If you got a free space in the house and you’re planning to use it to get extra cash, you might want to get into the business of leasing. Setting up spaces for rent is not the easiest. Getting tenants means you’re going to have strangers living next to you. So we suggest before you jump into this venture, know first what kind of tenants you should never have opened your gates for.
You’re in this business primarily because you need the money. So the last thing you need is a tenant who doesn’t pay on time. You’ve got bills to pay and they all have a due date. Don’t hesitate to evict tenants who tend to pay late.
Avoid tenants who tend to be noisy, or too loud. Apartments are separated only by thin walls so if you have a tenant that rocks the whole building, the other tenants are going to complain for sure. And since you can afford to lose one noisy tenant than all the rest, evict the noisy tenant.
Probably just as annoying as the loud tenant is the kind which will bring all kinds of pests in your building. Slobs can attract all sorts of creatures into your spaces. It’s costly to hire an exterminator, and also to do repairs in the house damaged by pest colonies. Among the primary policies in your apartment should be cleanliness and waste management.
On top of these, evict a tenant who damages the structure. Your apartment is your investment, and if the contract says they shouldn’t break walls or dig holes then they shouldn’t be doing some major renovations to suit their taste. Being temporary residents do not give them the right to make permanent damage to your source of additional income.