Are your tenants paying rent? It’s frustrating when they don’t, and it’s one of the most difficult issues landlords can face.In this blog post, we’ll talk about how New Jersey landlords are leading with this situation when tenant’s are not paying rent.
We know, it’s frustrating. If a tenant doesn’t pay rent, then you’re not the only landlord going through that. It’s a headache that none of us want to have, and your options are limited. Here’s how NJ landlords are dealing with tenants who don’t pay rent!
As always, the best defense is a good offense – meaning that if you are careful enough in your tenant screening (run background and credit checks, etc) and you have a contract in place, that will surely help you. But here’s some other options:
#1. Ignore the situation
You could ignore the situation and hope they pay. Although counterintuitive, this is an option that many landlords make. They ignore the fact that the tenant didn’t pay the rent, and hope they’ll pay next month and even catch-up on the late rentals. The odds of this happening is rare, but it could, reason why we included it here. 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.
Negotiation is always a good choice. You could reach out to your tenant, and see if you can do anything to alleviate his situation, like a different payment schedule, weekly rent payments instead of monthly (it’s a smaller payment). Or they can even fix something in the property in exchange for a discount. However, if you do negotiate with your tenant, make sure to get a written agreement from them that works for both of you. That will save you from headaches and frustration in the future.
Eviction is always a possibility, however a complicated, time-consuming and costly one that involve legal issues and you probably going to need a lawyer. The hard thing about Eviction, is that many laws favor the tenant over the landlord, so you must have clear evidences of what’s causing it. It may be worth doing this in the long-run, though, if you can get a paying tenant into your rental property.
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 Orange Sun Investments 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.
Click here now and fill out the form or give us a call at 1-888-WE-BUY-NJ to get a fair fast cash offer from us today.