I just read a blog by Donna in NM who had the most terrible experience with a Section 8 tenant. She wrote that she had no experience with housing under article 8 and that its tenant had 10 years of experience in cheating the system. No rent was collected and now she has a squatter and doesn’t know how to fix the situation. Several good remedies have been written in response to his questions and I don’t want to repeat his options here. I can’t imagine this being an isolated case. Probably not your particular situation, but even so, many real estate investors, who own rental properties, make costly mistakes.
Falling real estate prices and an abundance of great deals on distressed properties are attracting many new investors to real estate. The smarter ones seek coaching or mentoring from other more experienced people. The majority most likely think they can figure out most things on their own, and then there are areas they are inexperienced in that can have a detrimental effect on their monthly net income. Getting good advice can save money and headaches.
With our method and our transitional housing, our owners and I never had these worries. If the rent is more than 3 days overdue, I just make a phone call or two, change the locks and wait for a family member or friend of the tenant to schedule a time to collect their belongings . I’m not returning their deposit. In a few hours or a few days, I have the room occupied by another tenant from my waiting list.
It’s as simple as that. It does not involve an expensive eviction process and minimal or no loss of rent. Squatters are absolutely unknown, there are no legal fees, no court fees and no local law enforcement fees.