Are you a landlord with one or more rental properties? Did one of your tenants trash your rental property and jet off? Are you getting tired of being a landlord? If you answered “yes” to any of these questions, this article is for you.
Let’s be honest: nearly every landlord has opened the door to his or her rental property only to find it in complete disarray. The emotions you may have felt range from anger to disappointment to panic––and rightfully so!
We’re here to let you know there is no need to be overwhelmed. There are three different options you have to move past this issue. One of these can even take the rental property out of your hands and replace it with cash!
3 Options When Dealing With NJ Rental Properties
1. Pursue the Tenant
The first option you have is to pursue the one that made a mess. To do so, you will need to complete a thorough assessment of the damage. Do a walkthrough of the rental property and record any items or areas that are broken or destroyed.
Unfortunately, if there isn’t very significant damage, it may not be worth it to hassle your tenant. Getting a tenant to reimburse you is a costly and tedious process. However, if the damage to your rental property is noteworthy, it might be worth your time to go after the tenant. You should only do this if you think you will be able to both win and receive the money your previous tenant owes you.
2. Make the Repairs
Missing sink handles. Smashed windows. Caves blown into the plaster. There is no telling what kind of damage tenants can inflict. In some cases, a quick coat of paint is enough to fix up the mess. If that’s all it takes, you’ll be set to rent out your rental property again in no time. Sure, it’s inconvenient, but it’s worth it to get up and running again. In other cases, though, repairs can cost hundreds of dollars and dozens of hours of labor.
We are all too familiar with the fact that neither of these options have the potential to be a reality. You’re a busy person who doesn’t have time to clean up everyone’s mess. That’s why we typically suggest this third option:
3. Sell Your House (Our Recommendation)
If your rental property ends up causing you too much unnecessary stress, you can always try to sell your house. We know that just the thought of listing a rental property makes you want to tear your hair out. Even if you do want to go through that time-consuming process, your real estate agent most likely won’t list until you make some repairs.
Fortunately, there are companies out there, such as Templar Real Estate Enterprises, that will buy your rental property as-is. Our NJ-based company will make it our job to clean your rental property and will pay you cash for the opportunity!