Nobody Loves A Landlord

The typical landlord starts off life as a lighthearted real estate investor. The investor isbrimming with enthusiasm and is determined toacquire some single family homes that will beattractive to renters... and start down the roadto financial independence.

Then... Wham! Reality smacks them right inthe face! The investor-landlord is fair game foralmost everyone.

Why? Because nobody loves a landlord.

It's bad enough that many renters don't quite understandthat without their monthly rent payments the landlordcan't make the mortgage payments on the property.

A few renters are surprised to learn that the family room of arental home was just not designed as the place to rebuildmotorcycles.

Nobody loves a landlord.

And then... how many legal hoops must the landlord jumpthrough? In most states tenant/landlord law favorsthe tenant in many ways

For example:

A tenant signs a one year lease. Six months later thetenant breaks the lease and moves. Now the law demandsthat the landlord find a new tenant for that unit asquickly as possible.

Yes, the tenant only has to pay rent until the new tenant is found... but the burden falls on the landlord. Why shouldn't the tenant... the one who broke a contractual promise have to find the replacement tenant?

Why? Because nobody loves a landlord!

Here's the first paragraph of a story in my morning newspaper

"A huge marijuana garden of 212 plants nurtured by an intricate irrigation and lighting system worth ten of thousands of dollars was uncovered inside a West Valley rental house Saturday."

The house was vacant except for the cash crop and I can'thelp but wonder if the growers were getting governmentfarm subsidy payments?

The home has an out-of-state owner. Some poor investor whothought he would cash in on the fast-rising Arizona home values.

Here's the kicker. That investor could be held responsible, becausehe did not properly supervise the use of the property! Many areashave such laws.

Why? Because nobody loves a landlord!

This should be a reminder to all of us that a rental house orunit is not a set-it-and-forget-it investment. Every good leaseor rental agreement has an inspection clause that allows thelandlord or his representative to periodically enter and takea look at the condition of the premises.

Are you doing that? You should be, because...

Nobody loves a landlord!

About the Author: Mark Walters is a third generation real estate investor who shares his experience from his Web sites:http://www.lease-option-sub2.com
http://www.CashFlowInstitute.com

More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.

California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

With a Monday deadline at hand, California officials have resumed direct talks with the Obama administration about joining a multibillion-dollar, multi-state mortgage settlement with the nation's largest banks, a source said Sunday.

The talk show host pays $12 million for the 4,088-square-foot house with four bedrooms and four bathrooms. The ocean-view home sits on 1.26 bluff-top acres with beach access.

In one of the more talked-about transactions in town, actors Brad Pitt and Angelina Jolie have sold their Malibu beach house to daytime host and comedian Ellen De Generes for $12 million.

The four-bedroom, five-bathroom house built in 1920 for industrialist James Wigmore lists for $2,875,000.

A decorative cast stone entrance opens to this restored Spanish Colonial Revival-style house in Pasadena's South Orange Grove area. Built in 1920 for industrialist James Wigmore, the house retains such original details as coffered wood ceilings and arched doorways.

They don't believe they can sell their property for what it's worth, so they're spending money on making their homes more comfortable.

Do you fit any of these descriptions?

A biennial research report by the National Assn. of Realtors indicates that a handful of real estate agents and brokers and their clients either don't know the law or don't care to follow it.

When it comes to lawsuits, real estate agents and brokers tangle mostly among themselves.

The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

 

The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.

The Standard & Poor's/Case-Shiller index of 20 large U.S. cities fell 1.3% in November from October as foreclosures continue to drag down the housing market.

Three straight months of home-price declines in the biggest U.S. cities showed that foreclosures remain a significant drag on a housing market that is entering its fifth year of deterioration.

L.A. Clipper Chris Paul may be quick down the court, but he moves pretty fast when it comes to buying multimillion-dollar real estate too.