Sorry, but I have to at least type this because my brain is gonna burst!!
I own a house in Miami Lakes that I rented out when I bought up here in Vero Beach. I knew that renting was gonna be a headache but with the market situation and frankly because I love that house, I didn't sell and took a chance renting.
I rented it out for the exact amount that I pay in mortgage, nothing extra, so that's not a source of income. As long as it gets paid monthly, I'm fine.
For 2 1/2 years my renters have paid fairly on time. In the last few months the rent has come later and later each month. Each month there is a bump in the road that delays it. Fine, I've let it all go because the way I see it, they are paying, even if it's late. So every month I transfer their deposit into my checking to cover the mortgage and transfer it back to savings when they pay.
Well, 3 months ago the rent came almost mid month. Ok. He promised the next month it would be on time. It wasn't. Not only was it not on time, but it was short. So because they paid past midmonth, I said, fine.... add it to the next month. That brings me to this month. He promised the rent would be on time. First comes and goes... and each day there is an excuse for it. Here we are almost mid month again and after 4 days of non-communication he says he only has 1/3 of it. He was in a car accident and blah blah blah. He can't pay the rest until next week when he gets paid and when the ins check comes in.
My mom, who lives 3 blocks away usually picks up the rent for me if he can't deposit it. So of course, I tell her to go get 1/3 of it tomorrow and she starts with me. Like I really need any more fuel to this fire! If I vent with FI it will get worse because he, too, is very upset over this.
Listen, I get it. We ALL have issues that come along, which is why I've been very understanding. Never enforcing the late fee we have on the lease agreement. Not ONCE have I charged them the late fee, even though every month for the last year they've paid PAST the "late" date. So I think I've been very understanding.
But seriously! I'm 11 freaking days from my wedding, I've had my own issues with money, with the car, the stupid car top which Chrysler has yet to reimburse me half of it and not to mention Alex's pay cuts last Dec. which have affected us as well.
I'm so freaking upset right now that I want to YELL!!! GRRR!!! But blowing a fuse with my renters and putting my foot down will either do one of the following, I figure:
1. They start paying on time. (Ideal outcome!)
2. They say "screw you" and stop paying altogether.
3. They decide to move.
Obviously, #1 is ideal. #2 or #3 are not a good option right now.
#2 - would mean I gotta default on that house's mortgage, since I have nothing in my savings to cover that rent, thanks to this wedding. So a few months or even one of non-payment would be really bad. Not to mention the months it takes to evict someone.
#3 - Evicting them or them deciding to move all lead to the same thing... finding a new renter. Ultimately, this means having to go into non-payment of this mortgage anyway while I find a renter, pay for ads and go through the entire interviewing process which is a NIGHTMARE! All the freaks come out when you have a house for rent!
So, ladies, if you could spare a "freaky knottie vibe" or two for quick rent payment from my tenants, I'd appreciate it. I really, REALLY, don't need this right now when I'm a week and half from the wedding.
Seriously!!!!
Thanks for letting me vent!