Do you have tenants who just aren’t paying rent? It’s one of the most frustrating aspects of being a landlord. In this article, we’ll talk about how Colorado Springs landlords are dealing with tenants who don’t pay rent…
If you have tenants who aren’t paying rent then you’re facing the same dilemma that many landlords go through at least once. It’s frustrating and unfortunately, your options are limited. Here’s how Colorado Springs landlords are dealing with tenants who don’t pay rent.
Of course, the best defense is a good offense – meaning that if you are careful about doing a background check on your tenants, and if you have a contract, then those things will help you. But here are your other options…
#1. Avoid the situation
You could avoid the situation and hope they pay. This is definitely not the best option but it is an option that many landlords take. You can just ignore it and hope they’ll pay on time next month and maybe even catch up. Frankly, it may not happen (it rarely does) but it could happen so we’re including it here as a possibility. When dealing with tenants who don’t pay rent, we don’t recommend this strategy because it opens the doors to the possibility that your tenant will take advantage of you.
#2. Negotiate
You could negotiate with them because maybe they just need a different payment schedule. Not everyone can pay easily each month; some renters can pay better by the week because it’s a smaller payment. Or maybe you can get them to do some work around the property in exchange for a discount on the rent. If you choose to negotiate with your tenant, make sure you get an agreement from them that works for both of you, otherwise, you’ll just feel even more frustrated!
#3. Evict
You can try to evict them, although be aware that this can be a complicated, time-consuming process that may involve some legal hassles too. Eviction is very difficult to do, especially since many laws favor the tenant over the landlord. It may be worth doing this in the long-run, though, if you can get a paying tenant into your rental property.
To successfully evict a tenant in Colorado Springs you must first serve them with a 30 day notice to quit letter posted on their door and then you must also subsequently file an official summons and complaint docket down at your local community courthouse where you will then be contacted within a week or so with the exact date when and where you should show up for your hearing to find out what type of compensation, if any, you will receive.
#4. Turn off the utilities.
This option should only be used as an absolute last resort because of the negative legal ramifications that can result from taking this route. If you are at your wits end with these horrible tenants and literally nothing else on this list has worked and you are at the end of your rope and are worried about theft of personal property inside of your unit or some more drastic scenario….then and only then should you even consider using this tactic.
#5. Sell
Another option is to sell. If this is just one of many frustrations you’re facing with your rental property then it could be your best option! Just imagine selling the property and getting on with your life – and not having to deal with tenants their annoying troubles any longer. Many landlords love the new-found freedom they get when they sell.
Selling to a local real estate investor such as us here at HBR Colorado is an extremely important decision and not one that you and your family should take lightly. If you need some additional advice on exactly which steps to take to proceed with selling your property privately for cash to a local investment firm then please click on the live chat box in the lower right-hand corner of the screen to speak with one of our live customer service reps immediately.
At HBR Colorado we buy frustrating rental properties from landlords like you who are burned out, worn out, frustrated, and who just want to get their lives back.
Click here now and fill out the form or give us a call at (719) 286-0053 to get a fair fast cash offer from us today.
