leftwithbillWhen the rent is late it can be a problem for everyone involved. As a landlord, you are relying on your tenant to pay you (as agreed) so that you, in turn, may pay other bills. You may have the mortgage to pay on the property or a large maintenance bill that the rent helps to cover. There are a number of bills that come with being a landlord, but if you're in the business for any length at all, you're likely to have a tenant that eventually pays late. While this doesn't necessarily mean that they'll turn into terrible tenants (everyone hits a snag now and again), it's best to approach the situation immediately. It's even better if they've given you a heads up if they know that they'll be a couple days late.

Open communication is one of the best ways to handle a tenant in most any issue they will have. You'll want to set this up from the beginning so that they feel comfortable with speaking to you on the matter. Not knowing is worse than knowing the bad news when it comes to late rent, because at least you know that your tenant respects you enough to be honest. Sometimes there really is a good excuse, and sometimes the good excuse won't be good enough to keep them in the property. If your tenant loses their job and won't be able to pay rent, there's not a lot you can do for them. You have to pay your bills too. If it looks like there's no way that the tenant will catch up with their bills, the eviction process may be the best way to handle it, unless you can both come to an agreement.

If a tenant has been an excellent tenant up until that point, you may choose to do what you can to work with them. Not everything can be worked out, but if it balances out having to go through the trouble and cost of an eviction, it might be worth it to you as the landlord.

POSTED July 18 2014 11:17 AM

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