Owning a rental property and managing it to ensure success is not an easy task for anyone especially greenhorns. If you are therefore looking to make your first venture in the rental property business, it is important that you understand what you are going up against. By understanding the challenges ahead, you would be better prepared moving forward.
Since there is a ton of things you need to learn about the industry, it is recommended that you take this on one step at a time. Understanding every responsibility you will have as a landlord prior to investing heavily in rental properties would make it easier for you to be prepared. One thing for example that you need to pay attention to is your responsibility regarding tenant injuries.
When it comes to tenant injuries, the first thing that a landlord should keep in mind is that he or she will only be responsible if he or she was negligent in maintaining the property which historically caused the injury. With that said, the tenant needs to prove several things before they can claim that the landlord is liable for the injury.
First off, the portion of the concessions that caused the accident should have the responsibility of the landlord to maintain. After that, the renter should also prove that the landlord has not taken steps to correct the issue because resulting to an accident. The problem should also not be prohibitively expensive. If the tenant is genuinely hurt with matching medical reports to prove it and it is clear that the landlord was negligent in fixing up an issue that directly caused the accident, then the landlord would be liable for the accident.
If these things can be proven by the tenant, they can file a personal injury law against the landlord's insurance company. The lawsuit could demand payment for medical bills, lost earnings, emotional distress, pain, disfigurement, or permanent physical disability depending on what applies.
A landlord's duty should there before be taken seriously. If an issue with the property has been reported, it is vital that the landlord should work to have it fixed as soon as possible. If you are looking to be a landlord and you are not much of a fixer upper, you can always hire a rental property manager that can handle repair and maintenance responsibilities for you. While this would slowly reduce the alertness potential of your business, it should be viewed as one way of protecting the investment.