Investments Gone Wrong: Dealing With Bad Renters

We get this question often: how do I sell a house if it has renters in it?

It’s sad to say but we’ve heard this story a thousand times. I’m sure your situation has unique characteristics but bad renters have been a problem for property owners since the advent of property ownership.

It’s not your fault that you have abd renters

It’s truly nothing to be embarrassed about. This happens as often to seasoned, professional landlords as it does newbies. There’s only so much due diligence you can do on someone before you just have to take the leap of faith and hope they end up being a good tenant. When the opposite is true and they turn into a nightmare there’s very little recourse available to you.

Eviction is generally the worst option

Eviction is not only difficult but it’s also costly and surrounded with red tape and legal compliance requirements. And if you think your tenant is bad now, just wait until they get their eviction notice! A lease a legally binding document that you are obligated to abide by. You may have some recourse in terms of small fees and penalties provided by the lease as protection but they are rarely enough to account for a truly horrible tenant.

Selling your property on the market is next to impossible

Because your property is currently occupied and encumbered by a lease trying to sell it is an exercise in futility. The existence of tenants discount those looking for owner-occupied property (the vast majority of retail buyers) and the fact that the tenants are “bad tenants” will keep investors miles away. Remember, you not only need to provide rent rolls and payment history, you’ll also need to allow a potential investment buyer to walk the property, put it under inspection and meet the tenants! Chances are, if you’re dealing with bad renters, that process is going to derail very quickly.

We buy property with bad tenants

It almost seems like a stupid business model doesn’t it? Why on earth would anyone want to take on the nightmare that you’re currently living? We’ve developed a model over the last ten years that allows us to deal with situations like this in ways that maintain profitability while also mitigating risk. We also deal with much larger portfolios which means that, through the economies of scale, we can manage the property more efficiently which helps alleviate the pain felt by bad tenants.

The systems we have in place allow tenants the ability to request and receive assistance almost immediately which can also help to alleviate the tension often felt in the tenant / landlord relationship. We employ a vast network of property management professionals that can streamline the rental process.

Here’s what I’m getting at –

We want to buy your property. Even if you have bad tenants, we want it and we’ll pay you a fair value for it.

We will buy your property, do it fast and pay you CASH. No gimmicks or “sucker price” offers. We do honest business and we truly want to purchase your home.

What does the process look like?

We’ll need to collect some information from you in the beginning. That includes copies of the lease, rent rolls, payment and repair history, etc. Don’t worry about negative items affecting our ability to purchase your house, we have truly seen it all! We just need to perform due diligence so we know how to approach the property’s management.

Once we come to an agreement as to the purchase price and timeline to close we’ll immediately place your house in escrow and begin the process. In most cases we can close in as little as three days (escrow and title companies allowing) and have you on your way with cash in your hand. We’ll honor your existing lease with the renters and make sure that they’re treated with dignity and respect as we introduce them to our property management system.

Contact us today for a free, no obligation cash offer and take your first steps towards ridding yourself of your tenant issues.