My Tenant Owes Me $4,000, What Do I Do Now?

By in
My Tenant Owes Me $4,000, What Do I Do Now?

Your tenant owes you $4000.00 in rent. What do you do? Well, let’s rewind a little bit and I’ll explain how to avoid this situation. The first and most important step in being a landlord is screening your tenant applicants. This is where a property manager is your best ally. Screening your tenants properly not only tells you what their current and past situations are, but it lets your tenants know that you mean business and sending that message early on, can set you up for a better relationship for the duration of the tenancy. If you screen your tenants and see red flags, listen to your gut. If you feel sorry for the applicant, help them if you can but don’t make them your tenant! 

Once you have screened your tenant thoroughly and feel confident that you have found a great candidate, set your expectations for rent payment clearly. Exceptions can me made, but not on a regular basis. If rent is late by even one day, have the N4 notice served on the tenant on the second day. If they pay, great! If they don’t, you have your first step covered early on. 

Your accounting system or tenant ledger should always be up to date and accurate with exact dates when payments are made. This is very important because you may need that ledger of your tenant ends up at the Landlord & Tenant Board for an arrears hearing. 

This brings me to the next step. If your tenant hasn’t paid the owing rent by the deadline on the N4, now is the time to contact a paralegal to get some advice or have her take on the task of filing the application to the Board for the arrears. A skilled and experienced paralegal will ask you for the N4 and your ledger and will be able to use those tools to set you up for success at the hearing.  You can represent yourself at the Board or you can have a paralegal represent you. The choice is yours. It’s never too late to try and recover rent arrears and quite often your tenant will be agreeable to a payment plan that allows him or her to catch up over time. Being flexible but firm in those cases is often the key to getting the money owed to you and keeping your tenant in his home. The key to managing tenant rent payments is diligence. Property managers are a great asset in this area, taking the burden off of you and making sure your property remains a cash flowing investment. 

  1. I am curious to find out what blog system you are using? I’m having some minor security problems with my latest blog and I would like to find something more safe. Do you have any solutions?|

  2. It’s a shame you don’t have a donate button! I’d certainly donate to this outstanding blog! I suppose for now i’ll settle for bookmarking and adding your RSS feed to my Google account. I look forward to fresh updates and will share this website with my Facebook group. Chat soon!|

  3. Just wish to say your article is as surprising. The clearness in your put up is just cool and i could suppose you’re a professional in this subject. Well together with your permission allow me to seize your RSS feed to stay updated with impending post. Thanks one million and please keep up the rewarding work.|

  4. Hmm is anyone else experiencing problems with the pictures on this blog loading? I’m trying to determine if its a problem on my end or if it’s the blog. Any feedback would be greatly appreciated.|

  5. Wonderful article! That is the kind of information that should be
    shared across the net. Disgrace on the search engines for not positioning this
    publish upper! Come on over and talk over with my site .
    Thanks =)

  6. Hello there! Quick question that’s completely off topic.
    Do you know how to make your site mobile friendly? My blog looks weird when viewing from my apple iphone.

    I’m trying to find a theme or plugin that might
    be able to resolve this issue. If you have
    any recommendations, please share. Cheers!

  7. Hiya very cool site!! Guy .. Excellent .. Amazing .. I will bookmark your web site and take the feeds additionally?

    I am satisfied to seek out numerous useful info here in the submit, we need work out extra strategies in this regard,
    thanks for sharing. . . . . .

  8. Hi there just wanted to give you a quick heads up.
    The words in your content seem to be running off the screen in Ie.

    I’m not sure if this is a format issue or something to do with browser compatibility but
    I thought I’d post to let you know. The layout look great
    though! Hope you get the problem resolved soon. Cheers

  9. An intriguing discussion is worth comment. I do think that you should write more on this subject,
    it might not be a taboo subject but generally
    people do not speak about these subjects. To the next!
    Kind regards!!

  10. Simply desire to say your article is as surprising. The clarity in your
    post is simply spectacular and i could assume you are an expert on this subject.

    Fine with your permission allow me to grab your RSS feed to keep updated with forthcoming post.
    Thanks a million and please continue the gratifying work.

  11. Greate post. Keep writing such kind of information on your site.
    Im really impressed by your site.
    Hi there, You have done an incredible job. I’ll definitely digg it and in my opinion recommend to my friends.

    I am confident they will be benefited from this site.

  12. Hi just wanted to give you a brief heads up and let you know a few of the images aren’t loading
    correctly. I’m not sure why but I think its a linking issue.
    I’ve tried it in two different web browsers and both show the same results.

  13. Greetings from California! I’m bored to death at work so I decided to
    check out your blog on my iphone during lunch break. I love the information you present here and can’t
    wait to take a look when I get home. I’m surprised at how fast your blog loaded on my phone
    .. I’m not even using WIFI, just 3G .. Anyhow, very good blog!

  14. I got this website from my pal who told me on the topic of
    this web site and at the moment this time I am visiting this website and reading very informative articles or reviews at this place.

  15. Howdy would you mind sharing which blog platform you’re using?
    I’m looking to start my own blog soon but I’m having a hard time selecting between BlogEngine/Wordpress/B2evolution and Drupal.
    The reason I ask is because your design seems different then most blogs and
    I’m looking for something completely unique.
    P.S Sorry for getting off-topic but I had to

  16. Just want to say your article is as astounding. The clearness on your put up is simply cool and i can assume you’re knowledgeable on this subject. Well with your permission let me to grab your RSS feed to keep up to date with approaching post. Thank you one million and please carry on the enjoyable work.|

  17. Hi there! I know this is kind of off topic but I was wondering if you knew where I could find a captcha plugin for my comment form?
    I’m using the same blog platform as yours and I’m having problems finding one?

    Thanks a lot!