Hi,
Our tenant has advised us via our agent frankly that he has "no money" to pay rent. He is in the 2nd of a 3 year lease with a 3 year option to renew.
Honestly, it looks like his business is about to go belly up and likelihood to recover this is rent is near zero. Any advice on how to assess this situation?
The last thing I'd like to do is lose rent, but if it means getting a new and hopefully better tenant, then I'm willing to bite the bullet so to speak.
What I fear is that he will refuse to move out and I can't recover my money.....last thing I want is another headache with a non paying tenant.
Thanks.
Our tenant has advised us via our agent frankly that he has "no money" to pay rent. He is in the 2nd of a 3 year lease with a 3 year option to renew.
Honestly, it looks like his business is about to go belly up and likelihood to recover this is rent is near zero. Any advice on how to assess this situation?
The last thing I'd like to do is lose rent, but if it means getting a new and hopefully better tenant, then I'm willing to bite the bullet so to speak.
What I fear is that he will refuse to move out and I can't recover my money.....last thing I want is another headache with a non paying tenant.
Thanks.