Tenant Thursday - Maryland Real Estate Investing Advice. A Weekly Series on handling Tenant issues when investing in Real Estate in Maryland.
It doesn't happen, often, but it does happen. You have a disagreement with a tenant over refunding a security deposit, or backing out of a lease, or other financial matters, and the tenant says It - "I'm calling my attorney!"
A novice investor could be concerned about such a threat. I've had my share of such confrontations in my experience as a Real Estate Investor, and I can tell you that in my opinion, 9 out of 10 times the tenant is not going to call an attorney.
And what about in the rare instance where a tenant does call an attorney? What is the first thing the attorney is going to ask for? The presiding document. In this case, it is going to be your lease.
What you and the tenant have agreed to in writing takes precedence over any other ‘agreement' the tenant may claim you have made with them. Know the terms in your lease. Know them before a confrontation arises. Stick to the conditions you've outlined in your lease, and make any amendments in writing.
If you'd like more information on investing in Real Estate in Maryland, feel free to contact me.
Photo credit: http://www.flickr.com/photos/umjanedoan/497345293/
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