How NOT To Own A BAD Rental Property

15 Renters Rights That Will SHRINK YOUR WALLET! And Why You Will SLEEP Well At NIGHT Even If You Break All 15?





In a perfect world, landlords and tenants would work together like a well-oiled machine, both generously doing their part to keep each other happy and not disturb their neighbors' "Entitled to quiet enjoyment of the premises," as phrased in Illinois' landlord-tenant law.





In fact, lots of tenant-landlord relationships fit this description—but we've all heard horror stories about the exceptions. And laws that protect both parties have become so complex that understanding a landlord’s rights can be like teaching a pig to sing…it doesn’t work and only ticks off the pig.





Since landlord-tenant law varies by state, the key is knowing What can I as a Landlord/Property Owner/Manager Do—preferably before I sign my next rental agreement. Or lease?





Understanding your state law and the terms of your lease are your best guarantees against future problems.





However, learning how to hold your property within the secure protection, anonymity and flexibility of an Equity Holding Trust agreement!





The 15 common Misconceptions about Renters' Rights!





Although renters' rights vary by region, many are pretty predictable. Here's a sample of rights likely to be addressed in your state's landlord-tenant law:








1. The Fair Housing Act makes it illegal l to deny housing to a tenant on the grounds of race, color, sex, religion, disability, family status, or national origin.





NO FIGHT ON THIS ONE! No protection here even with a home inside of an Equity Holding Trust™ Agreement.





2. Residential rental units should be habitable and in compliance with housing and health codes—meaning they should be structurally safe, sanitary, weatherproofed, and include adequate water, electricity, and heat.





We agree here, unless In an EHTrust™ the Resident Beneficiary agrees to fix up/clean up to their desire and/or our discount for arranging occupancy.





3. Many states limit the amount landlords can charge for security deposits. (See http://www.nolo.com/encyclopedia/articles/lt/lt1.html to find out if yours is one of them.)





In an EHTrust™ WE GET 10-15% of the home’s value (or future value) as a move in amount/ Reserve Deposit and/or a Tax benefits Lease buy in.





4. A landlord should make necessary repairs and perform maintenance tasks in a timely fashion, or include a provision in the lease stating that tenants can order repairs and deduct the cost from rent.





NEVER AGAIN GET UP IN THE MIDDLE OF THE NIGHT! MORNING! or AFTERNOON to FIX a Hole in the Wall, Un-Plug a Toilet, Sink, Replace a Door, Floor, Roof or Filthy Tenant!





In the EHTrust™ your Resident Beneficiary (R/B) agrees to be responsible for all repairs or a percentage you agree to, as a condition or term of the Trust agreement and Triple-Net lease!





5. A landlord must give prior notice (typically 24 hours) before entering your premises and can normally only do so to make repairs or in case of an emergency.





No Contest here.





6. Illegal provisions in a rental agreement (provisions counter to state law) are usually not enforceable in court.





In an EHTrust™ Land Trust provisions and the Triple-Net Lease that the R/B signs are100% Legal in all US states.





7. If a landlord has violated important terms related to health, safety, or necessary repairs, tenants might have a legal right to break their lease.





In an EHTrust™ where your R/B has agreed to perform all or a portion of rehab for improvements YOU never become liable.





And since there is no TENANT (remember that the R/B is a co-Beneficiary and not a tenant), if the R/B fails to pay or perform the work they Default both their Beneficial-Interest and right to possess the home.





8. If tenant has to break a long-term lease, in most states landlords are required to search for a new tenant as soon as possible rather than charging the tenant for the full duration of the lease.





In an EHTrust™ NO PROBLEM…b/c the R/B has already left you with a Reserve Deposit more than plenteous enough to cover flooring(no cash flow) while you market for a new R/B.





9. Damage or security deposits are not deductible for "normal wear and tear." Some states require that a landlord give an itemized report of any deductions.





In an EHTrust™ the R/B delivers an amount to securitize the home (say 10-15%) this amount should more than cover damage, move-out, monthly carrying costs, advertising and/or marketing expenses for the home.








10. Most states require landlords to return refundable portions of a security deposit within 14 to 30 days after the tenant has vacated the premises, even in the case of eviction.





In an EHTrust™ you have a Reserve Deposit for assignment of the Beneficial Interest to buy the home in the future or lease the home with a tax benefits, this is not a Security Deposit!








11. Landlords usually can't legally seize a tenant's property for nonpayment of rent or any other reason, except in the case of abandonment as defined by law.





In an EHTrust™ this is not applicable as the R/B is shall move ASAP upon notice of default by the Trustee.








12. Landlords are legally prohibited from evicting tenants as retaliation for action a tenant takes related to a perceived landlord violation.





In an EHTrust™ there are no Tenants—ergo No Eviction!








13. A landlord cannot legally change the locks, shut off (or cause to have shut off) your utilities, or evict you without notice; eviction requires a court order.





In an EHTrust™ b/c the R/B is a co-Beneficiary of the Trust they agree to remove themselves (i.e. confession judgment) for failure to comply to the In an EHTrust™ agreement.





14. If a landlord makes life so miserable for you that it forces you to move, it may be considered "constructive eviction," which is usually grounds for legal action.





In an EHTrust™ once the R/B Defaults there are no ground for legal action.





15. In many states, it's illegal for a lease to stipulate that the tenant is responsible for the landlord's attorney fees in case of a court dispute!





In an EHTrust™ the R/B pays a $2000 Default + MAI appraisal B4 return of Reserve Deposit Amount!





Interested in receiving more information on the benefits and costs of an Equity Holding Trust™?