How To Get the Rent Money You’re Owed
Becoming a landlord is an excellent way to earn a passive income in theory. Sometimes, though, circumstances happen that make it impossible for a tenant to pay the rent. If you owe a mortgage payment or other utilities related to the property, non-payment could leave you in a financial bind. Here’s what you can do to get the rent money you’re owed.
Go Through the Eviction Process
If rent and late fees are owed to you without payment, you can start the legal eviction process. First, you’ll need to provide written notice as outlined in your lease agreement. If that notice goes by without the tenant moving out or paying rent, you can file a court eviction. Keep in mind that you’ll need to pay court costs and show up to your court date with documentation of the money owed and the written notice provided. From here, the courts can order the tenants to move by a certain date and provide a sheriff to enforce the eviction if required.
An article by Rent Rescue outlines how you can use insurance to cover rent payments. Rent default insurance allows you to receive lost rent payments of several months, although the specific amount of time depends on why the tenant went into default. It typically also covers legal expenses and is available for a range of rental properties.
If you have a tenant who hasn’t paid rent, or if you suspect the problem may arise, you do have options. Researching them now will help you become better prepared in the future and help you to avoid lost income.