Evicting a Tenant when Youre Renting an Investment Property

Evicting a Tenant When You’re Renting an Investment Property

Published On: February 9th, 2017Last Updated: February 9th, 2017Categories: Business

Evicting a tenant is not something a landlord looks forward to. If you’re like most real estate investors, you’re going to be faced with the decision to evict a tenant at some point in your career.

Let’s face it: eviction is a hardship for both parties, but unfortunately, it can be something that needs to happen so you can continue running your business.

Georgia Laws on Eviction for REIs

Each state has its own laws regarding the eviction process. Because we’re in Georgia, we’ll focus on the dispossessory proceedings of the Georgia rental code.

You’ll find that Georgia is not greatly restrictive with eviction laws, and there’s not much of a timeline to follow.

If your tenant is late with his or her rent, you can provide the tenant with a demand for possession as early as the day after their rent is due. This notice does not have to be written, but for most people, it’s best to communicate with tenants in writing.

How Long Do You Need to Wait for Payment?

There’s also no requirement for how long you’ll need to wait to get your rental payment, or for the tenant to move out, before you file for an eviction hearing. You’ll want to be fair to your tenant, but you could file for an eviction lawsuit as soon as you feel it’s necessary.

After the request for eviction lawsuit is filed with the court, you’ll need to wait on an order from a judge to evict your tenant.

The order for possession will allow the tenant seven days to move or pay.

If the tenant pays, you must accept his or her payment.

Do You Need Hard Money for an Investment Property in Atlanta?

If you’re looking for a hard money loan in Atlanta, we may be able to help you.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.

Read our frequently asked questions and take a few minutes to learn about the hard money loan process.