Do you have tenants who stopped paying rent? It’s one of the most frustrating aspects of being a landlord. In this article, we’ll talk about how Newcastle, Oklahoma landlords 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 many landlords go through at least once. It’s frustrating and unfortunately, your options are limited. Here’s how Newcastle, OK landlords are dealing with tenants who don’t pay rent.
Of course, the best defense is a good offense – meaning that if you are careful about screening your tenants, doing a background check, credit check, contacting their references, on your tenants, and having a solid lease contract, then those things will help you. But here are some other options…
#1. Avoid the situation
You could avoid the situation and hope they pay. This is 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 may not happen (it rarely does) but it could happen so we’re including it here as a possibility. When dealing with tenants who don’t pay rent, we don’t recommend this strategy because it opens the doors to the possibility that your tenant will take advantage of you.
You could negotiate with them because maybe they just need a different payment schedule. Not everyone can pay easily each month; some renters can pay better by the week because it’s a smaller payment. Sometimes making the rent due during the middle of the month as opposed to the first of the month is easier for your tenants to afford. Have a conversation with them to determine the best timing for their payment. Or maybe you can get them to do some work around the property in exchange for a discount on the rent. If you choose to negotiate with your tenant, make sure you get an agreement from them that works for both of you, otherwise, you’ll just feel even more frustrated!
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 not pleasant to do, especially since many laws favor the tenant over the landlord. It may be worth doing this in the long run, though, if you can get a non-paying tenant out of your rental property.
Yes, you can do it yourself but hiring an attorney helps expedite the process and allows a professional to handle the eviction without the stress that it would add to your daily life.
Another option is to sell. If this is just one of many frustrations you’re facing with your rental property then it could be your best option! Just imagine selling the property and getting on with your life – and not having to deal with tenants or their annoying troubles any longer. Many landlords love the newfound freedom they get when they sell. What about the nice monthly cash flow you were receiving when it was rented out? We can help with that. Have you considered carrying the financing? You still get paid every month but do not have to deal with tenants or toilets. Sounds nice huh? It is…
At Metro Cash Offer we buy frustrating rental properties from landlords like you in Newcastle Oklahoma and across the state who are burned out, worn out, frustrated, and just want to get their lives back.