COSTLY THAT AN INVESTOR COMMITS WHEN RENTING

by Maria Del "Carmen" Sanchez

1.-Omission of the local legal system Ignorance or superficial knowledge of the real estate law of the State of Florida can lead to serious errors, especially when it comes to real estate for rent; Mistakes that result in wasted money and time. For example, in which cases it applies, how many days it grants and when and how to deliver notification of:

1.Payment or delivery of the unit Breach of contract with option to correct Contract breach with contract termination Disturbance to neighbors In the same way, before proceeding with any legal eviction procedure, different steps and notifications must be complied with, which can mean months of delay in the process, for which we recommend having a lawyer specialized in evictions on the team.

2.- Do not pre-qualify tenants Pre-qualifying potential tenants is one of the most important processes in this business and one that many owners overlook. Despite the negative impact of having a vacant property, accepting a “non-pre-qualified” tenant often leads to higher expenses and headaches in the long run. Establish a pre-qualification system and stick to that criteria; it is important that you take into account the local regulations “Fair Housing Laws”. Some of the most common elements of prequalification are: criminal record credit report References from previous landlords employment references Personal references Average time living in each property

3.-Ignorance of local regulations Most lawsuits against landlords result from violations of the legal system that protects tenants against “Fair Housing” discrimination. Despite this, many owners pay little attention to these regulations as they use their "common sense" not to discriminate and unfortunately their "common sense" often violates the regulations established by law. These regulations apply not only for the pre-qualification of the prospective tenant, but also during the landlord/tenant relationship. Within the regulations, it is prohibited to discriminate based on:

Race

Color

Religion

Origin

Sex

family status

Physical disability

4.Ignorance of the Local market There are different tools and systems that make it possible to determine, in a specific urbanization or building, the following: Actual rental price of specific periods Time units spend on the market before being rented direct competition Demand Price per square foot or square meter It is not only important to know this information when buying the property or when placing it for rent; Even more important is being able to constantly monitor the market to make decisions at the right time.

5.-Absence of strategy As an investor it is essential to know the behavior of the local market or have a real estate advisor who has this knowledge. Would your pricing strategy be different if you were going to compete with 1 property instead of 10? If the area is dominated by families, do you think it would be easier to rent a 1-bedroom property or a 3-bedroom property? If the area is mostly single executives, do you think it would be easier to rent a 1-bedroom property or a 3-bedroom property? If properties take 45 days on the market before they are rented, what strategy can you use to speed up this process?

6.-Absence of preventive maintenance Most owners only pay attention to the property when there is a problem. Without a doubt, preventive maintenance is often cheaper than repair or replacement. Depending on the year of the property, the equipment and the conditions in which they are found, preventive maintenance of household appliances, air conditioning system, plumbing and possible leaks is recommended every 6 months. Additionally, preventive maintenance allows you to see the conditions in which the tenant maintains the property and allows you to see if people or pets not authorized in the lease live in the property.

7.-Lack of good contract The lease is your first and greatest protection. It is very common to see investors who dedicate a lot of time and effort to the purchase of the property and then try to save money by buying a "template" on the internet that serves as a "standard" contract. It is very important to keep in mind that the contract is the main legal protection where the terms, rules and regulations that support the agreement between the landlord and the tenant must be very clear. A lawyer in this matter is always recommended to help protect your interests.

8. Absence of equipment An essential part of this business is creating a team of experts in different areas to help you invest and manage your investment. Each member must contribute and provide solutions in their field of More about this source .

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Maria Del "Carmen" Sanchez

Maria Del "Carmen" Sanchez

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+1(915) 309-6418

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