Protecting Landlords

Landlords

    Owning real estate has always been considered one of the better investments. Rental property is a common way to invest in real estate. Being a landlord is a business…just like any other. And like any other business, cutting costs in the beginning can cost you a lot more in the end. I tell my clients to expect to evict every third tenant. Hopefully, you will not ever have to go through that process, but any good business owner needs to prepare for contingencies.

Begin with a good lease.

    A good lease can save you thousands; a bad one can cost you thousands. The lease contract can cover the terms of the lease, what a tenant is permitted to do or not do, what the landlord can do if the tenant violates the terms of the lease, what the security deposit is used for, who incurs the costs of eviction, and increase or decrease the landlord’s liability. For example, if you give a three day notice to evict, you can NOT collect attorney fees, UNLESS your lease specifically states that you can. A small amount spent on a good lease up front can save you money down the road. Generally, I can draft a custom lease for you for $150.

When the tenant stops paying rent.

    I’ve always heard from people that renting property is a nightmare because the tenants will stop paying and you can’t get them out of the house. Then I worked at Legal Aid in law school representing tenants who couldn’t afford their rent. The Landlord’s attorney generally had them out of the house within two weeks.

    The eviction process is streamlined, but still full of procedural landmines. As mentioned before, if you only provide a three day notice to vacate, you forfeit your chances of collecting attorney fees (unless your lease says otherwise).

There are many laws to protect landlords. Don’t wait until your case is appealed before you hire an attorney…call today!

Costs

    A typical eviction suit cost around $500 plus court costs. An appeal will cost more. The sooner you get an attorney involved, the better. Remember that the Tenant can appeal and if you don’t take the proper steps, the Tenant may get to stay in the house without paying rent while you wait for the appeal to be heard. Call today for a consultation and I will evaluate your case.