Calling All Rental Owners

In thinking about what to write this week, explaining what a 3 day notice is and how to use it came to my mind.  Most of my investors really struggle with serving a notice to their tenants.  Do not be afraid!  Once you have dealt with this notice, you will see how easy it is to use.

A 3 day notice is the legal notice you give to a tenant when they are late in paying their rent.  The notice is a pay or vacate notice and they are always mean sounding.  But it covers your tail as a landlord especially if you have to walk through the whole legal process.  Think of this notice as a reservation of your legal rights.  The 3 day notice is the start of the legal process.  You serve the notice after your lease’s grace period is over.  For our rentals, the grace period is up on the 5th of the month.  On the 5th, I fill out the notice, send copies to my servers for posting on the house and mail a copy of the notice.  The notice gets posted to the door or served to the tenant on the 6th.  Then I have to wait 3 days.  If the tenant has not called me or paid the charges, then I proceed with the legal process.

You are probably wondering do I always serve the notice?  My answer back is absolutely!  If one of my tenants has not paid the rent, you can guarantee I will be completing a notice for them.  Even if I talk with them and make an agreement, I always serve the notice.  Most of the time I try to forewarn the tenant about the notice and let them know if they abide by our agreement, then the notice will be satisfied.  Often, this is as far as the process goes.  Then we can all move on to next month.

As a landlord, this notice is the only way to protect yourself from a tenant who fails to pay the rent.  This is the first step on the legal process and the only way to start the process, too.  Like I tell all my investors, “Never be afraid to serve the notice when the rent is late, regardless of the reason behind it”

 

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