March 9, 2009

Paying The Rent In This Economy

I was talking to my dad tonight when he brought up a very old friend of the family who rents houses in the Coffeyville, Kansas area. My parents met him by renting from him many years ago and have been friends with him ever since.

The interesting thing is that a family member is renting a house from that friend for less than $200 a month! It's rare to find a home in decent shape and in a good neighborhood for that amount nowadays! Yet as crazy as it is, the family member hasn't been paying rent lately.

I honestly don't know the entire reason behind it, but if there is any truth to that reason, then it's sad that entertainment may have just came before a roof over their heads. Even more sad is the idea that the friend has allowed it to continue for months. Heck I'd trade their payment for mine in a heartbeat!

I guess maybe he doesn't have the heart to throw someone out when it's still pretty darn cold out, or maybe he has enough money that he doesn't miss such a small amount a month at the moment. I do know he manages all of his own property and I've wondered at times how he does it. I know it can't be easy with his age and I wonder if he's ever considered something like Real Property Management, only in Kansas instead of Ohio.

I've never owned property that I could rent, so I really have no idea. But, I'm pretty sure if I did, I would leave it up to the professionals! I'd rather not have to worry about advertising, showings, leasing, rent collection, or evictions! Yep, leave it up to the professionals!