I get this all the time with clients who are landlords. If only I would have taken the time to order a credit report. If only I would have checked references. If only I would have required a full security deposit and not taken it in payments. If only … I would not be experiencing the tenant problems I am now facing.
Knowing problem signs before you rent your property can make the difference if your rental business is going to be successful and less stressful. I have seen cases where landlords get in trouble because they do not do proper screening. They end up with bad tenants who sweet talk their way into your home and then cause all kinds of chaos. If you would have pulled a credit report, you might have seen the two unlawful detainer judgments that were entered against the tenant within the last year. If you would have had a policy of requiring a full security deposit upon signing the rental agreement, you probably wouldn’t have payment problems with rent.
The key to avoiding all of these rental problems is being patient about renting your home or property to the right renters. Many landlords need quick cash and believe that renting the unit haphazardly saves them time and money. This approach can cost you dearly. Just think of it this way. If you get a bad renter in your rental, it will take 4 months to get them out. First, you find out you have a problem. Over the next 30 days, you hope it goes away. By the second month, you might issue your 3-day notice. By the time you file your unlawful detainer/eviction, about 4–6 weeks will pass before you get the problem tenant out. Then factor in the time it will take you to clean and repair the unit and get it back on the market. It’s been about 4 months. Remember, during this time, you’ve also lost 4 months rent. You might get back one month’s rent with a security deposit, but remember, you incurred legal fees and costs, not to mention the cost of repairing any damage to your rental unit. Was it worth taking the quick cash? Wouldn’t it have been less expensive to wait 1 or 2 months to find the right tenant who would have paid you on time and caused you less stress? It’s just a thought.
