because now they owe a $100 fine. $50 for the bounced check, and $50 because the rent will be late this month!

On the good news front the empty apartment is ready to go and Hubby has already started receiving calls for it, although he hasn't advertised at all yet!  One tip that some might find useful, he give existing tenants a "finder's fee" of $50 if the apartment is eventually rented to someone they recommend.

No activity on the first flipper (Cherry Street) this weekend.  We were hoping that it would get some showing because it is new to the market.  Keeping our fingers crossed for a quick sale!

Court Case Results

So, after all the worrying, the tenant didn't even show up for court this morning. This usually means that we get an automatic judgement.  The judge is going to figure out how Kae can manage to get the money we are owed (4 months rent! + court costs).  It may involve attaching their paychecks.    Of course, this doesn't mean that they are gone from the apartment.  In 10 days we file for possession and if they are not gone within 10 days after that, we can change the locks and sell all of their stuff.  This is a little scary. We've never actually thrown anyone out before. We really don't feel bad about the guy that we believe is causing all of the trouble, but he lives with his girlfriend and her teenage son, and that does bother me a little. We will have to see how it goes!

Closing on the house that we will be flipping today. Started getting organized for the yard sale, and met with our HVAC guy to get an estimate on the furnace, which will have to be replaced.  Also found out that we won't actually be tied into the property for 90 days like we feared.  It turns out the 90 clause is just for short sales, not for general sales or foreclosures.  That is a big help because we are hoping to turn it around in about 60 days.

Waiting for Tax Refunds

Two apartments full of tenants owe us two months rent now (Dec and Jan - Feb is out of the question - lol!).  Both claim to be waiting for their tax refunds to come in and then they will get caught up.  We will see.  Hubby is ready to take time off from his "day job" to start eviction proceedings if necessary.  Some of these people should get creative writing jobs - they always have a story for everything!

Waiting for Tax Refunds

Two apartments full of tenants owe us two months rent now (Dec and Jan - Feb is out of the question - lol!).  Both claim to be waiting for their tax refunds to come in and then they will get caught up.  We will see.  Hubby is ready to take time off from his "day job" to start eviction proceedings if necessary.  Some of these people should get creative writing jobs - they always have a story for everything!