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.
Episode Resources
Ziprecruiter.com/investing ← Try ZipRecruiter for free!
Book a Call with Our Team
Behind the Scenes of a Renovation Series
morrisinvest.com/Clayton ← Ask me a 30-second question!
morrisinvest.com/bootcamp ← Download your FREE 90-Day Bootcamp!
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
Ready To Build Passive Income Through Rental Real Estate?
Ready to talk about your goals? We're here to show you the tools and teach you the process to begin earning legacy wealth for you and your family.
