More Tips for Landlords and Potential Landlords
4. You must make sure that your property is safe to live in. If anything happens, like your tenant getting hurt on something in the house or even if they get robbed, you could quite possibly be held liable. So you cannot leave your tenants and property to be easy marks for burglars. If you don't, I'm joking but you may wind up on the streets. "Landlords are sued more than any other group of business owners in the country."(Nolo.com - no author disclosed) The average settlement paid by a landlord's insurance company is very little in comparsion to the thousands you can be sued for.
5. It takes money to make money. If there are any repair requests from the tenant, MAKE THEM. This goes onto another topic of keeping a good relationship with your tenants. If you have good tenants, make sure they're happy. Good tenants are not aways easy to find. Stay on top of repairs. Don't wait for old things to break. Most of the time tenants have the right to hold rent, sue for any injuries, or move out without any notification.
6. Be aware, and then make any potential tenants aware of any environmental hazards. A couple resources said that lead is a common problem found that you, as a landlord, are liable for addressing the problem, if any exists.
7. RESPECT YOUR TENANTS' PRIVACY!
8. RESPECT YOUR TENANTS' PRIVACY! That's right, I said it twice. Notify your tenants as much in advance as possible before entering the rental unit. Be sure to abide by all state laws. I will get back to all of you on Ohio's law.
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