Steve Rozenberg of Empire Industries shares about the things that landlords do not know about managing rental properties. As we all know, a lot of people get into investing because they want to have the retirement, safety and security, and the cash flow that a rental property will give them. What a lot of investors don’t realize is that there are a lot of laws that govern owning and managing a property. Living in a house is not the same as having that property as a rental.
Here are the top 5 things:
Fair Housing Laws
Investors mostly get in trouble with not understanding that there are fair housing laws that protect the tenant, and there are certain rights that tenants have. So you want to make sure that you know what the protected classes are, and make sure you know what questions you can and cannot ask to prospective clients.
They do not realize that there are service animal laws that protect tenants that have them. There are things that you can and cannot ask when it comes to a service animal.
This is a big concern and a big challenge for owners because they do not run their properties correctly, they do not know the Texas Property Code, and they don’t know that there are things that make a house unsafe and uninhabitable.
Make sure that you know and follow the lease agreement, and make sure that you abide by it.
Make sure that you screen the tenants correctly and that you abide by them by disclosing what you will and will not accept and who you will and will not accept. Also, make sure that you are fair to every tenant that applies.
If you like to talk to us about managing a property, do not hesitate to give us a call.