Las Vegas Property Management Blog, the G-Gram

Property Management Tips – Mistakes Newbie Landlords Shouldn’t Make

George Trombley - Tuesday, January 30, 2018

 


 

By Blackbird Realty

 

If you ask any real estate investor they will tell you that their primary goal when investing in Las Vegas rental properties is to generate cash flow and build wealth.

Sadly, few real estate investors are ready to become landlords and some may actually find themselves in “hot water” by making one of these mistakes.

Mistake #1 – Violating the Fair Housing Act

In today’s Las Vegas rental market, it’s more important than ever before for every landlord to keep the Fair Housing Act in mind when renting to tenants.

This is important because it’s easy for a landlord to violate the fair housing act intentionally, or unintentionally by not renting to someone because they are a person of color, have children or have a criminal record.

To avoid committing Fair Housing Act violations it’s best to study it often just to make sure that you don’t commit a violation.

Learn more about the Fair Housing Act here: https://www.hud.gov/topics/housing_discrimination

Mistake #2 - Not Notifying a Tenant 24 Hours in Advance Before Entering the Rental Property

Let’s say that you, or your employees, want to enter your Las Vegas rental property to make repairs or improvements. Regardless of the reason, you have to notify your tenant 24-hours in advance to give them time to prepare for your arrival.

Mistake #3 – Don’t Go Generic; Invest in Your Business

If you think of your rental properties as a business you should also be taking the time to invest in your business as well by having lease forms drafted by a legal professional. You should also open an escrow account to hold your tenant’s security deposit just to avoid a Fair Housing dispute for how you held their security deposit.

Save Time and Money With Las Vegas Property Management

Are you overwhelmed with all of the mistakes that could come with owning rental property in Las Vegas, or elsewhere in the United States? If so, contact the team of experienced property managers at Blackbird Realty today by calling us at (702) 903-3556 or click here to connect with us online.

 


 


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