Do you have tenants who just aren’t paying rent? It’s one of the most frustrating aspects of being a landlord. Especially when the car they drive or TV mounted on the wall is nicer and bigger than the ones you own.
In this article, we’ll talk about how landlords in the Triangle are dealing with tenants who don’t pay rent…
If you have tenants who aren’t paying rent then you’re facing the same dilemma that every landlord is going to go through at least once. It’s frustrating and unfortunately, your options are limited.
Here’s how Triangle landlords are dealing with tenants who don’t pay rent.
Of course, the best defense is a good offense – meaning that before you give them keys to your house you do every check imaginable.
- Background check
- Credit check
- Job/salary history check
- Eviction history check
- Old landlord check (Oh and when you call the “old landlord” make sure it’s ACTUALLY the old landlord and not their cousin posing as the “old landlord”.)
Next you are going to want to have an iron-clad and battle tested rental contract. You may not want to use one you find through Google. Remember you get what you pay for.
If you did those things the best you could but they still aren’t coming up with the rent, here are your other options…
#1. Avoid the situation
You could avoid the situation and hope they pay. I wouldn’t suggest this option. I tried it and believe me it won’t end well for you. It’s definitely not the best option but it is an option that many landlords take.
You can just ignore it and hope they’ll pay on time next month and maybe even catch up.
Frankly, it rarely happens but since I’m sure it has happened to others once or twice before it could happen so I’m including it here as a possibility.
When dealing with tenants who don’t pay rent, we don’t recommend this strategy because it tells the tenants that they can walk right over you and don’t be surprised when they take advantage of you again.
You could try to negotiate with them because maybe they just need a different payment schedule. Even if you checked out thing you could think of before handing over the keys, sometimes situations change where they may have lost their job or had a family member or themselves got sick they are unable to cover the rent right now.
Not everyone has the money skills to pay easily at the beginning of each month. Some renters can pay better by the week because otherwise they’ll spend their paycheck rather than save it for rent plus it’s a smaller payment.
Or maybe you can get them to do some work around the property in exchange for a discount on the rent while they are getting back on their feet.
If you choose to negotiate with your tenant, make sure you get an agreement that works for both of you written down or typed up and signed by both of you, otherwise, you’ll just feel even more frustrated if (or when) they don’t come thru on their side of the agreement!
You can try to evict them, although be aware that this can be a complicated, time-consuming process that may involve some legal hassles too.
Eviction is very difficult to do, especially since many laws favor the tenant over the landlord. But if you keep detailed records you may be able to get your property back in about 45 days. In the long run it may be worth doing this, though, if you can get a paying tenant into your rental property.
Just make sure you work with them so they don’t trash your house on the way out like other evicted renters have done to other landlords.
Another option is to sell. If this is just one of many frustrations you’re facing in your personal life then selling your rental property could be your best option!
Let us take care of that troublesome non-paying tenant so you can get on with your life.
Just imagine selling the property and not having to deal with tenants their annoying troubles any longer. Many landlords love the new-found freedom they get when they sell as their worries about vacancies, repairs, and tenants trashing their house disappear.
At Triangle Real Estate Buyers 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.
Click here now and fill out the form or give us a call at (919) 724-4571 to get a fair fast cash offer from us today.