Don’t let your rental property become a charity shelter. Chattanooga, TX
I just read a blog by Donna in NM, who has had the most awful experience with a Section 8 tenant. She wrote that she didn’t have Section 8 housing experience and her tenant had 10 years of experience scamming the system. No rent has been collected and now she has a squatter and is uncertain how to correct the problem. More than a few good remedies were written in reply to her questions and I don’t want to rehash her alternatives here. I can not imagine that this is an remote case. Most likely not your exact circumstances, but even so, many real estate investors, who are holding investment property are making costly mistakes.Depressed real estate prices and the profusion of very good deals on distressed properties are attracting many new investors interested in real estate. The smart ones look for coaching or mentoring from others more experienced. The majority probably feel they can figure most things out for themselves, and then there are areas that they are inexperienced in and can have a harmful effect on their net monthly income. Getting good mentoring can save money and headaches.
With our program and transitional housing, our landlords and I have never had these problems. If the rent is late by more than three days, I just make a phone call or two, change the locks and wait for the lodger’s family member or friend to arrange a time to pick up any personal possessions. I don’t return their damage deposit. Within a few hours or a few days, I have the room occupied by another tenant from my waiting list.
It’s just that simple. It does not involve an expensive eviction process and a minimum to no loss of rent. Squatters are completely unheard of, there are no legal fees, no court fees, and no payment made to local law enforcement.
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