What Are the Dangers of Being a Landlord?
Becoming a landlord is not a decision to make without serious consideration. As a landlord, there are many responsibilities that you must not overlook. Finding and screening a dependable tenant is not always easy. The dangers of being a landlord include financial and legal risks as well as a commitment of time. Being a landlord is about being in business for yourself. You must consult with attorneys and accountants to stay legal by filing an accurate tax return.
A Landlord's Legal Concerns
Obvious legal dangers that landlords must consider relate to insurance and safety requirements. A landlord must also learn about Fair Housing Laws. Ignorance is no excuse. Once you decide to rent a property, you are expected to be a responsible businessperson who knows the law and complies.
Discrimination poses another concern when renting. Landlords must be careful about turning down a handicapped person or any individual who is a protected minority. Landlords are required to accommodate handicapped individuals so they feel safe, so it is important to get all the facts about a landlord's fiduciary responsibility to handicapped tenants or face the possibility of being sued.
A Landlord's Financial Concerns
Financial problems are always at the top of the list for landlords as a potential danger. Insurance, taxes, mortgage payments, homeowner's association fees and repairs are expenses that must be factored into a landlord's budget. Having money in savings is critical for a fast response to needed repairs and tenant vacancies as they arise.
A Landlord's Responsibility to Neighbors
Landlords must oversee the activities of a tenant or risk being held liable for an irresponsible renter's actions. If a tenant starts selling drugs to neighborhood kids or buys an aggressive dog that bites a neighbor, then the landlord can be held liable. Not only does a landlord have to follow the laws that are stated, he must be sure that the tenant follows the law too. Screening a tenant is very important for this reason.
Small Business Reporting Concerns
Staying on top of expenses and saving receipts for tax purposes is critical for completing an accurate tax return. Landlords are considered to be in business and must report their rental income. Expenses and depreciation deductions offset rental income to keep most landlords from paying extra taxes. It is important to save receipts to keep the tax bill low.
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