Eduard Shapshovich Explains What You Should Know About Being A Landlord

Fair Housing Laws

Landlords in the United States need to understand fair housing laws before they can begin looking for tenants. The federal Fair Housing Act was initially put in place as part of the Civil Rights Act of 1968. In 1988, the law was broadened to protect against discrimination when renting or buying a home. Equal housing opportunity means that every person should have the same chances of choosing a place to live.

Federal Law

Under federal law, the following are protected classes:

State and Local Law

State and local law can also create more protected classes, such as:

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

How to Find Tenants

Most property renters now find their homes online. Creating listings on various local and national websites can help you find the broadest sample of people interested in your property. Keeping fair housing laws in mind, create an attractive listing that puts your property in its best light.

Treat Your Property Like a Business

Even if your landlord business is a “side hustle,” it is important to treat it like a legitimate business. Complying with all relevant laws is a must. Treat your tenants with professionalism and avoid getting involved in their personal lives. Ideally, a landlord is a service provider, and a tenant is their satisfied client.

Be Proactive with Maintenance

It is best not to wait until something breaks to maintain it. This is especially true of major home systems like heating, air conditioning, and water. It is a good idea to make scheduled maintenance visits to your homes or apartments to see whether there is anything that could be improved upon. Your tenants may then show you maintenance issues that could otherwise have gone unnoticed.

Expect Emergencies to Occur

You must remember that being a landlord is not a 9 to 5 job. You may get calls late at night informing you of maintenance emergencies. You may have to deal with insurance issues or costly breakdowns like heating or air conditioning systems. In this case, it is best to have landlord insurance that will cover some of these losses. It is also a good idea to put away a certain portion of your rental income each month in a maintenance fund.

Property Management Companies

All of these requirements for being a landlord may seem overwhelming. If you can’t handle managing your properties, there is nothing wrong with contracting with a property manager.

Becoming a Landlord

If you manage your properties well, becoming a landlord can be a profitable and enjoyable way of making money. Some landlords who are do-it-yourselfers enjoy making necessary updates to their properties, and others are more interested in profit alone. As long as tenants are treated fairly in accordance with the law, how you manage your rental property is valid.

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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!

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Eduard Shapshovich

Eduard Shapshovich

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!