Steve Rozenberg talks about the top reason why you can be sued as a landlord, and why precautions and awareness should always be in your mind.
1 out 3 landlords are sued every year
While there are so many factors in play, the top reason why you can be sued as a landlord is because you do not have the right business plan, a clear structure, and the solid procedures in place. Most landlords think that they got everything right when they scored a great deal when acquiring properties. Unfortunately, that is just the tip of the iceberg.
Have a solid plan BEFORE you buy the property
As a landlord, you have to create a solid plan when starting out in the real estate business. As they say, you can’t build a plane while flying it. Aside from acquiring properties, you have to have sufficient qualifications and knowledge in Fair Housing laws, the Fair Credit Reporting Act, the Texas Property Code – all the basics of renting out a property that are extremely important to know and abide to. Failure to do so may lead to legal battles and losses.
Most people believe that a property management company just collects the rent and schedules repair calls, but we believe an Austin property management company should do much more.