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March 15, 2017 By Scott Ficek Leave a Comment

Working with Tenants

Life happens… there are car breakdowns, medical bills, job loss, funerals and unexpected events in life that derail a person’s normal monthly budget and expenditures.  So what do you do as a landlord when responsible for another owners rental property when a tenant falls behind on their rent?  When is the right time to evict a tenant or when is it time to give a person some leeway to fall behind on their payments in the hope that they will do what they say they will do and catch up?

I try to follow a few simple rules when allowing more time to avoid a painful and costly eviction and turnover:

  1. Is the tenant in communication with you?
  2. Has the tenant been reliable and truthful in the past?
  3. Does the tenant have access to help such as Emergency Assistance or Salvation Army?
  4. Is the person employed?
  5. Make a payment plan that is reasonable and stick to it.

As a property owner and landlord… I will do anything to avoid a costly turnover and a month’s vacancy… and an eviction that costs a lot of money and puts someone and their family out of their home.

I recently had a reliable tenant pay over $4000 that was past due with a combination of tax return money and wages… instead of taking a loss, spending $1500 on a turnover, a month vacant and doing a $700 eviction.

That was a win-win for both of us.

Filed Under: Property Management

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