Real Estate Property Management – Don’t Let Your Rentals Become Charity Havens
I just read a blog from Donna in NM who has had the most terrible experience with a Section 8 tenant. She wrote that she had no experience in Section 8 housing and that her tenant had 10 years of experience scamming the system. . She has not collected any rent and now she has a squatter and she is not sure how to correct the situation. Several good remedies have been written in response to her questions and I do not want to repeat her options here. I can’t imagine this is an isolated case. It’s probably not your specific circumstances, but still, many real estate investors who own rental properties are making costly mistakes.
Depressed real estate prices and a profusion of great deals on distressed properties are drawing many new investors into real estate. The smart ones seek training or mentoring from others who are more experienced. Chances are most feel like they can figure out most things themselves, and then there are areas where they don’t have expertise and can have a detrimental effect on your bottom line monthly income. Getting good advice can save you money and heartache.
With our method and transitional housing, our owners and I have never had these problems. If the rent is more than 3 days past due, I just make a phone call or two, change the locks, and wait for the tenant’s family member or friend to set up a time to pick up personal belongings. I do not return your damage deposit. Within a few hours or a few days, I have the room occupied by another tenant on my waiting list.
It’s that easy. There is no costly eviction process and little to no loss of rent. Squatters are absolutely unknown, there are no legal fees, no court fees, and no fees for local law enforcement.
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