| |
| |
|
|
Real Estate |
|
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
MORE RESOURCES:
Real-Estate - Google News |
|
|
|
RELATED ARTICLES
Selling Houses: The Basics of Design Psychology I'm often asked about the basics of Design Psychology, which offers innovative interior and exterior design ideas for increasing profit and shortening market time. In reply, I begin by saying that Design Psychology's strategies go well beyond normal cleaning, painting, and repair. Buying A Home - What Is That Noise!?! You've found the perfect home, closed escrow and just finished moving in. As you happily fall asleep, all seems well in the world. Buying a Vacation Home You'd like to buy a vacation home, but you're not sure where to begin. Perhaps the single most important point to determine up front is why you are buying a vacation home. Creative Real Estate Investing With a job that paid $3.40 an hour, I saved $5,000. Real Estate Investment - One Simple Formula I saw the ads in our small-town newspaper for years before I realized exactly what was going on. They were always the same: A house for sale with 5% down and payments of 1% of the purchase price. Do Open Houses Work? What are the odds that you'll find your dream at a Sunday open house? What is the likelihood that your home will sell at an open house? Open houses are an integral part of the home sale business. But, do they work?There are two types of open houses. Appraisal or Home Inspection? People sometimes confuse a home inspection and an appraisal when they are in the process of buying a home.Most mortgage applications involve an appraisal, which can be a physical inspection of the property plus a written analysis of similar homes that have recently sold in the area. How to Prequalify a Buyer When You Sell Your Home By Owner One questions many "for sale by owner" sellers ask is "how can I determine if a potential buyer can afford to buy my house?" In the real estate industry this is referred to as "pre-qualifying" a buyer. You might think this is a complex process but in reality it is actually quite simple and only involves a little math. So, You Wanna Buy Pre-Foreclosures? So you wanna buy pre-foreclosures? or at the courthouse steps? So many people ask us about this. Here's our '30 second seminar' on it. Why Are Mortgage Notes Discounted Anyway? When real estate note brokers purchase partially paid notes, they pay the note holder a discounted price after factoring in the time value of money, the payer history, and property condition.If there is still a significant period of time left for the payer to make payments, the future payments are not worth the same amount in current dollars. Buying and Selling Real Estate in Florida Florida is known as the "Sun Shine" state, and the reason is clear. People move to Florida for many reasons, but most that move there stay there. A Singles Game of Real Estate This discussion leans toward answering questions asked most often by our youthful men and women in there early twenties. They often begin to ask themselves the question, "Should I consider buying a home, condo/town-home or some other type of real estate that I can call my own?" Due to the fact that housing has up to this point always been provided for or lived in on a rented basis we tend to find that our newest contributing members of society find themselves at a loss for the most beneficial and advantageous way to enter this next phase of self-sufficiency. An Ideal Way to Purchase Your New Home without Strict Banking Regulations You've searched high and low around town looking for that special home for you and your family. Everyone agrees that "this is the one"! Your down payment for the home is large enough, but you know your credit is terrible, or worse, practically non-existent. Trading Inspectors! As sure as the spring flows at the Fountain of Youth, a home inspection provides a stream of knowledge to wash away the fears of homebuyers. But fear may be replaced by frustration if the wrong inspector is chosen!Should Tradesmen be Home Inspectors? There are some who say that the best home inspection is an inspection where all the trades are represented by a tradesperson from each specialty. Home Equity - Don't Spend It on Risky Investments The housing market has exploded in the last five years, and homeowners are finding that the equity in their homes is greater than it has ever been. The equity in a home is the difference between the market value of the home and the amount still owed on it. 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. 3 Mistakes to Absolutely Avoid in a 1031/TIC Exchange We've all made bad decisions in the past. Don't you just hate to hear "I told you so" from your friends and family? Or, maybe you catch yourself saying "If only I'd have. Real Estate Investing - The First House Purchase Real estate investing usually begins with the purchase of a house, rather than raw land or commercial property. The purchase of a relatively inexpensive house for rental or fix-up purpose is usually lower risk than any other type of real estate investment. Selling Your Home: The Power of a Great Sales Flyer Even though its importance is often overlooked, a great sales flyer is one of the most effective tools for selling your house. Whether your home is listed with an agent or not, make sure that you have a dazzling flyer. Buying Land For Development Requires Careful Planning and Execution From the desk of Colm Dillon ..
|
||||||||||||||||||
