Are you a landlord with frustrating tenants? You’re not alone. Many landlords find out the hard way that they have frustrating tenants in one of their rental properties. In this article, we’re sharing 4 ways to deal with a frustrating tenant in Moore, OK, and in the 73160 zip code. And, across the state of Oklahoma.
If you own a rental property, sooner or later you’re going to deal with a frustrating tenant in one of your properties. Maybe they trashed the property, maybe they never pay rent on time, maybe there are too many people living in the dwelling, or the tenants call you for every little thing. No matter what the situation, tenants like that will eventually rent your property. Here are 4 ways to deal with a frustrating tenant in Moore when it happens to you.
Try to convince or negotiate with your tenants
You can try to reason with your tenants and explain that you provide a service so they need to pay and treat the dwelling properly. This is a business arrangement after all. Perhaps your tenants don’t realize they are inconveniencing you and chances are, they do not care either. Perhaps they’re not paying because they need a different payment schedule (such as weekly instead of monthly).
Have you considered “cash for keys” as an incentive for them to get some cash once they move out and hand over possession? This will allow you both to skip the eviction and expedite the process. (Keep in mind the dwelling must be left in good shape and clean for this to work out, and no, they do not get their deposit back!)
Evict your tenants
Evicting tenants can be tricky and even legally complicated but it’s an option for you. Laws often favor tenants over landlords so you might have an uphill battle but in the long run, it could be worth the effort to get them out of your property and instead get someone into your property who is a better-suited tenant. Make sure you find a good eviction attorney. They are well worth the investment.
Explore other legal options
In some situations, you may be able to explore other legal options, from suing your tenants to getting their wages garnished. It all depends on the situation and the laws governing that situation. Of course, you may need to work with a high-priced attorney to do this but sometimes it’s worth the expense just to get a bad tenant out of your rental property so you can get the unit performing again.
Sell your property
If your tenants are a real hassle and causing you a lot of stress and expense, then you can always sell your property. In fact, a lot of rental property owners that sell to us do so because of the frustrations they face dealing with tenants. Depending on who you sell to, you may not even need to evict your tenant first (for example, in many cases, we just buy and evict for you). For rental property owners with family living in the rental, this is an ideal solution.
Passive income earned through building a diversified real estate portfolio allows investors to live out their retirement on their terms, in the lifestyle to which they’ve become accustomed. In addition, diversity creates a safety net against inflation because while one section of the market may falter during periods of downturn, sound investments in other market sectors will continue to keep pace with inflation. After all, rental rates keep pace with increases in the cost of living.
While buying rental properties is a significant step in building your real estate portfolio, exiting properties based on your current circumstances and market trends should also be a part of your investment strategy. Selling a property isn’t an easy process, and when you add in the complications of a house with tenants in place, you may face an uphill battle.
Naturally, your tenants may not feel it is in their own best interest to be hospitable to your potential buyers during showings, especially if they believe they’re losing their home. Nevertheless, it’s constructive to consider your tenants’ stress, time, and expense of an impending and undesired change in housing as you formulate how to present the news to your tenants. Several factors come into play regarding the best approach, such as the lease terms, your history with the tenants, and your motivation for selling the property. Read on as we explore three things you should know about selling your house with tenants in Moore, Oklahoma.
The lease terms are the first thing you should know about selling your house with tenants in Moore. You should also review laws regarding landlord-tenant agreements in your state to protect yourself. You may have to wait until the lease expires or attempt to sell the property with the tenants in place to another investor, like the professional investors at Metro Cash Offer, who will buy your house for cash, as-is.
Keeping an open line of communication with cooperative tenants is essential and something you should know about when selling your house with tenants in Moore, OK. Be upfront and have everything in writing so that the process of selling and the showings is clear to your tenants. Texting is quickly becoming the most reliable and speedy form of communication; however, some tenants may prefer another form of contact, so be sure to work these details out in advance. There are many showing apps and services to help facilitate scheduling showings as well.
Another thing you should know about selling your house with tenants in Moore is that incentives work, you can use them to your advantage. Firstly, if you’ve had positive interactions, you may want to offer the opportunity to purchase the property to your tenant. Just make sure they can qualify for a mortgage prior to entering into a contract with them.
As a landlord who is used to receiving passive income from the property, you may also opt for carrying the financing (become the bank) where you will still receive monthly payments from your investment but not have to deal with the usual headaches of tenants and toilets.
“Cash for keys” is another helpful industry standard; in essence, you’ll pay the tenant to vacate the property, typically offering moving expenses and the average amount of a security deposit in Moore, OK.
The most important thing about selling your house with tenants in Moore is how a professional investor from Metro Cash Offer can help make the process easy for investors like you. With years of experience negotiating with people from all walks of life, the team at Metro Cash Offer can help you sell a property with tenants. At Metro Cash Offer, our professional investors compare what you would profit by listing your investment property on the market vs. our offer. And if you are looking for new investments, ask us about the current inventory of the best investment properties available in Moore, Oklahoma. No matter what issues you are facing with your real estate investments, Metro Cash Offer is working every day to help investors like you solve problems. Call Metro Cash Offer at (405) 754-2444.
We Buy Houses in Moore, OKC, Norman, Tuttle, Blanchard, Mustang, Purcell, Newcastle, Edmond, Lindsay, Yukon, Noble, and many other cities across Oklahoma.
There is an easy way to sell your house fast. Sell your house directly to us and skip the hassle of showings, appraisals, realtors, long waiting periods, repairs, fees, etc. We are home cash buyers in Oklahoma City, OK that buy houses fast in any condition or situation. If you need to sell your Oklahoma City home or surrounding area home to a reputable home buyer. Give us a call, fill in the form below or visit our home page to learn more. We are friendly, fair, honest, and happy folks who enjoy helping others like you.