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7 Things to Expect in States that Favor Tenants
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Before the typical new investor pulls the trigger on buying their first rental property, they’ll do mountains of research on cap rates, cash-on-cash returns, and market economics. Those are all good things, but an equally important factor tends to get swept under the rug: landlord/tenant legislation.
When choosing where to invest, knowing the legal landscape can make a big difference.
It would take an eternity to delve into each state’s specific laws, so instead Tom and Jared cover the generals. That way, you can be aware of certain trouble areas when you enter tenant-friendly states.
“We don't have to fear laws if we're fair to our tenants.” –Tom Obenchain
In This Episode of ROI Wealth Watch:
In states that favor tenants:
- Landlord access notices can be troublesome
- Tenants can withhold rent if essential services aren't provided
- Tenants can make repairs and withhold the cost from the rent
- Rent increase notices must be given early than necessary
- Extensive remedy periods are required before evictions
- Security deposit amounts and return periods are limited
- Termination notices for leases can vary
Resources Mentioned in This Episode:
Wealth Watch Words of Wisdom:
- Look at more than just the numbers when choosing a state to invest in. Look at legislation, too.
- Avoid Hatfield-McCoy style conflicts with your tenants.
- However, don't be scared to defend your rights as a landlord when you need to.
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Help Others Buy Real Estate in the Right Markets at the Right Times!
Thanks for tuning into today’s episode of the ROI Wealth Watch podcast with Jared Garfield - your resource for learning to buy real estate in the right markets at the right times. If you enjoyed this episode, head over to iTunes to leave us a rating and review. Subscribe to the show so you never miss an episode, and visit our website to grab your free gifts!
And, if you’re looking for the best turnkey rental properties to invest and renovate to maximize your real estate portfolio, visit the Rich Life Real Estate website to view turnkey rental opportunities or speak with an investment advisor for more information.
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