If you own more than one property, the thought of renting out your place has surely occurred to you. After all, in a hot rental market, that should be easy, right?
Let’s set the record straight. Read more to learn about the most common myths new landlords find themselves believing.
You’re responsible for all repairs
Whether it’s your first time renting out a property, or you find yourself in a questionable situation with an existing tenant, it’s hard to determine what’s fact and what’s fiction.
If your tenant is saying that repairing a problem is your responsibility, that’s not always the case. Having a detailed lease agreement will specify which repairs you are and aren’t responsible for.
Laws will vary depending on where you live. But the general rule of thumb is that landlords are responsible for any repairs that have to do with the “habitability” of the property.
It’s also important to note how the damage was caused. Anything caused by a tenant, their friends, or their pets, is also generally their responsibility to fix.
You can’t refuse rent to anyone
There are several laws protecting people with a criminal history from discrimination. But this doesn’t mean you’re forced to rent your property to them.
Under the Federal Fair Housing Act, it’s considered discrimination to deny housing to someone with any type of criminal record.
However, if the potential tenant puts you, your property, or your other tenants at risk, then you’re perfectly within your rights to refuse rent.
How do you avoid being accused of discrimination?
Consider the crime itself, when it happened, whether they were convicted and if the nature of the crime puts anyone at risk.
If you’re feeling concerned about any of the answers, chances are it’s within your rights to refuse rent.
Generic contact forms are good for lease agreements
Most landlords use form contracts through their local Realtor® association in place of a customized lease agreement.
Sometimes this works just fine, but when it doesn’t you could find yourself in a bind, with little legal authority to get out of it.
The quality of these contracts varies. So, it’s good to familiarize yourself with what they cover before using just any contract.
Also, the contract might not cover extenuating circumstances that are specific to your property location.
If your form doesn’t cover the necessary information, you’re better off finding a property manager to help you write the lease you need.
You can’t enter your tenant’s space
According to David Reischer, attorney, and CEO of LegalAdvice.com, a landlord has a right to enter a tenant’s space so long as they provide the tenant with a ‘notice to enter’ in advance.
In most states, 24 hours is sufficient to advance notice. But this can change so be sure to check before entering.
If an emergency occurs, such as a flood or fire, a landlord does not need to provide any notice to legally enter the tenant’s space.
So, if there’s something you need to check on, or a repair to make, go ahead. You’re not invading your tenant’s privacy if you’re doing it by the book.
Consult with a property manager
Allow a professional to put their years of experience to work for you. They help maximize your revenue by keeping your property leased and maintenance costs low.
With a property manager, the weight of screening tenants, creating leases, making repairs, and evicting is off your shoulders.
