4 Reasons To Evict Your Tenant NOW!
2010 May 27
Unfortunately, most small most landlords are much to soft when it comes to evicting their tenants (yet another reason why most investors are better off investing in REITs). They listen to the excuses that tenants are famous for and want to believe the tenant will do what they are telling them. Unfortunately, this often just ends up being an expensive delay tactic that most landlords fall into time and time again.
Here are some reasons that you can use to convince yourself that it is time to evict a tenant now:
- If your tenant did not pay the rent on time and they have no idea when they are going to pay you, why do you believe that if you give them more time they will instantly come up with the rent? Many tenants live paycheck to paycheck. They have very little if any reserves. Unless they truly are waiting on a paycheck, it is unlikely that most will be able to recover and pay the back rent if they still owe it by the 15th of the month.
- Once a tenant is late on rent it is just like anything else in human nature, they will get used to it. Even if they are able to send you the back rent, expect that this will happen again. Next time you may be waiting for that back rent expecting it to come in, only to find that now this month the tenant is later than before or maybe they don’t pay you at all and simply move out in the middle of the night.
- Starting the eviction process does not necessarily mean that the tenant will have to move. It is getting the legal process going to insure that if they fail to pay you, the process has started and you are ready to take the property back sooner than later.
- Some tenants have become numb to getting calls and letters from their landlord asking for the back rent. Often you must file the eviction to get them see that you are serious. This will either get them to pay or start working on finding the money through a family member or a charity group.
Evicting a tenant is an important part of being a landlord. Neglecting or ignoring this process can cost you thousands of dollars in lost rent.
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I have worked in the real estate industry for many years. If I were to make an investment I would go with REITs because private real estate is just terrible. You get the worst type of tenants who live from paycheck to paycheck. Some REITs own quality real estate that attracts quality and successful tenants who don’t have the same problems.