As a real estate investor, you should not only be concerned with the Flower Mound property management you’re providing, but you also need to be aware of how you can protect yourself and your Flower Mound rentals from legal issues. If you are new to real estate investing, you may not be aware of the risks you have taken on. However, professional Flower Mound property management companies, like Specialized Property Management, are. Therefore, if you lack experience in this field, consulting a Flower Mound property management firm is advisable.
Professional Flower Mound property management firms like Specialized Property Management have experienced and highly knowledgeable property managers in Flower Mound who will be able to help you reduce your legal risks. Below are a few tips for limiting your risks as a landlord, but again, professional Flower Mound property managers will be able to help you even further.
- Consider Purchasing Properties Under a Legal Entity. Many first-time investors don’t think about the legal consequences of buying Flower Mound homes for rent in their name. When you purchase a property in your name, it is considered a personal asset in a lawsuit. Therefore, if anything ever happens and someone sues you, especially a tenant, your assets (including investment properties) are at stake. So, avoid this problem and purchase investment properties in the name of a legal entity. You will need to get this set up with the help of an attorney.
- Develop a Solid Lease Agreement. In addition to purchasing properties under the protective name of a legal entity, you will need to create a solid lease agreement. This is where the help of experienced property managers Flower Mound will be able to help. You need to be sure every detail is covered in the lease agreement because, in the case of a lawsuit, the original lease is always issued to the court. When you have an “airtight” lease, you have a better chance of winning the legal battle.
- Prescreen Applicants Before Leasing. Finally, to better protect yourself and prevent possible legal battles, you have to find a good method for prescreening applicants before making the decision to lease your houses for rent in Flower Mound. The professionals at Specialized Property Management include prescreening services in their property management in Flower Mound. We will check their credit history, criminal background and require applicants verify their income before approving an applicant for your properties. Prescreening dramatically reduces your legal risks.
Contact Specialized Property Management today to learn how we can help you protect yourself and your investment properties better!