5 Mistakes Los Angeles Real Estate Investors Should Avoid
1. A Bad Local Market
Location is everything in real estate. You have to assure the rental is in an area that will catch a future tenants eye.
Los Angeles Real Estate Investors have learned that even with the price, some locations may not be up to par with a remodeled home. Be sure to get to know your neighborhood.
2. Fair Housing Laws
Los Angeles Real Estate Investors say, that before even looking for potential tenants, be sure to understand the fair housing and discrimination laws, you could risk legal troubles in the future.
Fair housing laws are federal statutes that ensure equal access to housing.
It is illegal to discriminate against anyone because of their race, sex, color, familial status, religion, national origin and/or disability.
3. Not Succeeding Through Marketing
Los Angeles Real Estate Investors know that through advertising, a rental property may not be as appealing as an advertisement for a new car, but, they do have their similarities.
Los Angeles Real Estate Investors know that even the best product ad will feature high quality photos to attract potential renters, and the more, the better.
This is going to be a high expense. But, with professional photos, this could help with vacancies.
4. Not Screening The Tenant Correctly
Los Angeles Real Estate Investors know that speed is a factor.
When you fill in your vacancy, you have to choose a highly qualified renter.
A documented process and criteria for finding, screening and securing a tenant should be created.
5. Incomplete Leases
A lease serves as a binding legal agreement between yourself and the tenant.
Los Angeles Real Estate Investors recommend to make sure it thoroughly addresses the rules, policies, and conflicts that will cause any issues.
Again, remember to put everything in writing. A handshake or verbal agreement doesn’t work in court.
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