I AM NOT GOING TO PAY THE LATE CHARGES AND LEGAL FEES PHOENIX PROPERTY MANAGEMENT
We have more and more people investing in real estate. Again, there are three main parts when investing in real estate from my experience:
- Rehabbing the home
- Property management
We can all agree that the first two steps go very fast. Step #3 requires a unique skill that many people do not possess. The landlord/tenant relationship can make or break a real estate investor. Everything is fine when the tenant pays rent on time each month. It is when the tenant stops paying rent for the following reasons:
- Requested repairs are not being completed on time
- Loss of job
- Family emergency
- Police lock up tenant
- Pay rent last no budget restraints
- Live pay check to pay check disruption in their life stop paying rent
- Move out in the middle of night break lease for unknown reason
- PLEASE FILL IN THE BLANK
I have one tenant refusing to pay late charges and legal fees because the rent was not paid per lease. Well, the tenant has been out of town for the last eighteen days and did not inform us. He has a legitimate reason beyond his control for being gone. However, that does not mean we stop paying the rent. Well, he got upset with me the other day when he received Eviction Papers. We have a court date this week. Everyone will get their day in court.
I believe this is where many people who do their own property management go wrong. They tend to understand the tenant and overlook the tenant's responsibilities. They tend to forgive them and move on with life. However, it is best to obtain the judgment. It is good for 90 days in Arizona. Then, there is plenty of time to work out a payment plan before the 90 days is up. If they do not pay, then we order the writ of restitution to have the constable assist us in removing the tenant from the home legally.
ASSISTING REAL ESTATE INVESTORS ONE DOOR AT A TIME
Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.