Tenants are either hit or miss. You may be lucky enough to find a good tenant, but for most of you, you’re stuck dealing with a bad egg.
So how do you work things out with the bad tenant without losing income?
Lowering the tenant’s rent would obviously hurt your profitability, so having to reduce rent for a certain tenant may not be the best idea.
On the other hand, evictions can be costly, not to mention the time it takes going through the dreaded process. So, how do you find common ground?
Experts suggest allowing the tenant to make a partial payment once per year as a courtesy if the tenant is having money troubles.
If you have smaller, more affordable housing for the tenant, it might be a good option to move them into a new house or unit.
Hopefully you received a security deposit up front, so this might help ease the pain in your wallet while you’re waiting for the tenant to pay their rent.
The best option, though, is to always conduct a background check before any agreement is made between both parties. This should give you valuable information, such as their credit history, before you proceed.