Tenants aren't paying rent, need advice.

[Anonymous No.55057660]

I have 3 tenants living in my rental unit and they owe me almost $10,000 in rent at this point.

I'm starting to get super pissed off, because first they started being late, then very late, now they are two months behind. They've started to dodge text messages as well.

These aren't poor people, the unit is in a very HCOL area and these tenants all have careers. They're very nice people but the kid gloves must come off at this point. I'm not sure why they've stopped paying, but it doesn't matter anymore.

If they do not pay, I want to make sure that I inflict maximum damage on them even if it costs me even more money to do so. If I get a court ordered judgement, it will go on their credit report and drop their score by 150 points instantly, as well as remain on their credit report for 7 years (meaning they will unlikely be able to rent in nice areas again).

Please give me tips on what to do to tenants who aren't paying.

[Anonymous No.55057675]

Evict them, they have broken the lease.

[Anonymous No.55057680]

>>55057660
Hope you don’t live in a liberal area or the laws will completely fuck you over as a landlord. Hope you have enough in reserve to make mortgage payments

[Anonymous No.55057684]

>>55057660
Get a real job you dickhead retard parasite

[Anonymous No.55057712]

>no mention of location and/or tenant laws

Most places are pretty reasonable about this situation given the people aren't critically impoverished. Are they all friends? Do they pay one person who then pays you? Maybe one person has gone rogue and is a gambling addict or some shit. We need more details.

[Anonymous No.55057724]

idk where you live but here you can get a warrant with the police warning the tenants to move out within 7 days or they can forcibly evict them after a couple months of nonpayment.

[Anonymous No.55057734]

This is b8 but I wish it was real.

[Anonymous No.55057735]

>>55057660
Being a landlord makes no sense.
Just invest into S&P 500 index funds. You can make just as much if not more without dealing with crappy tenants.

[Anonymous No.55057764]

>>55057735
You can’t trade the stock market with 10x leverage

[Anonymous No.55057766]

>>55057675
>>55057680
>>55057712
>>55057724
I am in california. It's 2 girls and 1 guy, they aren't all friends.

I have to reiterate that these aren't poor blacks or mexicans, they all have careers and have previously been able to pay rent without issue, just recently they kind of fell behind, and now it's getting serious. I actually don't know WHY they aren't paying, unless they got laid off or something.

I know where they work and I've verified they do actually work at these places. I know cali is liberal AF when it comes to renters, but that usually only applies to people with poor credit, etc.

Renters who care about their credit and being approved for future rentals (especially in my area which is highly competitive) aren't going to want to exploit California's protection laws because at the end of the day they will still get a terrible mark on their credit report.

>>55057684
Being a landlord is a real job. That's like saying owning a car rental service "isn't a real job"

[Anonymous No.55057783]

>>55057735
over the long term rental real estate actually outperforms

[Anonymous No.55057786]

>>55057734
it's very real, I'm trying to find as much information out as I can before I contact a lawyer.

>>55057735
Real estate is how you build generational wealth. Once a unit is paid off, it generates about 3-4% returns each year, and it also increases a lot in value over the years. Of course it's not as lucrative as a bull market, but it's safe and stable.

Also, you can take out loans against real estate to buy more real estate, and grow your portfolio. I do some stock trading as well but real estate is king.

[Anonymous No.55057791]

>>55057660

[Anonymous No.55057793]

>>55057660
When you seek to profit from things that people need to live you get what you deserve.

[Anonymous No.55057814]

>he thought being a landlord was risk free passive income

[Anonymous No.55057873]

>>55057660
Damn, is this beautiful queen OK? I can save her.

[Anonymous No.55057923]

>>55057786
>real estate is king
>wagies decide to stop paying rent and land cucks seethe and can’t do shit about it but threaten their good goy score
Lmao.

[Anonymous No.55057965]

>>55057923
Goy score is important. Most people don't buy everything with cash, especially houses, cars, and other big ticket items.

A low credit score not only prevents you from getting certain loans, but also increases the interest you pay. You literally pay more in interest (thus more overall for the good) if you have a low goy score.

Also, if you get a mark on you credit report, future landlords will see it and not rent to you if you're applying in safe, upper class areas because demand is so high in these areas and there are many good tenants with perfect payment records.

Slum lording is another story, I would suggest avoiding that unless you have a Tony Soprano type personality.

[Anonymous No.55057977]

>>55057660
Acting quickly to follow the legal process is important. No phone call because no record. We send a letter immediately "10 working day order to fix" and state what the issue is. In 10 days if the money is not in your account you evict.
Trying to chase money is expensive and you usually fail.

[Anonymous No.55058176]

>>55057977
I don't really want to evict them until they pay me. These aren't poor people who don't care about their credit, they have careers and likely care very much about their credit.

I basically want to leverage that against them so they pay. I want to cause them maximum credit pain IF they do not pay what they owe

[Anonymous No.55058222]

>>55057965
>Can't or won't buy house, car or other expensive shit
congrats Moshe, you played yourself.

[Anonymous No.55058283]

>>55058222
Then do you just live in a tiny shitty apartment in the slums and have no plans to buy a car or house in the future?

You're going to be one of those "own nothing and be happy" people

[Anonymous No.55058390]

>>55058176
it isn't a job. It's a venture. Like any venture it weighs risk against reward in the pursuit of generating profit. Did you not plan measures to deal with the most glaring, obvious, and common scenario of a tenant not paying?

>But their credit!
Credit Reporting Agencies are NOT GOV'T. They're private institutions operating to generate a profit. Think they don't have a revenue generation vehicle in place to take cash to bump up your score? They do, that's why I can pay an 'advisor' to dispute EVERY negative report on my history and in as little as 3 months, I'm spotless. You put up a fuss and I lean on you until you decide "fuck it, it's not worth the headache." While you're dealing with bullshit paperwork, I'm on vacation spending the money I owe you on hotels and dinners.

>Cost/Benefit of exploiting Tenant Protection
I get to live there rent-free for an extended amount of time, with the owner having ZERO recourse? Maybe if I do enough research and find the landlords who are overleveraged so they don't the means to pay for legal proceedings I can exploit them while I stack cash in order to buy my own property.

>Maximum credit pain
They'll just one up you with financial pain. They'll bring termites in the property, fuck with the foundation, grow mold, fuck with the plumbing and electrical, and even start fucking with appliances. At the end of the day you're the one who is going to be investigated since you're going to be the one benefiting from any insurance payout to cover it. I.E. More headaches. Then what happens when they litigate against you? One of the girls say you tried to rape her and her friend vouches, you didn't obviously, but you're in California.

They're not paying because the prudent business move is not to.

Credit is literally free money, as long as it isn't owed to a gov't body.

[Anonymous No.55058397]

>>55057766
>California
You're fucked, it will take a year to evict them. Hope you're not in an eviction moratorium area.

[Anonymous No.55058415]

>>55058176
why didnt you upload some screenshots of the blank lease agreement and tell us when the lease expires

[Anonymous No.55058444]

>>55058390
Landlords and rental companies run credit checks. While credit bureaus aren't government organizations, the three main ones are the ones that everyone uses.

I highly doubt you are "stacking cash" that you should be paying as rent, unless you literally live in slum units where landlords don't give a shit about credit, but even those will avoid a serial delinquent payer. If you want to live in a nice, normal, safe area that is in demand, then you will need to have good credit. A report of unpaid rent lasts on your credit report for 7 years, and will instantly take you out of the running as an applicant in any desirable area to live in.

Yes, you do hear of "nightmare" scenarios, especially in California and New York, but those are tenants with nothing to lose. IE they do not have careers, assets, etc, and literally don't give a shit what you do to them. Normal and upper middle class people aren't that way. They care about their credit score because again, a bad credit score affects you majorly. You pay more in interest and have less access to loans, which is a big deal if you're trying to buy a house or car. With a poor credit score, you could be paying an additional 100k-250k in interest compared to a person with good credit if you try to buy a house.

So yeah, I guess you could move place to place, and just not pay rent and go on vacation with that money, but your credit will be destroyed. If you don't care about that, then you better have a lot of cash on hand because you won't be getting any loans and any loans you do get you will be paying 2-3x the interest.

[Anonymous No.55058539]

haha get fucked you lazy parasite

[Anonymous No.55058555]

>>55057660
I live in Sweden so I'd be fucked if I were you. That's why I only run my housing together with the local hotel and rent out to companies. Private tenants is a fat no. Housing shortage? Not my problem. Fix the fucking laws first, I can evict a tenant but I can extort money out of a company. Good luck anon.

[Anonymous No.55058565]

>>55057735
Poorfag take.

[Anonymous No.55058585]

>>55058555
*Can't evict

[Anonymous No.55058591]

>>55058444
Your reading comprehension needs improvement.

Here's the broad strokes:
Your tenants are not paying you because they've evaluated the second-order of consequences and it's within their risk tolerance.

Something changed and they caught on to it before you did.

This is likely bad for everyone involved, but it is especially bad for you.

Let's highlight your exposure:
1. It's going to take over a year to evict them meaning you've got a bunch of costs coming out of pocket. Legal, mortgage, etc.
2. If you can't make the payments, you'll be forced to sell the property. You're not going to be able to because of the squatters. So you're facing foreclosure.
3. If you're not able to cover that spread, you go bankrupt.

Effectively you've put yourself in a position where their credit problem has become your credit problem. Bad planning. Bad venture. Good lesson.

There's hundreds of peeps like you in this exact situation right now. Not looking good for them either.

Thanks for playing.

[Anonymous No.55058597]

>>55058390
Best post lmfao

[Anonymous No.55058644]

>>55058591
You talk like a poor, uneducated person who read a few books like "rich dad poor dad" or watched the "here in my garage" guy's videos.

If I take them to court for overdue rent, I can then file a notice with the 3 major credit bureaus and drop their credit by 150, as well as mark their credit report for 7 years. They probably don't know this, because if they did, they would probably pay immediately.

You keep saying credit isn't important, this is how I know you don't control any wealth. Credit is ESSENTIAL. If you have poor credit, it basically says to the world that you're a low life with low IQ who can't manage his finances and is untrustworthy. This not only affects how much interest you pay on loans and mortgages, but also if you can even get loans. Especially business loans.

You sound like the kind of hustler guy who is going to buy a case of water bottles at wal-mart and sell them on the street for $1.50 and double your profit, so no, you probably don't need credit which is why you can stack your rent payments and go on vacation and not care that landlords report you.

If, however, you want to buy a house. You're paying double or triple the interest. If you want to buy a car, same thing. But worst of all, if you actually wanted to get a loan for a business or anything else, you won't be able to. Why? Because credit score is a reflection of your trustworthiness. If you don't care whether individuals, banks, and corporations think you're trustworthy with money, then your never going to be able to accomplish anything in the real economy.

For example, my friend recently started a restaurant with cash he had. You could be this guy, I guess. But his cash flow wasn't enough to cover all his expenses so he had to get a business loan, which was approved due to his stellar credit history. If you did the same thing, your loan would get rejected, your business would fail, and you'd be out all the "stacked cash" that you put into your business.

[Anonymous No.55058651]

>>55058591
Also, it doesn't take a year to evict someone. It did during covid but all those policies ended last september.

I am not worried about evicting them, I want the money that they owe me, so I have to form a strategy that impacts them negatively enough to where they pay me what is owed. They are the type of people who need credit, because if they want to live in nice areas that are dangerous and crime infested, they will need clean credit scores with no marks on non-payment.

[Anonymous No.55058660]

>>55057766
I recommend calling your local representatives and have them change the laws on tenant evictions so that you can evict them

[Anonymous No.55058664]

>>55058644
>This not only affects how much interest you pay on loans and mortgages

Yeah if you have lower credit you pay less for your monthly mortgage payment per joe Biden 2023

[Anonymous No.55058667]

>>55057660
>Please give me tips on what to do to tenants who aren't paying.

[Anonymous No.55058685]

>>55057660
get a friend to do this (or do it yourself)
pretend to be an uber eats delivery diver or something and show up at the place on at night, right before dinner, when you know they are home.
act like a stoner, maybe even get stoned or something
tell them you don't can't find the address (make up some bullshit unii number (if its a complex) or house number that doesn't exist.
tell em that the person isnt answering txt or calls and its passed the time limit or some shit..
act very stoner dude like and offer them the pizza, but ask if you can eat it with them.
when you are eating pizza with them and chilling out, start saying shit like this
'wow nice place dudes'
'how much a place like this cost'
'dang how do you guys keep up the payments?'
this should possibly give you the info you are looking for
after you are done eating the pizza just go home

[Anonymous No.55058797]

>>55057660
I'm calling larp, but let's play along. First, what is their race/ethnicity?

[Anonymous No.55058830]

>>55058651
best of luck in your future endeavors.

[Anonymous No.55058833]

>>55057660
so many of you faggots are beyond fucked

[Anonymous No.55058854]

>>55058444
Don't you have your property leased through a management agency? They generally have lots of well defined processes to deal with it.
Your posts harping on about credit repeatidly sounds kind of NPC'ish / AI generated.

[Anonymous No.55058859]

>>55058854
It's a larp bro.

[Anonymous No.55058928]

>>55057660
Def take them to court, the judgement will be quick. And you're right, their credit will be fucked and they'll get screwed for seven years.
It'll take about two months after the eviction notice to get a sheriff to physically remove them if necessary. Obviously you keep their deposits. But the fun part comes when you enforce the court judgement on wherever they work and have their wages garnished. Your lawyer will send their employer this notice. Funny enough, most employers don't even want to deal with something like this... it's like hiring a criminal to them. So often times they just find a reason to fire them. Then what? Well you wait a couple months and do it again with their new employer. Until this debt is paid or they leave the country, you can do this for the rest of their lives. Not to mention, that if all three of their credit reports reflect this eviction (+ the credit point drop) nobody will rent to them let alone give them a loan for a car or whatever. So the next seven years is going to be rough as a mother fucker. Way more expensive than just coughing up their rent money. But retarded morons don't understand this. They hear from somebody that it may be a thing, they get desperate and then make stupid decisions. In the mean-time, you post a notice on the door saying you're coming over tomorrow (you need to give them 24 hours advance notice) and then pretend you're doing remodeling. Just hang out there. Make daily life uncomfortable. Bring a lunch. Call some friends for "help". You can just walk through whatever room you want pretending to take measurements or whatever.

[Anonymous No.55059138]

In my european shithole country, when rent is not paid after three months the police helps you to evict the tenants.
A court decision you can have in two weeks after appeal, so in the end there is a final date and if the tenant hasnt left the police comes and unhooks all doors of the house to make moving out quicker.
Police is slightly corrupt though, so you pay them a bit of cash on the side.

[Anonymous No.55059678]

>>55057660
Your fault for not starting the eviction process after the first missed payment. But you know what they say, the best time to do something was yesterday and the second best time is today.

[Anonymous No.55059709]

>>55057793
On the other side of that...
If you seek to get things you need for free you get what your given.
The only real option is to be independent on both sides.
Not paying a landlord, not relying on a renter.

[Anonymous No.55059776]

>>55057660
Get fucked landie.

[Anonymous No.55059795]

>>55057735
Being a landlord and mining/buying btc after 2009 was how you made it big. And buying btc was fucking madness

[Anonymous No.55060152]

>>55058644
I've been putting off getting a credit card because I figured it's just another way for them to get you.
Putting it in terms of "proving your reliability" makes a lot more sense.

[Anonymous No.55060181]

>
If they do not pay, I want to make sure that I inflict maximum damage on them even if it costs me even more money to do so

How do children come to own real estate...?

[Anonymous No.55060214]

>>55057684
There's like 12 things wrong with your post, but even IF I agree with you that OP is a parasite, these people entered an agreement with a parasite and broke it.

[Anonymous No.55060226]

>>55057735
Fuck, even if you are right it's hard to believe. I've been living like a hobo for 3-4 years investing every spare penny i could, and I only have like 8% to show for it. Maybe the housing market will crash and stocks will blow up at the same time and prove me wrong, but at the very least it seems way easier to time the housing market. But I just barely missed the housing boat by not havnig enough free capitol

[Anonymous No.55060265]

>>55057735
real estate is viable but you have to be rich first

[Anonymous No.55060869]

>>55057783
Does this factor in costs to maintain the property, the time you spend managing the property and the legal costs when you have to get rid of a problem tenant? S&P is lower divs and potentially slower growth but you can liquidate that shit in no time if you need to.

[Anonymous No.55060898]

>>55058928
seems way too based to be true

[Anonymous No.55060973]

>>55057766
Offer the girls an ultimatum to fuck you to make up for past due rent. Maybe they aren’t aware the one paying the rent isn’t paying and could just be pocketing the money.

[Anonymous No.55061947]

>>55058283
NTA but I hope you don't miss your property tax payments in the future. No worries, you OWN your property so the government can't take it away.

[Anonymous No.55061949]

Bait post for sure. This faggot agent acting like a landlord can't chatGPT this scenario easily..

Fake faggot who keeps posting the same shit with different pictures.

Unlawful detainer process snd we all know this baiting faggot knows about it.

[Anonymous No.55061985]

>>55057766
What if you publicize they are not paying rent? It's better than damaging credit ratings.

[Anonymous No.55062177]

>>55058644
>muh credit muh credit muh credit

Bro, what if they dont care about their credit, have you ever considered that?

>But they got careers and they are upper-middle class like me so they MUST be giving a fuck about credit
Nope. You are projecting. Just because having a bad credit would be a nightmare scenario for you, does not mean other people see it the same way. Some people just dont care.

>but they wont be able to take out loans
Maybe they dont want loans. They could be retarded shortsighted zoomer / millenials. Or it could be a conscious lifestyle. Them having careers is not a guarantee that they arent fucking retarded, irresponsible or some hippies who dont care.

tl;dr - not everyone is as obsessed about credit is you. Some people just dont care and that includes upper middle class people with careers.

[Anonymous No.55062357]

>>55057766
>I am in california
Oh so we're a millionaire are we? Well then, why not find problems to your solutions elsewhere.

[Anonymous No.55062425]

>>55058651
You will never get your money. You will spend thousands just on the process of evicting them. Hopefully for your sake, you’re correct and the eviction will be fast enough for you to not lose your property. You can hope that your eviction damages their credit and that they actually care. That’s quite literally the best case scenario for you. Consider it the cost of doing business.

[Anonymous No.55064766]

>>55057660
I recommend Bermuda (BMDA).

[Anonymous No.55064918]

>>55058644
>Comes on /biz/ for advice because roasties are ruining his life by uhhh just not gonna pay the rent is all hahahaha
>Tries to talk down to other anons by sperging about credit for multiple paragraphs
How rich are your parents fag?

[Anonymous No.55065073]

>>55057660
Youre a leech on society kill yourself

[Anonymous No.55065182]

>>55058390
>MY BOY IS WICKED SMHART...