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Many landlords are looking for ways to receive a higher return from their rental, but often they do not do the most basic things that help them do just that. Rentals are full of water guzzling toilets which are most likely over ten years old and still consuming a substantial amount of water.
This year marks 110 years since the Sixteenth Amendment was first ratified by a majority of states, which was the birth of the income tax. The Internal Revenue Service (IRS) has been auditing people and small businesses ever since.
Oregon became the first state with statewide rent control. Oregon has been debating Senate Bill 608, which is designed to overcome the housing crisis and provide affordable rentals to lower-income populations. In Portland, the average rent has risen by 30% since 2011.
Gun control is a hot topic and has been for years. The Second Amendment has sparked heated debate on both sides of the issue, the focus usually being what the government will restrict or permit. But what gets left out of the conversation is what private citizens can impose on each other (the Second Amendment is between the government and citizens, not citizen to citizen). In the rental world, the question is can a landlord place limitations on their private property, or does a tenant have the right to bear arms within their rented home?
It is rare, but every once in a while I get a tenant who stops paying rent and tells me it’s because I won’t fix something. They often state they don’t have to “legally” pay because the rental is in bad condition. Once a tenant even claimed they should get six months free rent because the roof leaked. It’s even rarer that the courts will see this as anything but “nonpayment of rent.” It is, however, your responsibility to make sure all is in order. These days it’s quite easy to do that using technology.
The dreaded part of being a landlord is having to deal with a tenant that will not pay. The investment you calculated is not paying for itself, and time is against you. The reality sets in that rent is not coming in, and you still have a tenant living in your rental.
The election is over, most of the signs are still up, but at least the lines are gone. The people have spoken for better or worse and the one thing we can all agree on is – we’re glad it’s over. The impact of the election did have some focus on the rental market and could even impact you as a landlord in the coming months. Here are six things to know about the election and your rental business.