Owning an investment property is not difficult, and it can be a great way to earn income and grow long term wealth. However, there are a number of homeowner responsibilities in Marin, CA that are important to understand so you don’t get into any legal trouble. Excellent property management will ensure you remain complaint as a rental property owner and profitable in the short and long term.
The laws and regulations that rule rental homes are in place to protect you as well as the tenants who live in your property. Landlords must understand and comply with federal laws, state laws and a number of local ordinances that govern landlords and tenants. It’s important that you know which building codes you’re responsible for meeting and what you can and cannot do with signs and advertising. You must meet habitability standards and comply with laws such as fair housing and the Americans with Disabilities Act. The courts do not care whether you know these laws or not; you’re still expected to run your rental home in accordance with them.
Security deposits come with their own collection of laws and requirements. When you collect and hold a tenant’s security deposit, you have a fiduciary duty to that tenant. You’ll need to follow the legal requirements that dictate how the funds are held, where you hold them and what you can and cannot use them for. You’ll need to account for every dollar and as a property owner, you’ll have to be sure your tenants can trust you with their money.
Like everything, your rental property will endure wear and tear, especially as the home and its systems get older. You’ll need to provide ongoing maintenance when you have tenants living in the home. It’s a good idea to stay on top of preventative issues so that you avoid turning a small problem into a large problem. It’s important to take care of small leaks and air conditioning services so that you aren’t faced with an expensive breakdown that will require weeks of work and the potential for lost rent. Pay attention to the maintenance of your rental home and respond to your tenant’s requests for repairs.
Landlords have a lot of responsibilities when it comes to taking care of a rental property. Contact Bayside Management if you have any questions or you need any help.