Eduard Shapshovich Explains What You Should Know About Being A Landlord

Being a residential landlord can be a great source of passive income. However, being a landlord is more than simply finding a tenant, moving them in, and waiting for the rent checks to arrive. Real estate entrepreneur Eduard Shapshovich explains some of the top issues you should be familiar with before buying your first rental property.

Fair Housing Laws

Rental discrimination can be upfront or more subtle. When landlords or property managers treat applicants differently based on their inclusion in a protected class, this can be called rental discrimination.

Discrimination against renters can be intentional or unintentional. Landlords need to make sure that they fully understand the law to not run into any problems with discrimination.

Federal Law

State and Local Law

  • Age
  • Citizenship
  • Veteran or Military Status
  • Gender Identity or Expression
  • Sexual Orientation
  • Source of Income
  • Criminal History

While this can be a complex set of criteria, landlords need to be prepared to market their properties in accordance with fair housing laws. Working with an attorney may be best to avoid future problems.

How to Find Tenants

Tenants will want to know the rental price, the address, the amenities, the number of bedrooms and bathrooms, and nearby attractions. It is also a good idea to upload good quality photos of every room.

Treat Your Property Like a Business

Be Proactive with Maintenance

One of the best ways to protect yourself from maintenance emergencies is to have service providers call for any emergency. You should have a plumber, locksmith, and contractor on call at a minimum. You can require that your tenants call these providers themselves while you pick up the tab, or you can ask them to contact you as the middleman.

Expect Emergencies to Occur

Property Management Companies

They can handle the midnight calls while you focus on the investment aspect of your property. The fees charged by property managers can seem steep, but you may feel that it is money well spent the first time you don’t have to take a call late at night.

Becoming a Landlord

Eduard Shapshovich understands the pressures and challenges that come along with being a landlord. He encourages prospective landlords to do their homework before committing to their first rental property.

Originally published at https://www.noobpreneur.com on March 8, 2021.

I work in real estate development. Buying and rehabbing homes to sell or rent them out. I have a great working relationship with my partner, and tenants!

I work in real estate development. Buying and rehabbing homes to sell or rent them out. I have a great working relationship with my partner, and tenants!