The COVID-19 pandemic has left many people out of work and struggling to make ends meet. As a result, some tenants cannot pay rent; this has created a dilemma for landlords, who may need to evict tenants if they can’t pay. Charlotte landlords are dealing with the situation in many ways. Discover here some ways they are doing it.

Avoid Dealing With It

Some landlords are simply choosing to avoid the problem altogether. They’re doing this by not renting to anyone who doesn’t have a job, or by only renting to people with good credit. This may help them avoid tenants who can’t pay rent, but it also means they’re missing out on potential revenue.

In the long run, this could hurt their business. Avoiding dealing with the situation is usually the result of stress build-up. Dealing with a tenant that’s not paying is tough and can end up in legal processes. Still, taking action is important, and assessing what you can do in these situations is important. If you no longer want to deal with being a landlord, there are a couple of options.

Offering Payment Plans

Some landlords are offering their tenant’s payment plans; this means that the tenant can continue to live in the rental unit, but they’ll need to pay back the rent over time. Payment plans can be a good way to work with tenants struggling to pay rent.

They allow tenants to stay in their homes and avoid eviction, while also giving landlords assurance that they’ll eventually get the money they’re owed. Of course, payment plans only work if both parties are willing to cooperate. The tenant must be willing to pay back the rent, and the landlord must be willing to give them time to do so.

Accept Late Payments

Another option is to simply accept late payments; this means that the tenant can continue to live in the rental unit, but they’ll need to pay the rent later. Late payments can be a good way to work with tenants struggling to pay rent. Still, late payments can be an out-of-reach option for tenants without savings or who have debts.

Hire A Property Manager

If you’re finding it difficult to deal with tenants who can’t pay rent, you may consider hiring a property manager. A property manager can handle all the day-to-day tasks of being a landlord, including collecting rent and dealing with problem tenants. This can take a lot of the stress out of being a landlord.

Of course, hiring a property manager is not a cure-all. You’ll still need to deal with the occasional tenant who can’t pay rent, but it can help take some burdens off of your shoulders. A property manager is an expert in this subject and can suggest how to deal with the situation.

Sell Your Property

If you’re struggling to deal with tenants who can’t pay rent, you may want to consider selling your property. Selling is drastic, but it may be the best option for some landlords. Selling your property for cash allows you to get out of the rental business and avoid dealing with problem tenants altogether.

Of course, selling your property is not a decision to be made lightly. You’ll need to weigh the pros and cons of selling vs. continuing to operate as a landlord. If you’re looking at how to “sell my house,” there are a few things you’ll need to do to prepare your property for sale. You can restore your house and deal with a realtor, or find an option to sell your house as-is.

Work With The Best Home Buying Solution In Charlotte

Are you looking for the best ways to “sell my house?” If you’re struggling to deal with tenants who can’t pay rent, we can help. At Travis Buys Homes, we specialize in buying properties from landlords who no longer want to deal with the hassle and stress of being a landlord. We buy houses in any condition, and we’ll make you a cash offer on your property and close on the sale fast.

If you’re ready to get rid of your problem tenant and move on with your life, contact us today to get your cash offer!