So, you’re a tenant at this wonderful place, then all of a sudden, you get a new landlord. You’re confused because you loved the previous one and now the new one is implementing all these rules. You’re worried that you might get evicted, but did you know that new landlords can’t just evict pre-existing tenants?
That’s right. According to an article on What Mortgage, there are certain laws that protect a tenant from being kicked out of a property by a new landlord. You might say that it only applies to the UK, but if you read the article carefully, it can actually be applied to US properties as well, as the laws between the two countries are quite similar.
If you’re a tenant who suddenly has a new landlord, always know that they’re not legally allowed to kick you out of the place if you still have some time left on your lease. Sure, they’re allowed to increase the rent, but they have to give you a notice beforehand. Also, they’re not allowed to enter your premises without informing you 24 hours prior. Knowing your rights as a tenant might be a bit confusing, but it helps you find out if a landlord is being shady or not.
Yes, you can be a landlord even if you don’t own a property. How is this possible? Real estate investment trusts (REITs) is the answer!
The Motley Fool provides a good explanation about investing in REITs and collecting income as a “landlord” without having to deal with the painful stuff (aka mortgages, tenants, etc.) It sounds amazing and too good to be true, but it’s something that more and more people are investing in.
It’s true that it’s quite difficult to own a property, especially with how finicky the economy is. You can wait for years for the value of your property to increase before you sell or you can choose to invest in REITs now and collect passive income. It’s pretty much letting your money work for you and it may be a better option than risking your money in the stock market.
Depending on your area, REITs have the potential to provide a high income for you because there are some places where the tax for it is low, or sometimes even tax-free. This could be a better option for you if you’re interested in having a property in your portfolio but don’t have the energy nor the patience to deal with tenants, repairs, and mortgages constantly.
This isn’t a perfect world, so a landlord who is lovely and won’t make your head hurt doesn’t exist. If you’re really unlucky, though, you might end up with the landlord described in a letter sent to LA West Media’s Inside Real Estate. The landlord had the audacity to send an email to his tenants (who are all still in college) full of comments about how “stupid” college-aged kids are. Of course, the mother of one of those tenants got upset and asked for advice regarding the rights of her daughter against the landlord.
There’s some pretty good advice in the answer from the article. California is pretty tough when it comes fair housing laws, and what the landlord did might qualify as something that’s discriminatory, considering that he’s male and his tenants are all females.
As for Azita, the mother of one of the tenants, it might really be best if she asked her daughter and her daughter’s roommates to vacate the property before filing any legal actions. The dude seems a little off center, so having physical space may be best.
The desire of money is the root of all evil, so expect it to mess up a good tenant-landlord relationship. Rudeness will surface, and harsh words shall be exchanged. But thankfully, there’s always a workaround to these things and it can be prevented.
US News & World Report recently produced a very detailed article about handling disputes when it comes to billing. If you’re a tenant, read up, because you’ll get plenty of tips on how to stop yourself from blowing your top.
Your landlord may have been very lovely to you before you handed over the deposit, but remember that they could be a wolf in sheep’s clothing. If you burst out without thinking, it may backfire on you. Also, going to court may be effective but it could take a lot of time and money from your end before you get the results that you may not want. It is much better to communicate first before bringing the big guns out.
It doesn’t matter if you win or lose the dispute; either way, you’d be walking out of your landlord’s property with experience in your arsenal.
Have you ever had any experience with billing disputes with your landlord? How did you handle it and how did they react? Share your experience in the comments!
When presenting decisions that a landlord should take when asking themselves “Should You Turn Your Residence Into a Rental?“, Susan Johnston Taylor wrote about MoveIn.Space in U.S. News & World Report.
. . . MoveIn.Space . . . is designed to help landlords and tenants document each property’s condition. While renting units to young professionals, . . . “you definitely get people who are very delicate with the property, but sometimes they can be a little more boisterous,” . . . “It was like that when I moved in’ seems to be the biggest line,”
People with criminal records (ex-cons) become automatically treated as social pariahs once they get out of jail regardless of their offense. Landlords could be extra meticulous with this, or they could be particularly lenient.
The LA Times had an interesting editorial pertaining to helping former inmates secure housing without compromising the safety of landlords and their fellow tenants.
It’s quite a tricky subject, considering that a simple rejection made by a landlord could become grounds for a lawsuit. Yes, ex-convicts have the right to be treated the same as every other citizen, but landlords have a duty to fulfill. They have to protect their property and protect their tenants.
So, is it fair to look into a person’s criminal history before letting them sign the lease? Eh, 50/50. It’s definitely concerning if their offense, for example, is arson. Or maybe they’re a registered sex offender and you’re a landlord who has families as tenants. So, yes. It could be a factor. However, if their offense isn’t as serious as you’d expect, then maybe giving them a chance won’t be too bad.
Again, as a landlord, it’s still your call. If you were faced with the decision, what would you do? Share it with us in the comments below!
Rent is constantly rising, no matter where you go and your landlord’s the only one winning. It’s the right time to rethink your strategy and ask yourself if being a landlord would be more suitable than being a tenant. CNBC made some good points in their article about rising rents and how landlords are making some cold, hard cash from their tenants.
What’s not to like about being a landlord? If you’re a tenant (a renter), you must already know that a good percentage of your paycheck turns into rent money. Imagine being the receiver of a handful of people’s rent money every month. Pretty good, right?
Bills and expenses are starting to be worth so much more than the paycheck of every working-class citizen out there. Millenials aren’t as fearless as their parents and grandparents when it comes to purchasing property, so they’re the ones that are most likely to rent. There’s a surplus of millennials out there– they never seem to run out. Maybe investing and owning some property might be well suited if you’re the type of person that would rather receive rent money than give it.
Then again, if you’re 100% convinced that you should be a landlord instead of a tenant, never ever underestimate the expenses attached to owning a property. There’s always a catch with things that are just too good!
Well, do you? St. Louis Today has an interesting article up on their website that gives advice to people who want to invest in some property and become a landlord. The piece provides amazing financial advice for those who are keen on making some cash flow on the side. Then again, it also gave a fair warning for those who only think about the gains that they can get, and not the losses that they’d be sure to acquire such as operation expenses and taxes.
See, if you have the disposable money to just get a place and be a landlord, you have to weigh your options. Ask yourself, do you want a windfall profit? Or would you rather have small amounts trickling in every month instead?
If you chose the first one, then you have to spend money to earn money. Flipping houses only works well if the area’s property values are increasing. You better be ready to face unexpected expenses before you can sell it for a profit.
On the other hand, being a landlord may be more suitable for your tastes. But tread carefully! The money doesn’t depend on you alone, but also with the tenants that will rent a unit on your property.
So, what do you prefer? Flipper or landlord?
You either love or hate your landlord, but you should really take the time and give some thought into making sure that they at least like you. Realtor did an article collaboration with Fox News in order to provide tenants some quick tips in how to be sneaky in making sure that your landlord falls in love with you— no, not the romantic kind of love, but something much better.
As mentioned in the article, what you’re basically doing is “sucking up” to your landlord, but hey, we’ll just call it as building an amazing rapport with the person that takes a good chunk out of your paychecks in exchange for a roof over your head. Why do you have to exert effort, though?
Because a happy landlord = happy tenant. Similar to the “happy life, happy wife” philosophy, but less stressful. You just have to do the things that you’re expected to do — you know, the things that people don’t really do anymore because there’s some sort of social stigma against nice people nowadays.
Spring has finally arrived and aside from the usual case of hay fever, you have to start prepping your rental property to either keep your tenants, or attract new ones. HomeAdvisor and LeafFilter banded together to create a very helpful infographic to serve as a cheat sheet for the things that you should do for your property this season.
Winter isn’t a wonderland for a landlord, because you already know that you’re practically screwed. You got so used to the coziness of the inside, that you’re horrified once you see the outside. There are things that you have to do, obviously, but they’re so easy to overlook! You have to check the roof, check your plants, check your lawnmower, etc. Everything has to be checked, so, there’s that infographic to help make things easier for you.