 Tenant Bankruptcy (by RRR [AZ]) Feb 14, 2009 2:27 PM
 Tenant Bankruptcy (by in [IN]) Feb 14, 2009 3:11 PM
Tenant Bankruptcy (by jay [ON]) Feb 14, 2009 4:14 PM
Tenant Bankruptcy (by Irish [MD]) Feb 14, 2009 6:27 PM
Tenant Bankruptcy (by rcn [NH]) Feb 15, 2009 7:07 AM
Tenant Bankruptcy (by RRR [AZ]) Feb 15, 2009 8:30 AM
Tenant Bankruptcy (by tyler [NC]) Feb 15, 2009 10:50 AM
Tenant Bankruptcy (by Nancy [IN]) Feb 15, 2009 1:15 PM
Tenant Bankruptcy (by quillible mikey [IN]) Feb 15, 2009 3:22 PM
Tenant Bankruptcy (by Virden [OH]) Feb 15, 2009 7:15 PM
Tenant Bankruptcy (by RRR [AZ]) Posted on: Feb 14, 2009 2:27 PM
Message:
State Specific Question About: ARIZONA (AZ)
I have the perfect applicant for a vacancy except for one (big) problem: He declared bankruptcy Jan.1 and his home was also foreclosed upon.
The gentleman is a physician whose cosmetic (med/spa) medicine place went under. He lost everything. He is on disability and receives $7000 per month. (The rent is $1400/month.)
My gut reaction is to pass on him since I'm not familiar with the ramifications of the bankruptcy and how it will affect me. Any words of wisdom? --68.3.xxx.xxx |
Tenant Bankruptcy (by in [IN]) Posted on: Feb 14, 2009 3:11 PM
Message:
Here is the good thing, he can not file again for 7 years.
Sounds like he has the tools to pay the bills, do you know how much work it take to become a physician, and how easy it is for others to ruin your life's work.
Me I like smart people, I remember Martha Stewart went to jail, and now she is rich again.
Funny thing about rich and the smart they know how they got that way, and seem to return --68.58.xx.xx |
Tenant Bankruptcy (by jay [ON]) Posted on: Feb 14, 2009 4:14 PM
Message:
Well looks like he can make 3X rent.
And bonus for you is if he wants an upgrade on something you can get free cosmetic surgery in exchange! --76.70.xxx.xxx |
Tenant Bankruptcy (by Irish [MD]) Posted on: Feb 14, 2009 6:27 PM
Message:
I doubt that I would want a disabled cosmetic surgeon working on me.... --71.168.xx.xx |
Tenant Bankruptcy (by rcn [NH]) Posted on: Feb 15, 2009 7:07 AM
Message:
did i read that right...he gets 7 thousand a month for disability? --216.227.xx.xx |
Tenant Bankruptcy (by RRR [AZ]) Posted on: Feb 15, 2009 8:30 AM
Message:
Yep... $7000/month for disability. It's not too surprisingly, however. My spouse's private disability policy is for $11,000/month (tax free!). He's eligible to increase that to 18,000/mo if we want to increase the premiums.
So, I don't have to worry about the bankruptcy trustee taking his monthly disability payment and giving it to his prior creditors and not me, the landlord? --75.209.xxx.x |
Tenant Bankruptcy (by tyler [NC]) Posted on: Feb 15, 2009 10:50 AM
Message:
depends...is he doing a liquidation #11? or reorganization #7.... sounds like liquidation due to no home....
but, find out.... reorganization would rebundle his debts with a new payout plan based on his income today.... --75.181.xxx.xxx |
Tenant Bankruptcy (by Nancy [IN]) Posted on: Feb 15, 2009 1:15 PM
Message:
What kind of "disability"? The real kind? Or is he a raging alcoholic that will punch holes in your walls, or a druggie? You need to know. You can't ask directly but do some investigating.
$7000 Seems high to me. --65.54.xxx.xx |
Tenant Bankruptcy (by quillible mikey [IN]) Posted on: Feb 15, 2009 3:22 PM
Message:
Thankyou RRR for giving me a belly busting laugh(s). So this poor guy couldn't balance the books on $7000 a month tax free!
And just filed Jan 1 which means it can be modified at any time during the bankruptcy to include all the things he will or could do to you. Tell him you want $3000 deposit and first and last month of front of $2800.
Good Luck to you. I wouldn't touch him for less. And just month to month for the first year to see how he is doing. --205.188.xxx.x |
Tenant Bankruptcy (by Virden [OH]) Posted on: Feb 15, 2009 7:15 PM
Message:
Think about all you rentals and sell him the one that performs the worst, but don't wait 5 years for his credit to recover - do it now. I have a few SFH for rent and get these calls also - it is almost as funny as RRR story - maybe you wanna marry this one and help the recovery, just make sure to have the prenuptual agreement reviewed and filed in the recorder office to protect your total assets. --99.161.xxx.xxx |
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