I knew that this post would come up eventually, but I was hoping that it would not occur for some time. You might remember that I purchased an investment property a few months ago which came with a tenant. The tenant receives most of her rent subsidized for her since she has terminal cancer. Rent in the state where I own the property is cheap and she now has about 85% of her rent subsidized, so she is responsible for a relatively small amount of her rent. She is also responsible for paying her own utilities.
When I purchased the home I gave her a six month lease to see if we could deal successfully with each other. Her lease ends at the end of this month, and we were just discussing a possible renewal when I realized something…She has not paid her rent on time once within the nearly 6 months since I’ve owned the house. The portion that the state subsidized arrives 2 weeks early directly from them, but her portion has never been on time. In fact, her September payment was “lost in the mail” so it was combined with October’s rent which I received 8 days late and only after calling her. […]