More Landlord Answers


More Landlord Answers

WEAR & TEAR

"Ordinary wear and tear" is used to describe the
amount of allowable deteriortion to the property
without the tenant being financial responible.

There is no exact amount of time specified by law
that each item in a property should last before being
considered worn out.

Tenants should not be responsible for costs that are
considered normal maintenance. Whats normal?

Landlords that install cheap carpeting must expect
that carpet to show wear sooner than a better quaility
carpet. That wear is not the fault of the tenant.

If your property is rented to a family of six it will
show more wear then if is occupied by a couple.

What is normal and ordinary wear and tear defies
exact definition... even for the most conscitientous
owner.

To avoid as much controversy as possible every
landlord should have a new tenant inspect the property
and fill out a property inspection sheet.

Explain to the tenant that they should note any damage
or defect in the property, because the both of you will
use that information upon move out to determine if the
tenant is responsible for any damage or unusual wear.

In our own properties we tend to give the tenant the
benefit of a doubt if there is minor wear or damage.
It avoids what could be far more expensive if the
tenant seeks legal recourse.

Youve probably heard about a landlord who found that
his tenant was overhauling motocycles in the living
room of his rental home.

You dont charge that guy for damage... you have him
whacked?

All landlords should know about this...

http://digbig.com/4ccej

If you have missed any of these information
packed updates, you can find the most recent
ones added to The Power Letter online at...
http://ThePowerLetter.com

Find past issues on our Blog at...
http://cfiblog.blogspot.com

You would be doing us a great favor if you would
recommend The Power Letter to your friends. They
can visit http://ThePowerLetter.com for a free subscription.

Thanks for your help!

Until next time - Go Forth and Prosper!

Mark Walters~

P.S. Have you visited our "Investor Base Camp" lately?
Go there now: http://CashFlowInstitute.com

Want to get more exposure for your business Online?
Want to start your own Online Business? We show you
how with our "Internet Business Opportunity Review"...

http://BusinessOpportunityReview.com

About The Author...

Mark Walters is a third generation investor, author,
speaker and publisher. He is the Webmaster of

http://CashFlowInstitute.com
http://ThePowerLetter.com
http://BusinessOpportunityReview.com

You may re-print article(s) that are posted in the CFI Blog
(or...The Power Letter...etc) subject to the following terms
and conditions: Articles must be published "as is" (unedited).
Articles must be published with the authors bio paragraph
(resource box) and copyright information included. URLs in
the resource box should be set as hyperlinks.
Articles cannot be used in spam communications.