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Trials and tribulations: Real Misadventures in the World of Rental Ownership (and Nomad's Promise)

Published on: Mar 21, 2024

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Owning rental property can be an incredibly rewarding venture, offering not only financial gains but the chance to provide a comfortable and safe living space for others. However, like any investment, it comes with its share of risks. The unpredictable nature of tenant behavior, the potential for property damage, and the complexities of managing legal and financial responsibilities can leave property owners navigating a sea of uncertainty. 

Below we share real world situations our customers have faced – a homeland security raid, a religious leader growing and selling cannabis, trouble in paradise leading to extensive missed rent and damage – and how Nomad has helped them. 

A homeland security raid

An owner recently found out the tenant in their rental had been arrested by homeland security. Why? We nor the owner of the home know to this day. It happened and had to be addressed. 

Put yourself in this rental owner’s shoes and imagine what you would think and do. In this case, they wanted to know how could this if the tenant’s were thoroughly screened and what do we do next?

How could this happen? Nomad offers more comprehensive screening that most DIY owners or property managers do. After Nomad learned of this situation, we reviewed the screening report for this tenant. There were no red flags on their criminal and background check - just a single speeding ticket. The tenant had great credit, and steady income from a reliable job. Past landlord references gave no indication of risk. This could not be prevented in the screening step. 

What do we do next? This owner is fortunate because they will not experience a gap in rental income with Nomad’s guaranteed rent. If they had gone the DIY or property management route they would be missing their rent check until they re-lease the property. 

Nomad is supporting this owner so the property can be re-leased. The owner is marketing their property with Nomad’s powerful software and will have a new, vetted tenant in no time.

A clergyman growing cannabis

A religious leader with a clean criminal and background check was raided for illegally growing and selling cannabis from the rental home he lived in. The raid caused extensive property damage and the tenant stopped paying rent while in jail. This is another case where, despite diligent screening, the owner of the property faced serious financial risks that are impossible to prevent. 

Nomad’s guaranteed rent and property protection helped this owner avoid serious financial loss. Without Nomad, this owner would have had [X] months of unpaid rent, and $50,000 in property damage to pay out of pocket. 

Trouble in paradise – a breakup, unreported flooding, and an eviction 

A couple began renting a home in the Nomad network and they seemed like ideal tenants in every way. However, after the couple broke up one of the individuals moved out and stopped paying rent leaving the remaining individual unable to pay rent. To add to the pain, the remaining tenant never reported leaking water in the basement of this home which led to serious damage. After creating a payment plan for the remaining tenant was unsuccessful, an eviction was unfortunately required. 

The owner of this home was paid rent every single month during this process and the property damage was covered by Nomad’s property protection plan.

Can you imagine this happening to you? What would you do?

These Events Are Very Rare But You Need Protection

Nomad has worked with thousands of rental property owners and issues this dramatic and big are extremely rare. Here's the point – the likelihood of major issues when you screen tenants like a professional are very rare but the costs when those things happen can be debilitating. You need protection.

Facing such scenarios without a safety net can be daunting. The financial repercussions, the potential damage to your property, and the legal entanglements can be overwhelming. As a rental owner, the responsibility to deal with these unexpected challenges falls squarely on your shoulders, often leaving you to navigate the aftermath alone.

Even if you work with a typical local property manager, you still face all the financial risk.

Nomad: Your Partner in Navigating the Unpredictable

Nomad offers a revolutionary solution to these challenges, providing rental owners with unprecedented peace of mind. Our comprehensive service not only guarantees rent, ensuring steady income regardless of tenant occupancy or payment issues, but also offers up to $500,000 in property protection. This level of coverage and assurance is unmatched in the rental industry and is designed to shield you from the unforeseen, letting you focus on the rewards of rental ownership, not the risks.

Guaranteed Rent: Stability in an Unstable World

The cornerstone of Nomad's offering is our guaranteed rent program. Regardless of whether your property is temporarily unoccupied or a tenant fails to pay, you'll receive your rent. This guarantee means financial stability, allowing you to plan for the future with confidence, knowing that your investment is generating a consistent return.

$500,000 Property Protection: A Safety Net for the Unexpected

Our property protection plan covers up to $500,000 in damages, providing an unparalleled level of security. Whether it's damage from a Homeland Security raid or the consequences of illegal activities by a tenant, Nomad's coverage ensures that you're not left out of pocket for extensive costs. This comprehensive protection plan is designed to handle the unexpected, offering a robust safety net that stands between you and potential financial loss.

The Nomad Difference: Reducing Risk, Maximizing Rewards

At Nomad, we understand the complexities and challenges of rental property ownership. Our mission is to minimize these risks, offering services that not only protect your financial interests but also provide a buffer against the unpredictable nature of renting out property. By partnering with us, you're not just securing a financial safeguard; you're embracing peace of mind, knowing that your investment is protected against a wide array of unforeseen events.

Join the Nomad Community

We invite rental property owners to discover the Nomad difference: a world where guaranteed rent and comprehensive property protection are not just promises, but realities. By signing up with Nomad, you're choosing a partner dedicated to safeguarding your investment and ensuring that the rewards of rental property ownership far outweigh the risks.

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