November 10, 2008
It (Still) Doesn’t Pay to Be Nice
by Mike Hogan, MBA, EcoBroker
So, I’m still a sucker.
Way back when…when I first became a landlord I thought it would be easy to deal with tenants.
But I got a quick awakening on my second property- when my new tenant paid her security deposit and first months rent…and never paid again.
I kept getting excuses…I lost my job…blah blah blah. But…being the nice guy that I was- I gave her the benefit of the doubt and tried to work with her. Well that ended 5 months later after an eviction and 6 months of no rent.
I swore at that point- no more Mr. Nice Guy. I would never allow myself to again be taken for a fool. Someone had taken my “niceness” for granted and it cost me 6 months rent.
So guess where I’m coming back from today- yep- court. I just finished doing two evictions…evictions that should have been done 3 months ago. But once again- I tried to be nice and give someone a hand when they were down. I’m here to tell you- it doesn’t work.
But what makes it worse- is that I’ve been doing this for 10 years now. I should know better…I give speeches on landlording and I tell people to issue the pay or quit on the 6th day that rent is not paid- and follow up with a Unlawful Detainer Warrant 5 days later. I didnt follow my own advice.
So once again- landlords…especially newbie landlords. Do as I say and not as I do…issue the pay or quit as soon as your grace period ends and follow-up immediately with the Unlawful Detainer Warrant. Usually that step is enough to get paid- but dont worry that it makes you look mean. Just do it- your financial independence depends on it.
Mike Hogan specializes in single family rental properties, multi-family properties, income producing commercial properties, “flipping”, “Green” rehabs, eco renovations, EnergyStar homes, rehabs, mentoring and first time homebuyers. He’s an expert in Hanover, Henrico, King William and Caroline Counties and the City of Richmond, Virginia.
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