This Property Came Back into the News Yesterday in the Sacramento Bee and it’s not a Happy Ending.
This article is basically an Update on the Story I wrote last year… A Lesson In The Costs of Not Maintaining Your Rental Property
The final outcome was announced in yesterday’s “fish wrap”.
Take a minute and read the link above and then read the story from the Sacramento Bee. The Headline below will give you a nice clue as to what happened.
Tenants win settlement over conditions at Rancho Cordova apartments
What happened to these former owners is that they “ignored” complaints from some of the tenants about Vermin, Mold and some Safety Issues.
When you are a Landlord, you can’t ignore problems like this. In an apartment complex, a disgruntled tenant with a legitimate issue that is ignored will spread the word and all of a sudden, everyone will want to get on the bandwagon thinking there is a “big payday” at the end.
In this case this it what happened and it didn’t have to be.
I don’t care what kind of property you purchase, a single family home, a Duplex or even an Apartment complex these issues will come up from time to time. Most of the time they are minor and can be mitigated if you act early and never ignore it.
VERMIN… VERMIN…VERMIN…
Failure to remedy an infestation of vermin, such as rats/mice/bedbugs/roaches or mitigate water damage that will lead to a mold problem will cause you to be up against a Code Enforcement officer and might even lead to a nasty lawsuit that will cause you to lose your investment.
I’m not trying to scare you about investing in Residential Real Estate… My goal here is to educate you so you can avoid this kind of problem. Failure to act will bring on another kind of vermin… The “hungry” litigation Attorney. They love to sue landlords because they know there will be a big insurance payoff to them and maybe a little bit of $$ for the victimized tenant. Just beware ok…?
Below are some articles I’ve picked up from the internet that will give you some insight as what these critters are and what they do. Like I said, just be aware and never ignore them.
Meet the Critters Inside Your Mattress – Al Hofer’s South Florida Pest Blog
Vermin…Who is Responsible – From the UK blog – Property Management FAQ
Top Dog Pest Control – Info and Links to California Landord Tenant Law Information
Mold…Mold…Mold – Don’t Be Scared – just be informed – Regarding Obtaining Insurance for your property
In the Mean Time…
Make it a Great Day
Ed Favinger, Broker CRS, GRI, SFR, CDPE 916-203-1260 favinger@rwnetwork.com
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Being a landlord can be both rewarding and profitable, however, it also comes with a responsibility to ensure that you maintain appropriate standards within the property. I have no sympathy for landlords who don’t look after their tenants basic needs and entitlements – they give the rest of us a bad name.
NEVER EXPECT A TENANT TO LIVE SOMEWHERE YOU WOULDN’T STAY YOURSELF
right on
that is true…instead of putting the money in your pocket…you better maintain it first…