Exactly one year ago I wrote on this blog about evicting a tenant and the process in North Carolina. It has happened again. My new tenant fell on hard times and cannot pay rent. Learning from the last eviction, I took immediate action and served the tenant with a demand payment letter with the required ten day notice. I actually visited the condo to confirm its condition. The tenant has kept the unit in excellent condition. I would like to keep it that way and obtain possession as soon as possible.
From the blog post of September 2012, the eviction process in North Carolina is relatively simple but does require several visits and some out-of-pocket expense. In this case, once the ten days has passed, I would have to visit the Fayetteville courthouse and file for a court date, return in a couple weeks for court and return to confirm the tenant has left. From whatever deposit money is left I would detail any damage, lost rent and court costs and either eat the loss or return what's left to the former tenant.
There is however another option that costs me a little more but saves two trips from Richmond to Fayetteville. Because the unit is currently in good shape and I'm on good terms with the tenant, I have offered an option of penalty-free early termination of the lease. If the tenant agrees to vacate the unit by a certain date and leave the unit in the same condition it was when the tenant first moved in (excellent condition verses normal wear and tear), I agree to waive the overdue rent and return the security deposit. The tenant has agreed to those terms.
For me, I lose a month's rent but get my place back in excellent condition, save at least two additional trips to Fayetteville - a vacation destination, by the way - and can re-rent it right away. Considering the housing market in Fayetteville has taken off, I may just list the condo for sale. Currently there is only one foreclosure in the complex and only one other unit for sale. As I take possession, I may interview a few realtors and get it listed in time for the fall selling season.
Anyone want to buy an investment condo? The price will be right!
From the blog post of September 2012, the eviction process in North Carolina is relatively simple but does require several visits and some out-of-pocket expense. In this case, once the ten days has passed, I would have to visit the Fayetteville courthouse and file for a court date, return in a couple weeks for court and return to confirm the tenant has left. From whatever deposit money is left I would detail any damage, lost rent and court costs and either eat the loss or return what's left to the former tenant.
There is however another option that costs me a little more but saves two trips from Richmond to Fayetteville. Because the unit is currently in good shape and I'm on good terms with the tenant, I have offered an option of penalty-free early termination of the lease. If the tenant agrees to vacate the unit by a certain date and leave the unit in the same condition it was when the tenant first moved in (excellent condition verses normal wear and tear), I agree to waive the overdue rent and return the security deposit. The tenant has agreed to those terms.
For me, I lose a month's rent but get my place back in excellent condition, save at least two additional trips to Fayetteville - a vacation destination, by the way - and can re-rent it right away. Considering the housing market in Fayetteville has taken off, I may just list the condo for sale. Currently there is only one foreclosure in the complex and only one other unit for sale. As I take possession, I may interview a few realtors and get it listed in time for the fall selling season.
Anyone want to buy an investment condo? The price will be right!