Evictions can be a tricky task. You may have tricky tenants. Not all renters abide by the laws or pay on time or keep a tidy home. Being a landlord is not something that is as easy as it sounds and if you recently bought a rental property, you’ll understand what we mean. We’ll show you the different kind of tenants and the nightmares that can ensue with each.
But first off, let’s talk dollars and cents. There is a high cost to getting your property in suitable condition to rent out in the first place. You may have to spend a month or two or even three without any income while you fix up the place as most renters won’t be okay with living in an unfinished rehabbed house. All repairs and renovations usually take 25 to 50% longer to finish than originally expected so don’t get your hopes up when a contractor says it will take 2 weeks. Plan ahead.
Time. It takes time to renovate and fix up a place and most people have day jobs in which spending hours upon hours at their “project” home just isn’t feasible. Also, it takes a good amount of time to screen and find a good renter. Someone with good credit, a steady job and a suitable lifestyle in which you will feel comfortable with them living in your house. It could take a good month or two just to find the right tenants.
There are several ‘types’ of tricky tenants out there, but here are a few to watch out for.
So do your due diligence and ALWAYS SCREEN potential tenants. Buying and holding cash flowing investment property is the #1 way to achieve long term wealth, but it is not without it's own headaches.
If you are looking for rental real estate, we have a continual inventory of rental real estate.
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