Squatters and Rental Property

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Introduction: We are seeing online stories about strangers removing FOR SALE signs and occupying houses. This piece is another property-related problem, tenants refusing to leave after eviction or end of lease.

Cash flow. That’s why some people buy houses or condos to rent them out. Somebody like author Robert Kiyosaki, a big advocate of cash flow, will buy the whole apartment building.

Renting out your house or part of it, is still cash flowing in, but what happens when tenants stop the flow by refusing to pay rent or moving out at the end of the lease? No problem. It covers all possibilities and the tenant signed every page before moving in.

On paper yes. Reported cases in Ontario Canada show that some tenants dig in and refuse to move out. They don’t open the door for the landlord and police. Here is a sample of cases before the Landlord and Tenant Board in Ontario.

1. A family bought a small farm but tenants refuse to move out.

2. A woman with a small daughter bought a semi-detached house but tenants refuse to vacate the property.

3. A family rented out their home. Lease expired but tenants have boarded up the place. They refuse to move.

We know about the above cases because landlords went online and highlighted the financial implications of buying property, which they cannot enter.

It’s such cases that makes people reluctant to rent out their property. What remains though, is the fact that rental property brings money in, while owning your home is money going out to the bank, with interest.

By: Nonqaba waka Msimang.

 

 

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