What does that mean? "Would you rather be rich or right?"

I know Brad will post the phrase after a number of posts. So he has it in context but even then I'm not 100% certain.

Does it apply in the scenario?

I have three very good teni, between very good and excellent, or *so it seems?

They have a forth roommate, who has run off and had the water to the shack cut off. The roommates turn to me and say it is my responsibility to pay the water bill.

In actuality they signed a lease that specifically states that the utilities will be paid by the teni, and it even outlines that the utilities will not be in the land lords name.

Does rich or right mean I'm supposed to chip in and pay utilities because these three roommates are good teni?

* Or so it seems. I subscribe to the Clint Eastwood character

Bill Munny: He should have armed himself....... if he's going to decorate his saloon with my friend.

I believe these teni looked the other way knowing bills were not paid.

When it comes to my rentals. I want to be both.

I've always asked a partner, friend or spouse to admit they made an error or mistake. Just to see if they can do it! Why? Because so many people refuse to ever admit they may have made a mistake. Without the ability to realize were're not perfect, we can never learn from our mistakes and improve ourselves.

This one is easy to be right with.

It is all spelled out in your lease.

And tell them so unless they can show you some type of law or local ordinance that will say different.

Explain that is why there is a lease so there is no question what is fair.

If they wanted a matter like this handled different. They should have asked to have the lease changed before they signed it. And you would have at least considered it. You would just have to figure out how much more you would have to charge them. To protect yourself so it is at least the same as if you rented to a regular single family tenant and enough to cover administration fees.

I would send them the section of the lease that states who is responsible for the water and a 3 day to cure or quit. They might have been good tenants before this happened but they are starting to become a liability.

Thank you.

I too was thinking the next utility bill would be presented to me just as soon as this one is cleared up.

I did have some ideas come from this. Young professional types are poor money managers and it may necessary to have some type of utilities deposit created. My lease even mentions that apps like Splitwise exist.

Smok,

Not sure how they decided you should suddenly pay their bill!

I agree with Paulio to his point they revealed their basic renter mentality. To that I say Heads Up - this could be the beginning of trouble.

R or R example: city inspector gives me a hard time including making up repair items that are not legit.

Many LLs will go to the mattresses (Godfather reference) to prove the inspector crooked and prove themselves right.

I’d rather just get the list done, even the dumb stuff, not use up MY time (my life) arguing with a petty govt tyrant and sowing seeds that will haunt me for years. (Inspectors never die!)

I’ll spend a few extra dollars, get it done, and move on down the road. Side benefit is the inspectors see me as a cooperative person.

The tyrant will make his measly govt salary while I continue to build my empire, remind muself I make several times that guy’s salary, and enjoy my financial and personal FREEDOM!!!

The written lease is the boundary of what we do and we allow.

I see sooo many LLs bogged down in pettiness, some self-caused.

Rent on!

BRAD

If you want to be rich - you do the eviction lock out on Christmas eve.....so your profits are maximized. That is true zero tolerance to 10th degree. Should you really do that?

If you want to be right, you can probably wait an extra few days.........but what happens if word gets out that you are a softy or don't apply standards evenly or fairly.

I would hope you can use both standards to a certain degree.

Some people say they will absolutely chase down all money owed to them since they are entitled to do so. It is true the allows you do that, but in some cases you might be throwing good money at bad debt. So do you want to be rich or do you want to be right?