any people invest in damages are from to validate the
rental property with the amount of the fee if it is steep.
expectation of having an Another common legal mistake new
income every month. However, landlords make is violating the
being a landlord is about more rights of their tenants. Normally
than just collecting money every forty eight hour advance notice
month. Many new landlords make is required for a landlord to
some common mistakes that may end come into an occupied rental
up costing them money on their unit, whether the reason for the
real estate investment. By visit is for repairs,
knowing what these mistakes are maintenance, or to show
ahead of time can help you avoid prospective tenants the rental
making them. unit. If a landlord violates this
by repeatedly showing up without
The first mistake that many real notice then a tenant may get
estate investors make when they money damages for the violations.
purchase rental property and
become landlords is that they do A big mistake that new landlords
not become knowledgeable of make is that they do not maintain
landlord tenant law in their and improve their rental
specific area. Three of the property. By keeping the
biggest problems in this area are maintenance up on your rental
late fees, tenants rights to units the value of your
privacy, and evictions. Some investment does not decline. By
landlords may charge excessive improving your investment
late fees, and courts generally property, you increase the amount
take a dim view of late fees that that tenants will pay to rent
they consider too high. A your units. As the landlord you
landlord may charge a late fee, can charge higher rates and get
but they must show where the better tenants if your units are
clean, nicely done, and well will pay their rent on time.
kept. Even a simple spring
cleaning, minor repairs, and To maximize your real estate
cosmetic work between tenants investment income it is important
will improve the class of people to remember these tips. Know the
who want to rent your unit. laws in your areas concerning the
rights of landlords and tenants,
A very common mistake that new charge reasonable fees that are
rental real estate investors make not excessive, and value the
is that they do not treat their privacy rights of your tenant. It
investment property like it is a is also a good investment
business. You invested money to strategy to maintain and improve
make money, not to lose it or your investment property to keep
give it away. It is important to or increase the value of your
remember that you are not a investment. Remember that your
charity, and that tenants need to investments are a business, and
live up to their side of the keep this in mind when you are
contract. If doing business with dealing with your tenants.
a person cost you money instead
of made you money, you probably Copyright © 2007 Joel Teo. All
would stop doing business with rights reserved. (You may publish
that person. If a tenant is this article in its entirety with
repeatedly late with the rent, the following author's
they are costing your business information with live links
money and it is best to cut your only.)
losses and find a new tenant who
About the Author:
Joel Teo writes on various financial topics including Las Vegas Real Estate . Learn about Las Vegas Real Estate Investment at http://www.RealEstateInvestment101.info
Read more articles by:
Joel Teo
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