FreeYourMind
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- Joined
- May 19, 2008
- Messages
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I have 20 SFH's and over the past 4 years it never seems to fail that 2 get completely trashed each year. These home are near a university and are occupied primarily by college students. Background checks, credit checks, and rental history checks are all done before I allow tenants into the homes so I really don't feel like we are letting "bad" people in. In fact, they are paying premium rents in almost all cases. I'm wondering if anybody else has experienced a situation like this and if any there have been any successful strategies used to mitigate losses (or at least recovering damages).
Right now, I'm going to make sure I do a walk through of each property every 3 months, but if I find one that is in tough shape what do I do? I can evict them and likely not collect any rent, plus I will incur costs by having to cleanup and get new tenants so part of me thinks its better to just leave them in there if they are paying rent and do the cleanup at the end of their lease.
I'm currently working on getting every tenant setup on ACH for rent collection. Does anybody know if it is possible to add to their ACH draft authorization form something that states that if excessive damages are found and the tenant fails to pay the invoice then we will draft the damages from their account as well?
I know eating some of these costs is part of being in the business, but this is really the biggest hurdle we have had lately and there has to be a better way to handle this than how we currently are. Thanks for any insight or ideas!
-FreeYourMind
Right now, I'm going to make sure I do a walk through of each property every 3 months, but if I find one that is in tough shape what do I do? I can evict them and likely not collect any rent, plus I will incur costs by having to cleanup and get new tenants so part of me thinks its better to just leave them in there if they are paying rent and do the cleanup at the end of their lease.
I'm currently working on getting every tenant setup on ACH for rent collection. Does anybody know if it is possible to add to their ACH draft authorization form something that states that if excessive damages are found and the tenant fails to pay the invoice then we will draft the damages from their account as well?
I know eating some of these costs is part of being in the business, but this is really the biggest hurdle we have had lately and there has to be a better way to handle this than how we currently are. Thanks for any insight or ideas!
-FreeYourMind
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