This post is an update on my rental property in Philadelphia. In this section, I talk about my landlord experience – the good, the bad, and the ugly. All my posts that are related to the rental property can be found in the Rental Property section, including the bad tenant saga series).
The tenant finally moved out by the end of March and paid nothing. I was left with a huge financial baggage. The rent money, the water fees, and the cost of repairs amount to a substantial amount of money, and not to mention the amount of time I lost and the trouble I had gone through.
I kept a record of all the money that was owed to me. This would have been the amount that would be in the judgment and the tenant would have to pay me back if the judgment was passed. However, since the tenant and I had agreed to a settlement outside of court, the tenant walked away free from debt and the below dues had become a loss to me.
The tenant owed me 9 months of rent, of which he paid back 1 month’s worth, so the total outstanding rent payment was 8 months of rent money, or a total of $7,200.
In the rental lease, it was agreed that if the rent payment was late, there would be a late fee of $45 for each month of lateness. He was late for 9 months, which total to an amount of $405.
In the rental lease, it is clearly stated that the tenant is responsible for the water fees, however they had fail to make any payments to the water company or to me. I ended up paying back all the water dues plus all the late fees incurred. The amount for all the months of water dues tallied to $486.91.
In the rental lease, it is clearly stated that the tenant is responsible for maintaining the lawn in front of the house. Also, the tenant is responsible for up to $100 for each repair in the house. The cost of repairs, which was his responsibility, amounted to $250.
Over the months, I have made numerous phone calls to collect money from him. After many attempts of collecting, he made out only two checks for a total of $900, which is equivalent to one month’s of rent.
Net Outstanding Amount
The total outstanding amount owed to me was $9,241.91 minus the $900 payment collect is $8,341.91.
The net outstanding amount did not include the cost of the damages done to the house discovered after the tenant had left the house, the cost of my time spent, attorney fees, travel time/fees, real estate agent fees. The total amount of loss to me would be higher.
Below is a detailed list of all the money the tenant owed (Rent, Late Fees, Water fees, Repair Dues) and the tenant paid (Payment Collected).
$900 – Rent for July 2008
$900 – Rent for August 2008
$900 – Rent for September 2008
$900 – Rent for October 2008
$900 – Rent for November 2008
$900 – Rent for December 2008
$900 – Rent for January 2009
$900 – Rent for February 2009
$900 – Rent for March 2009
Total Rent Amount Owed: $ 8,100.00
$45 – Late Fee for July 2008
$45 – Late Fee for August 2008
$45 – Late Fee for September 2008
$45 – Late Fee for October 2008
$45 – Late Fee for November 2008
$45 – Late Fee for December 2008
$45 – Late Fee for January 2009
$45 – Late Fee for February 2009
$45 – Late Fee for March 2009
Total Late Fees Amount Owed: $ 405.00
$3.66 – water fee from previous outstanding balance
$69.11 – water fee for July 2008
$61.21 – water fee for August 2008
$304.51 – water fee for September to February 2009
$48.42 – water fee for March 2008
Total Water Fees Amount Owed: $ 486.91
Repair Dues by Tenant (Tenant is responsible for the first $100 of each repair)
$50 – Paid someone to maintaining lawn (Tenant’s responsibility)
$100 – Basement Sink (Total Paid by Landlord was $125) – February 2009
$100 – Repair of Living Room Ceiling $100 (Total Paid by Landlord was $125) – February 2009
Total Repair Work Owed: $ 250
Grand Total Amount Owed (Rent Owed + Late Fees + Repairs): $ 9,241.91
$500 – check from September 2008
$400 – check from October 2008
Total Payment Collected: $ 900.00