Avoiding Potential Problems As A Bothell Landlord

As a Bothell landlord you stand to gain a lot as well as to lose a lot as a property owner. The risk involved in such an investment is great but it can be significantly reduced by following the points outlined below. Some of the biggest potential risks in becoming a landlord are the credibility of your tenants, the condition of the property and the tenant-landlord laws.

Successful tenant screening

When it comes to being a successful Bothell landlord you should be very cautious in your selection of tenants. If you choose an untrustworthy tenant you may end up being left with a large unpaid bill or even property damage. Selection of tenants should involve a credit check and employment references. Having good tenants makes a landlord’s job a lot easier and can reduce the risk of losing money.

Property

If the Bothell property purchased is well maintained the rental price can be high and the landlord’s work can be lessened. When you become a landlord you will need to be aware of any repairs that need to be done on the property and what needs to be maintained.

Tenant - Landlord Law

These laws have been set in place to ensure that both sides are treated fairly and equally. As a landlord it your responsibility to learn and apply the laws of your state or country when it comes to the relationship between you and your tenant. There are certain things that cannot legally be done such as evicting a tenant without notice or dropping by for surprise visits. Having these laws in place reduces the risk of you as a Bothell landlord being sued or accused of doing something questionable. If all laws are followed there should be few problems dealing with your tenants. As a landlord the risk lies in deviation from the laws resulting in criminal charges and/or civil lawsuits.

Landlords have a lot of risks to face but are rewarded well. The risks that come with being your own boss as a Bothell landlord include having irresponsible tenants, property damage, and failure to properly follow the tenant- landlord laws. Being a landlord is a lot of responsibility, but it can also be a very easy job if the risks are eliminated or minimized.

For more information on buying or selling real estate in and around Bothell contact Adrian Willanger 206 909-7536.

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