Managing Property in Indiana & Illinois
The worst an owner of property can experience is having a non-paying tenant who takes advantage of their kindness, then use the law to protect them prior to leaving the premises. In case after case, property owners who have invested in property have taken great monetary losses, some to the extent of losing their investment.
The stories are numerous.... and all leave a bad taste in the mouths and minds of those who have experienced it. Most of these catastrophes begin with similar scenarios:
- A sob (untrue) story was given by tenant
- Rental history was not verified (recent eviction may have taken place)
- Improper or late follow-up was done
- Loss of income
As Property Managers and personal owners of property, we can identify with every item on and off the list. We have experienced all of the above WHILE managing property of others as well as our own. We can attest that we have learned FIRST HAND what we will not allow in the future....
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Pressure - urgency to rent a vacant unit will cause one to choose unwisely
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Below standard housing - owners who do not keep up repairs
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Repeated excuses by tenant - (non-reliance equals no reliability)
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Bad Investments - DO NOT purchase a dump & expect miracle tenants!
Managing your property is a business..... keep it that way! Do not allow your emotions to sway a decision because of the "jargon" you have heard from your tenant. Follow the necessary rules of your lease, and keep it professional. In the event, you must evict.... do it early, before the tab runs up. Remember... even GOD does evictions!
The laws in the State of Indiana makes evictions easier, and the Landlord does not have to spend money for an Attorney. In Illinois, one has to hire a costly Attorney or spend personal time trying to battle a system in the complicated local courts that do not favor the owner of property.
Property Management is not for everyone.... if you have found it to be a chore.... sell your investments and move on to something different..... or hire a Property Management Company!
*** Posted originally April 8, 2007 at "my blog" at: www.RicePropertyManagement.com
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In our town (a small one in AZ) the court says that an Owner must represent himeself, as property managers we can be present, but the Owner must be also or hire an atorney. This causes problems for out-of-state Owners, so we screen their tenants extra hard. Thankfully, we do very few evictions a year, with many of those being for tenants who were already in th eproperty when the Owner brought it to us.
The laws in AZ are pretty fair to both sides, we can get a tenant out in less than a month, unless there is an attorney involved.