Most people picture a landlord as someone with a fat bank account and a ring of keys. Real estate investor @_mr.mindset says the reality, at least for a small owner like him, looks very different right now. He owns nine rental units, and he says over half of his tenants are not paying.
He is in the middle of what he expects will be five evictions, and he is not happy about any of them. His comments offer a rare, candid look at how a small landlord thinks when the rent stops coming in.
@_mr.mindset
Five evictions out of nine units
He starts by laying out the numbers. With only nine units, having five tenants fall behind means more than half of his income is in trouble at once. He is quick to admit that some of it is his own doing. In his words, a share of the problem comes down to bad tenant selection on his part.
The rest, he says, is the economy. He calls it a telltale sign that times are hard, especially for people who do not own assets. It is a hard time for everybody, he says, and the strain is showing up in his rent roll.
Why he says landlords are not getting rich
A big part of his message is aimed at people who assume landlords are simply greedy. He argues that many landlords do not make much money. If a property is a good one, he says, you might clear around three hundred dollars a month on it. But if the HVAC system fails or something similar goes wrong, the cash flow for the entire year can disappear.
So why hold the properties at all? He says it is mostly for tax purposes and for long-term appreciation. He adds that it makes the most sense to own rentals free and clear, with no mortgage. He personally still has other active income, including wholesaling real estate, but he says that when he thinks about the rentals he often feels he would sell them if he could. The problem, he notes, is that it is a terrible time in the housing market to try.
He says he does not want to evict anyone
What stands out is how reluctant he sounds. He says evictions actually cost landlords money. He lists what he has to pay: court costs for the eviction process, trash removal, the work to turn the unit around, and then the time it takes to find a new tenant. By that point, he says, he has lost about two months of rent, and he still has the mortgage to pay in the meantime.
That is why, he explains, he did not file a single eviction earlier this year. He says he would rather have a tenant catch up with weekly payments, or pay what they can, until things are back on track.
There is also a personal reason. He says he cares about the people who live in his properties, and he does not want an eviction on anyone’s record because it makes it much harder to find a new place to live. He mentions that he grew up at a time when his own family was facing eviction, and he does not want to put another family, especially one with children, in that position.
What tenants can do if they fall behind
His comments carry a useful lesson for anyone renting. Landlords are generally far more willing to work something out with a tenant who talks to them early than with one who goes silent. If you see a missed payment coming, reach out before the due date, explain what is going on and propose a realistic plan, such as partial payments or a short catch-up schedule. Ask for the arrangement in writing so both sides know what was agreed.
It is also worth looking for help. Many communities have emergency rental assistance programs, and calling 211 or your local housing authority is a good way to find out what is available. Churches and nonprofit agencies sometimes help with a month of rent. Rules about notices, deadlines and court procedures differ from state to state, so a local legal aid office can explain your rights.
What small landlords can learn from this
For people who own a handful of rentals, his story is a reminder that the math is thin. Experienced owners often suggest keeping a reserve fund large enough to cover several months of mortgage payments and major repairs, because one big repair or a few late payers can wipe out a year of profit. Screening applicants carefully, checking income and rental history, and keeping clear written leases can also reduce the odds of landing in this situation. He admits tenant selection was part of his problem, and that kind of honesty is worth hearing.
Finally, a conversation early on is almost always cheaper than a courtroom. Both sides lose when a unit goes empty and a family has to move, and he says as much.
A tough market for everyone
Whether you rent or own, his story shows how quickly a squeeze on household budgets can spread. Tenants cannot pay, landlords cannot cover their loans, and neither side finds it easy to leave. His wish is simply that people understand being a landlord is not as easy as they think, and that most owners would rather work with a tenant than lose one.
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