What do you do if your tenants in Chesapeake don’t pay rent? Yes, we know this is frustrating. You are not the only landlord who is dealing with tenants who don’t want to, or can’t pay rent…
In a situation where a tenants is not paying rent your options pool is not big. Still, there are several strategies t consider if you are faced with this frustrating situation.
Here’s how Chesapeake landlords are dealing with tenants who don’t pay rent.
The best defense is proactive offense, meaning you should check the tenant’s background even before they become your tenants. Also, you could get a bigger security deposit, etc. If you use a well-written rental agreements, you will be mostly protected, but here are some options when the time comes when a tenant is not paying…
#1. Negotiate with the tenant
One good way to get in good terms and get back on track is to create an arrangement with the tenant. Maybe their work and salary receipt time has changed, maybe they are better at paying on a different date of the month. Or, you could negotiate some type of a repayment plan with them. Or, you could negotiate with them to do some repairs to the house/apartment in exchange to a reduced rent for one or several months. These ideas are good and present a good way to stay on workable terms with the tenant without escalating the situation.
#2. Avoid the situation
Well, we know you may not like this, but it is an option – you would just ignore the situation for one month and hope that the tenant will pay and everything will be peachy from the following month on. We know this is not great, but sometimes, ignorance may help you avoid a bad confrontation. Unfortunately, if you do it once, the tenant may get the idea that this may be Ok to do often… but it is an option to consider regardless.
#3. Evict
Sometimes, this is a good option, but we would advise that only if other options did not work out. Sometimes, this may be the best for both parties. You just have to make sure you do everything by the book/law. In many states the law favors the tenant more so than the landlord. In the end, if you succeed, the tenant will be able to get a fresh start, even though they may not see if positively at first, and you would be able to get a new tenant there, hopefully one who pays on-time. Of course, we can’t forget that certain circumstances, like the times we are living in now (Covid-19) may make it even more complicated to evict.
#4. Sell
You could sell the rental property. If you’ve been a landlord for a long time, maybe it’s time to “hang up the boots” of being in that role. You could sell the house “as is” and get this over with. You would never have to deal with tenants or repairs again! We can help you with this, that’s one of the ways we help house sellers in Chesapeake, VA. Maybe you are getting ready to retire, or you have already done so, so go ahead and enjoy your life and retirement! And guess what, we can buy your house even if the tenants are still living there, although it is not ideal for us, but it’s doable.
We at Coastal Edge Homebuyers buy frustrating properties from landlords just like yourself, who are worn out, frustrated and burned out and are ready to put all of this behind!