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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
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