Business Strategy Archives - Ms. Financial Literacy

Landlord and Tenant Laws

As a real estate investor doing buy and hold, you need to fully educate yourself on the state landlord/tenant laws where you are investing. Skipping this step or doing incomplete homework can be costly and messy. This almost happened to my husband and I. I’m glad we were being extra cautious (not giving into our emotions) and took the time to perform due diligence.

landlord tenant laws

Having lived in two states, I noticed that the landlord/tenant laws vary from state to state. To further complicate things, these real estate laws can also vary from county to county. Once we narrowed down the locations where we want to do buy & hold, I spent hours on the web researching landlord/tenant laws applicable to those particular areas. I also had my husband read those laws. We only proceeded to make offers after we’ve decided that the areas we’re interested in are landlord-friendly. Yet, we soon learned that despite having put in 10 plus hours of research on the web reading and familiarizing ourselves with the laws, we still didn’t get the complete picture.

The Story

Spread the message. Encourage others to begin their financial learning!

One of the first things I learned about real estate investing is having a business plan. In a previous article, I wrote about narrowing down on niches and strategies. Today, I’m sharing another component of the business plan—building your team. More specifically, this post is on finding a real estate agent (your realtor).

real estate agent

Your Working Relationship with a Real Estate Agent

Having a real estate agent who goes above and beyond to represent and advocate for you can greatly affect your investing experience. This is especially true if you are doing out-of-state investing (as it is the case for my husband and I). You should expect much more from your realtor than just getting you set up on auto searches, providing you comparisons and signing the necessary documents. If you aren’t familiar with the landlord/tenant laws in the area you’re looking to invest in, turn to your realtor for insights and resources. If your realtor happens to live in the same area or neighborhood you are doing your searches, ask them questions about growth (e.g., jobs in the area and area amenities), ease of commute and rental potentials. In other words, turn to them as your resource guide.

Spread the message. Encourage others to begin their financial learning!