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How To Get Rid Of Bad Tenants Part 2
In the last article I spoke about the conventional way of how most landlords take care of tenant defaults or other reasons for eviction.
As a successful full-time Canadian real estate investor, we must maintain shrewd business practices that will result in less time managing our business and more time creating real estate deals to give us massive and passive income!
How to get them out quickly?
So, other than going through the sometimes painful landlord/tenant board, how do we get them out quickly? Well first, as a previous article mentioned, you must be getting automated payments, so that on the second of the month you can look online to see if that rent has been paid or not by seeing if it has appeared on your account.
Right away you can go to that tenant and say to them that “you have missed a payment” and take care of it right then and there.
Has there financial situation changed?
If it is obvious that they financial situation has changed and that they have no desire to pay you anymore, how do we get rid of them? And by the way this can not just be as a result of default: they could be damaging the property, disturbing other tenants, or doing a number of illegal things. How do we get them out of the property as quickly as possible?
Pay them off
The answer here is to give them money, and pay them off. Yes, this can be a hard pill to swallow…paying a deadbeat that has already cost you money. If you give them perhaps their first months rent in another place, pay their moving expenses, and put a few dollars in their pocket, in my experience, the tenants have been happy to move.
It can be obvious in some cases that they do not like their living situation, so to get them out as soon as possible by paying them is in your best interest. Giving them first and last months in some other place, or even giving them a lump sum, saying “here is $1,000, please just move.”
Save yourself time and money
This will alleviate a lot of stress and time, because if you have somebody in there that is living in your property for free, you can’t show the property, and you can’t rent the property while they are in there.
So this way, if we get them out quickly, you will save yourself time and money by doing this, and save yourself a lot of stress and grief.
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An article by Gord Lemon
Gord Lemon has been investing in Canadian real estate for over 25 years. He has been a real estate investment trainer since 2002 and is co-founder of Canadian Wealth Builders. To read more articles by Gord Lemon |
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