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Tenants can’t pay rent but I need to pay my mortgage
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amother




Blue
 

Post  Sun, Apr 05 2020, 10:31 am
amother [ Peach ] wrote:
It’s irresponsible as a tenant not to have a few months of reserve. What a chutzpa to say that it’s irresponsible to rely on the tenant to pay on time!


Of course it's irresponsible to buy a house on the account that you'll pay the mortgage from a tenants rent. There's no guarantee that you'll always find a tenant and that the apartment will always be occupied.
It's literally #1 rule when buying a home.
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keym




 
 
 
 

Post  Sun, Apr 05 2020, 10:32 am
amother [ Peach ] wrote:
It’s irresponsible as a tenant not to have a few months of reserve. What a chutzpa to say that it’s irresponsible to rely on the tenant to pay on time!


By now, many people have gone through their reserved. Israel has been on lockdown for just about a month.
Even people who were previously "responsible" have used up their extras.
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amother




Seafoam
 

Post  Sun, Apr 05 2020, 10:37 am
amother [ Peach ] wrote:
It’s irresponsible as a tenant not to have a few months of reserve. What a chutzpa to say that it’s irresponsible to rely on the tenant to pay on time!

Everyone needs to have a few months reserve.

That's not the same as relying on the tenant to pay the mortgage. Two totally different things.
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amother




Seafoam
 

Post  Sun, Apr 05 2020, 10:37 am
keym wrote:
By now, many people have gone through their reserved. Israel has been on lockdown for just about a month.
Even people who were previously "responsible" have used up their extras.

In all honesty people were "out of their reserves" with no money to buy food after just a week of lockdown. Or so they claimed, at any rate.
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amother




Seafoam
 

Post  Sun, Apr 05 2020, 10:39 am
sub wrote:
Don’t renters give head checks in israel?

Yes but if there is no money the checks will bounce. So okay, no fines and they won't lock the account (unlike in normal times), but you still won't get the money.
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imorethanamother




 
 
 
 

Post  Sun, Apr 05 2020, 12:54 pm
It’s hilarious when no one reads the OP and comes up with what they think you might have said instead.

Based on their current financial situation, I would assume you won’t be able to move in in July. It’s also dicey because YOU won’t have anywhere to live at the end of July. Because the tenants officially have their apartment until the end of August, it’s up to you to find somewhere to live for that month until their lease is up. You can’t force them to leave early.

Good luck. This home ownership always always has hidden financial surprises. Sometime you have to move out for fumigation or construction. Lucky you, you have to not move in because you’re thinking of your fellow Jew. Amazing opportunity.

Good luck and an eventual Mazal tov!
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Rappel




 
 
 
 

Post  Sun, Apr 05 2020, 1:02 pm
Mazal tov on your new home, OP!

As everyone else said, the biggest expense in moving is...Movers, followed by security checks. Offering to help with that should be enough of an incentive for them honour their agreement - but that assumes they're able to pay rent at all now, anywhere. Depending on where you live, you may find it more financially sound to just work out your own rent for a few more months, rather than cover all the tenants' moving and start-up expenses.
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amother




Babyblue
 

Post  Sun, Apr 05 2020, 1:02 pm
amother [ Blue ] wrote:
Of course it's irresponsible to buy a house on the account that you'll pay the mortgage from a tenants rent. There's no guarantee that you'll always find a tenant and that the apartment will always be occupied.
It's literally #1 rule when buying a home.


If you read OP, you’d see that long term plan is to live in this house, but they’re letting the tenants finish their lease term, remaining in their old apartment. However now the tenants are remaining in their new home without paying to cover OPs current apartment. This is not a usual or expected situation at all
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amother




Pumpkin
 

Post  Sat, May 02 2020, 4:36 pm
It is frustrating to read how many people are criticising OP, when they appear not to have taken the time and care to fully understand her post. OP purchased an apartment WHICH CAME WITH TENANTS. Her family plans to move in during August. That means the current tenants WOULD HAVE TO LEAVE ANYWAY.

Regardless, if the tenants were of OP's choosing and she had a 1-year lease with them, but the tenants couldn't pay for the apartment, do you really expect OP to foot the bill? I understand allowing tenants to be behind on rent by 1-1.5 months. But when tenants become 2 months behind, you have a very low chance of them catching up. It doesn't matter whether OP is relying on rental income to afford the apartment or not- it's her property, and once tenants are thousands of shekels in debt to her because they have no income, she cannot expect them to be able to catch up. This is especially so when inflation eats away at the value of her money; even if the tenants repay her in full, the money becomes worth less due to inflation.

some yers ago our family once fell on hard times due to loss of income. And we were evicted from an apartment after falling 2 months behind on rent. It took a year to repay the debt. Was our landlord cruel? No, that was the kindest thing he could have done for us, and in the end we were grateful for the eviction, because we simply couldn't afford it, and this meant we needed to find a place we could afford.

edited to add: Can the tenants move in with friends or family for a while, until they get back on their feet? If they can't afford their own place right now, then that is their only option.
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amother




Pumpkin
 

Post  Sat, May 02 2020, 4:40 pm
amother [ Blue ] wrote:
Of course it's irresponsible to buy a house on the account that you'll pay the mortgage from a tenants rent. There's no guarantee that you'll always find a tenant and that the apartment will always be occupied.
It's literally #1 rule when buying a home.


Bit that has nothing to do with OP's situation, and doesn't help her solve this problem. She bought the apartment wanting to move in and was nice enough to allow the previous owners' tenants to finish out their lease.
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#BestBubby




 
 
 
 

Post  Sun, May 03 2020, 12:30 pm
Sorry OP, you are stuck. Nobody will rent an apartment to your tenants if they have no income and cannot pay.
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amother




Crimson
 

Post  Sun, May 03 2020, 4:38 pm
Most ppl I know spend almost their very last penny on buying a house and moving!
The ideal situation might be to have a few months rent just in case it's needed but reality is most ppl don't !
It really doesn't help O.P or anyone else to tell them "you should have had money put aside" as if it's a normal situation for tenants not to pay rent!
The majority of ppl I know are counting on their tenant's rent to pay their mortgage!
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Teomima




 
 
 
 

Post  Sun, May 03 2020, 5:05 pm
amother [ Seafoam ] wrote:
She said she is in Israel - in Israel banks are freezing mortgage payments for 3 months. Could be she has to call them and ask, but there is no bureaucracy involved, it is automatic approval.

It does not mean she gets hit with all of it at once after the end of 3 months. Regardless this is across the board, not dependent on her bank.

https://www.globes.co.il/news/.....21676

I know this post was written a month ago (and the article is from March), but just to be clear the article says you can apply for (and will be granted) a mortgage freeze, not that it's an automatic thing. I don't want OP and others to get the impression that your mortgage has been frozen if you have not first requested it.
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