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 Dallas / Fort Worth 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 have gone through at one time or another. It’s frustrating and unfortunately, your options are limited. Here’s how Dallas / Fort Worth landlords are dealing with tenants who don’t pay rent.
Of course, the best defense is a good offense – meaning that do your due diligence and are careful about doing a good background check on your tenants, and also if you have a contract, then those things will help you. But here are some of your other options…
#1. Avoid the situation
You could avoid the situation and hope they pay at some point. This is definitely not the best option but it is an option that many landlords settle on. You can just ignore it and hope they’ll pay on time next month and maybe even catch up. Frankly, it may not happen (and 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 and your property. If they’re not paying rent, they might not be taking care of your property either. So definitely keep that in mind.
#2. Negotiate
You could negotiate with them because maybe they just need a different payment schedule. Not everyone has mastered the idea of a budget and can pay easily each month; some renters do better and stay on track better if they are able to pay weekly because it’s a smaller payment. Maybe you can get the tenant 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! And once you come to an agreement, get that new agreement in writing. Having it in writing can protect you as a landlord, and will seem more concrete to the tenant instead of just something that the two of you decided was a “good idea”.
#3. Evict
You can try to evict them, although be aware that this can be a complicated, time-consuming process that may involve some legal hassles and expenses too. Eviction is very difficult to do, especially since many laws now favor the tenant over the landlord. It may be worth doing this in the long-run, though, if you can replace them with a paying tenant in your rental property.
#4. Sell
Another option is to sell. If this is just one of many frustrations you’re facing with your rental property then selling your property could be your best option! Just imagine selling the property and moving on with your life – and not having to deal with tenants their troublesome problems any longer. Many landlords feel relieved with their new-found freedom once they get their property sold.
At Madison Lea Homes 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. If you’re considering selling your property, contact us first. We buy properties in any condition and can pay cash. In some cases, we’ll even help you figure out how to handle the tenant in a way that works best in getting them to move on to another place.
Contact us today to see how we can help!