Tenants who avoid paying rent can be a nightmare to deal with. As a landlord, you’re probably hoping your tenants will never miss consecutive payments or start avoiding rent altogether, but it does happen.
If you have tenants who have started to miss monthly payments, then you’re facing a dilemma that many landlords experience at least once during property rental.
Tenants Who Don’t Pay Rent Are A Nightmare!
It can be frustrating, and unfortunately, the options available to handle such situations are limited. Luckily, in this article, we’re going to look at how most Miami landlords are tackling the problem and sorting out tenants who don’t pay rent.
But, if you’ve already had enough and just want out from under your house, check out our website >>> We Buy Houses Florida!
Let’s get started: Here’s how Miami landlords are dealing with tenants who don’t pay rent.
Of course, it’s always a good idea to take every precaution to make sure this issue doesn’t arise in the first place.
- Background checks
- Credit checks
- Employment information
However, sometimes no matter how diligently you research potential tenants, problems occur. Tenants who had financial security could be made redundant. Perhaps, expensive medicals bills have taken priority over rent. Whatever the issue, you need to handle the situation carefully.
#1 Avoid the situation.
You could ignore the problem and hope they pay. This is not the best option, but many landlords find they don’t have the time to deal with tenants who have only missed one month’s worth of payments. Instead, they ignore it and hope the tenants pay properly next month and maybe even catch up. Honestly, don’t expect this to be the outcome. It rarely plays out this way, but it could happen, so we’ve included it as a possible option. However, we don’t recommend this strategy because it leaves you at a disadvantage, and immoral tenants may take advantage of your negligence.
You could negotiate with them. Perhaps they have an honest issue and need a different payment schedule. Some families live month to month and worry about paying rent each month. Some renters might be absolutely terrible at handling money and need to pay weekly to keep track of their finances. You could even let them 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, it’s likely that the tenant will still fail to pay, and you’ll become even more frustrated!
You can try to evict them. Though, it’s best not to rush into this decision. Evicting tenants can be a complicated, time-consuming process that may involve some legal hassles too. The ordeal can be exceptionally stressful, especially since the law sometimes favors the tenant’s dilemmas over the landlord. This is a solution when negotiations have failed, and your tenants are likely never to make up the payments. Typically these renters also fail to maintain the property, so it may be worth going down this route if you can get paying tenants into your rental property.
Another option is to sell. Don’t panic! This option isn’t as drastic as it may initially seem. If unreliable tenants are just the tip of the iceberg and you’re facing multiple rental property issues, then selling could be your best option! Sometimes being a landlord is not easy money, and after all the hassle and additional costs of tenants who refuse to pay, it can be easier to say, “No more!”
Just imagine selling the property and getting on with your life – no more phone calls from irritating tenants, no more unpaid bills, or property damages to sort out. Many landlords love the new-found freedom they get when they sell. If being a landlord has turned out not to be what you signed up for, consider selling your property to us!
Check out our website >>> We Buy Houses Fast Florida!
At Sunshine State Buyers, we buy frustrating rental properties from landlords like you who are burned out, worn out, frustrated, and want to get their lives back.