Rent Payment Crisis: How Communication Can Save Your Investment
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 19 September 2024
⏱️ 26 minutes
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Summary
If you are an accredited investor and are interested in learning about investing opportunities with MC Companies, check out this link: https://investwithmc.com/podcast
Ken and Danille McElroy discuss the growing challenges landlords face when tenants struggle to pay rent. From empathetic strategies to legal obligations, learn how to navigate these difficult situations while fostering effective communication and finding solutions that work for both parties. Hang around for the update on MC Companies and future opportunities to invest.
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com
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Transcript
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| 0:00.0 | So a lot of tenants are having trouble paying rent right now, and like it or not, you may be dealing with a tenant that loses their job or gets behind on rent. |
| 0:10.7 | Yeah, well, everybody knows. |
| 0:12.7 | Like, everything's more expensive. |
| 0:15.2 | Everything. |
| 0:15.9 | Like, it's horrible. |
| 0:17.9 | It's horrible to watch. |
| 0:18.8 | You know, we've been in this business for 30 years and we've never seen delinquencies |
| 0:23.5 | like this ever. |
| 0:24.9 | And don't forget, every single tenant that moves in, we run full criminal credit background |
| 0:32.5 | checks on. |
| 0:33.5 | We know where they're working. |
| 0:34.4 | We know how much money they have in their bank account. You know, |
| 0:38.0 | there's lots of ways that we vet them before they move in. And so what we're seeing right now |
| 0:45.0 | is, is horrible, you know, because they're, they're in bad shape, a lot of people. They're |
| 0:51.3 | having a tough time paying. Yeah. And I, you know, a lot of people that have never a tough time paying yeah and i you know a lot of people |
| 0:55.4 | that have never dealt with this kind of look at it like well if my tenant doesn't pay screw them |
| 1:00.4 | you know i'm i'm just gonna you know put a note on their door and call it a day and the truth is is |
| 1:06.0 | that you know you're not doing anything proactive right like? Like when, you know, your tenants are late. |
| 1:13.3 | You shouldn't wait until they're days and days late before you figure out why they're late, you know? |
| 1:19.4 | Yeah, and I would go a step further. |
| 1:21.6 | I actually think that, you know, we get into a very polarizing scenario, right, when somebody can't pay and somebody wants their money. |
| 1:31.1 | Just, you know, no different than the Republican, the Democratic Party. |
... |
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