It
Pays To Know Your Landlord Tenant Law!
By
Anesia
Springborn
The
Landloard System by Anesia
Knowledge is power and applying what you
know about your landlord tenant law can put money in your pocket! Landlord
tenant law protects all parties involved, and in many cases this protection
is financial. If you thought you could improve your cash flow by reading a
copy of the landlord tenant law, would you do it? Here’s an example that
might motivate you:.
I have a building that has a single
thermostat in one of the units that controls the heat for the entire
building. The heating system consists of radiators and a boiler. One winter
month we had received the electric bill and it was through the roof! You
expect that in January, but this was excessive.
Shortly thereafter one of the tenants
called to say he was super hot in his apartment and had to leave the windows
open to cool off. I went into the unit to look at the thermostat, and sure
enough, it was set to 75 degrees! People in snowy states generally leave
their heat set at 68 degrees in the evening and cooler when gone or asleep
or your bill gets really high, quick. Suffice it to say, our cash flow was
gone that month.
Despite our friendly, then stern, talks
with the tenant to turn the heat down, he would not do it. Good thing the
landlord tenant law was on our side and we knew it. The local landlord
tenant law said that landlords need to provide heat to 67 degrees. How soon
do you think a lock box went over that thermostat?
It pays to know the landlord tenant law,
literally! Do you know the nitty gritty of the law in your state? If you
want to maximize your cash flow, you must. What if your tenant knows the law
better than you do? Many investors have never read a copy of their landlord
tenant law. Sometimes we copy what others are doing and assume it must be
right. Be a leader, not a follower!
Search the internet using the words
landlord tenant law, followed by the name of your state. You will quickly
find several sources of the statutes. Print out a copy of the landlord
tenant law and read the pages front to back. Use a highlighter as you go,
and take notes on the important parts. If you have trouble interpreting what
the law says, call your local apartment association for help.
Answer some key questions for yourself:
-
How are security deposits handled?
-
Restrictions on rent increases?
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Can I charge late fees?
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How do evictions work?
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What constitutes notice?
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Who is responsible for what?
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How do leases end and renew?
Knowledge of the landlord tenant law will
help you save time, gain the respect of your tenants, and improve your cash
flow. It can also serve as an important layer of liability protection. Go
ahead and read your landlord tenant law now, and see what it can do to
improve your bottom line!
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About the author
This article has been written by Anesia Springborn, real estate
investor and creator of The Landlord System. Anesia teaches her
students how to leverage time and money to grown their passive
income stream. She may be reached by visiting
www.TheLandlordSystem.com
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Springborn
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