Nobody Loves A Landlord
The typical landlord starts off life as a light
hearted real estate investor. The investor is
brimming with enthusiasm and is determined to
acquire some single family homes that will be
attractive to renters... and start down the road
to financial independence.
Then... Wham! Reality smacks them right in
the face! The investor-landlord is fair game for
almost everyone.
Why? Because nobody loves a landlord.
It's bad enough that many renters don't quite understand
that without their monthly rent payments the landlord
can't make the mortgage payments on the property.
A few renters are surprised to learn that the family room of a
rental home was just not designed as the place to rebuild
motorcycles.
Nobody loves a landlord.
And then... how many legal hoops must the landlord jump
through? In most states tenant/landlord law favors
the tenant in many ways
For example:
A tenant signs a one year lease. Six months later the
tenant breaks the lease and moves. Now the law demands
that the landlord find a new tenant for that unit as
quickly as possible.
Yes, the tenant only has to pay rent until the new tenant
is found... but the burden falls on the landlord. Why shouldn't
the tenant... the one who broke a contractual promise have to
find the replacement tenant?
Why? Because nobody loves a landlord!
Here's the first paragraph of a story in my morning newspaper
"A huge marijuana garden of 212 plants nurtured by an intricate
irrigation and lighting system worth ten of thousands of dollars was
uncovered inside a West Valley rental house Saturday."
The house was vacant except for the cash crop and I can't
help but wonder if the growers were getting government
farm subsidy payments?
The home has an out-of-state owner. Some poor investor who
thought he would cash in on the fast-rising Arizona home values.
Here's the kicker. That investor could be held responsible, because
he did not properly supervise the use of the property! Many areas
have such laws.
Why? Because nobody loves a landlord!
This should be a reminder to all of us that a rental house or
unit is not a set-it-and-forget-it investment. Every good lease
or rental agreement has an inspection clause that allows the
landlord or his representative to periodically enter and take
a look at the condition of the premises.
Are you doing that? You should be, because...
Nobody loves a landlord!
About the Author: Mark Walters is a third generation real estate investor who shares his experience from his Web sites:
http://www.lease-option-sub2.com
http://www.CashFlowInstitute.com
MORE RESOURCES:
 |
|
|
RELATED ARTICLES
Investor Banned From Offering Property For Rent
Do you realize that you might be prevented from renting your investment home? Prohibiting property owners from leasing their properties is a trend that is growing increasingly popular with some developers and many Homeowners' Associations (HOA).It's rare that you can buy a new home in a development that does have a HOA.
Do You Have the Correct Home Buyer Mindset to be Buying a Home?
By learning what you need to know and preparing how to purchase a home ahead of time, you will be less likely to become so enamored with a particular property that you fall into the traps and the pitfalls that are so often the result of IDM, or Irrational Decision Making.Do not allow your emotions to come before sound and rational reasoning when making the decision to purchase a home.
Empty Nesters Flock To Inner City
Babyboomers whose children have left home, commonly known as "empty-nesters" are buying inner city apartments in record numbers.Director of Acton Special Projects, Marc Drexel says the trend is towards quality rather than mass developments.
Housing Bubbles and You
Are we in a housing bubble? To answer that question first we need to understand what a housing bubble actually is. A housing bubble is what happens when the there is a significant rise in the market that is mostly due to the expectation that the prices will continue to rise.
Home Selling: How To Set The Right Asking Price
Many homes remain unsold for a long time because they're over-priced. Pricing your home right is essential if you want to sell your home in quick time.
Eleven Questions to Ask in an Agent Interview
Questions Sellers Should Ask in Agent Interviews:1. Is your license in good standing?You can check an agent's certification yourself with your state's department of real estate.
Should You Buy a House or a Condo?
A big debate these days is whether or not to buy a house, or buy a condo. Most of this debate comes from a lack of understanding about condos, and what they are.
Encouraging Debt
Most of us don't talk about money, finances, credit, debt..
Real Estate Investing Contracts on Toilet Paper
Even if your real estate contract has been written on toilet paper, it's valid.Content of your real estate investing contract is what's important.
Do I Have To Buy Real Estate Through An Agent?
Sometimes when we are very busy professionals and very rich it might be convenient to let an agent do the groundwork for us. Letting them make appointments, drive to the property, roam through house after house sizing them up until they find a few great homes that might be just perfect for us.
Questions Investors Should Ask When Buying and Selling Investment Property
If you're a real estate investor, here are several questions to consider when looking at investment properties. Providing sound answers to these questions will greatly increase your profits:Why do homeowners sell for bargain prices?There are many factors that can prevent owners from being able to maintain their homes.
How Professional Property Investors Interpret and Use Capital Growth Statistics
Understanding and using yearly price growth statistics in an area of interest is critical to making successful property investments decisions.Property price growth is usually expressed in terms of a percentage i.
Tidy Up The Outside, Reap The Rewards
There isn't a realtor in existence who wouldn't tell you that one of the most important terms that you can learn when you're trying to sell your house, is "curb appeal."So while you're sprucing up your home, it's wise to start outside, and work your way in.
Where Does Your Real Estate Commission Fee Go - Why is The Commission so HIGH?
Many who have bought and sold properties through Realtors numerous times; even many real estate agents themselves, don't know where the commission money goes. After all, when a property sells for hundreds of thousands of dollars and the commission is tens of thousands of dollars, it seems like there is a terrific amount of money charged as commission -- and there is.
Boston Real Estate - Choosing the Right Boston Real Estate Agent
As a successful Boston real estate agent, it always puzzled me how and why some people choose particular Boston real estate agents to sell their homes. For most of us, a real estate purchase is the single largest investment we will ever make in our lives.
Good Faith Deposit - Real Estate Transactions
In a real estate transaction, a touchy issue is how much trust the seller has in a buyer. The existence of a good faith deposit helps put a seller at rest.
Where is the Sophisticated Property Investor Putting his Money?
The Traditional FavouritesOver the last five to ten years, UK investors buying property abroad have
generally stuck to the traditional favourites Spain, France and Italy. With
prices a fraction of those in the UK and a guarantee of more sunshine, these
markets offered plenty of scope for capital appreciation, rental return and
holiday home use.
Strata Title Hotel Investments
Want to know why Strata Title Hotel Investments can be a "Hell Hole" for the unwary?Hello, Colm here ..
Stopping Home Foreclosure with Bankruptcy
Bankruptcy Will Stop Your Sale - At Least For Now
For $395, you can stop your sale- at least that is what the ads say. You are about to find out how bankruptcy can be good or very damaging.
Subdividing - But NOT Land!
Many people are familiar with the concept of sub-dividing a large piece of property into smaller lots. The same concept can be very profitable in other areas.
|