Step 9 - Stay Sharp
Little maintenance tasks are only little until they cause other, much bigger maintenance tasks. A responsible owner knows what they are responsible for fixing and maintaining, and what the tenant/client is responsible for maintaining. Some of those issues can be addressed in the lease contract, but not all. Never forget this is your house. Ultimately, the responsibility lies with you.
With that responsibility comes a need for awareness. The landlord tenant laws in North Carolina can change. More important, the interpretation of those laws can change from from one location to another. Despite what you hear a lot of owners and landlords say in regards to tenant-friendly laws, North Carolina laws are pretty fair overall. If you do your job, to the best of your ability, with reasonable care for the tenants well-being, you stand a good chance at being treated fairly should you ever need the county courts servcies. Our advice - document everything! Pictures. Scanned documents like copies of checks and correspondence. Be able to paint a picture that others can interpret easily, making it obvious as to what really is going on with a house and tenant situation.
Other changes to stay on top of - what about the real estate buying and selling climate? The news has focused its coverage on growing stockpiles of foreclosures and houses underwater. The real story about the current state of the market has everything to do with lending. The media mentions lending only in the context of the "big bad banks". Does anybody hear the news talk about the regulations that have been thrown at the big bad banks that are preventing them from making new home loans? These new, restrictive, and completely unnecessary regulations are being created by the very same congress that forced the big bad banks to make the bad loans to begin with. That's just one area of the market climate to stay aware of, and a big reason why flippers are having such a hard time selling right now.
There are other issues to be aware of that can more directly impact the rental market. Landlord/tenant law is always under review and having changes made. You need an expert like TriStone Group to be on constant watch for these and other changes in the real estate landscape. We can help you ride the wave in the right direction.