Need Some Help/Advice - Tenant in Place and Not Paying
Hi BP!
One of the rentals that I own in Memphis, TN that I bought in early January had a Section 8 tenant already in place, the deal looked good on paper, but I forgot to ask for the rent ledger. It turns out that the tenant had not paid the rent in November and December (and ultimately January too), because the previous owner allowed the home to fail 2 section 8 inspections before I purchased the property. Now the tenant will not leave, and we have started the eviction process.
This is a clear (and costly) learning experience for me, but does anyone have suggestions about what I can do to fix this situation? My property manager told me that we pretty much can't do anything for the next 60-90 days. I was wondering if anyone has had an experience like this and can offer some guidance.
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- Real Estate Broker
- Cody, WY
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Cash for keys?
Cash for keys is like a failed government program: throw more money at it and hope the problem goes away.
If you take on Section 8 tenants, it would be wise to understand the program. If your tenant is not paying, you should notify Section 8 immediately and start the eviction.
Your PM should be leading the way. I get the feeling they don't really know what they're doing, either.
- Nathan Gesner
