7 Things to Expect in States that Favor Tenants

ROI Wealth Watch

Before the typical new investor pulls the trigger on buying their first rental property, they’ll do mountains of research on cap rates, cash-on-cash returns, and market economics. Those are all good things, but an equally important factor tends to get swept under the rug: landlord/tenant legislation.

When choosing where to invest, knowing the legal landscape can make a big difference.

It would take an eternity to delve into each state’s specific laws, so instead Tom and Jared cover the generals. That way, you can be aware of certain trouble areas when you enter tenant-friendly states.

“We don't have to fear laws if we're fair to our tenants.” –Tom Obenchain

In This Episode of ROI Wealth Watch:

In states that favor tenants:

• Landlord access notices can be troublesome
• Tenants can withhold rent if essential services aren't provided
• Tenants can make repairs and withhold the cost from the rent
• Rent increase notices must be given early than necessary
• Extensive remedy periods are required before evictions
• Security deposit amounts and return periods are limited
• Termination notices for leases can vary

Resources Mentioned in This Episode:

• Rent Café: Which States Have the Best and Worst Laws for Renters?

Wealth Watch Words of Wisdom:

• Look at more than just the numbers when choosing a state to invest in. Look at legislation, too.
• Avoid Hatfield-McCoy style conflicts with your tenants.
• However, don't be scared to defend your rights as a landlord when you need to.

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