Seeking Advice on Rent Payment Solutions for a Single-Family Property
Hey everyone,
I'm currently facing a situation with one of my tenants in a single-family property. They've expressed difficulties in paying rent, and I'm looking for some creative ideas on how to structure payments or any strategies to ensure we can successfully complete the lease term.
I've noticed that my local rental market has seen a decrease of around $125 a month, so it's highly likely that I'll need to lower the rent once the lease is up. As it stands, the property is generating a positive cash flow of $180 a month, but there are some impending repair costs to consider as well.
Any suggestions or insights on how to navigate this situation would be greatly appreciated! Thanks in advance.