Do you have a property with tenants who refuse to pay rent? This can make or break a landlord financially. Below we talk about how Little Rock landlords are dealing with tenants who don’t pay rent…
If you are a landlord who is facing this issue, welcome to the club. This is bound to happen at least once to those who rent out multiple properties. With the current political climate and the COVID-19 pandemic, theres little you can do. Here’s how Little Rock landlords are dealing with tenants who don’t pay rent.
1) Keep the faith
You could ignore the first offense and hope that they pay the next month. This is an option that some landlords will take because it is non-confrontational. You can put some faith in your tenants that they are a little behind and they will eventually pay and catch up. It’s important to know your tenants history and understand what type of person they are. We wouldn’t recommend doing this for a tenant who will take advantage of you.
2) Negotiate terms
Many times, tenants that are not paying rent just need a solution that fits their situation. It could be easier on the tenant to pay smaller weekly payments or bi-monthly. If your tenant is handy you could even have them do some repairs/upgrades toy our property in exchange for rent. Whatever you decide to do be sure to get a new contract/lease signed that reflects the new terms.
Due to the national eviction moratorium you will not be able to evict at the time this article is being written. Even when the moratorium is lifted – eviction is very difficult to do, especially since many laws favor the tenant over the landlord. Unfortunately, this ends up being the only option for landlords to get tenants out fo the house who are not paying longterm.
You can just be done with the property and sell it. You can even sell the property occupied and hand over the lease to the new owner and let them deal with the situation. You can take your money from the sale and purchase a new rental property and start over.
At Sunny Day Homes LLC 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.