Owning and managing rental property is just like driving a car: statistically, an accident is bound to happen at some point. It doesn’t matter how carefully you drive, the city you live in, time of day, etc., sometimes these situations are simply out of your control. It’s the same case for landlords.
No matter how strong your screening process is, how strong your lease documents are, or how experienced your property management company is, eventually you will run into an accident, aka “eviction.” There’s a reason for the saying, “You can’t call yourself a landlord until you’ve had your first eviction.” This is because it happens to the best of us, and is truly inevitable over time.
The difference is being prepared. We’re talking both financially AND emotionally. Just like we purchase car insurance to be ready for an accident, you need to have a plan in place when it comes to evicting a tenant from one of your properties.
So, are YOU prepared?