5 Ways to Deal With Your Tenants Not Paying Rent
Do you have a delinquent tenant on your hands and you’re not sure what steps to take? As a landlord, dealing with tenants not paying rent is your worst nightmare. You take all the steps to avoid this situation, but there are many reasons why a tenant may be late or stop paying rent. You should approach this situation in a calm manner and evaluate all options before considering eviction. The eviction process can be long and tedious and can wind up costing you a significant amount of money.
Dealing With Non-Paying Tenants
You depend on the property’s rent to pay your rental mortgage and earn an income, so when you are dealing with a tenant who isn’t paying rent, it is hurting your bottom line. To help with that cause – here are 5 steps you can take to avoid a significant financial loss on your rental property.
Talk With Your Tenant
An open conversation with your tenant should be the first step you take. It is important to be understanding with your tenants, but you should also remain firm about the importance of paying on the due date each month.
Maybe your tenant is facing hard times, a job loss, or illness—if your tenant has a legitimate reason for not paying rent, there are options you can consider. Consider negotiating a payment plan with your tenant. A payment plan will prevent you from taking a huge financial loss and continue to provide the tenant with a safe space to live in.
If you and the tenant do not come to a mutual agreement after a rational conversation, then it may be time to take the next steps which could involve selling your rental property. If you do decide to field offers on your rental property, considering cash offers is the fastest option for a sale.
Send a Late Rent Notice
Most states require you to send a late rent notice when a tenant fails to pay rent on the date agreed upon in your lease. This formal notice will provide tenants with the date the rent was due, how many days they have to pay, and any late fees tenants are responsible for. You’re going to want to check with local state laws for the number of days tenants have to pay the rent that is due, typically this falls between 3 to 5 days.
Make sure you make a copy of this and document when it was sent to the tenants, you will need this information if you decide to start the eviction process.
Hire a Property Manager
If you can no longer manage your tenant relationships yourself, you may want to consider hiring a property manager. They will have the resources in place to handle situations like yours. Property managers charge a fee for their services, but it could help you avoid having to evict the tenants through improved tenant management. If you don’t want to manage your tenants yourself, and you don’t want to hire someone else to do it, then it may be time to think about selling your rental properties and cashing out on your investments.
Start the Eviction Process
If all else fails with tenants not paying rent, you need to consider starting the eviction process. You will want to gather any lease documents, late rent notices, and any other notices you sent tenants to notify them that rent was due. You will then take these to your local court courthouse, pay the court fee, and schedule your hearing date.
The eviction process can become time-consuming and costly, so you want to avoid this process at all costs. To avoid eviction, the last step you can take is to sell your property. Selling your rental properties for cash is the quickest way to bring your accounts back to good health, especially if you are short on cash because of your tenants not paying rent.
Selling Your Rental Property for Cash
Do you want to avoid the eviction process? Selling your rental properties for cash is the best option if you want to avoid losing any more money and a messy eviction process. This will help you get free from tenants not paying rent and avoid the lengthy traditional real estate selling process. Home buying investors will provide you with a fair cash offer on your rental property, allowing you to walk away from the property and tenants with no hassles or out-of-pocket expenses.
Avoid the Hassle and Sell Your House to Quick Fix Real Estate
Selling your home to Quick Fix Real Estate is the hassle-free way to deal with tenants not paying rent. Our straightforward and simple process starts with a no-obligation home inspection and ends with a check in your hand as soon as today. Contact us today to get your cash offer.