Eviction laws
Eviction laws
Post value number 2
One of the most important things we need to check before buying a home in a particular area is the Eviction Laws Act.
The tenant protection law determines what is permitted and what is forbidden to do, and of course how we deal with a tenant who does not pay rent.
Each state in the US has its own unique laws for this issue and to understand the legality we will go to the site https://www.landlordology.com/state-laws/ We'll choose our country and read the rules. This is one of the important things you need to know as investors.
In most states in the US it works this way. Once a tenant does not pay rent, he should be given a warning letter, usually pasted on the door and after 7 days the property owner or the management company on his behalf can apply to the court to start the eviction process.
At this stage, a letter of warning is sent to the tenant from the sheriff or from the court and if after 14 a day is still not paid, a hearing date is set for the court, usually it is very quick and if the tenant or an attorney on his behalf does not appear for the hearing an eviction notice is sent to the sheriff, With 2 cops and the actual evacuation operations.
This procedure is very quick and in most countries it is also in favor of the owner of the property and not the tenant, but you have to check in each country where you intend to purchase the property and tenant protection law and if it does benefit the owner of the property and not with the tenants.
It is important to know all the procedures before buying an asset in the area, such as how much time a prior warning should be given to the tenant if we want to evict him from the apartment.
If for example the tenant wants to leave in the middle of a contract how long the alert he should give us. Who holds the tenant's deposit, how long it takes to take out a tenant who does not pay, and many other items that are all written here and can be used.
In Texas - very fast,
The procedure in New York State, and in New York City is in favor of the tenant.
Why?
To do eviction to someone is a nightmare. And I speak from experience, with the help of a lawyer
Thank you very much for the post
Very, very important
Excellent post, thanks Raha?
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Thank you very much for sharing !!
Indeed, a background check and the ability to pay of the tenants is essential and critical and has a tremendous weight on the expected income. From my personal experience, the two tenants who were "screwed" into the house I purchased, because I was inexperienced and trusted my Israeli friend the developer that everything was fine... and so after less than a year I experienced 2 evictions (evictions) which mean not receiving income for long periods of time. It must be understood that every change of tenant means payment of a month's fee to the property manager. Occupy, a well-screened tenant = a guarantee for a (relatively) safe flow
very important. This is another reason why the US and not Europe, for example, there is almost no such thing as evacuation.
California, for example, from what I heard is very pro-tenant and less owners in Texas it's the opposite and for the owner's sake and relatively fast as you described in the post
The article says "a wise man knows how to get out of trouble that a wise man will not enter"
A good and serious management company that knows how to do a background check for a proper tenant and filter, combined with buying a home in good areas. That would make the need to use this unpleasant process really super-rare.
Unfortunately many management companies succumb to the pressure of the landlord, boast of introducing a tenant within days and quickly and compromise on checking the tenant’s background. And so I came across an investor who within a year and a half had two evictions from four homes he purchased - a certificate of poverty for the management company.
Sometimes investors are tempted to purchase a home with a paying tenant (sounds great), but then we don't actually have control over the tenant's review and control process going out of our way.
I argue that the tenant is also our property and not just the house, a proper tenant will pay on time, maintain the house and ensure a good chance that the mechanism will work in our favor.
Do not rush to rent, ask the management company about due diligence, and make sure that in the agreement with the management company evacuation in the short term will be financed by the management company (in full, it is also possible for an additional monthly fee)
Good and smart investments!
Especially important if working with a weak population and the amount of eviction tenants is high
Asp .. great post ..
Cut and save ... The last paragraph also detailed on the site?