Tenants breaking lease
January 22, 2010
I have tenants that I know are looking for a new place to live even though their lease does not expire until June 1, 2010. I received acall from another property manager wanting a tenant reference. There are no problems with my property; other than the tenants advise they can no longer afford the monthly rent.
How do I enforce the collection of remaining rent due as per their lease.Is their some kind of lien attached to them, or do I report it to the Credit
Bureau?
I’m guessing they forfeit their security deposit as well?
Thanks in advance for any guidance you can provide.
Yes, if the tenants break the lease, the tenants will still owe the rent until you find a new tenant. If the tenants leave quickly and voluntarily, that is certainly much better than if they force you to prosecute an eviction against them. You will need to send to collections any amount owing that the deposit does not cover.
About the Author: Bob Cain
Some 30 years ago Bob Cain went to a no-money-down seminar and got the notion that owning rental property would be just the best idea there is for making money. He bought some. Trouble was, what he learned at the seminar didn’t tell him how to make money on his rental property. He went looking for help in the form of a magazine or newsletter about the business. He couldn't find any.
Always ready to jump at a great idea, he decided he could put his speaking and writing skills to work and perform a valuable service for other investors who needed more information about property management. So Bob ferreted out the secrets, tricks and techniques of property management wherever he found them; then he passed them along to other landlords.
For over 25 years now, Bob has been publishing information, giving speeches, putting on seminars and workshops, and consulting for landlords on how to buy, rent and manage property more effectively.
