Yes - landlord friendly states.....just like BUSINESS FRIENDLY states, this feature should be in the TOP 5 FACTORS when deciding WHERE to invest $$$ for rental property ownership....how well the purchase $$$ work will be immaterial if all the investor's profits go down the drain with a 3 month eviction for non-payment of rent and if there are onerous rules or regulations for inspections and improvements.
Texas is a GOOD landlord state * Virginia is the BEST.......we have 2 landlord tenant codes and VERY ACTIVE apartment and realtor association involvement in our state legislative process. We follow federal fair housing guidelines with the addition of ELDERLINESS (over 55)
We have an indemnification statute that if landlords abide by the lead based paint disclosure rules, they are indemnified from further action or responsibility. Our burden in the case of mold at the rental property is also limited and insurance companies have assumed some of the burden also.
Our eviction process for non-payment of can be started and completed in less than a month and the removal of unwanted guests or invitees is just a visit to the magistrate's office.
....and BEST of ALL....after the state legislature changes the rules effecting our business, our real estate trade organizations and apartment associations have classes on these updates!!! The Virginia Association of Realtors actually has the author of many of these laws * Chip Dicks * provide all-day courses with CE credit BEFORE the laws take effect. Likewise, the Virginia Apartment Management Association has similar update courses throughout the state....VAR will have a 2 day property management meeting in my BACK YARD in mid-October when for the second year, the VAR Property Management Coalition has its meeting at our area's Boar's Head Inn......
NOW, there is no excuse for not knowing the RULES..... http://www.varealtor.com/MemberServices/AlliancesSIGs/PropertyManagement/CoalitionConference/tabid/708/Default.aspx
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
LandlordWhisperer
View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans
"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous
Now, this is a good suggestion Wallace! In Illinois - we have a Landlord-Tenant Act this is NOT friendly to landlords IF they do not follow the rules regarding security deposits... many property managers are forgoing security deposits altogether because of this penalizing law....
Indiana is less strict. Have a good holiday weekend!
Diane - CA investors have soured on TX, NV and AZ real estate and are coming to the RIGHT COAST - VA, NC and SC * sorry GA, too many foreclosures (investors buy these to FLIP, not to HOLD).....all three are landlord friendly states with relatively low unemployment and low housing costs.
Alaska is the best state for remedies; that is getting your money back from damages and back rent. There is the permanent fund dividend which can be garnished at the end of the year with interest.