a motion, which gave her additional time to reside in the apartment. The third court date was Feb. 8. This time the tenant was ordered to vacate the property in 10 days. When the deadline arrived, she was still in the apartment. Davis then exercised his final option—to have the marshal remove the tenant and her belongings from the property. By the time the marshal arrived on March 2, the tenant had left.
HOW TO PROTECT YOURSELF
It’s important for people who buy real estate as investment properties to understand the financial risks associated with owning rental property. Leibowitz says evicting a tenant can easily wipe out your profit margin for the year. In hindsight, Davis doesn’t think there was much he could have done to prevent what happened. He ran extensive background and credit checks on the tenants and verified employment. Everything appeared fine at the time.
In an effort to better manage risk in the future, Davis has doubled the security deposit required for his rental unit, and he will be more vigilant in heading off developing problems. He also advises other property owners to find an experienced lawyer who handles evictions before renting out. This way, if a problem arises, they’ll be prepared to act immediately.