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Angels, Are They Real?
They're real, but few survive. High risk investing is dangerous to your bank balance. The process toward extinction is that an angel risks money in one venture. It fails. Then, he joins a group of angels and risks money in another venture. It...
Ideal Marketing Methods for Home-Based Businesses
What is the difference between a small business that makes it and one that does not? Most likely, the one that was successful engaged in some effective marketing. Wise marketing is critical for owners of home-based businesses for a number of...
Marketing Is a System, Not an Event
Small business marketers love the chase. Love the new fangled way to make the phone ring. They love to think of a marketing promotion as a single event. But it’s precisely this view of marketing that holds most small businesses back. They fall...
Search Engines: The Life Blood of Internet-Based Home Businesses
Anyone involved in an Internet-based home business will soon come to recognize the importance of search engines as a vehicle to attract potential customers.
Since the inception of Google in 1998, the popularity of using search engines has...
The 10 Universal Laws
1. The Law of Duality There is a flip side or opposite of
everything. For instance, you can only know good, if there is
evil. Light can only exist with dark. Good luck can only exist
if there is bad luck. And to experience success you must...
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Smart Landlords Use Very Smart Leases
The longer you are a landlord the more you strive to create the perfect lease/rental agreement. Landlords learn in the school of hard-knocks that some tenants are certified trouble makers and we try our best to protect ourselves with a carefully structured restrictive lease.
That's just good business.... but be careful you don't include any provisions in your lease that may not be legal. For example...
It would be illegal to include a provision that states the resident agrees not to include his or her lease (the lease on your property) in their bankruptcy filing... should their bankruptcy become necessary.
Bankruptcy laws are Federal.. lease law is state law.
Anyone can file for bankruptcy and invoke all protections afforded to them by the U.S. Bankruptcy Code... including not making lease payments... at least temporarily.
Here's another caution...
It would be illegal for your lease to require that residents be responsible for injuries he or she sustain during the lease term. The law can
legally hold landlords liable for damages and injuries caused due to negligence. A landlord cannot contract that away.
How about repairs....
The same would apply to a requirement that the tenant be responsible for all necessary repairs. In every state the law mandates that landlords perform certain repairs to maintain the property and keep it habitable.
Does your lease contain a clause concerning attorney fees?...
Requiring a renter to pay for all of the landlord's legal fees and costs regardless of a court case out come would also be a lease no-no.
Most good leases have stood the test of time and will help you avoid legal problems. Just don't ask tenants to sign it until you have read and completely understand every line of the lease you are using.
You'll find the lease we use here... http://digbig.com/4ckcd
About The Author
Mark Walters is an investor and author. You can find his
published material at http://www.CashFlowInstitute.com
http://cfiblog.blogspot.com/
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