Michigan Landlords Find Their Real Estate Investments Problematic.

March 6, 2013 - PRLog -- The price of real estate in Michigan is at record low levels. Many are taking advantage of this by buying one or more homes as investments.  While waiting for their investment to pay off, they are renting them out and are suddenly faced with many problems. One of which is finding themselves as inexperienced landlords.

“We are seeing more and more clients who are new landlords that have no idea what to do when their tenant doesn’t pay and they find themselves having to go to court.” – John Keenan, Esq.  Many first time landlords think that all they have to do is write up a lease agreement, sit back, and watch the cash roll in.  In fact, Michigan has strict laws about the wording of leases, provisions they must contain, and the handling of simple things like security deposits.  An amateur landlord can get themselves into a lot of trouble, fast, if they do not strictly follow the rules.

“We also have clients who become landlords because they decided to buy a new home for themselves, but couldn’t get enough for their present home to make selling it worthwhile, so they just rent it out until real estate prices improve.”  – Jan Keenan, Esq.  This is a good idea if you can afford to do it, but you need to know what you are getting yourself into.  These new landlords are experiencing the same pitfalls as those who are investing in multiple homes and properties.  

Before you decide to become a landlord, it is in your best interests to see a landlord tenant attorney who can draft a lease for you to make sure it includes the provisions you need and want, but also complies with the complexities of Michigan’s Landlord/Tenant law.

He will also advise you as to the other forms you need to provide to your tenants, and strategies to find qualified tenants to rent to.

Once a landlord runs into a problem with a tenant, there are many procedures that must be followed to obtain a judgment against them, or to evict them from your property.  If you don’t follow them, it can take a lot longer to do either; costing you unnecessary time and money.  

Again, you’re better off retaining a landlord tenant attorney to do this for you so that it is done properly.  The cost is reasonable, and the peace of mind, priceless.

The attorneys at Keenan & Austin, P.C., a family owned law firm in Redford, who have been in business for over 30 years, know landlord/tenant law and what it takes to be a successful landlord.  Visit their landlord tenant page at http://www.keenanandaustin.com/landlord-tenant-attorney/ to see more.