In a bit of an dilemna and not sure if this is the right place to post but I am in need of some direction…I have a tenant that recently moved out and is in arrears about 4K in back rent which represents about 1.5 months of rent…( I know I gave the guy aliitle too much latitude based on our friendship that has become very strained) he has been battling a number of health issues and now has told me via text ) he has been diagnosed with stage 4 prostate cancer that has progressed into his lymph nodes. I am concerned if he passes my ability to be paid we become even more difficult…Is there anything I can do to postion myself to be in a better postion to collect in the event of his passing? thanks in advance
@redandwhite if your tenant has already moved out, what hammers do you have at this point? It’s not like you can evict the guy. It sounds like you may have to cut your losses and move on.
This is one reason to never have friends as tenants unless you’re OK with losing that friendship when decide not follow through.
You might also want to hire a property management company in the future. They may not care as much as you, but that’s also part of the value they bring. They can use an unemotional process for notifying and evicting tenants when needed because they don’t have the baggage of trying to help them save face or make exceptions because of a special situation or relationship.
I get that the guy is in a tight spot and I feel bad for him too but believe me, if he stopped making a car payment, mortgage payment or any other payments, there would absolutely be consequences. Being sick doesn’t get a person off the hook from their financial responsibilities.