Evictions suck—for everyone. They’re bad for the property owner, the tenant, and America as a whole. On the lowest end of the spectrum, evictions cost Americans over $14,000,000,000 (that’s BILLION) per year. With this massive sum spent on court fees, attorneys, moving trucks, and lost rent, how do we STOP evictions before they happen? What can landlords do to ensure they NEVER have to kick out another tenant for nonpayment? Today, we’re discussing the true cost of evictions and how to avoid them.
We’ve brought our own Market Intelligence Analyst, Austin Wolff, back to the show to share how much evictions cost for the landlord, how much they cost to the tenant, and how much they cost society. We’re breaking down which costs hurt real estate investors the most during the process and how long it may take you to get a non-paying tenant out of your house.
Once you’ve been seriously sticker-shocked by the price of an eviction, James brings us some actionable steps he uses daily to avoid evictions at his rentals. He recently had one of the worst evictions, costing him SIX FIGURES. He shares what to do so this DOESN’T happen at your investment property, plus the type of rental you can provide that attracts the highest-quality tenants.
Dave:
What is the most expensive eviction you’ve ever had to deal with
James:
Coming out of the pandemic? Actually I lost about $175,000.
Dave:
What?
Austin:
There’s an estimated 2.7 million evictions filed every single year.
Dave:
The question I get is, should I lower my standard for tenants? Hey everyone, it’s Dave. Welcome to today’s episode of On the Market. For this discussion, I am joined by my friend James Dainard. James, thanks for being here.
James:
Thanks for inviting me to this pleasant conversation. Dave. I mean, I’m excited to talk about evictions.
Dave:
Yeah, I mean, it’s not a pleasant conversation, but it is sort of just an unfortunate reality
Speaker 4:
For
Dave:
Real estate investors and it’s an…