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Thanks, everyone, for all of the advice. It seems clear now that I definitely need to hire a property managment company and to raise the rent accordingly.
Hire a local property manager to handle the eviction process and to subsequently market your rental at the going rate. Your current renter is taking advantage of you...big time!
You state that you are renting well below market price. If that's the case get with a property management company that'll charge somewhere between a $70-100 fee per month to manage the property. You'll likely break even, or even do better, versus what you're pulling in now.
The management company should handle all the hassles, that's what they're paid to do.
I hired a property management company, and the tenant has moved out. However, he did not pay the last month's rent and caused some damage to the property. Some LED lightbulbs, a light fixture, and the TV rack are missing (stolen).
The property manger took pictures and a video. He is currently working on getting an estimate for the damages.
What should I do now? Should I file a police report for the damages and missing (stolen) items?
So here the update:
I hired a property management company, and the tenant has moved out.
Good. That's 90% of the goal. But getting any rent money or damages paid... will rarely happen.
Most small-time and self managing LL's will stop at this point.
The smarter ones will adjust their policies to avoid the same poor management errors being repeated.
Quote:
However, he did not pay the last month's rent and caused some damage to the property.
What should I do now? Should I file a police report for the damages and missing (stolen) items?
Any competent property manager should be able to lay out the options available in your County.
Do you want to ADD TO what you're out of pocket by paying an attorney to represent you in Court?
If so... it shouldn't be hard to get a Judgment against him...but that still won't get you the cash.
According to the property manager,
the next steps include coming up with an estimate of the damages and referring it to an agency.
That means a credit reporting agency? Is the PM a member?
Cutting to the chase... BFD. It still won't get you any cash.
The flip side of going further (incl to Court) is that opens you up to a LOT of risk
that a Judge might just see the whole long distance mismanagement soap opera in the tenants favor.
I hired a property management company, and the tenant has moved out. However, he did not pay the last month's rent and caused some damage to the property. Some LED lightbulbs, a light fixture, and the TV rack are missing (stolen).
The property manger took pictures and a video. He is currently working on getting an estimate for the damages.
What should I do now? Should I file a police report for the damages and missing (stolen) items?
Before we all waste our time, did the tenant have a security deposit? Also, what did the PMC tell you about Florida's landlord and tenant regulations regarding rent payment as damages and the burden of proof regarding those missing items?
According to the property manager, the next steps include coming up with an estimate of the damages and referring it to an agency.
Just use the security deposit to cover the lost rent and damages, eat the balance, and move on to the next tenant (or sell it while prices are up).
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