General Update
June 17th, 2008 by KenricSLC Townhome Tenants - Well still no tenant in Townhome #1. The bad news is that the tenants in Townhome #2 are getting a divorce and are leaving tomorrow. They’ve been told that they still owe rent until a new tenant is found, but given their circumstances I’m sure paying rent on a place they both don’t want to live in will be the last thing on their mind.
So after tomorrow I will have two empty townhomes in SLC. I’ll probably drop the price of one dramatically ( $150) to get it rented so I won’t have two mortgages to pay.
It’s turning out that my Option ARM loan is working out as designed. Aside from that fact that it’s interest rate has adjusted down to around 6.5%, it can now do exactly what it was designed to do. It was designed to help an investor through the times of vacancy but having a minimum payment negative am option. I’ve never paid the minimum, in fact I’ve been paying the 30 amortized rate, but with 2 empty units I will be paying the minimum neg. am payment next month.
Chicago Condo - The new tenants are moving into my Chicago condo. The tenants are graduate students but they seem very irresponsible or naive. It seems like they’ve never rented a place before. First, they sent me a $500 deposit to hold the condo in April. According to our contract, they still owed me $1300 by May 1st. I send them numerous reminders and May 1st comes around and I don’t receive the $1300. I could have kept their $500 deposit and found a new tenant. I call them and tell them that I’m going to start advertising the unit again and they immediately overnight a check for $1300.
Next comes move in day, today. I told them last week via email and voice mail that I will not give them the keys until I get this month’s prorated rent and July’s rent. I don’t get a response. I call them Friday again and finally get in touch with them. The tenant says, “Oh so rent is due before we move in?” It’s like they don’t listen or read my messages. I tell them yes and if I don’t get their rent I’m not giving them the keys which would leave them homeless for one night. Today, one of the tenant’s parents transfers the money into my account. Nothing like getting it done at the last minute.
I’m not too worried about not getting paid rent since their parents are footing the bill. But I have a feeling that these tenants will be paying alot of late fees.
Posted in General | 
Stumble it!
