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Video Transcript
How to Get Rid of a Bad Tenant Hi, I'm Martial Arts Master Bill FitzPatrick If you take the time to find a GOOD tenant [it's the credit report, stupid] then you won't have many BAD tenants - if you are careful with selection 95% or more of tenants will be good tenants most tenants are average people who respect YOUR investment as THEIR home However, if you have a lot of tenants - Occasionally, you may have to deal with a BAD tenant - A BAD tenant is 1 Engages in any repetitive behavior that bothers your GOOD tenants - 2 Doesn't pay the rent in full in a timely fashion 3 Breaks the rules of the rental agreement - buys a pit bull - sublets his couch to a bum - goes into the meth business whatever They are a BAD tenant and They HAVE to go You are a landlord - you are a BUSINESS person You are NOT the police You are NOT a minister You are NOT the welfare department You are NOT a social worker You are NOT grandma You are a BUSINESS person When dealing with a bad tenant You must be firm You must be decisive By the time you have to evict a BAD tenant, they - like ALL of your tenants should be well aware that you are STRICT and that YOUR word means something If they leave a bicycle in the hallway If they abandon a junk car on the property If they put trash out in plastic trash bags and the raccoons get into it These are small problems These are small problems which you do NOT ignore You send the OFFENDER a written notice AND you expect them to comply Yes, HANDS ON You maintain and management your property fairly and properly The only excuse you want to hear is "I'm sorry and it won't happen again." YES, when you deal with a bad tenant Your GOOD tenants will be happy and respect you NOW, If the bad tenant CALLS you OCD and an asshole - Well, GUESS WHAT VERY SOON they WILL be living somewhere else How simple is this You stop SMALL problems before they become BIG problems OK, non-payment of rent Of course, there will be excuses - some EXCUSES may be sad and some may be complete BS The validity of these claims is is NOT your business to figure out You have a policy Your policy is that the rent must be paid on or before the first day of each month If the rent is not paid by the THIRD, you send a letter or email or voicemail If the rent is not paid by the TENTH, you send a thirty day notice to quit This is a STRICT policy This is a strict policy that works If your tenants believe you are STRICT, they will scramble to get the money together. They will dip into savings They will borrow from friends and family They will go to the church or social welfare agencies They will suggest a BELIEVEABLE repayment plan Bottom line - they will pay the rent Bottom Line If you think being strict is being mean You AREN'T going to be a very good landlord NOW, the real test Let's say - somehow you got into situation where a tenant owed you $2,000 Answer this question Would you be willing to pay that BAD tenant $500 CASH to move immediately? Yes or No Can you say to the tenant "LISTEN, Bad Tenant, here is your choice If you move out this weekend, I will not chase you for the $2000 and I will give you $500 in moving expenses - if you will move everything out by Saturday morning at 10AM - I will be here with FIVE one hundred dollar bills" If you Say NO - I will NOT speak with you again - I will call my lawyer - and give him the $2,500 - you WILL be evicted - and there will be a court judgment against you for ALL the back rent PLUS ALL the legal fees STOP As a landlord, do the math forgiving rent and paying a moving BRIBE - may be worth the expense in time, money and in YOUR peace of mind BELIEVE me - Your offer of rent forgiveness PLUS cash will be very tempting - In fact - it has almost always works Love your good tenants Be decisive with bad tenants If you are a landlord, please join me in helping other new landlords - please make a $10 or $20 donation to continue this non-profit work Thank you.
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