In our previous article we linked that the benefits of becoming a property owner. Indeed, there are many wealth building benefits of owning a large portfolio quality real estate.
Now we will take a look at the responsibilities and obligations that you have as a rental property owner in Westminster, Maryland.
The scariest part about being a property manager is losing a tenant and will not getting another one in the property quickly enough.
Ideally, you will have a waiting list of people who wish to rent your properties. However, this takes time and a lot of work to develop.
Still, you are on the line for making the monthly mortgage payment on all of your properties, regardless of whether your tenants pay their rent or not.
24-hour Tenant Service.
If it’s the middle of summer and the AC unit goes out in one of your tenant’s rental units, and they give you a call to come and fix it, you have to respond.
If the dishwasher floods the kitchen and the tenant calls you at 1 AM in the morning, you will have to respond to the emergency.
So, you must be available to respond to tenant emergencies and problems, 24 hours, seven days a week.
The good news is that with a reputable, local property management team in your corner, you won’t personally have to deal with this issue.
There are local, state and federal laws you must follow. There are additional rules and regulations related to renting residential property that you must.
You become a business owner of property rental when you buy rental property. That means you have to comply with local, state and federal laws.
Claiming that you don’t know or understand these lies is not a viable excuse to the court, in the event that you violate these rules, regulations and laws.
If you don’t follow these rules and laws you may be received complaints and even lawsuits.
Clean & Safe Housing.
As a rental property owner, it is your responsibility to maintain a habitable, and safe property according to local, state and federal guidelines.
If the tenant or visitor happens to be injured in one of your rental property units and it is found be unsafe, you may be held liable.
At the bare minimum, here are some things you should do to maintain a compliant, habitable and safe rental property for your tenants and their visitors:
- Be sure that common areas, including stairways and hallways, are in a clean and safe condition
- Keep the systems of the property properly maintained – including the ventilation, plumbing, sanitary, electrical, heating and air-conditioning (HVAC) systems.
- Keep structural elements safe and intact – which include rooftops, floors, stairs, walls, driveways.
- Address known environmental toxins including asbestos, lead paint, and pests.
- Ensure that tenants have access to hot water, running water and heat.
- Provide trash containers and arrange for trash removal service.
- Exterminate pest issues including rodents and other vermin infestations.
There may be additional requirements that you should know of regarding the responsibility to providing a safe and habitable place for your tenants.
That’s why you should educate yourself on the federal, state and local laws pertaining to landlording.
Becoming a landlord can be very demanding.
For some it can become a full-time job pending on how many properties you have, the type of properties you have, and the tenants have.
It’s important to see yourself as a business owner when you become a rental property owner in Westminster, Maryland, so you take seriously all the responsibilities that come with the job.
As we suggested earlier, the path that provides the most upside and least headaches is by collaborating with a great property management company that can take care of most of the responsibilities of your investment portfolio.
That’s why you should connect with the team here at Utz Property Management to learn more about how we can help you achieve your goals as a real estate investor.
In This FREE 1 Hour Session, an expert real estate investment coach from our team will work personally with you to…
- Examine your current real estate investment portfolio/plans to see what’s working and what’s hurting. Discover where you’re making money and losing it.
- Search for the diamonds in your backyard, the low-hanging profit opportunities that can be made with minor tweaks.
- Present the best path for tweaking your investment game-plan so you can build wealth faster, with more predictability and stability.
Schedule your PROPERTY PROFITS STRATEGY SESSION today.