Hi again! Last time we were talking about what happens if you have a tenant who just isn’t paying the rent. Most people make their rent a top priority and the situation doesn’t usually escalate past being late a day or two. If the tenant knows that you are on top of the situation, they are unlikely to make a habit out of paying late.
But if your calls go unanswered, or the check doesn’t make it to your desk by the next few days, it is time to get serious. This is the time to post a three day pay or quit notice to this tenant’s door.
The three day notice to pay or quit simply gives the tenant notice to pay all that they owe to you in three days, or you will take possession of the unit because they have broken their lease. Does that mean that they don’t owe you rent anymore? Not at all! They owe you rent until their lease is up, or until you can re-lease the unit.
When this happens, it is time to get an attorney involved. It isn’t cheap; an uncontested eviction can cost anywhere between $800 to $1200. But the quicker you move on this, the better your chances are of collecting your past due rent, or at least getting the non paying tenant out as quickly as possible.
Most investors need to have all their tenants paying their rent on time. When one doesn’t, it makes life difficult for everyone. But if you are diligent about collecting the rent on time, and maintaining open communication with your tenants, these problems won’t come up as often as they could.
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