Steve Rozenberg talks about the top reason why you can be sued as a landlord and why good preparation prior to purchasing properties is always a good thing to have before falling in love with properties and deals.
Steve thinks that the core reason why a landlord can get sued is because he doesn’t treat his rental properties as a business. Some rent out their properties as a hobby or as a simple additional source of income.
Renting out your property and treating your rental property as a business means that there must be a carefully thought-of business plan, clear policies, and closely followed procedures. Most landlords focus on the acquisition of the rental property and their returns, but buying a property just means purchasing four walls and a roof.
It is the business model running inside of that rental property that will make or break your business.
As a landlord, you have to create a solid plan when starting out in the real estate business. Aside from acquiring properties, you need to know all the basics of renting out a property, the laws and procedures, and how the different factors in play can affect your business in the future.
Empire Industries would like to help you create and manage your goals and plans. Talk to us today! Learn more about our Houston property management services or give us a call today.