My last post I mentioned all is going well with the rentals.  Well, I finally ran into my first SNAFU.  To be honest its not a big deal yet, but since its my first major issue (other then repairs) its kinda of a big deal for me.

I have not received payment for rent on my 2nd rental.  Since there was a bit of confusion as I transfer responsibility to me from the last owner, I had to be sure rent was not sent to him first.  Rent certainly wasn’t sent there.  Little hard to send rent while sitting in jail.  Yep my tenant went to jail and lost her job.  Her husband called today.  I got the sob story, but he sounded more bewildered then anything. He mentioned he didn’t know she was even in jail for the first few days.  She’s out now btw. Long story short I gave him till the 16th to pay in full for March plus the 10% late penalty as agreed upon in the lease.  I choose the 16th since that is right after payday.  He has little time to go waste the money elsewhere.  I documented everything we talked about in case I need it for future reference or legal help.

While I am still new to this game, I did get the impression he is sincere about paying on time.  Nothing really ran up warning bells to me.  This might be rookie optimism, we will see.  This is my first non-payment, I hope this does not turn into my first eviction.  I’m not looking forward to that inevitable month.

Don’t worry I didn’t forget to post on my property purchase info, but I want to update these small events before I forget about them.  I want to also be able to look back and see my progress as a rookie landlord.