Most people who work from nine to five, forty hours a week and have a steady income do alright financially, however a lot of people would like to jump from that position of doing O.K. to living a little bit more comfortably. One great way to do this is to become a landlord.
Becoming a landlord is not too difficult for anyone who has saved up a little bit of money and is able to put a down payment on rental properties, providing that their credit is alright. Having some extra money coming in every month from two or three rental properties can make the difference between being able to invest in other ventures and expand more or being stuck in the same place continually. Becoming a landlord is a wise choice for those that are well informed.
The first thing to consider when you are deciding whether or not to become a landlord is what the responsibilities of both landlord and tenant are. Ethically you would think that most states are pretty consistent as far as describing the rights and responsibilities for each, but surprisingly there is a lot of variation from state to state.
New Jersey Landlord Tenant Law for instance states that it is possible for landlords to charge a tenant a non-refundable fee in lieu of a security deposit, whereas some other states have not adopted this practice. It is also possible in New Jersey for a landlord to decide to allow a tenant to pay a security deposit in installments rather than all at once.
The New Jersey Landlord Tenant Law also states that a tenant can use a security deposit as rent if it will prevent “a judgment of possession” where the tenant is evicted as long as the Landlord and tenant agree about it.
Security deposits are just one tiny aspect of the whole matter. There are regulations as far as who the landlord can allow to occupy the property, what repairs is the landlord’s responsibility and how a landlord is allowed to collect monthly rents.
Before jumping in to this venture that can easily catapult a person into financial independence it is important to know the laws that accompany it.
If you are thinking of leasing commercial property in Northern New Jersey, landlord-tenant law attorney Business Name can help get your relationship off on the right foot.
