IF you are a landlord and had your tenant destroy your property before they moved out then this article is for you! We are going to review the unfortunate situation that landlords face when they when they say, “Help! My last tenant destroyed my Little Rock house!”
Do you own a rental property or multiple properties? Did you have a tenant leave it in less-than-perfect condition? It happens! In fact, it’s an experience that probably every landlord has faced at least once. If you looked at your empty rental property and said, “Help! My tenant trashed my Little Rock house” then here are some things you can do about it…
Should you take action against the tenant?
The first thing you should do is estimate the cost of the damage that was done to the property. In our experience, the cost of the repairs needed are much less than the legal expenses it would take to go after the tenant. This is an unfortunate risk of being a landlord and you should always plan to have a fund set aside for situations like this.
Should you repair the damage and get a new tenant?
If the damage is purely cosmetic then you may be able to get away with putting in new floors and paint and renting it back out. A simple fix like this is not always the case though. If the property requires a serious renovation, that may impact your financial situation in a negative way. There are still a few options you can consider.
You could rent your house to a contractor/handyman
You can find a new tenant who is good with construction and repairs. We have seen landlord negotiate a lower rent (sometimes free rent) in exchange for that individual to fix up the house. This is a great strategy if you don’t have the finances to pay for the repairs but you still are getting your mortgage paid for. The problem some people have with this is that it may not be easy to find the right person for this situation.
You could sell the house
You may just decide that you want to be done with the property and sell it. Keep in mind, if you decide to sell on the open market you may be required to make some repairs. Another option is to sell privately to a house-buying team like ours. (We buy houses in as-is condition and we’ll fix them up ourselves).