Managing a multi-family building or even one rental accommodation can be quite challenging. Being a landlord creates a sustainable and healthy stream of passive income. But this opportunity for a passive income stream comes with a wide array of responsibilities. Landlords are responsible for providing countless amenities and taking care of the repair and maintenance needs.
Many believe that the laws protecting tenants are far more superior than those who are safeguarding the interests of the landlords. For instance, tenants who don’t pay rent due to financial troubles or unemployment cannot be evicted. Eviction itself is an extremely challenging and costly undertaking, which comes with a plethora of complications.
In many cases, tenants can withhold rent for numerous reasons, such as income shortages, temporary loss of jobs, or even over a repair and maintenance dispute.
When negotiation fails, and eviction seems like the only way out, landlords should weigh their options and choices more carefully.
No matter how strict and thorough your tenant screening process may be, a credit check, background check, and application are hardly substantial enough to identify problem tenants. These background and credit checks do not detect prior troubles caused by your tenants. It is important to be thorough in conducting screening processes.
However, once you end up with a problem tenant who refuses to pay rent, the situation can get extremely heated. In many situations, unfortunately, landlords are faced with one option: eviction. If your tenants don’t pay rent, and you are already suffering the loss of your rental income, eviction presents a viable opportunity. Instead of wasting your time and energies, and aggravating the issue, you can decide to sell off your multi-family property or rental accommodation. However, the eviction process itself is a lengthy and costly ordeal, and it is important to protect yourself. You will have to present the authorities with detailed logs on your problem tenants and provide substantial evidence to the court.
Many landlords feel overwhelmed by the cost and resources required for an eviction trial. Besides, in your given financial situation, it may not be the best course of action.
If a landlord decides to sell off property, he/she can evict the tenants. For this purpose, the landlord must present a legal notice to end the tenancy. However, the tenant does not have to respond to this notice by moving out immediately. This decision rests with the judge of the housing court. If the court does not evict the tenant, the tenant will simply pass onto the new landlord and will no longer be your problem.
Therefore, if your rental income has been compromised, and you do not have the financial resources or the energies to fight an eviction case in court. It is important to weigh the benefits of selling off your property. This is a viable solution for landlords who are in need of immediate financial compensation, as they can sell off their property for cash.
We advise you to get in touch with our team for devising a detailed strategy based on your circumstances.
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