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I love having a 2024 model car. New car features make driving easier than ever before. If I can\u2019t see my blind spot, no big deal\u2026mirror sensors have me covered. Need to parallel park? Piece of cake…we\u2019ve got cameras all over the place. Don\u2019t feel like holding the wheel on the highway for my half hour commute\u2026well\u2026not advisable\u2026and it\u2019ll beep like crazy and yell at me\u2026but the technology still allows it so I can pull it off if I want.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n \u00a0<\/p>\n Similarly, real estate websites and apps make it easier than ever to feel confident when it comes to finding a tenant for your rental property with minimal effort. There\u2019s a lot about renting your property that is inconvenient and uncomfortable, so the appeal to engage with an online platform makes sense. It\u2019s just not advisable to take your hands off the wheel completely.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n The one and only easiest way to put a massive dent in your income and investment property experience as a whole is to place the wrong tenant. As easy as it is to find someone out there to live in your house, condo, or apartment these days, <\/span><\/span><\/span><\/span><\/span><\/span>it\u2019s never been harder to get them out<\/span><\/span><\/strong><\/span><\/span><\/span> if need be. Eviction costs and timelines vary by region, state, and even county, but in general, judges are not fond of removing people from homes and the legal system is never in a hurry.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Each state has its own legal process and it\u2019s important that you follow it to a tee to ensure you don\u2019t run into issues later on should you end up in front of a judge. From when and how to send a Notice To Quit to documentation of your records, you\u2019ll want an attorney in your corner. Best case scenario, you might be able to get through for under $1000, depending on the specifics of your case and your location. It\u2019s much more likely that you\u2019ll end up spending between $1,500 – $2000 just to get someone out of your property.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n \u00a0<\/p>\n On top of that, there is a reason you\u2019ve chosen to evict, so those costs need to be added as well. If you\u2019re evicting for non-payment, those losses in rent are part of the equation. You may also need to hire someone to enforce your execution, when you receive it, and a locksmith to fully start over.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Evictions take far longer than they should so it\u2019s important that landlords begin the process as soon as state law allows once rent is in arrears. Keep in mind, if you\u2019re short a month\u2019s rent right now, you\u2019re going to be short three to five months rent by the time you get a judgment. In most states, especially in the northeast, evictions will take 2-3 months on average. In Rhode Island, they\u2019ll be closer to 6 to 8 weeks and in Massachusetts often closer to 3 to 4 months. If you live in a tenant friendly state, count on a three month process as a default.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Technology provides better and better tools to help landlords place tenants, but if you\u2019re over-reliant on online tools and overconfident because of it, you\u2019re at greater risk of a tenancy going sideways. There\u2019s no substitute for a thorough vetting process and no better insurance against risk than working with a leasing professional such as a realtor or property manager. Remember, technology works both ways, so while it\u2019s easier for you to collect info, it\u2019s also easier for scammers to create forgeries. Fake paystubs, for example, are becoming more and more prevalent.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n \u00a0<\/p>\n Just as a chef would reference his or her ingredients, the quality of your rental experience begins with the quality of your tenants. Take the time and spend the money to ensure you\u2019re placing the most qualified candidates out there\u2026and don\u2019t open yourself up to unnecessary risk by taking your hands off the wheel just because it\u2019s easy to do so.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Nexus Property Management\u00ae has been partnering with rental property owners for over 11 years and now has franchise offices in four states. We are committed to the principles that helped our Rhode Island office grow rapidly and the most essential is the focus on long term results.\u00a0 Our clients come to us with varying degrees of experience and the vast majority become effective investors in no time. <\/span><\/span><\/span><\/span><\/span><\/span>Reach out to the Nexus team closest to you<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a>.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\nLEARN MORE: <\/span><\/em><\/span><\/span><\/span><\/span><\/span>THE TRUE COST AND VALUE OF REAL ESTATE INVESTMENT<\/span><\/span><\/span><\/em><\/span><\/span><\/span><\/span><\/span><\/a><\/h4>\n
THE EASIEST WAY TO RUIN YOUR INVESTMENT PROPERTY RETURNS<\/span><\/span><\/strong><\/span><\/span><\/span><\/h3>\n
LEARN MORE: <\/span><\/em><\/span><\/span><\/span><\/span><\/span>EVICTIONS IN MASSACHUSETTS (PART 1)<\/span><\/span><\/span><\/em><\/span><\/span><\/span><\/span><\/span><\/a><\/h4>\n
COSTS OF AN EVICTION<\/span><\/span><\/strong><\/span><\/span><\/span><\/h3>\n
LEARN MORE: <\/span><\/em><\/span><\/span><\/span><\/span><\/span>THE BEST WAY TO PROTECT YOURSELF FROM A COSTLY EVICTION<\/span><\/span><\/span><\/em><\/span><\/span><\/span><\/span><\/span><\/a><\/h4>\n
EVICTION TIMELINE<\/span><\/span><\/strong><\/span><\/span><\/span><\/h3>\n
LEARN MORE: <\/span><\/em><\/span><\/span><\/span><\/span><\/span>HOW TO EVICT A TENANT IN RHODE ISLAND<\/span><\/span><\/span><\/em><\/span><\/span><\/span><\/span><\/span><\/a><\/h4>\n
HOW DID WE GET INTO ALL OF THIS EVICTION TALK?<\/span><\/span><\/strong><\/span><\/span><\/span><\/h3>\n
LEARN MORE: <\/span><\/em><\/span><\/span><\/span><\/span><\/span>EVICTIONS IN MASSACHUSETTS (PART 2)<\/span><\/span><\/span><\/em><\/span><\/span><\/span><\/span><\/span><\/a><\/h4>\n
CONCLUSION AND NEXT STEPS:<\/span><\/span><\/strong><\/span><\/span><\/span><\/h3>\n
MOST POPULAR NEXUS ARTICLES THIS WEEK:<\/span><\/span><\/strong><\/span><\/span><\/span><\/h3>\n