New landlords have to be very careful when they market their properties to avoid violating the Fair Housing Act. Certain groups of people are protected from housing discrimination, and refusing to rent to them based on the fact they belong to a protected group is illegal. To learn more about the law as it applies to their particular situation, and to get tips on how to comply with it when choosing amongst several interested tenants, it may benefit a landlord to consult with a real estate attorney in Walker, MN.
Although it might seem natural to choose an applicant who is similar to themselves, landlords should be careful when doing so. By rejecting tenants of different races or because they have young children, a property owner could make it easier for a person who applies to rent the apartment to win a lawsuit. Of course, it is entirely legal to reject applicants for other reasons. A landlord does not have to rent their home to anyone who has prior evictions, a history of paying their rent late or poor references from past landlords, regardless of their race, gender or parenting status.
A real estate attorney in Walker, MN may also help a client draft a lease agreement. This agreement between the landlord and their tenant outlines the rights and responsibilities of each party, and when it is clearly written, there’s no question about the meaning. Some property owners require their tenants to maintain the yard and pay for water or trash pickup. These responsibilities and the consequences for noncompliance should be included in the lease or addendum.
Renting property can be a rewarding endeavor. By purchasing an investment property and renting it to responsible tenants, a landlord can easily replace their full-time income and significantly increase their net worth. However, the potential for real problems exists. To mitigate those common landlord troubles, Visit Brainerd Minnesota Law Firm to schedule a consultation with an experienced real estate attorney. By being proactive and hiring an attorney before or soon after purchasing their first property, a new landlord can increase their chances for success as a real estate investor.
