The Easiest Path To A Rental Property Nightmare

CUTTING CORNERS WHEN LEASING CAN SPELL CERTAIN DOOM

I love having a 2024 model car. New car features make driving easier than ever before. If I can’t see my blind spot, no big deal…mirror sensors have me covered. Need to parallel park? Piece of cake...we’ve got cameras all over the place. Don’t feel like holding the wheel on the highway for my half hour commute…well…not advisable…and it’ll beep like crazy and yell at me…but the technology still allows it so I can pull it off if I want.

Similarly, real estate websites and apps make it easier than ever to feel confident when it comes to finding a tenant for your rental property with minimal effort. There’s a lot about renting your property that is inconvenient and uncomfortable, so the appeal to engage with an online platform makes sense. It’s just not advisable to take your hands off the wheel completely.

LEARN MORE: THE TRUE COST AND VALUE OF REAL ESTATE INVESTMENT

THE EASIEST WAY TO RUIN YOUR INVESTMENT PROPERTY RETURNS

The one and only easiest way to put a massive dent in your income and investment property experience as a whole is to place the wrong tenant. As easy as it is to find someone out there to live in your house, condo, or apartment these days, it’s never been harder to get them out if need be. Eviction costs and timelines vary by region, state, and even county, but in general, judges are not fond of removing people from homes and the legal system is never in a hurry.

LEARN MORE: EVICTIONS IN MASSACHUSETTS (PART 1)

COSTS OF AN EVICTION

Each state has its own legal process and it’s important that you follow it to a tee to ensure you don’t run into issues later on should you end up in front of a judge. From when and how to send a Notice To Quit to documentation of your records, you’ll want an attorney in your corner. Best case scenario, you might be able to get through for under $1000, depending on the specifics of your case and your location. It’s much more likely that you’ll end up spending between $1,500 - $2000 just to get someone out of your property.

On top of that, there is a reason you’ve chosen to evict, so those costs need to be added as well. If you’re evicting for non-payment, those losses in rent are part of the equation. You may also need to hire someone to enforce your execution, when you receive it, and a locksmith to fully start over.

LEARN MORE: THE BEST WAY TO PROTECT YOURSELF FROM A COSTLY EVICTION

EVICTION TIMELINE

Evictions take far longer than they should so it’s important that landlords begin the process as soon as state law allows once rent is in arrears. Keep in mind, if you’re short a month’s rent right now, you’re going to be short three to five months rent by the time you get a judgment. In most states, especially in the northeast, evictions will take 2-3 months on average. In Rhode Island, they’ll be closer to 6 to 8 weeks and in Massachusetts often closer to 3 to 4 months. If you live in a tenant friendly state, count on a three month process as a default.

LEARN MORE: HOW TO EVICT A TENANT IN RHODE ISLAND

HOW DID WE GET INTO ALL OF THIS EVICTION TALK?

Technology provides better and better tools to help landlords place tenants, but if you’re over-reliant on online tools and overconfident because of it, you’re at greater risk of a tenancy going sideways. There’s no substitute for a thorough vetting process and no better insurance against risk than working with a leasing professional such as a realtor or property manager. Remember, technology works both ways, so while it’s easier for you to collect info, it’s also easier for scammers to create forgeries. Fake paystubs, for example, are becoming more and more prevalent.

Just as a chef would reference his or her ingredients, the quality of your rental experience begins with the quality of your tenants. Take the time and spend the money to ensure you’re placing the most qualified candidates out there…and don’t open yourself up to unnecessary risk by taking your hands off the wheel just because it’s easy to do so.

LEARN MORE: EVICTIONS IN MASSACHUSETTS (PART 2)

CONCLUSION AND NEXT STEPS:

Nexus Property Management® has been partnering with rental property owners for over 11 years and now has franchise offices in four states. We are committed to the principles that helped our Rhode Island office grow rapidly and the most essential is the focus on long term results. Our clients come to us with varying degrees of experience and the vast majority become effective investors in no time. Reach out to the Nexus team closest to you.

-NEXUS’ FULL EVICTION ARTICLE LIBRARY-

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Mick Lefort is the General Manager of Nexus' New Haven County Franchise Office and the Vice President of Operations for Nexus Property Management®, a National Property Management Franchise that manages all types of rental property from single family homes or condos to large apartment buildings and complexes.

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