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You're a Real Estate Investor and Your Tenant Has Left, Now What? |
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So your tenant has just up and left without notice and now you've got a vacant property. Vacant properties can cut into your profit margin and if not attended to quickly can put you out of business fast. So how do you get that property up to snuff again and get it rented out as soon as possible? The following are some tips to help you do just that.
First things first, ask yourself some important questions that will give you an idea of where to take this. Was the tenant still committed to a lease (did they sign a year lease and still have some time left on it, let's say six months)? Is the tenant gainfully employed? The answers to these two questions will help you to decide what action to take if any. If the tenant still has time on their lease (more than what their security deposit would cover), and they are gainfully employed, pick up the phone and call your attorney. You are more than likely going to be able to get paid for the months that they left you with. Of course, you will have to actively try and rent the property, but if it takes you a month to repair any damages (make sure to include the cost for doing so in the suit), then there is not much you can do about that, is there? If on the other hand, the skipping tenant only had one month left and/or you found out that they lost or quit their job then chances are you'll be chasing an empty pot of gold. Don't just sue them out of principal, as it costs money to hire an attorney. Just remember that if the chances are slim to none that you will ever see the money, don’t throw good money at bad!
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