AgentRentals

Late rent payments becoming major headache

Tough economy puts landlord finances at risk

Q: I own several rental properties and have had tenants who had trouble paying the rent, but the economy seems to have hit my tenants very hard. Several tell me that their work hours have been cut back or they have been laid off. It is getting much more difficult to collect the rent. I am even accepting partial payments, as some rent is better than nothing. One of my tenants still hasn't paid any of last month's rent and admitted to me that he is considering bankruptcy. What should I do? A: I have heard similar concerns from many landlords, and it is important for landlords to be assertive and communicate with their tenants who fall behind on the rent. While you may have compassion for your tenants, you need to be even more diligent in your rent collection efforts or you will find your own financial situation will be at risk. I always suggest that you immediately contact your tenants as soon as the rent due date has passed. Depending on the track record of your tenant, a s...