If you’re the proud new owner of a multi-unit apartment building or rental complex, you have every reason to be excited about your future prospects. Property is, after all, a great way to build longstanding wealth.
Unfortunately, being a landlord sometimes has its drawbacks. Sooner or later, just about every landlord encounters these three particular “problem” tenants:
The Late Payer
The Late Payer specializes in coming and going without being seen the entire week that rent is due.
The only thing that seems to counter their somewhat magical ability to vanish is a stiff late fee that you refuse to waive. You also have to be firm about ignoring sob stories and expecting your tenant to be responsible.
The Wild Child
If your renter turns out to be a Wild Child, you may end up with parties at all hours and a flagrant disregard for the parking rules when he or she has guests. The Wild Child also stands a good shot of dealing a few drugs on the side or something equally illegal that could get you into an unpleasant situation with the local authorities.
You can’t evict someone without going through the appropriate process. You’ll have an easier time, however, if you have an explicit lease that grants you the right to evict your tenant for illegal activity or too many noise complaints.
The Demolition Expert
Demolition Experts are tenants who leave a trail of destruction in their wake wherever they go. Some are outright lazy — they simply don’t mind living in filth. Others let their pets tear up the place or will recklessly damage the property themselves and try to “fix” it without telling you.
Interim inspections can help you catch problems and take action before things get seriously damaged. If you let a problem go too long, you can end up with structural damage that’s difficult to repair.
If you’re a landlord and you need help dealing with a problem tenant, it may be time to get some experienced legal advice.