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 Myrtle Beach 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 Myrtle Beach 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 doing a background check on your tenants, and if you have a contract, then those things will help you. But here are your other options…
#1. Cash For Keys
This is a tricky strategy but could prove to be a win-win for both you and the tenant. It may go against your principles and can be a hard pill to swallow, but sometimes paying a tenant to leave is the cheapest and smoothest option. Just make sure you don’t give them any money until after they actually move their stuff out.
Maybe it’s better for them to pay by the week. Maybe a reduction in rent works ok for everyone. Or maybe they can 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 with them in writing, otherwise, this can make a bad situation worse!
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. It may be worth doing this in the long-run, though, if you can get a paying tenant into your rental property. Make sure you have your lease, and proof of non-payment of rent. It may be better to get an attorney to help you through the process.
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 their annoying troubles any longer. Many landlords love the new-found freedom they get when they sell.
At Belle Coast Properties 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.