Q&A: How Do I Protect Myself From Expensive Evictions?
I’ve had the worst luck with tenants! I only own four rental properties, but I’ve gone through two evictions in three years! Altogether these evictions have cost me around $9,000 and that’s not to mention all the priceless time, energy, and stress it caused me.
In both cases, they stopped paying rent completely and wouldn’t move out. Even after the judge ruled in my favor, I still haven’t been paid the money I’m owed.
I’m a good landlord and I screen my tenants diligently… how can I keep this from happening again?
– Sherry C.
Hi Sherry, unfortunately, you never know what type of tenant you might get even when they have a decent credit score and income. A person’s financial situation may change with little notice or they may have a history of leaving rentals owing rent or damages. Remember, landlords don’t always take tenants to court so there may no record of missed rental payments or damages. The best thing to do is continue to screen your tenants and check references, but get LeaseGuarantee to protect yourself against damages, legal fees, and unpaid rent. LeaseGuarantee can give you between $2,500 and $10,000 of protection annually. By making LeaseGuarantee part of your rental policy you’ll make sure you get paid the money owed by a tenant.
LeaseGuarantee starts at $299 for 12 months of $2,500 protection and it can be paid by either you or your tenant. Some landlords will request their tenants pay for LeaseGuarantee instead of a large security deposit or cosigner because LeaseGuarantee offers much more protection than a standard security deposit. Should you have to evict the tenant, you would get reimbursed for the full judgment, including legal fees and court costs. The point is to eliminate rental losses so you can have peace of mind no matter who moves into your rental.
If you have questions about using LeaseGuarantee please call the AAOA team at (866) 579-2262 or visit https://www.american-apartment-owners-association.org/leaseguarantee/.