Having lousy renters can make being a landlord very frustrating, expensive, and time-consuming. In our latest post, we discuss some ways to deal with a bad tenant in Portland.
Nobody wants to have to chase down rent payments, make endless repairs, or deal with tenants who don’t treat the property with respect. Ideally, most landlords are looking for a low-maintenance, tenant that is easy to get along with, communicates clearly and quickly, and that will hopefully stay for an extended period of time. Unfortunately, this isn’t always the kind of tenants Portland real estate investors end up renting to. Below, we offer our advice to help landlords handle the difficult tenants and situations many investors will find themselves dealing with at one point or another. Dealing with a bad tenant may be frustrating, but it’s not impossible!
Hire A Property Manager to Help With Bad Tenants
Using a property manager to take care of your rental will greatly limit your contact with tenants. Your property manager will be in charge of collecting rent, imposing fines, scheduling repairs, handling maintenance, and any other services you require. Your property manager should be skilled in conflict resolution as well as the laws surrounding the situation. Their methods of handling a difficult situation should be handled methodically and by the book. When hiring a property manager in the Portland area, you can expect to pay about 10% of what the property is bringing in each month.
Compromise With Tenants
Once you have tried other methods, you might consider trying to strike a deal in order to get them out of the house quickly. Ask them to vacate the property, and in return, you will not take them to court or put them through the eviction process. Nobody wants an eviction on their record, and most landlords don’t want to deal with the expensive and time-consuming process of going to court. Asking tenants to leave with no further action can be best for everyone involved. Sometimes, in order to get them out without a fight, you have to be willing to cut your losses.
Evict Bad Tenants
If your tenants are in direct violation of their lease, you can begin the eviction process. It is important to keep accurate records of contact, making sure everything is also conveyed to your tenants in writing. You will want to adhere strictly to local eviction laws as they apply to your situation–failing to do so can cause the court to side with the tenant, leaving you stuck with the bad tenants at least through the end of their lease term, and possible fines if you are found to be in violation local tenant/landlord laws and regulations. Given the time and legal expenses, the eviction process can ultimately cost you a few thousand dollars–you don’t want to spend all that money for nothing!
Know When To Walk Away
If you are dealing with a constant turnover of renters or a string of bad tenants, maybe a Portland investment property isn’t the right one for you. A sign of a good investor is knowing when to cut their losses and walk away. If a property simply isn’t performing for you, is causing you stress, or is taking up too much of your time, it might be wise to consider putting your money into a different investment. There is no rule that states you need to hold to a property forever. Don’t settle, find what is right for you!
At London Home Buyers, we are experienced investors that have lived and worked for years within the Portland area. In that time, we’ve bought properties with a broad range of problems to solve, bad tenants included. Whether you simply need some advice for how to deal with problem tenants, or are exploring options for selling to a responsible, local company that can take on your occupied property, we can help!