Kip Schoning's Crumbling Real Estate Empire Hitting His Own Home

While I haven't posted about this infamous local Landlord (or slumlord as many of his tenants refer to him) in well over a year, I continually receive regular hits on this blog from folks googling him from, quite literally, around the country.  I thought I would add the latest article about his financial troubles and crumbling empire which recently appeared in the local paper (as linked through the local craigslist).  Here's a good portion of it:

"Kip Schoning, the mid-valley landlord who has evicted hundreds of tenants for falling behind on their rent, could be facing eviction himself after falling more than a year behind on his home loan. Schoning has missed 13 straight monthly payments on his half-million-doKip Schoning, the mid-valley landlord who has evicted hundreds of tenants for falling behind on their rent, could be facing eviction himself after falling more than a year behind on his home loan.  Schoning has missed 13 straight monthly payments on his half-million-dollar residence at 4363 N.W. Honeysuckle Drive in the Timberhill district of Corvallis, according to a default notice filed by the lender. Filed in late December, the default notice claims Schoning owes more than $15,000 on the loan, failing to make monthly payments of $1,032.18 starting in December 2008. The arrears also include monthly late fees of $51.61 starting in January 2009. Schoning's own tenants face a $100 charge if the rent is more than four days past due. Schoning's Corvallis-based property management company, Bula Enterprises, once operated more than 200 rental houses around the mid-valley, many with their front doors painted a chipper shade of red. Behind those doors, however, the company has racked up scores of complaints over the years from tenants citing dilapidated properties, foot-dragging on repairs and excessive fees. And court records show that Schoning has filed more than 800 eviction proceedings in his career as a landlord. But his real estate empire has dwindled rapidly over the past two years, with Bula Enterprises rentals now numbering a little more than 100, property records show. Since the start of 2008, Schoning and his wife, Michelle, have lost at least two dozen homes to foreclosure, often resulting in tenants being evicted by the bank. At one time, the couple had as many as 79 properties in default, according to a records search, and at least 33 are currently in arrears and under threat of foreclosure. Schoning did not return calls to his home and office phones seeking comment for this story, and there was no response to a set of written questions sent to his fax machine. The Schonings have until April 29 to bring the loan payments up to date on their Honeysuckle Drive residence. Otherwise, the house where they live with their two children will be auctioned on the steps of the Benton County Courthouse at 10 a.m. May 3."

And in related Schoning news...