I can’t believe how many things landlords can’t believe. It’s the same thing every time.
“I can’t believe, after everything I’ve done for them, these tenants …”
Let’s not fool ourselves. Your tenants are not your children. This isn’t a family relationship or even a friendship that requires a little nurturing or tenderness when things are going rough. This is a business. Don’t take things personally. Don’t buy into excuses. Don’t pretend that your bad tenants are ever going to get their lives together because you had “a stern conversation with them last month.”
Your tenants will pay late and may not pay at all. Feel free to talk to them about it, but also feel free to EVICT them. Enforcing your rights does not make you a bad landlord or a bad person. The simple truth is, if a tenant cannot pay his rent on time, the rental unit he occupies might not be right for him. If he couldn’t pay before your payment deadline set forth in your Notice to Vacate, and you filed an eviction lawsuit, a pending trial might be motivation for your tenant to pay, or it could be a great means to separate you from a bad business relationship. Either way, you’re covered.
If anything, expect your tenant to Default and prepare for it. That way, when it happens, you won’t be surprised, and you might walk away with little to no damage in the long run. Calculate your rent, deposit, and late fees with the potential for default in mind.
To limit your potential losses, act quickly and consistently. Let your tenants know if rent is one day late, you’ll send a Notice to Vacate, and then DO THAT. Your diligence in this respect could insure prompt payment in the future and could make the eviction process a less likely occurrence. Prompt eviction filing can also be the key to breaking ties in a bad business deal.