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My Tenant Hasn't Paid In A Year and Owes Me $30,000!

DerekJohnsonDerekJohnson Administrator, Swaye's Wigwam Posts: 62,473 Founders Club
edited May 2022 in Tug Tavern
https://www.youtube.com/watch?v=l-DUSXzi5_A
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  • creepycougcreepycoug Member Posts: 22,987
    DawgsCanDance said:

    Yah this is a real exploding cigar that will play out over the next few months... loads of landlords are facing real hardship ~ they HAVE to pay their mortgage [breathlessly speaking the obvious] and in a lot of major cities 20% of people are either behind on their mortgage payment or their rent. No bright ideas how to solve this one, this is a real clusterfook with yet to develop outcomes.

    If I wind up keeping the Seattle house and renting it in my retirement, I am going to set up a booby trap in the duct work that will release a rotten egg/sour fart-like smell to run delinquent tenants. I will also set up a large deposit for the last several months' rent (the most allowed by law).

    I will also harass them in public and tell everyone around them that they are deadbeat squatters.

    I will do these things, even though I don't, and thus won't, have a mortgage to pressure me.
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  • USMChawkUSMChawk Member Posts: 1,796
    creepycoug said:

    DawgsCanDance said:

    Yah this is a real exploding cigar that will play out over the next few months... loads of landlords are facing real hardship ~ they HAVE to pay their mortgage [breathlessly speaking the obvious] and in a lot of major cities 20% of people are either behind on their mortgage payment or their rent. No bright ideas how to solve this one, this is a real clusterfook with yet to develop outcomes.

    If I wind up keeping the Seattle house and renting it in my retirement, I am going to set up a booby trap in the duct work that will release a rotten egg/sour fart-like smell to run delinquent tenants. I will also set up a large deposit for the last several months' rent (the most allowed by law).

    I will also harass them in public and tell everyone around them that they are deadbeat squatters.

    I will do these things, even though I don't, and thus won't, have a mortgage to pressure me.
    I’m positive I could never be a landlord, anywhere.
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  • BleachedAnusDawgBleachedAnusDawg Member Posts: 11,197
    creepycoug said:

    DawgsCanDance said:

    Yah this is a real exploding cigar that will play out over the next few months... loads of landlords are facing real hardship ~ they HAVE to pay their mortgage [breathlessly speaking the obvious] and in a lot of major cities 20% of people are either behind on their mortgage payment or their rent. No bright ideas how to solve this one, this is a real clusterfook with yet to develop outcomes.

    If I wind up keeping the Seattle house and renting it in my retirement, I am going to set up a booby trap in the duct work that will release a rotten egg/sour fart-like smell to run delinquent tenants. I will also set up a large deposit for the last several months' rent (the most allowed by law).

    I will also harass them in public and tell everyone around them that they are deadbeat squatters.

    I will do these things, even though I don't, and thus won't, have a mortgage to pressure me.
    You might want to consider doing a 1031 in to a property in another state. Being a landlord in Seattle is not something I would recommend anyone do if you have other options.
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  • PurpleThrobberPurpleThrobber Member Posts: 43,640 Standard Supporter
    edited March 2021
    USMChawk said:

    creepycoug said:

    DawgsCanDance said:

    Yah this is a real exploding cigar that will play out over the next few months... loads of landlords are facing real hardship ~ they HAVE to pay their mortgage [breathlessly speaking the obvious] and in a lot of major cities 20% of people are either behind on their mortgage payment or their rent. No bright ideas how to solve this one, this is a real clusterfook with yet to develop outcomes.

    If I wind up keeping the Seattle house and renting it in my retirement, I am going to set up a booby trap in the duct work that will release a rotten egg/sour fart-like smell to run delinquent tenants. I will also set up a large deposit for the last several months' rent (the most allowed by law).

    I will also harass them in public and tell everyone around them that they are deadbeat squatters.

    I will do these things, even though I don't, and thus won't, have a mortgage to pressure me.
    I’m positive I could never be a landlord, anywhere.
    Mrs. Throbber v2.0 manages her two dad's rental properties as he's no longer able to - in the process of divesting of the assets. We contemplated buying a few of them as she is doing the work anyway. That contemplation lasted about 3 minutes.

    Fuck that. Tenants are the worst. Just the absolute worst.

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  • godawgstgodawgst Member, Swaye's Wigwam Posts: 2,451 Founders Club
    The ONLY way I would ever want to have rental properties is to have a property mgmt. company run it and take their portion, but since there are so few landlords that take that route, my assumption is b/c too much of your profit goes with them.

    The catastrophe that is going to happen when the banks finally want their money from the landlords who have 0.0000% of getting the back due money from people who have lived rent fee for the last year plus is going to be ugly to watch, and why I am amazed at how the big banks are trading, as they just continue to go higher.
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  • creepycougcreepycoug Member Posts: 22,987
    godawgst said:

    The ONLY way I would ever want to have rental properties is to have a property mgmt. company run it and take their portion, but since there are so few landlords that take that route, my assumption is b/c too much of your profit goes with them.

    The catastrophe that is going to happen when the banks finally want their money from the landlords who have 0.0000% of getting the back due money from people who have lived rent fee for the last year plus is going to be ugly to watch, and why I am amazed at how the big banks are trading, as they just continue to go higher.

    I agree. It's the economics, unless you have so many that it's not feasible to handle it on your own.

    Consider my Seattle house. I bought it for a little over a mill a few years back having sold my Bothell property for just over $800k. So I have a mill. tied up. At $4,000 / mo. rent I'm earning 4%. Less when you factor in property taxes and shit I have to fix. Yeah, it's pretty close. I know Seattle rents are high, but $4000 / mo. is, I assume, not an easy market. If you can swing $4k / mo., you're more than likely buying a house somewhere. I may be underestimating what I could get in rent; but I don't think so.

    If I had to give a % of that return to a prop. mngmt. company, it would just make more sense to sell and invest the money in something else.
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