Do you have tenants who just aren’t paying rent? It’s one of the most frustrating aspects of being a landlord. In this article, we’ll talk about how Central Mississippi 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 Central Mississippi 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. More landlords and property managers are setting higher standards for all renters because of a few bad one. But here are your 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. In our opinion, this is the worst way to handle this situation. You set a standard for not addressing the issue head on and risk repetition, and possibly allegations of discrimination if you don’t apply the same standards to all tenants.
You could negotiate with them because maybe they just need a different payment schedule. Recent changes in Social Security rules are affecting homeowners and renters alike. Have an honest conversation with the tenant to find out why they are late and if a different payment schedule might resolve the problem. Not everyone can pay easily each month; some renters can pay better by the week because it’s a smaller 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! Also, be sure to get any agreements in writing, signed by all parties, and signed copies to all parties so that everyone is clear on the agreement.
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. Court costs and/or legal fees can add up too, but it’s important to know the laws in your state.
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 IM, LLC 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.