While everyone is scrambling to get their festivities organized and shopping done, unfortunately, it’s too common for rent payments to be put on the back burner. Landlords are faced with this problem each year, and if it’s happened to you, you know that it’s a tough decision (you know, whether or not to be a Scrooge).
Keeping a Professional Distance From Your Tenants
If you’re a landlord, you know that maintaining a professional relationship and not becoming involved in your tenant’s financial woes is a necessity. No one enjoys evicting a tenant—especially during the holiday season—but you should remember that this is a business decision where you can weigh the pros and cons.
A Word on Eviction
Evicting someone is not easy, and it’s quite a lengthy process. After evicting your current tenant, you’ll most likely need to turn around the property quickly. However, it’s not easy finding an excellent tenant, especially when you’re facing the potential loss of more than one month’s income. Deciding to evict someone for a one-month lapse may not be worth it to you—especially if you’ve had a solid relationship with your tenant in the past.
If your tenant is always late, the answer should be easy. If not, you may want to consider things such as communication, history and present circumstances to help you decide.
Having to chase down your tenant for the monthly rent is not your job. If they contact you first, it may be to your advantage to just hear them out and work out a payment plan. Good tenants are sometimes hard to come by, and if they’ve always paid on time in the past, there may be some options you could explore for handling their arrears.
Do You Need a Hard Money Loan in Atlanta?
If you’re looking for a hard money loan in Atlanta (and you’re not discouraged from buying a commercial building or a rental unit thanks to this post), 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.