Commercial Property Eviction! How Does it Look After the Tenant Left? Rental #33

Commercial Property Eviction! How Does it Look After the Tenant Left? Rental #33
Flipping



I rented this property to a real estate broker a few months ago. I may have been lax in my tenant screening and it came back to bight me! The tenant paid a prorated first months rent and the deposit and nothing else!

For three months he had excuses for why he did not pay and I was too busy to do much about it. I finally got tough on him and even more excuses came forth but no money. We started the eviction and he kept making promises but I told him his words meant nothing, his actions were what mattered.

We stopped by the place this week to see if he was still there and after peaking in the windows it looked like it was vacant. I tried the door and it was unlocked. The property was vacant and I asked the tenant if he had left and he said he left when the eviciton notice was posted. He failed to tell us this or give us keys but at least we do not have to do a full eviction.

The question now is whether we go after the full amount of money he owes us in the form of a judgment or let it go. I tend to be on the get the judgement side. He did not do a ton of damage but I think he smoked in the unit and we will have to spend time cleaning and maybe even painting.

What do you think of the situation?

Here is the full video of the property when I bought it. https://www.youtube.com/watch?v=oNYmI0ixJcg&t=10s

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18 Comments

  1. Whether or not I felt vindictive, it would be the principle of the thing to me. If someone doesn't pay rent, and there was no extenuating circumstance, I'd evict and pursue damages, if applicable. I can be compassionate if it's residential and there is a valid reason, but for a commercial space? Not so much.

  2. Can you do a video on how much liquid cash reserve you should have for your rentals? Some ppl say have at least 2 months reserve. Really wanna pick your brain on this! What steps do you take to cover yourself in bad situations?!

  3. Sometimes pursuing a judgment is more hassle than it's worth. The only time we considered it was when we rented to a celebrity, and it turned out that the IRS was already after him for $500k in back taxes, which I doubt he has ever paid. The first four years were cool though, his accountant would cut us a check for a whole year's worth of rent each January.

  4. It is said that you should pick your battles. You're not vindictive, you just pick your battles. This is one battle that I think you should pick. This guy needs to be taught a lesson.

  5. Mark, you said he lived there 3 months? But don't you have his first month rent and security deposit from before he moved in? So really you’d only get 1 month rent from a lawsuit?

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