Property X
Apt 1 - Black Family: $700
Apt 2 - Consuela: $0 (Already paid last month)
Total Rents Received: $700
Repair Costs: $124.03 ($70 Handyman Alfonso + $54.03 window glass replacement and batteries)
Remaining Taxes Owed: $99.05 (balance from tax payment)
Water Bill: $24.40
Total Profit for Anita: $452.52
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $833
National Grid: $97.09
Repair Expenses: $325.13 (Roach Treatment, cleaning supplies, tools)
Water Bill: 94.14
Total Profit: $50.64
Property 2
Apt 1 – Nicholas 2: $0 (Already paid last month)
Apt 2 – Edward and Gabby: STOLEN
Total Rents Received: $0
Mortgage: $754
Repair Expenses: $5.38
Water Bill: $101.66
Total Profit: -$861.04
Property 3
Apt 1 - Chucky: $435
Apt 2 - Toby: $0 (Already paid last month)
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $570
Total Rents Received: $1,535
Mortgage: $887
Repair Expenses: $63.59 (Smoke and CO detectors)
National Grid: $157.26
Water Bill: $180.76
Total Profit: $246.39
Property 4
Tenant Latisha: STOLEN
Repair Expenses: $0
Water Bills: $40.54
Total Profit: -$40.54
Lawnmowing Fee: $75
Net Real Estate Profit for October 2017: -$679.55
I knew I wasn't gonna make a lot of money in October, but it really irks me that I would have had a $900+ profit if it weren't for those Erent idiots. Obviously, this is going to be a very long post, probably the longest property report I’ve done. And it makes sense since so much has happened in one month.
ErentPayment
The situation with the stolen rents comes down to this summary:
ErentPayment processes payments from the tenants. They send the transaction to Check Commerce, who then sends it to eCheckit, who then finally sends it to the landlord. Had I known it was going through all these companies, I wouldn’t have joined with them in the first place. Anyway, eCheckit files for bankruptcy after a bad business deal. Check Commerce, who is holding almost 4 million dollars of tenant money, now has to keep the funds while eCheckit goes through bankruptcy court. This means that landlords everywhere have to try and make up for those losses on their own.
ErentPayment claimed that they were not responsible for the lost money, as their job was only to process the transactions. What bothered many clients was that, as angry landlords and property managers were calling trying to get information about their money, ErentPayment decided to turn their phones off and communicate intermittently through their Facebook account. Finding this extremely unprofessional and unfair, many of the victims are banding together to file a class action lawsuit against Erentpayment for having prior knowledge of eCheckit’s financial problems, as well as Check Commerce and eCheckit to release the funds. What’s my take on it?
I was mad at first but, once I realized that my anger was fake, I was able to see the real problem. Yes, you guessed correctly. It’s the My Fault Philosophy. I should have read their User Agreement, which clearly states that they are not responsible if the money gets lost or stolen along the way. Why would I trust a company that doesn’t insure my money? I read the user agreements of other rent collection sites, and they’re all the same thing. They DO NOT insure money because, if they did, the insurance payments on million dollar transactions would put them out of business. Their entire business model is flawed because none of these sites insure the money, so this same thing can happen over and over again. They’ll leave the insurance to third and fourth parties, absolving themselves of the most crucial part of the process: the landlord getting the money.
When October began, I was at work walking around in my underwear because I really didn’t care about the bank job. Remember that? At least four people saw what I was doing and didn’t report me. Maybe I’m so pathetic to them that I wasn’t worth the effort… kind of like letting a piece of shit float in the toilet without flushing. Either way, I’m glad I still have this job. October was awful, but the money from the job helped cover the stolen rent. Once I get going, I really have to start saving reserves for emergency situations like that.
So I’ll now have tenants deposit funds directly into my bank account. It’s a hassle for them, but that’s their problem. If not being able to pay online causes them to leave, then they were halfway on their way out anyway. I'll take my time in finding a more convenient and safer online payment process. Now that I’ve explained everything, let’s get to the properties.
Property X
Even though Consuela was approved for the apartment and paid first month and security deposit, she tried to back out claiming that her mother got shot and she needed to take care of her. I told Alfonso to let her know that she can get her security deposit back ONLY if we could get another tenant before the end of the month (as advised by Marvin Wassle). Facing the risk of losing $600, she decided to keep the apartment. She didn’t seem too happy with the place when she signed the lease, saying that “everyone has to start somewhere”, so I knew she would have issues. And while I doubt she’ll stay long, I’m hoping she at least makes it through the winter. I really don’t wanna deal with multiple winter turnovers.
Property 1
So I was making breakfast one morning when I saw a roach scurrying around on the countertop. I quickly killed it, but then I saw another. And then another. What the fuck! I had a suspicion that the roaches were coming from the Nepali tenants, as they had some people over for that goddamned Duwali holiday festival a few days earlier. I asked Dharma if they had roaches, and she said they’ve had them for a couple of weeks. A couple of weeks?! WEEKS?!!
When I was a kid, I fucking hated roaches. Even though our family was relatively clean, our apartment building was always infested in roaches. I’d wake up in the morning with roaches on my head or dead in my ear. At night I wouldn’t dare go into the kitchen for a late night snack, as it was usually taken over by hoards of roaches. So, when I saw those little assholes on my kitchen countertop, it brought back memories of those awful times and I justifiably freaked out. I sent the pest control guy to treat the entire house. I know I said I wouldn’t call them anymore, but I wanted written proof of where the roaches were coming from. Sure enough, it was coming from the Nepali apartment and I was pissed. Naresh was there trying to defend them, but I was having none of it. After all, the last time there were roaches was when he moved in some more people into the apartment about a month before he left. Ugh!
The truth is that I think I’m done with these guys. They don’t pay a lot of money. They usually have too many people in an apartment. The one good thing about them was that they were clean, and now that’s gone! Now that I think of it, I’ve never had an immigrant tenant who didn’t bring either roaches or bedbugs into their apartment. So I think I’m done with immigrants in general. They don’t pay full rents, it’s overcrowded, and they will always bring some kind of insect infestation at least once a year. Their only good aspects are that they don’t mind living in bad areas, so you can buy very cheap properties and get a good profit without the ghetto gunshot bullshit that goes on in those areas. My plan for the Nepali tenants is to wait until I move out of the basement apartment, and then raise the rent from $525 to $600. If they threaten to move out, let them. I got Property X's one bedroom rented out for $600, so I can probably get $700 for this 2-bedroom. You know, if I weren’t living in the basement I would have never known about the roaches. The Nepali tenants would have just lived their lives while roaches populated the building, which may have caused my upstairs tenant Sebastian to move out. And, while I’m on the subject of Sebastian…
Sebastian always pays rent a week early, so he went to go pay November’s rent last week but Chase told him that he needed the account number. This, of course, is not the case. As long as someone has the exact spelling of the business name, they can deposit money into a Chase business account WITHOUT the account number. I verified this information with two managers at that branch, as well as online. When he told me what happened, I was furious. Not only did ErentPayment steal my money, but now Chase is turning away the people who are trying to pay me?? What made it worse was that he went to the same branch that Rory and Eugene deposited money through with no issue, so what the hell?! The very next day I went to speak with whoever was available. The second that poor lady sat me down, I started cursing up a storm. I even made her go to the bank tellers to find out which one turned Sebastian away for bullshit reasons. Evidently, a new person was training there that day, so he/she didn’t know the business account rule. I wanted to yell and scream but decided not to because she was pregnant and being really patient with me. Next time I’ll make sure I talk to a dude so that I can really let off some steam.
Property 2
Thankfully, not much happened here. A small issue did arise where the upstairs tenant, Edward, called to state that the dryer wasn’t working. A day later, Nicholas 2 also complained about it. I realized the problem was the dryer was hooked up to the electricity of the downstairs apartment, which the former tenant Gianna had turned off before she left. Nicholas said that he was turning on the electricity on a Wednesday, so I told both tenants that the dryer would be “fixed” on Thursday. I really don’t want them knowing that they are paying for the washer and dryer electricity, as it might cause unnecessary issues later on. So I’ll keep up the ruse for as long as I can.
Property 3
To my surprise, Rory and my new homo tenant Toby seem to be getting along. Rory said that he needed smoke and carbon monoxide detectors for both his and Toby’s apartments. I really don’t like them talking to each other, but at least they’re getting along. I guess, as a child rapist, he has to be good at getting strangers to trust him. Ugh.
Eugene and Taniqua paid rent at the deadline once again, but now the real test comes. With all the struggling to pay rent before the end of the month, is it possible for them to pay the new rent of $550 just six days after paying $570?? I have absolutely no faith in them coming up with the money, and I’m looking forward to throwing them out when they miss the November 6th deadline tomorrow.
Property 4
It always feels good when Latisha doesn’t have issues. I’m beginning to use her as a barometer for how I’m doing in general with property management.
Thank goodness the shitty month of October is over. It wasn’t my worst month ever, but the Erent thing really caught me off guard. The roach infestation was a horrible reminder of the dangers of immigrant tenants, and how pathetic it is to still be in that basement apartment. With November finally here, I’m really looking forward to the increased rents and the new system of receiving money. All I want for this month is profit without anyone screwing me out of my money.
P.S.: One last thing about the Nepali tenants. After getting rid of both Nino and Sam, the Nepali people are the last trace of Indian culture in my life. Every time I hear them playing Indian music or watching a Bollywood movie, I get reminded of past friendships that now hold pointless memories. I know it’s unfair to them, but I’m more inclined to kick them out just because of their culture. My interest in Indians is definitely over.
Apt 1 - Black Family: $700
Apt 2 - Consuela: $0 (Already paid last month)
Total Rents Received: $700
Repair Costs: $124.03 ($70 Handyman Alfonso + $54.03 window glass replacement and batteries)
Remaining Taxes Owed: $99.05 (balance from tax payment)
Water Bill: $24.40
Total Profit for Anita: $452.52
Property 1
Apt 1 – Dharma and Family: $525
Apt 2 - Belle and Sebastian: $875
Total Rents Received: $1400
Mortgage: $833
National Grid: $97.09
Repair Expenses: $325.13 (Roach Treatment, cleaning supplies, tools)
Water Bill: 94.14
Total Profit: $50.64
Property 2
Apt 1 – Nicholas 2: $0 (Already paid last month)
Apt 2 – Edward and Gabby: STOLEN
Total Rents Received: $0
Mortgage: $754
Repair Expenses: $5.38
Water Bill: $101.66
Total Profit: -$861.04
Property 3
Apt 1 - Chucky: $435
Apt 2 - Toby: $0 (Already paid last month)
Apt 3 – Rory: $530
Apt 4 - Taniqua and Eugene: $570
Total Rents Received: $1,535
Mortgage: $887
Repair Expenses: $63.59 (Smoke and CO detectors)
National Grid: $157.26
Water Bill: $180.76
Total Profit: $246.39
Property 4
Tenant Latisha: STOLEN
Repair Expenses: $0
Water Bills: $40.54
Total Profit: -$40.54
Lawnmowing Fee: $75
Net Real Estate Profit for October 2017: -$679.55
I knew I wasn't gonna make a lot of money in October, but it really irks me that I would have had a $900+ profit if it weren't for those Erent idiots. Obviously, this is going to be a very long post, probably the longest property report I’ve done. And it makes sense since so much has happened in one month.
ErentPayment
The situation with the stolen rents comes down to this summary:
ErentPayment processes payments from the tenants. They send the transaction to Check Commerce, who then sends it to eCheckit, who then finally sends it to the landlord. Had I known it was going through all these companies, I wouldn’t have joined with them in the first place. Anyway, eCheckit files for bankruptcy after a bad business deal. Check Commerce, who is holding almost 4 million dollars of tenant money, now has to keep the funds while eCheckit goes through bankruptcy court. This means that landlords everywhere have to try and make up for those losses on their own.
ErentPayment claimed that they were not responsible for the lost money, as their job was only to process the transactions. What bothered many clients was that, as angry landlords and property managers were calling trying to get information about their money, ErentPayment decided to turn their phones off and communicate intermittently through their Facebook account. Finding this extremely unprofessional and unfair, many of the victims are banding together to file a class action lawsuit against Erentpayment for having prior knowledge of eCheckit’s financial problems, as well as Check Commerce and eCheckit to release the funds. What’s my take on it?
I was mad at first but, once I realized that my anger was fake, I was able to see the real problem. Yes, you guessed correctly. It’s the My Fault Philosophy. I should have read their User Agreement, which clearly states that they are not responsible if the money gets lost or stolen along the way. Why would I trust a company that doesn’t insure my money? I read the user agreements of other rent collection sites, and they’re all the same thing. They DO NOT insure money because, if they did, the insurance payments on million dollar transactions would put them out of business. Their entire business model is flawed because none of these sites insure the money, so this same thing can happen over and over again. They’ll leave the insurance to third and fourth parties, absolving themselves of the most crucial part of the process: the landlord getting the money.
When October began, I was at work walking around in my underwear because I really didn’t care about the bank job. Remember that? At least four people saw what I was doing and didn’t report me. Maybe I’m so pathetic to them that I wasn’t worth the effort… kind of like letting a piece of shit float in the toilet without flushing. Either way, I’m glad I still have this job. October was awful, but the money from the job helped cover the stolen rent. Once I get going, I really have to start saving reserves for emergency situations like that.
So I’ll now have tenants deposit funds directly into my bank account. It’s a hassle for them, but that’s their problem. If not being able to pay online causes them to leave, then they were halfway on their way out anyway. I'll take my time in finding a more convenient and safer online payment process. Now that I’ve explained everything, let’s get to the properties.
Property X
Even though Consuela was approved for the apartment and paid first month and security deposit, she tried to back out claiming that her mother got shot and she needed to take care of her. I told Alfonso to let her know that she can get her security deposit back ONLY if we could get another tenant before the end of the month (as advised by Marvin Wassle). Facing the risk of losing $600, she decided to keep the apartment. She didn’t seem too happy with the place when she signed the lease, saying that “everyone has to start somewhere”, so I knew she would have issues. And while I doubt she’ll stay long, I’m hoping she at least makes it through the winter. I really don’t wanna deal with multiple winter turnovers.
Property 1
So I was making breakfast one morning when I saw a roach scurrying around on the countertop. I quickly killed it, but then I saw another. And then another. What the fuck! I had a suspicion that the roaches were coming from the Nepali tenants, as they had some people over for that goddamned Duwali holiday festival a few days earlier. I asked Dharma if they had roaches, and she said they’ve had them for a couple of weeks. A couple of weeks?! WEEKS?!!
When I was a kid, I fucking hated roaches. Even though our family was relatively clean, our apartment building was always infested in roaches. I’d wake up in the morning with roaches on my head or dead in my ear. At night I wouldn’t dare go into the kitchen for a late night snack, as it was usually taken over by hoards of roaches. So, when I saw those little assholes on my kitchen countertop, it brought back memories of those awful times and I justifiably freaked out. I sent the pest control guy to treat the entire house. I know I said I wouldn’t call them anymore, but I wanted written proof of where the roaches were coming from. Sure enough, it was coming from the Nepali apartment and I was pissed. Naresh was there trying to defend them, but I was having none of it. After all, the last time there were roaches was when he moved in some more people into the apartment about a month before he left. Ugh!
The truth is that I think I’m done with these guys. They don’t pay a lot of money. They usually have too many people in an apartment. The one good thing about them was that they were clean, and now that’s gone! Now that I think of it, I’ve never had an immigrant tenant who didn’t bring either roaches or bedbugs into their apartment. So I think I’m done with immigrants in general. They don’t pay full rents, it’s overcrowded, and they will always bring some kind of insect infestation at least once a year. Their only good aspects are that they don’t mind living in bad areas, so you can buy very cheap properties and get a good profit without the ghetto gunshot bullshit that goes on in those areas. My plan for the Nepali tenants is to wait until I move out of the basement apartment, and then raise the rent from $525 to $600. If they threaten to move out, let them. I got Property X's one bedroom rented out for $600, so I can probably get $700 for this 2-bedroom. You know, if I weren’t living in the basement I would have never known about the roaches. The Nepali tenants would have just lived their lives while roaches populated the building, which may have caused my upstairs tenant Sebastian to move out. And, while I’m on the subject of Sebastian…
Sebastian always pays rent a week early, so he went to go pay November’s rent last week but Chase told him that he needed the account number. This, of course, is not the case. As long as someone has the exact spelling of the business name, they can deposit money into a Chase business account WITHOUT the account number. I verified this information with two managers at that branch, as well as online. When he told me what happened, I was furious. Not only did ErentPayment steal my money, but now Chase is turning away the people who are trying to pay me?? What made it worse was that he went to the same branch that Rory and Eugene deposited money through with no issue, so what the hell?! The very next day I went to speak with whoever was available. The second that poor lady sat me down, I started cursing up a storm. I even made her go to the bank tellers to find out which one turned Sebastian away for bullshit reasons. Evidently, a new person was training there that day, so he/she didn’t know the business account rule. I wanted to yell and scream but decided not to because she was pregnant and being really patient with me. Next time I’ll make sure I talk to a dude so that I can really let off some steam.
Property 2
Thankfully, not much happened here. A small issue did arise where the upstairs tenant, Edward, called to state that the dryer wasn’t working. A day later, Nicholas 2 also complained about it. I realized the problem was the dryer was hooked up to the electricity of the downstairs apartment, which the former tenant Gianna had turned off before she left. Nicholas said that he was turning on the electricity on a Wednesday, so I told both tenants that the dryer would be “fixed” on Thursday. I really don’t want them knowing that they are paying for the washer and dryer electricity, as it might cause unnecessary issues later on. So I’ll keep up the ruse for as long as I can.
Property 3
To my surprise, Rory and my new homo tenant Toby seem to be getting along. Rory said that he needed smoke and carbon monoxide detectors for both his and Toby’s apartments. I really don’t like them talking to each other, but at least they’re getting along. I guess, as a child rapist, he has to be good at getting strangers to trust him. Ugh.
Eugene and Taniqua paid rent at the deadline once again, but now the real test comes. With all the struggling to pay rent before the end of the month, is it possible for them to pay the new rent of $550 just six days after paying $570?? I have absolutely no faith in them coming up with the money, and I’m looking forward to throwing them out when they miss the November 6th deadline tomorrow.
Property 4
It always feels good when Latisha doesn’t have issues. I’m beginning to use her as a barometer for how I’m doing in general with property management.
Thank goodness the shitty month of October is over. It wasn’t my worst month ever, but the Erent thing really caught me off guard. The roach infestation was a horrible reminder of the dangers of immigrant tenants, and how pathetic it is to still be in that basement apartment. With November finally here, I’m really looking forward to the increased rents and the new system of receiving money. All I want for this month is profit without anyone screwing me out of my money.
P.S.: One last thing about the Nepali tenants. After getting rid of both Nino and Sam, the Nepali people are the last trace of Indian culture in my life. Every time I hear them playing Indian music or watching a Bollywood movie, I get reminded of past friendships that now hold pointless memories. I know it’s unfair to them, but I’m more inclined to kick them out just because of their culture. My interest in Indians is definitely over.
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