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Updated about 1 month ago on . Most recent reply
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- Rental Property Investor
- Ithaca, NY
- 1,243
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Sometimes, its easier to work with problem tenants than strong arm them.
This happened to me a few months ago. I hope you can learn from my mistakes and experiences.
My last eviction taught me its easier to work with a problem tenant getting them out versus forcing them out with their feet dragging. This eviction altogether cost me $20,000 - legal fees, lost rent, and rehabbing. The first month they were late on their rent they explained they couldn't pay and asked for their security deposit in exchange for the keys. That way they could have money to move out to another place. At the time, I was not going to say yes to that and I began the eviction process. In return, they dragged out the whole process and let their family move in without my consent. Because the extra family members weren't on the original eviction, I had to wait another 3 months to get them out. 6 months altogether. Wow right? Well the family members trashed the apartment and left me to clean it up and rehab it. Have to say, not my proudest moment in real estate. But what did I learn? If I just bit the bullet at $1,000 dollars and gave it back to them so they could leave I would have saved $19,000 and 6 months of time. Remember, the goal is to get them out the quickest way possible. Lesson learned.
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- Lender
- Lake Oswego OR Summerlin, NV
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Quote from @Caleb Brown:
Quote from @Nick Rutkowski:
Quote from @Caleb Brown:
Do you think they would have left if being paid the $1,000? Seems they are the type to take advantage and not follow the rules
Ego will do that lol. Hard part with business is separating your emotions from it. What's important is to learn and move on. Cash for keys is definitely the best way to get people out
in the day when I was very active at court houses steps cash for keys was by far the best way to get folks to move and bad tenants in a state with bad eviction laws to me would be the preferred method. you simply pay them when they are leaving the house not before.. that works fine and you give them more than 1k .. you make it worth their while.. IE motivate them for money.
- Jay Hinrichs
- Podcast Guest on Show #222
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