More on How to Easily Evict Tenants

The eviction process can be engaging, but it does not have to be stressful. As a landlord, you could be prompted to evict a tenant. There are many reasons you could decide to evict a tenant, but the most common ones include:

• Non-payment of rent
• Habitual late payment of rent
• Disrupting other tenants
• Damage to your property
• Holdovers after the lease expiry date
• Need to rehabilitate a property

Nevertheless, no matter the cause or reason you want to evict a tenant, you need to find the aptest, fair, and lawful way to let them go. When carrying out the eviction process, be keen to focus on the following if you ever intend to have a flawless process:

Treat your Tenants with Decorum

No matter the reason for eviction, do not harass your tenants. Ensure you follow the proper legal guidelines. Any form of harassment, such as cutting off services, threatening, and refusing to make repairs, is unacceptable. Staying clean in your bid is likely to yield positive results at the end of the process.

Know your Legal Obligations

It is imperative to know your legal obligations before you decide to evict a tenant. You should be aware that if a tenant signed a more than two months lease, you have to give them a two-month eviction notice. Moreover, if the lease is shorter, the eviction notice period should be equal to the lease duration.

Respect the Assured Tenancy Agreement

Some rental agreements are exempted from the laws of eviction. For instance, if the tenant has an assured tenancy agreement in place, the eviction process might be a little different. The agreement gives them more control of the property, and evicting them could take more than an eviction notice. Respect the agreement and find a way to evict them without a fuss.

Conclusion

The eviction process is bound to be flawless if you critically consider the above factors. Be wise and operate within the recommended legal guidelines. The process does not have to be chaotic or problematic for both parties.

Tips to Implement for a Pain-Free Eviction Process

Even after doing everything right from checking criminal backgrounds, credits and calling previous landlords and references, there's still a chance you'll stumble upon a bad tenant. As a landlord, this can be very frustrating and more so thinking about how to evict this tenant. But to avoid this process becoming messy and costing you lots of time and money, there are several useful tips you should follow.

If you didn't know where to start, here's an outline of useful tips to follow during the eviction process.  

Understand The Eviction Laws
Before evicting your tenant, the first thing to do is going through the eviction laws, which differ from one state to another. Therefore, it's wise to hire a lawyer when drafting the lease agreements for your potential clients to make sure they're willing to adhere to the lease agreement's legal terms and conditions. By doing this, you can be sure that the lease agreement is specific to your state laws.

A great place to get a great template of your lease agreement that guarantees your legal safety would be the US Legal Forms.

Give A Reason For Eviction 
For your eviction case to be successful, you need to have a valid and lawful reason and not that you don't like the tenant. The accepted reasons for eviction include;

• Property damage
• Tenants causing health and safety hazards
• Not paying rent
• The tenant disturbs other tenants' peace
• Tenant violates the lease agreement terms and conditions such as subletting

But make sure to have concrete proof against your tenant to ensure your eviction case is a success.

Give A Formal Eviction Notice 
Notify your tenant in writing that there are required to move out. As you do this, make sure to abide by the state eviction rules and complete all the necessary forms. In this notice, detail the exact reason why the tenant is being evicted and what they can do to avoid the eviction process, such as settling their unpaid rent. You should also include the date of eviction.

This notice may require the tenant to take action within a week, 30-days, or 60-days. If the tenant disregards your notice, go ahead and file this eviction notice with the courts.

Takeaway 
As a landlord, the last thing you want to deal with is evicting a tenant since this entire process is quite daunting. However, it's somewhat inevitable, and to help streamline this entire process, this useful guide has offered you tips on what you need to do.

5 Ways to Finance Your Next Rental Property

Are you eyeing your next rental property deal? It's a smart way to double down and increase your passive income, but it's also a capital-heavy endeavor that comes with its fair share of challenges and risks.

There are a handful of ways to secure funding for your next rental purchase, but not all are created equal. The easiest and most obvious choice is to take out a loan, be that a home equity loan, conventional loan, or a hard money loan.

Take out a conventional loan
You're probably wondering: is it better to take out a traditional loan or purchase the property with cash? The answer often boils down to your investing goals.

Sure, buying with cash can generate positive cash flow every month, but the return on investment is usually low. Take a property that's appraised at $200,000. If you pay cash, you could earn around $19,000 annually, which translates to a 9.5 percent ROI. Taking out a conventional mortgage (4% APR), on the other hand, you can get roughly a 27.9 percent return on your investment.

Should you refinance?
If you've got some equity in your existing properties, you can refinance your mortgage to score some funding for your next rental property. Refinancing is a cost-effective funding option when it comes to closing costs, flexibility, and interest rates, plus you can pay it off as you see it fit.

If leveraged creatively and managed properly, refinancing can be a smart way to use your wealth to make more money. There are some downsides, though. First, you're eating into equity in your current rental property, and refinancing rates are usually adjustable. This can make it difficult to gauge your long-term financing costs.

Consider private money
As clearly suggested by the name, this is a financing option that involves getting funds from private investors. They can be your friends, family, colleagues, or pretty much any individual willing to back your investment. This route is usually costlier than a conventional loan but offers more relaxed and flexible terms.

Take out a home equity loan (HELOC)
This type of financing allows you to use your home equity as collateral to take out a loan to finance your next rental property. The equity in question is usually tied up in your primary residence.

For instance, let's say you have owned your home for over 15 years, all while paying off the mortgage. If the current market value of the property is $850,000 and you have paid down $400,000 in mortgage payoff, you can refinance the loan to take advantage of the $400,000 equity in it. In other words, you can tap into the $400,000 of home equity to purchase your next rental property.

Tap into your retirement accounts
If you have a fat 401(k) account, you can borrow up to half of the balance to buy your rental property. Note that not all 401(k) administrators allow members to borrow a loan, and you'll have up to 5 years to pay it off. Borrowing against your 401(k) is the cheapest and fastest way to access a loan.
Borrowing to finance your next rental property isn't always a viable investment move. For instance, if you have less than 10 percent equity in your current rental property, you might actually be overstretching your finances. Additionally, you should take your other must-pay into account.

5 Tips to Help Prevent Rodent Infestation

Besides the threat of diseases, rodents can cause property damage and scare away potential tenants. In some cases, you may also be liable to litigation and lawsuits from your tenants if there are rodents present.  As a rental property owner, below are tips to help control any infestation.

1. Make It a Joint Affair

Keeping rodents away should be a joint affair. Educate your tenants about the following ways of controlling rats and mice. 

• Ensuring trash cans remain closed
• Notifying you about the presence of rodents or standing water as soon as possible
• Cleaning their units regularly
• Throwing away garbage regularly
• Refrigerating or storing food in tightly sealed containers

2. Cleaning Common Areas

Having food remains and debris attracts mice and rats. Keeping common areas clean will protect your rentals from rodent infestation. Moreover, you will cushion yourself from liability and eventual fines from the health department. Be sure to sweep or vacuum communal areas at least twice a week.

3. Seal Gaps in the Structure

Thirdly, check for cracks and crevices inside and outside your rentals. Seal any gaps in the foundation, around windows, doors, pipes, vents, attics, and crawl places. Remember to also inspect the basement.

4. Remove Clutter

Destroy rodents' hideouts and nesting areas by decluttering the perimeter. Get rid of weeds, trim hedges, and destroy bushes. Also, do not leave piles of logs, wood, or compost near your property.

5. Exterminate

Respond to complaints from your tenants regarding the presence of rodents in a timely manner. Similarly, you could notice the presence of mice and rats. Act quickly and get rid of them through traps. Alternatively, you can hire extermination services. 

Final Thoughts

Seeing as though rodents are agents of disease and property damage, you should do all you can to keep them away from your rental property. You end up keeping maintenance costs low by following the above tips. Also, this is one of the secrets to making sure your property remains attractive to prospective tenants.