Yep, so I’ve been a landlord all of 3 months, and I’m evicting my first tenant .
She was already in the rental I purchased back in December, and was in trouble back then, too, so I knew what I was getting into, for the most part. She caught up her rent, (using her security deposit in the process) with the old landlord, whom I know, and was good the first 2 months. (good being she at least paid)
The first 2 months I had gone straight to her bank and cashed her checks, but the 3rd time, I thought I’d be nice, and give her a chance, and just deposit it into my account, but it bounced.
So… I had given her demand for payment, and this morning I went to the courthouse and filed the other paperwork. Cost me $90, so just counting actual expenses so far, I’m down the $960 rent, $10 returned deposit fee from my bank, and the $90 in filing fees. We go to court on April 3rd, so she’s going to be owing at LEAST a pro-rated portion for April as well. I tried to be a nice guy, too, but they wanted to play hardball, and wanted me to take them to court, so… your wish is my command. lol I’ll GET my money judgment, and eviction notice. (Even if they pay in full, I am evicting b/c their lease is month to month now, so by May 1st-ish, I should be able to get in there, clean it up, paint, etc and find a new tenant by the end of May. crosses fingers May have to end up garnishing her wages, going after her bank account, but I’ll do whatever I can to get my money outta them!
so far -$1060
I hope to make some better decisions in the future, this deal was not a great deal when I bought it, but there were some positives. It really, would be a NEGATIVE cash flow deal, at present though. (b/c my credit is/was so-so the rent just covers my payment plus water. Its not including taxes, or insurance (although they are paid up until December and July respectively) However, I’m still really glad I went for it, because I’m learning a lot, AND if I am going to be in the landlord game, I might as well do it right, and have more than 1 property, so I’m going to learn a lot from this and make a lot less mistakes in future purchases. After all, you make your money when you BUY, right?
Anyhow… anyone have any fun/not so fun eviction stories you want to share w/ a newbie?