Owning a rental property is an excellent way to generate extra income for you and your family. However, if you are faced with not so great tenants, your wonderful investment can quickly turn into a nightmare! In our latest post, we will provide you with our favorite tips for dealing with nightmare tenants!
Do own a rental in Fort Wayne? Are you sick and tired of dealing with tenants who aren’t on time with rent or who are destructive to the property? If you have ever experienced a tenant like this, you’ll know it can quickly make you regret owning the rental in the first place! Something you assumed would be a great, stress free income has consumed more time and money than you thought! Usually, problems can be remedied on your own, without having to involve outside parties. Below, we’ll show you how to deal with them.
How to Deal With Bad Tenants in Fort Wayne
Try To Be Understanding
- Be kind and understanding, but don’t get walked on. While you should treat your investment(s) like a business, there is a time and place to be human. If an otherwise wonderful, long-term tenant is late on rent, you don’t necessarily have to evoke the highest penalty outlined in the lease. Give them some grace. If you have an excellent renter with only one minor infraction, it is best to overlook the problem as opposed to potentially losing a great tenant.
Stick to Your Guns
2. Stay firm. You can only be understanding to a point. Once it goes beyond that, you might find that you are dealing with a tenant who is looking for ways to skip out on rent or repairs. Don’t be taken advantage of. If you let someone pay rent late once, they are likely to want to do it again, and again, and again… Be firm with your policy regarding rent payment. While there are situations where you can be flexible and understanding, simply not having rent isn’t an excuse. This can be one of the most difficult parts of being a landlord and why many investors hire a property manager to collect rent on their behalf.
Document Everything
3. Keep proper documentation. Any and all interactions should be recorded and saved. Write down conversation notes with a time and date, save all texts, emails and any written contact. Take pictures as needed. In situations where damage has occurred or repairs are required. Get proper legal documents and things notarized where needed.
Hire a Property Manager
4. It may be wise to hire a property manager. As mentioned above, hiring a property manager can take the pain out of collecting rent. However, that is not all they do. A property manager will: screen prospective tenants, take care of maintenance, advertise your rentals, handle tenant issues and complaints and even deal with the eviction process on your behalf. If you are managing multiple units, hiring a property manager will save you a ton of time and headaches.
Eviction Process
5. You may have to start the eviction process. Hopefully, you won’t ever have to deal with the eviction process as a landlord, but sometimes it does come to this in Fort Wayne. It is a long and stressful process that varies state to state. First of all, you need to have a good reason to ask the tenant to move. They need to have broken the lease or be behind on rent. At NO point are you allowed to take matters into your own hands, even if they are causing property damage! You will need a court order to remove the tenant’s belongings or change the locks. You will want the courts to see you have done everything right so that they will have no choice but to be on your side in the matter. You will need to provide a formal notice of eviction that includes the day they need to pay by and the amount owed if they want to stay. Place it on their front door and send certified mail so you can prove it has been received. You will have to file with the courts and go through a hearing if the tenant still refuses to move. It is at this point you will be glad you documented everything! Check with a Fort Wayne real estate lawyer to verify the correct laws in your state.
Bad tenants are few and far between. With careful screening and an iron-clad lease, you can ensure a peaceful living environment for all of your tenants!