Updated almost 4 years ago on . Most recent reply
PTSD from a Nightmare tenant ... looking for a path forward
I have been in a 2 year battle with an experienced squatter tenant that knows how to work the system. I have finally gotten a court date to get back possession of my property on March 15th, 2022. I have lost a lot of money on this property (around 8K) and need to try to regain ground on my losses. Any suggestions from experienced landlords on how to recover after a bad tenant sets you way back? or any upgrades for under $1000 that will allow me to raise the rent?
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@Lauren Robinson is this one of your first properties? If so, it breaks my heart to see this on one of the first ones. It’s part of why I encourage people to scale as fast as possible. This type of thing is bound to happen, but if you have more properties to spread the losses across then it hurts less. Unfortunately this is not an uncommon occurrence in the city right now. Between courts being closed, then backlogged, and mandatory mediation and payment plans, it gives the tenant lots of runway to not pay before they move on. Like others have said, take your hits, learn your lessons and stick to the strategy. Good news is that rents have gone up in most parts of the city quite a bit since you last rented it, meaning you might be able to rent for more and recover some of the loss.
best of luck! Sorry for what you went through but try not to let it discourage you.