Help! I Just Inherited an Investment Property, I am Now a "Landlord" What Should I do? 7 Golden Rules to Know
By Antonio M. Cardenas Broker Associate, "The Realtors In Motion"
(RE eBroker Group - San Leandro, CA.)
This cry for help came in from one of my clients via a voice mail message. Owning a rental property provides great tax breaks and potentially good financial returns, but also exposes the individual to major legal liabilities. This individual was in a lot of trouble and needed to take a quick lesson in Landlord 101. Based on my experience, I put together the following list of 7 basic aspects for my new investor-client to study, and to help him become a good law-abiding landlord and a savvy investor. Educate yourself about your duties, responsibilities and liabilities of a landlord. It is a business in which ignorance is NOT a defensible argument. If you have to go to court to either collect your rents, evict somebody, or even worse; being sued by one of your tenants, you better know you...
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