What To Do When Tenants Cause Damage – We Have You Covered
What happens when it turns out that your tenant is not the best sort of tenant? What if they cause damage to your property? What if they break rules and contravene the terms of the lease agreement? A lot of real estate investors worry about bad tenants. It is not unreasonable to do this. However, you can rest assured that things will get looked after when you’ve opted for the Remote Control Retirement Riches formula that so many other investors have used.
A bad tenant is not your headache.
So you have a tenant who breaks things or makes alterations they aren't supposed to or causes some other type of damage. What do you, as a landlord do? Well, you do nothing. This is because you’ve done the smart thing by engaging a property management agency to look after the property, deal with the tenant, documentation etc. It is the job of the property management firm to take care of the wayward tenant. The property manager will deal with the tenant and ensure that your loss is made good.
The options available to a tenant would depend upon the state laws within whose jurisdiction the property is. Most states have very fair and balanced laws that equally favor the landlord and the tenant. I'm not talking about New York and California, but then we don’t advise you to invest in these states anyway.
So there are laws in place to protect the rights and interests of property owners. The owner is entitled to make good any loss or damage using the amount of security deposit paid by the tenant. If this is insufficient and the damage is more extensive, there is the option to approach the small claims court for compensation. Garnishing of wages may be another possibility.
The Remote Control Retirement Riches formula.
All this sounds like a lot of work, a headache really! But here’s the best part, this is not your headache as a landlord. It is the job of the property manager to deal with the tenant, to recover the damages, to deal with the attorney and the court and so on. Property management firms typically have attorneys who deal with this sort of thing, so that it isn't your headache.
And that is why we call it the Remote Control Retirement Riches formula. You as an investor could be in any part of the country – even the world, and your real estate investment is looked after for you. You don’t have to deal with the issues that typically crop up between a landlord and a tenant because you have competent people to do this for you. At ICG Real Estate we have devised a formula that requires you, as an investor, to do nothing!
If you would like to know more about securing your future and the future of your family, reach out to us at icgre.com. We have helped thousands of investors create not just financial security but wealth for themselves with the help of real estate investments. Sign up for our updates or attend one of our Online Expo events. You have nothing to lose and a lot to gain!