If you have tenants who aren’t paying rent then you’re facing the same dilemma that many landlords go through. It’s frustrating, and unfortunately, your options are limited. Here’s how Hazel Park Michigan landlords are dealing with bad tenants who don’t pay rent.
#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. 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.
This goes along with tenants who aren’t necessarily “bad” too. Maybe it’s a good person who gives you a sob story every month. Whether or not the story is true, oftentimes it doesn’t matter. You need to treat your rentals like a business. If a tenant isn’t paying, you need to do something about it.
You could negotiate with them. It’s possible 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, or they don’t manage their money well. Maybe you can get them to do some work around the property in exchange for a discount on the rent (not one of our favorite options either – liability issues). 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 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.
You’ll definitely want to consult an attorney for this process. An eviction is no small task and will likely cost you quite a bit of money, but in the end, a bad tenant needs to go.
#4. Cash For Keys
Cash for keys is a more creative option that many landlords utilize. You basically just offer the tenant a sum of money (typically $500-$1,000) to just leave the property. Oftentimes, this will be enough to incentivize the tenant to leave, especially if you’ve been threatening them with notices of eviction.
It can seem like you’re rewarding bad behavior with this option, but it’s definitely more cost effective than an eviction, can take MUCH less time, and in order to get paid, the tenant will have to leave peacefully.
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. It may be more of a relief not having to deal with tenants and their annoying troubles any longer. Many landlords love the new-found freedom they get when they sell.
At Cash Buyers Macomb, 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 586-307-4330 to get a fair, fast, cash offer from us today.