Tired of Being a Landlord With Bad Tenants In Kentucky
Being a property owner is great! They say that real estate is a great vehicle to build wealth long-term, but they rarely talk about the horrible tenants, the late night phone calls and the damage that gets done to the real estate along the way. Talk about a headache! It’s so frustrating when a tenant moves out and doesn’t pay rent or breaks a bunch of things and then doesn’t tell you. If you’ve been a landlord for years and you’re ready for a break, we’d agree! You deserve a break! Who has the money to buy problematic house with bad tenants anyways? How would you sell a problematic home in Kentucky? You may think this, but hold that thought!
We buy problematic homes in Kentucky and we’ve encountered many tired landlords that bought a home with the intent to rent it out and build wealth. Unfortunately, investing in real estate is not for the faint of heart. Many times, if not done correctly, you end spending more money on a home that it makes you in profit. It’s a lot of work and it’s not as easy to make a property cash flow as the experts make it seem.
On top of spending money to fix up a place, once you get it back in move in ready shape, you have to find a tenant. Placing the right tenant can take time and effort. Even if you’ve done the background report and lined up your tenant properly, life is unpredictable. Many times the tenant will have a life circumstance that changes and then they’ll request a break or a pass on rent. It’s hard to pay two house payments as the home owner. As much as you care for people you can’t and shouldn’t be required to pay the mortgage when a tenant is paying you. Tenants literally make or break the property and then you’ve got a bigger problem with a non-paying tenant in place. This experience is incredibly disheartening. After all – we buy houses to build wealth – not spend it!
A problematic property with a non-paying or bad tenant can literally wreck an investment. You can go from loving a home to absolutely despising it over the course of month. When someone doesn’t pay rent it feels like you’re being taken advantage of, even if the tenant has a valid reason for the lack of payment. Unfortunately, the bank or mortgage lender doesn’t give you a pass on the mortgage just because a tenant doesn’t pay. You’re responsible for paying that mortgage each month no matter what the circumstances are.
Before you consider walking away from your problematic property and giving it back to the bank, consider where you find yourself now? You’re reading an article for your very problem! You’ve done well finding us. You’re in the right place. We specialize in finding to solutions for tired landlords in Kentucky. In fact, we buy houses in Kentucky with bad tenants!
Grounds For Eviction In Kentucky
If you took out a debt to purchase the home you are still responsible for the mortgage. This is usually the largest issue that a landlord faces as the mortgage is due each month regardless of personal issues or tenants not paying. This is incredibly frustrating because most landlords are honest people that are just trying to save some money to make a difference for their family. A non-paying tenant can create a problem and turn an investment into a money pit.
However, in Kentucky, the tenant has to honor the agreement set forth in the lease agreement and make timely payments. Failure to pay the rent or a violation of the lease are cause for eviction. As a landlord, you have to give the tenant notice of eviction in Kentucky. Essentially as a landlord you have to provide the tenant 7 days notice to pay the rent or you can move to eviction.
This process is incredibly uncomfortable for most. On top of that, you may a loved one or close family acquaintance staying in the property. This can muddy the waters and really make it tough to evict someone. The relationship makes it rough, but ultimately, it’s not fair that someone lives off of your dime and your hard work.
To avoid the bad cop scenario, you could avoid dealing with these issues yourself by hiring a property management company. The con with this option is that you have to manage the property management company. The quality of service that each property management company provides varies based on the vendor so conduct your own due diligence before you sign a contract or agree to a long-term agreement. Finally, the con with hiring a property management company is that they will take a portion of the rent money (if you’re even getting rent) so you may still be left paying some bills depending on the agreement in place with your tenant.
Kentucky Cash For Keys
Our Kentucky cash for keys program works like a charm, but it’s ultimately more about the tenant than the property. We have used this method to allow a tenant to vacate a property in due time so it is vacant and can be rented out by a new tenant. Of course this route is providing a non-paying tenant with cash to leave the property. Essentially you are paying them to vacate the property. This is a tough pill to swallow since they didn’t have rent and now they’re getting more cash from you and you have to pay the mortgage out of your own pocket since they didn’t pay rent.
Despite the cons associated with this solution, it is a worthwhile endeavor. In many cases you can get away with paying someone a few hundred dollars or at most a thousand to vacate a property. This will alleviate the squatter’s right’s that they may have established and allow you to rent out the property again. This is very counter-intuitive as you’re giving someone more money to leave your establishment after they haven’t paid the rent, but it’s worthwhile as it can save months of non-payment. It’s important to consider opportunity cost rather than the cash flow with this type of solution.
The downside to this route is that you have to convince the tenant that the cash you provide them is worth it to leave your property and hand in their keys when they do so. It’s somewhat scary as the tenant may have copied the keys with the hopes to return and take squatters rights after you pay them, but this really is an exception. More often then not, if you have an open conversation with the tenant and inform them of the situation, they’ll walk with cash in their pocket without returning.
This conversation can be tough. You can outsource this work to a company (like: We Buy Property In Kentucky) and let them handle the tough conversations and negotiations. Consider the alternatives to letting the tenant take advantage of you… Either you keep paying your monthly bills along with the property’s bills or you stop paying and the default hits your credit. If you don’t pay your mortgage, it will damage your credit and ultimately the bank will start the Kentucky foreclosure process. In Kentucky, foreclosure is a judicial matter rather than a civil one, meaning that you’ll have to get lawyers involved and go through the courts to get anything done, but this is a huge burden that shouldn’t be considered unless you’ve explored every last option. This can drag on for months or potentially years depending on all of the circumstances, but why damage your credit with a foreclosure when you have so many other options?!. (We help people avoid foreclosure in Kentucky, but we’d much rather help you with the tenant before it gets that bad).
We Buy Houses With Bad Tenants In Kentucky
Sadly, most tenants are not created equally. A tenant can make or break a property and the profitability of the investment. If you made an error or misplaced a tenant, you could find yourself with a bad tenant or one that doesn’t pay rent. This is incredibly frustrating and quite frankly, unfair. Unfortunately, that’s life and it isn’t fair. We have seen family members go through this and that’s why we started our company. We buy houses in Kentucky with bad tenants. We know what it takes to evict tenants that aren’t paying in Kentucky. It isn’t always fun, but it’s worth it. We property in Kentucky with non-paying tenants. It’s tough work, but someone has to do it. We’re up for the challenge and we don’t play around. We love people and it all comes from a heart of service. You work hard for your money so you shouldn’t loss on account of someone else. We have creative solutions that work for landlords to sell their property (even with non-paying tenants).
We buy houses in Kentucky and we know what this work requires. It may sound out there, but we pay “cash for houses” in Kentucky and we’re ready to buy yours. We work with the best attorneys in the state and we’re not afraid of a challenge. We thrive at coming up with win-win solutions for all parties involved. We buy houses as is, with non-paying tenants and we even pay closing costs. If you’re tired of being a landlord in Kentucky selling your house with bad tenants in Kentucky to a cash buyer (like our company: We Buy Property In Kentucky) is a great way to get cash for your house and move on with ease. We are ready to help and we’re just a text or phone call away. Reach out to us or fill out the form below to get help today.