I am hearing and reading a lot of commentary about tenants not paying rent. Here is my take on the subject. If you qualified your tenants well before you put them in your property in the first place, like doing background and credit checks, put specific rules in place in your lease with regard to rent payments being paid timely, this shouldn’t be such a big issue, even in our current situation.
Most of our tenants have been with us for several years because we only put in the best tenants, we treat them fairly, provide them with a great home to live in, and we require that the lease is adhered to. So far almost all of our rents are in and most were in early. Most of the tenants sent it by zelle so we got the money immediately. A couple of my tenants have been laid off due to businesses closing but they have savings and they have filed for unemployment so their rent came in also. Two of my tenants are going to be late with part of their rent but they have already paid most of it and have been on the phone talking to us about their situation.
While I understand that situations vary, if you put the right tenant in your property to begin with, it gives you a fighting chance to get your rent and maintain a long and profitable relationship with your tenants. Also most of our tenants are essential workers with good jobs or on social security. Just a thought. While I have never wanted to do section 8 this isn’t a bad deal right now either.
Just some thoughts for the landlords in the group to think about. For all the information on finding properties to put your tenants in, check out my website at www.marketingmagiclady.com