Do you have tenants who constantly refuse to pay rent? It’s one of the most frustrating things about being an investor. Today we will talk about how many investment property owners in Fort Wayne are dealing with these types of tenants.
If you have tenants who aren’t paying rent then your in good company at this time. Most if not all go through this issue at some point during their investing career. However no one wants to deal with Tenants Who Don’t Pay Rent. It does suck, but fortunately you have choices. Here’s how Fort Wayne landlords are dealing with tenants who don’t pay rent.
Many investors believe that the best defense is a great offense – meaning that if you are careful about doing a background checks on your tenants, and if you have a well written contract, you can mitigate the down side. Here are your other options.
#1. Avoid the situation
You could dodge the situation and pray they pay. This is definitely not the most favorable choice but it is an option that many landlords take to their own demise. You can just ignore it and hope they’ll pay on time next month even catch up before they vacate. Most times though they will not get caught up and these tenants will always belong to the part of goup of Tenants Who Don’t Pay Rent. When dealing with tenants who don’t pay rent, we would never recommend this strategy because it opens the doors to the possibility that your tenant will take advantage of you. This is by far the worst choice of any.
#2. Negotiate
Another option is to negotiate with them. Communication is key in any relationship and dealing with Tenants Who Don’t Pay Rent is no exception. They may just need to re-arrange their payment due date and payment schedule. Not everyone can pay easily each month; some renters pay more consistently by the week because it requires less discipline in sticking to a budget. Finding a payment schedule that will help them stay on time is by far the tactic I want to accomplish with just about all my Tenants Who Don’t Pay Rent. Another negotiating tactic is to ask them to do work around your property and help improve it thereby adding value and giving you some additional equity. In exchange for doing the work, you would offer to discount their rent. I prefer option one above and putting them on a more easily managed payment plan for many reasons. Regardless of what you negotiate with your tenant, make sure you get an agreement in writing so no one gets amnesia.
#3. Evict
A third option is to evict them. At this moment that is impossible since the courts are all closed. However when the country opens back up, evicting them will be back on the table. Many times just the mention of evicting them has an uncanny way of helping them find money. It happens time and time again in my business. I almost never “WANT” to evict a Tenants Who Don’t Pay Rent. However, if I am put to the test, I will go this route. Evicting tenants is a time-consuming process that may involve some legal hassles too. Not to mention the point of owning investment property is to get monthly cash flow for most investors. It may be worth doing this in the long-run, though, to get rid of a problem tenant and get a paying tenant into your rental property.
#4. Sell
The last option I have here is to sell your rental property. If this is just one of many frustrations you’re facing with your rental property then it could be your first-rate option! Just think of selling the property and getting on with your life – and not having to deal with tenants and their annoying troubles any longer. Many landlords love the new-found freedom they get when they sell.
At Sky Line Properties LLC we buy frustrating rental properties from landlords like you who are burned out, worn out, frustrated, and who just want to get their lives back.