What are the 2 most Common Problems Landlords experience, and how can you avoid them?
As a landlord, you expect to handle issues such as repairs, maintenance, making sure tenants pay their rent on time, etc. You may be surprise to know that the top two problems landlords encounter are:
•1) Complying with the various laws and
According to George Sheldon's book, "250 Questions Every Landlord Should Ask," the problem landlords face in complying with laws is that they vary so widely between jurisdictions. For instance, in the greater Los Angeles area such cities as Santa Monica, Beverly Hills, and West Hollywood are their own municipalities. Venice Beach, Brentwood and Hollywood, however, are part of the City of LA. Each is subject to specific laws regarding retrofit and safety requirements, rent control and renter's rights. To protect yourself, get in touch with your local Housing Department and familiarize yourself with your city's laws and regulations. In Los Angeles, you can go to www.lahd.lacity.org for more information.
•2) Finding good tenants in the first place!
As a landlord, your goal is not simply to fill your building with tenants, but to find and keep good, problem-free tenants who will pay their rent on time. You want tenants who do not have a history of frequent relocation, who will treat your property with care and respect. How does a landlord find such tenants? Here are a few suggestions:
•- Ask family members and friends for referrals. Most everyone knows someone in need of housing.
•- Check those references! Call past landlords, employers, and personal references provided you on the tenant's application
•- Run a credit check. A nominal investment will ensure your future tenant has a sound financial history.
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