Susan Ormont - RISK VERSUS REWARD: A SIMPLE GUIDE FOR INVESTING IN REAL ESTATE

o f rent? What if you start the eviction process? Then they’ll owe you for three months, plus late fees, plus attorney fees, plus all the other expenses you’re going to charge. In the end, they’ll end up saying they can’t afford all that, break the lease, and move out, and you’re left with all those unpaid fees. Not exactly a situation you want to find yourself in. It never pays for you to let them pay their rent late, so just don’t let it happen. The bottom line is that you are the owner, you are in charge, you make the rules, you are the authority. This is your business, and they need to respect you and your policies. You’re not here to give your tenants a “get-out-of-jail- free” card. This is your business, and they need to respect you and your policies. You’re not here to give your tenants a “get-out-of-jail- free” card. Make Sure They're Taking Care of the Property You also want to ensure your tenant is taking care of your house and property, as per your lease agreement. This is an essential component of enforcing the lease. So how do you make sure they’re following through on their end of the bargain? Again, communication is key with property issues, just as it is with payment issues. Communicate with your tenant regularly. Ask for updates on any maintenance issues with your property and whether things are running smoothly and being taken care of properly. If you live in the area or know someone who does, you’ll want to periodically drive by the property to check out things for yourself. This will give you a general overview of the situation.

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