Are you a Kansas City landlord who has had a tenant stop paying rent recently? Are you wondering how to remedy the situation? This article explains the options that you have when tenants stop paying rent.
Being a landlord can be fun, rewarding and a good way to build wealth. But when a tenant stops paying rent, this can cause a lot of problems for the landlord. The following are options that Kansas City landlords can take when their tenants stop paying rent.
Even when the landlord is upstanding, fair, and honest with their tenants they may end up in this situation. The laws and regulations in many areas protect the tenant once they are in the property. Therefore it is important to properly screen the tenants before deciding to rent to them.
1. Hope that the situation gets better
This isn’t generally a good strategy, and certainly isn’t the one that we recommend. The reality is that many landlords choose to ignore the situation. It can be very hard and stressful to deal with a non-paying tenant, especially if they have a reasonable-sounding reason for not paying. Ignoring the situation doesn’t help them get back on track, nor does it help you to be able to operate your property well either.
2. Evict the tenant
If you are sure that you want to keep the property and would like to get a new tenant into the home, you’ll need to evict the current tenant. Depending on the local laws this can be a very expensive and time-consuming process.
3. Work with the tenant to get back on track
Another option is to work with the tenant to establish a new pay schedule. Perhaps they can pay you every week, but have a hard time making monthly payments. They may have lost their job, but will have the money to pay all of their rent in a few weeks. If you decide to renegotiate the terms of the lease, make sure to get it in writing. Also make sure that you’re truly happy with the new arrangement. It may be better to deal with eviction now than to hope that things will change, or to get into an unfavorable situation just to avoid conflict.
4. Cash for keys
Instead of dealing with the hassle of evictions, some landlords choose to offer the tenant money to vacate the property. One or two months rent and Kansas City may be only 1800 and that could end up being much cheaper and quicker than an actual eviction.
5. Sell the property
Finally, you can always see the property. Many landlords feel a great sense of relief to have the burden and stress of managing properties off of their plate. If non-payment of rent is just one of the issues that you’re having with the house, selling is a great option!
At Green Sparrow Properties we specialize in buying properties from landlords who are sick of dealing with tenants who don’t pay their rent. Let us take this hassle off of your hands! We will deal with the tenant, and let you get on with your life doing things that you truly enjoy instead of worrying about the burden.