Protecting Your Asset

When you think about protecting the investment you have in your real estate holdings you usually think about protecting the physical asset. Lamar Hunt Jr and James Arkell would like to pass along some helpful advice to protect your investment in case of tenant issues. There are a lot of issues facing our country right now and more and more people are experiencing financial issues as well as unexpected job loss. What do you do when a tenant falls on hard times and can no longer fulfill their financial obligations? You protect your asset is what you do. Sometimes the unconventional answer makes the most sense and can save your property and your pocket book. Communication is key in these situations and it’s imperative that you get that point across to tenants. I always tell them I can’t help them if I can’t get ahold of them. Lamar and I do our best to work something out with the tenant because eviction is very expensive. It’s also important to have a standard operating procedure in place (designed by a local attorney) in case it does come to the point of having to legally evict someone to take back the property. I do everything I can to avoid the expense and time of an eviction but sometimes it’s your only option. If that becomes the case, I strongly recommend hiring an attorney or other professional. It’s hard to not become emotional in situations like this (typically anger) and the lawyer can ensure that you won’t make any costly mistakes during the process.