In the current market, there is an influx of real estate investors. A lot of people are using real estate investment firms like Taylor Equities to invest in affordable housing. Affordable housing is a great option for investors who want to be landlords because it opens opportunities for lower-income renters.
Table of Contents
Get Tenants
People who invest in Steven Taylor Taylor Equities should advertise the property to attract renters. Some investors stage the unit to help renters see the potential. At a minimum, the unit should be clean and tidy for marketing photos.
Know the Laws
There are a lot of laws and regulations that Landlords need to know and abide by. One of the most important laws is the Fair Housing Act which prohibits housing discrimination based on national origin, religion, race, color, sex, disability or family status. It is illegal to ask a renter if they are planning to have children because that can be seen as discrimination based on family status. Even hoarding is protected as a disorder under the Fair Housing Act. Landlords need to be careful not to break the law or they can be sued for a lot of money.
Conducting Business
Landlords have a lot of responsibilities and it is best to include all the details in the agreements. The lease should include a late policy that includes the fee that will be owed by the renter if they miss their rent. Landlords should keep a savings account specifically for reserves in case of emergencies like AC repairs or plumbing issues.
There is a lot of information that real estate investors should be aware of. The more information, the less likely of getting caught in a sticky situation. If you plan to become a real estate investor, be sure to do your research in advance so you will be prepared.
