4 ms·
Cant collect damages if the tenant is flat broke :/
by anoncoward111 8y ago
Cant collect damages if the tenant is flat broke :/
- jakobegger 8y agoYeah, that's the problem. Tenant stops paying, illegally sublets the place, then disappears, and by the time you finally got their stuff out you've lost a year of rent and had to pay their utilities. It's not that common, but it's a possible outcome, and a contract won't help even a little bit.
- jaworrom 8y ago1. Invest in pro-landlord states. I know plenty of investors that haven't even walked the properties they own and invest out of state without issues. 2. Interview potential tenants and verify income, rental history, references, credit check, background check, etc. 3. Have a strong lease agreement that outlines all of this. 4. Account for vacancies every month as an expense - 3-5% is pretty reasonable. And don't touch this money.