As the price of property drops in most of the U.S. and homes are foreclosed on at record numbers, this is a prime time to invest in some real estate to rent out. After the market has recovered down the road, then you can likely sell the property for a profit. However, as you know, renting out property makes you a landlord. And, becoming a landlord requires some commitment and a good understanding of your landlord rights.
While there is no one single “landlord legal guide” for you to consult, the use of a good landlord attorney can be priceless if you will be renting out the investment property you own. Your landlord attorney can work with you to make sure that you clearly understand all of your landlord rights and responsibilities right from the start. They can help to advise you on finding good quality tenants, and they can help you when you have a tenant you have to evict as well.
Becoming a landlord is not for everyone. Many real estate investors want to purchase property and then turn around and sell it for a profit. However, when you become a landlord you own that property for a while and have the potential to make more money from it over time than if you quickly flipped it or sold it wholesale to another real estate investor.
If you think about all of the foreclosures happening today, where will all of those people go to live? The quick answer is that they will become renters and there will be literally millions of them in the market for a home to rent in the next few years. Because of the sheer number of potential future renters, becoming a landlord is looking to be a very attractive option for many people who invest in real estate.
As you might imagine, becoming a landlord can be wrought with calls in the middle of the night and complaining tenants. You can help insulate yourself from some of this by hiring a property management company to handle your rental properties.
You can also insulate yourself by offering some of your properties as least option to buy. When you do a lease option you can have your tenant be responsible for repairs and upkeep to the property which keeps you out of the traditional landlord role and one where you are more of a lender with a mortgage interest in the property.
No matter how you look at it, becoming a landlord today looks like it will be profitable for many years to come.
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Frequently Asked Questions
Can a landlord continue to charge eviction fees?
By: NeedSomeHelp | 08-09-2008
We were about to be evicted from out apartment for non payment of rent. We were able to come up with money and paid what the rental apartment said we owed; the amount was paid in full as well as September rent. Now, we got a notice on our door that said we owed another $200+ for EVI legal fees. This angers me because 10 days prior to this date, everything was paid in full and we were told we were good to go. Can the apartment do this? It almost feels like because they know they have us in a pinch, they are going to keep squeezing us. Any information would be greatly appreciated.
Leasing over leased
By: Paola | 07-09-2008
can i lease my house to new tenant when i still have the house leased to other tenant that abandoned it?
Can my landlord change the lease after it has already been signed due to thier mistake?
By: Lady | 07-09-2008
We signed our lease in July. Our landlord claims that the less waS wrong and that we have to sign the new one with a higher price. Can he do that?
Secuity deposit.
By: naomi | 06-09-2008
can my lanlord kick me out for not paying my secuiry depost. we moved in on july 14 2007 and we payed her first and last we also payed her a whole month rent when we only live in the house for two weeks. would that be consider secuirty. she also didnt not give me my lease untill the end of that month to sighn. needless to say she wants me to pay her the security deposit or she will kick us out. we have never been late with ower rent.
Can a londlord refuse rent in cash? they want a ...
By: rolando Pruneda | 06-09-2008
can a londlord refuse rent in cash? they want a check or money order. i don't understand why.
My apartment was broken into while i ws on ...
By: casey | 05-09-2008
my apartment was broken into while i ws on vacation. the person paid to feed my cats called and gave me the news. i called my landlord and told him i needed a new door put up but to use the old locks so my cat tender could get in. he chnged locks and when i called him and asked why, he said there were no cats in the apt. he said someone came to pick them up/ i said yhat they were just hiding. he did not answer his phone or return my calls the following day. After hours on phone with police, they finally got a locksmith to change the locks again. can i bring charges agaist my landlord for locking my pets in the house and not going back to chec on them after being told several times thatthey had no food?
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