All tenants have one thing in common, they are tenants. Some choose to rent by choice; however, a large percentage of renters are tenants because they can't maintain financial stability. Therefore they rent housing from landlords.
By far the biggest complaint from landlords is the lack of stability, lack of consistent rent payments from their tenants. Often it has to do with job instability; however, that's not always the case. If I've heard one excuse, I've heard 10,000 excuses. It doesn't matter in the end, only results matter, and if your tenant has stopped paying, there are 3 things you can do.
#1: Not advised, but you can retaliate. This is illegal, however, things like turning the power off, burning the house down, removing the front door for maintenance purposes, shutting off the water, or otherwise shaming the tenants into paying rarely works. In addition, there are laws that prohibit this type of landlord behavior. However, it might feel good.
#2: Evict. Depending on the jurisdiction, this is usually less than $1000 to get the tenant evicted. My suggestion is to start early. Problems grow if they persist. Any type of repayment-program is only a bandaid and prolongs the inevitable. Contact a real estate attorney in the county where the property is located, and get it moving ASAP. If the tenant is 3 days late, you should be on the phone with the attorney that day.
#3: Bribe them. The eviction process takes 2-3 weeks. If the tenant can leave the property within the week, consider paying them the $1000 it'll take to evict. This sometimes works, but it's never guaranteed. I do like paying them to leave quickly; however, sometimes just getting them on the phone is a challenge.
#4. Sell the home to an investor. Typically investors like to take on problems and get paid for it, so that's a great 4th option, consider selling to us or any other investment company. For more information, visit our website or contact us directly.
In the end, don't wait. File ASAP.