Regulation, Rent Control and Landlord Law Reviews

By pjain      Published Aug. 20, 2020, 9:41 p.m. in blog Housing   

Landlord-Tenant Law Reviews

As a real estate investor and a landlord, it’s also helpful to be cognizant of other rules and regulations that can greatly affect your ability to recover your costs let alone make a profit.

Depending on which state you buy in, these rules may lean more toward your favor or against you. The kicker is the penalties and "rights" your tenants may have can be possibly punitive.

State Reviews

State|Landlord |Eviction|Security | PropertyTax | Late fees | EntranceNotice ------|------------|----------|-------------------------|----------------|-----------|----------------| IN | A | 10-day | No-limit,45 day wait| 0.87% | | | GA | A | 7-day^1 |No-limit,45 day wait| 0.91% | |None,24hr recc |

^1 - No formal eviction process - unless in written rental agreement - just give verbal note of rent overdue

Eviction process

If you end up with a bad tenant who doesn’t pay rent or has damaged your property, you may need to evict them quickly. In some states, the eviction process may take months. In landlord-friendly states, however, the process is faster and less complicated.

  1. How is rent overdue Notification required

  2. Days tenant has to pay before eviction process starts

  3. How the landlord can go to the court and file an unlawful detainer lawsuit which begins the process of evicting the tenant.

  4. Days/Conditions/How actual eviction is performed

According to NOLO, if the tenancy is month-to-month and the tenant willfully damaged the rental property, the landlord has the right to terminate the tenancy immediately in some states like IN.

Property taxes Rates

If you own a rental property in a state with a high tax rate, you’ll pay higher property taxes than you would for a property of the same type and size in a state with a lower property tax rate.

Rent control Rules

This are government-run program that places restrictions on when and how often rental rates can be increased. Rent control laws vary greatly based on the city and state. Ideally, you want to buy a rental property in a market that doesn’t limit rent rates or has more lenient regulations on rent increases.

Leasing laws

There are a bunch of devil-is-in-details related to lease agreements: - lease termination - security deposit timelines

Rules on Maintenance and Repair

  • Property access notices
  • Maintenance
  • Contractor Liability
  • Repair issues

Safe Habitation, Drug aspects

Landlord-Tenant Law Reviews

Regulation, Rent Control

Property Managers

Calling up a few property managers in the state you’re interested in is a great way to get local insight from professionals who are up to date on these types of rules and regulations.

References

Companies providing Virtual Real Estate Investing

Roofstock


0 comments

There are no comments yet

Add new comment

Similar posts

There are no similar posts yet.