There is a very big dilemma going on right now in the real estate industry. Thousands of New Yorkers are unable to pay their rent and thousands of landlords are not getting paid. This can turn into a highly stressful situation as a landlord. I will discuss some strategies to use when trying to cope with this stress.
As unpaid rent is piling up and bills are due the stress levels are rising. So high a landlord in Albany, NY took matters into his own hands and “kicked out” his deadbeat tenants by kidnapping them and dumping them on the side of the road. While this landlord took things to the extreme he may have done things differently if he was aware of some of the techniques to use to help manage the stress of being a landlord.
The eviction ban is to help the economy not the squatter in your rental. As personal as it may feel be patient with the process that is taking place. We are still in a pandemic.
If the daily task are too much for you to handle hire a property management company to take care of the property for you. The fee is between 10-12% of the monthly rental income and usually a small deposit for reserves is needed.
Meditate and/or Mediate
Take a deep breathe and step away from the situation. Close your eyes and tune everything out to find your inner peace. After 5 minutes or so you will begin to feel calm and relaxed. Talk things out with your tenant. See if there is a solution that don’t involve eviction where both you and your tenant can benefit.
Sell the Property
Right now the market is hot for anyone selling their house. Mortgage interest rates are low and homebuyers are taking advantage of that. Find a buyer yourself or hire a real estate agent to find a buyer for you. And right now they are everywhere.
Do not get discouraged you are not alone. There are millions of other landlords going through the same process. Do not make your situation worse by making a rash decision.