Who Holds the Mortgage On Bay Pointe...?

So who holds the mortgage on Bay Pointe properties...? Well, no one does. Bay Pointe apartments is held outright by Conrad Prebys. This has several interesting implications for "late fees" and paying your rent on the 1st of the month.

As it concerns "late fees," such fees are required by California law to reasonably reflect the "liquidated damages" suffered by the owner of a property. In short, if an owner must draw from another interest-bearing account in order to cover the mortgage due to unpaid or late rent then he/she can recoup that loss of interest through "late fee" charges. He can also recover administrative costs that are required to serve 3 day notices. But, what if an owner doesn't have a mortgage as is the case of Bay Pointe Apartments and Conrad Prebys? Well, he just collects $95.00 to $165.00 dollars minus administrative costs for "late fees" under the guise of collecting "liquidated damages." Of course, Conrad suffers no such "damage." In fact, he merely gets to GAIN less interest off YOUR RENT MONEY. Conrad Prebys must then pretend to be collecting $95.00 to $165.00 in 15-30 minutes worth of administrative costs. This is outrageous and almost certainly illegal. This Conrad is a greasy, avaricious slumlord that has nickle and dimed his tenants for a long, long time.

In addition, for those tenants that think that paying your rent on the 1st is the right and noble thing to do, just remember that all you are doing is allowing Conrad Prebys to GAIN ADDITIONAL INTEREST off your RENT MONEY. This is why tenacious tenant never paid his rent until after office hours on the 5th day. This way, Conrad Prebys didn't get to gain 30 days worth of interest off my rent money and instead only received about 22-23 days worth of compounded interest. Not only are you losing interest on your money, but you are fattening your landlord's pocket over and above the rent you've already paid. Of course, neither tenacious tenant nor any other tenant has received anything in return for such gains attributed to Conrad Prebys.

So quit paying your rent on the first and instead pay it at the last possible moment that is required by your lease contract. And secondly, let the management (1-858-273-5525) know that you want your "late fees" back minus the $5.00 to $10.00 dollars worth of administrative costs (typed out 3 day notice template, a couple of sheets of paper, a short walk to your apartment, a couple envelopes with stamps and a short walk to the mailbox out front) or there will be a small claims action for the collection of unreasonable and excessive "late fees."

Stay tuned because tenacious tenant will tell you exactly what you need to do to put Conrad Prebys right in small claims court in order to justify his greedy ways.