Before purchasing a rental property, you’ll want to be informed on how lease agreements, security deposits, and evictions will be handled in that state. The implications can be substantial, so you don’t want to overlook this!
For instance, what would happen if you had to evict a tenant? This can be incredibly frustrating. If you own the property, you would think you would hold the power to make a nonpaying renter leave, but certain states aren’t as protective of you as a landlord.
Here are the top 5 most landlord friendly states in the US:
Florida has loose laws when it comes to renting. There’s a major lack of rent control happening in the state. In fact, there is no law requiring you to have a written lease! This is actually a disadvantage for renters, but as the landlord, there aren’t many laws telling you what you can and cannot do.
In Arizona, the eviction process is seamless. It’s fast and easy. Arizona also has non-compliance laws, meaning the tenants have certain obligations. A renter must pay their rent, and supply accurate information on their lease and application. If they fall out of compliance, it’s a breach of contract. Under those circumstances, you can void the lease within ten days.
Colorado is actually an expensive state to invest in. But if you come across a deal that makes sense, it’s a fantastic place to be a landlord! If your tenants don’t pay, they’re out! Additionally, unlike many other states, you are not required to provide your tenant with a 24-hour notice to visit the property.
There’s a reason why we purchase most of our rental properties in the state of Indiana! Their legislation favors landlords. Their eviction process is quick, and they have no tolerance for tenants who don’t pay their rent.
Texas also has an efficient eviction process. Their laws favor landlords. The person that owns the property has the right to evict tenants.