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Updated about 2 years ago,
Tenants don't pay - My landlord journey may come to an end?
Hey all!
I'm not sure if I've come to a crossroads or a dead end in my real estate investing journey.
My wife and I have been building our portfolio over the past few years via house hacking and we're at 17 units currently.
Last year we hit the $30k in net profit from out rentals (only had 13 units at the time). We were happy to see how we would continue to grow.
But it's pretty much been downhill since then. 1 tenant stopped paying (hasn't paid in almost a year), then another(3 months), and now another (recently).
In a state like NJ, I pretty much can't get a court date for eviction until next year most likely due to backlog.
I'm not naïve to think evictions aren't part of the game, but when your standard business practice of "simply" evicting tenants who don't pay has been stripped away, your left a little helpless.
I definitely don't want to sell, the properties have great equity that I can use to scale, but at the same time I don't think I can go through another tenant not paying without the opportunity for effective and efficient recourse.
Keep in mind I have NO PROBLEM with cash for keys but it hasn't been effective thus far.
Would love your input and feedback!