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Strategy Saturday
SS54: Landlord Friendly States Vs. Tenant Friendly States
December 27, 2021
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SS54: Landlord Friendly States Vs. Tenant Friendly States

What states are landlord friendly and what states should I avoid? This is a question asked over and over by new investors. Charles breaks down landlord laws and states to invest into and states to avoid. Why states lean one way verse another and what it could mean for your real estate investment if you choose the wrong state.

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Transcript:

Charles:
Welcome to Strategy Saturday; I’m Charles Carillo and today we’re going to be discussing landlord friendly states versus tenant friendly states. So if you’ve listened to the show you know that when we’re talking markets, I make a big deal about if it’s in a landlord friendly market or a tenant friendly market. And it’s one of the main factors we use when we’re deciding what markets to invest to what state they’re located in as a landlord that has owned properties in 10 friendly states and landlord friendly states, governments in landlord friendly states work with landlords instead of against them. It’s really an even playing field than a landlord friendly state. Now I operate and invest on the principle of going where I’m treated best. I moved from Connecticut to Florida in 2012, and I’ve not invest in a tenant friendly state since 2009. And I have no plans of changing that.

Charles:
Now, how do I know if a state is landlord friendly? Well, easiest ways to find out when did COVID eviction moratoriums end there now most landlord friendly states ended their state wanted moratoriums in 2020 while others will still have eviction moratoriums for many years to come check N O L o.com. I’ll put that link into the show notes. There’s a wealth of information on researching landlord tenant. Lais. Next is other than COVID eviction, moratoriums landlord friendly stays prohibit rent control. Now allow landlord’s freedom in how much of a security deposit they can require time to return that deposit non-payment timeframe before filing eviction and required timeframe for filing evictions for other violations in tenant friendly states, you’ll find all these points skewed in the tenant’s favor. Now, a simple example is in Connecticut rent was not late until after the 10th of the month.

Charles:
That’s a 10 day grace period that I didn’t have a choice. It was set by the state in Florida. The grace period is up to the landlord and should be stated in the lease. But most leases don’t have a grace period for all the ones I rented when I was in Florida. That’s there was no grace period, meaning rent is due on the first. And if not paid, landlords can provide tenant with a written notice to pay the rent or it, and that’s not something you’re able to do right after the due date in Florida, you need to provide 12 hours of notice to enter an apartment in non-emergency situations compared with 48 hours in notice in Vermont. So if you’re showing an apartment with a tenant still in there and something like this, and you have to give them two days notice instead of just 12 hours you’ll find that most landlord friendly states in the mid south and Southeast Texas, Arkansas, Alabama, Florida, Louisiana, Arizona, South Carolina, Wyoming, Mississippi.

Charles:
These are all landlord friendly states. Now most tenant friendly states are in the Northeast or on the west coast, New York, California, Oregon, Washington state for Vermont Delaware, Rhode Island, and Maine. Now in closing, non landlords may see landlords as being greedy by focusing their investment into only a portion of states. But when we invest our money and when we accept investor funds, we need to have as much control as possible when managing and repositioning the asset and 10 friendly states just do not provide this. I choose to invest and live where I am treated best and I suggest you do the same. So thank you so much for listening. Hope you enjoyed. Please remember to rate, review, subscribe, submit comments, and potential show topics at global investors’ podcast.com. Look forward to two more episodes next week. See you then

Announcer:
Nothing in this episode should be considered specific, personal or professional advice. Any investment opportunities mentioned on this podcast are limited to accredited investors. Any investments will only be made with proper disclosure, subscription documentation, and are subject to all applicable laws. Please consult an appropriate tax legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Syndication Superstar, LLC, exclusively.

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