Why Have Rental Property?
Renting out property is an excellent way to generate income while your property’s value appreciates. In fact, each year more and more people are purchasing property with the intent to rent it out. As with any investment, there are some risks to be aware of. These risks are very important to consider because if they ever materialized, you could be at risk to lose your rental property.
Renting Risks
A property landlord may gain a big liability in case a tenant suffers an injury within the property. It may be because of the property itself or by some other factors, like injuries caused by other tenants.
Another common risk to rental properties are creditors. It is in the interest of creditors to seek out assets of their debtors for payment of debts. Landlords have reached out to our law firm about losing one or more of their rental properties. In special cases, even their personal home that is full of memories may be lost. This is not a favorable situation for a landlord where they can lose everything they have worked hard for.