What To Do About This? It's A Sad Story.......
Hi, all!
Just want to say this site is a great resource for me and this is the first time I posted....
I recently purchase my 2nd RE property, which I currently rent out to a young couple with small child. Although they may have had some credit problems in the past, I was willing to take a chance on them knowing that I everyone deserves a second chance.
To date, this family has been the best a landlord could ask for no problems, no issues.
This past week, I attended a funeral of their son who die in a tragic accident. I feel so bad for their lost and worry about their future...
As a new landlord, has anyone out there experience something like this? I want to be able to help, but how?
I have offered for them to stay at my RE property next month rent-free, but know eventually they would have to leave my place as the pain they suffer would be too much to bear.
One lesson I have learned about all this: It's not always about money, Life is too short. His was, he was only 7.
Thanks in advance for responses.
That is a very sad situation. There are two extremes and lots of middle ground. If you can financially support a month or two free rent for them, and feel that is what you want to do out of kindness, then that is a very nice thing.
If, however, you are not able to afford this, and the lack of rent will make you behind a payment or two (remember the place will be vacant some after they move out) then you will need to keep that in mind. If they want to break the lease and move out, I wouldn't add to their pain by being really strict, but you also don't want to ruin your credit and ability to build your business and life.
So it depends on what you can financially and emotionally swing. You are so right that it is not all about money. But you need to approach this from a position of offering sympathy (and if you can/want to, some financial support) and NOT from a position of responsibility (where you make sacrifices you cannot afford to make).
Good luck with this situation, you sound like a very kind and caring person.
You've done what you can. They have to grieve now. God Bless them.
I had a similiar thing happen I was renting to a older couple who from time to time watched there grandson. One morning I got a phone call that something had happened at one of my rentals. I later on found out that the grandson had been over and had went into a seizure and later on past on.
I went over to the house and paid my respects to the family. The whole family was shocked that the landlord had come out to pay respects to the family.
A month later 2 family members contacted me and asked for apartments.
Its not always about the money but never take your eye off the ball.
cpanebab,
Glad to meet you.
The psychological state of sympathy is closely linked with that of empathy, but is not identical to it.
Empathy refers to the ability to perceive and understand another person's emotions, but does not necessarily imply a sharing of these emotions.
A capacity for sympathy, however, requires that the recognition of emotion can cause similar emotion to arise in the observer.
In business it might be wise to use empathy rather than sympathy.
John $Cash$ Locke
[addsig]
Why do you think that they will be unable to pay rent now! AM I missing something?
Hey,
This is a very, very sad story and, I think it is safe to say, everyone feels for the parents.
With that statement out of the way, what does this tragedy have to do with you? Why would they not have to pay rent anymore?
Being a landlord IS a business and it must be treated like a business. Regrettably, that means it IS about the money. Your mortgage company is NOT going to let you skip a couple payments, so you can't let them live there for free.
That is sad. Sorry to hear about these people's misfortune. Try to remember though that your rentals are your business and as sad as this situation is you have to take care of your business. As you grow in the amount of rentals that you own these types of situations will become more common. If these people need to break the lease and move for some reason, fine. I would do everything within my ability to help these people out, aside from losing money. Letting them go on rent payments is the wrong thing to do. You losing money does is not going to mean you care anymore. Godd luck.
Thanks to all for your sound advice.
Although I feel bad about their situation, you are right in saying that this is a business. My comment that is not always about $ was meant that I consider another reason in getting involved in RE investing.
To me its about making a difference in someone's life. The main reason this couple rented from me was because they wanted to provide a better school district for their son. Knowing that they have had a bankruptcy in their past, I took a chance on them. Although the rent might have been a stretch for them, they were always on time without excuses.
Now with the lost of their son, the reason for renting from me is a non-issue for them.
My intention is to give them a month free as I have made $ from them (as well as other properties I have) and they have also helped in keeping my place as if it were their own home then re-evaluate from there. I just hate seeing good tenants go.
I let you know how it all works out.........
Honestly I would offer them the opportunity to move into another of my properties and carry the deposit. If they wanted to move somewhere else, I'd also let them slide on the lease provided they left the house in move in condition.
My guess is that the family is not going to want to live in a place that reminds them of their passed loved ones.
I wouldn't offer any free rent, rather I'd bring dinner over a couple of times. People dealing with loss don't need money, they need comfort.
[addsig]