Landlords suffer in this economy, too

We hear the recession is almost over. There was plenty of help to bail out banks, the auto industry, homeowners. But no one talked about the losses of landlords. I am a Realtor and daily come across people who are landlords and have suffered major setbacks at the hands of tenant who do not pay and do not leave.

Many landlords had to file bankruptcy, many gave properties back to banks, some even paid the tenants to get out and vacate their property. One tenant not only didn't pay the rent, but also took the washer/ dryer with her.

One tenant took the bed and sofa as the unit was furnished.

Many tenants leave the place a mess when they leave. It takes months to file evictions, while the banks come after you for missing few mortgage payments. It affects your credit score. One developer converted apartments to condos and didn't pay property taxes, then filed bankruptcy leaving investors with a huge property tax bill.

One reason: There are no investor buyers in real estate now.

Many tenants know the law and will pay cash the first few months then stop paying while eviction process is going on; they get to stay for free. One tenant got a lease signed in her name, moved out after two months and gave the keys to a drug dealer.

Normally police won't get involved and will advise you to file eviction, but in this situation police got tough and told the drug dealer to get out in 24 hours. One solution could be tenant insurance, many people do not get it and it may not cover all situations.

Thakar S. Basati

Palatine