1. Do important updates and enhancements to the property to improve desirability of property.
2. Set very strict rules in tenant screening and select tenants very carefully, even if that means the property is vacant for months.
3. Make a rock solid lease that allows the tenant one late payment. Immediately upon the second late payment the lease gets terminated for cause, thus making them a holdover tenant. Post a 3 day notice to quit with no opportunity to pay and stay. If we have to go to court, the tenant cannot “Pay to Stay”, since the first question is whether the tenant is a holdover. Since they are a holdover, they cannot pay the outstanding rent and stay. Tenants that have been terminated for cause are subject to liquidated damages fee of 2x the rent, plus attorneys fees and court fees if we have to go to court.
I am in California and have properties in Ohio. It is good to meet you all. I wanted to know what you felt are the most critical things you needed to do. Here is my list:
1. A good lawyer
2. A good local manager or maintenance guy who can offer a la carte services, such as posting a 3 day notice and appearing in court for you
