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What is a landlord friendly state, and why does it matter? This is one of the main components you should consider before investing in real estate. Whether or not you invest in a landlord friendly state can make or break your investing experience!
On this episode of Investing in Real Estate, you’re going to learn about the importance of investing in landlord friendly states. You’ll hear which states are landlord friendly, and which states are not. Additionally, we are sharing our nightmare story of investing in a state that does not favor landlords.
On this episode you’ll learn:
- The definition of a landlord friendly state.
- Which states are landlord friendly.
- Regulations that make a state not landlord friendly.
- The problems associated with investing in your own backyard.
- And more!
The Definition of a Landlord Friendly State
When you’re assessing a rental market, you’ll want to ensure that the state is landlord friendly. This means the state has legislation that is protective of you as the landlord. In a landlord friendly state, the eviction process is fast and easy. Additionally, security deposits cover tenant damages and other legal matters are fair to the landlord.
Which States Are Landlord Friendly
Tennessee, Texas, Indiana, and Michigan are among the most landlord friendly states. Texas is the most landlord friendly state in the US — Don’t Mess with Texas! The Lonestar State has a fast and efficient eviction process. Alternatively, states that are not landlord friendly include New York, New Jersey, and California.
Regulations That Make a State Not Landlord Friendly
When you’re considering investing in a state, you’ll want to dig into the legislation surrounding certain issues. These include: eviction process, rent control, lease agreements and security deposits, and how utilities are handled. In a landlord friendly state, most of these topics should favor the investor.
The Problems Associated with Investing in Your Own Backyard
Many investors think they should purchase a rental property close to home. The problem with this is, many investors do not live in a landlord friendly state. Therefore, this can lead to headaches and legal issues for the investor. If you choose to invest in a state that isn’t landlord friendly, you can expect problems.
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