The Perfect Scenario or a Rental Nightmare?
by Wallace Gibson, CPM
In the TLC show “Say YES to the Dress!” the brides have an idea what they want their bridal dress to look like and they “will know it when they see it!”Corporate rentals, unless there is a personal guarantee by the actual resident occupant, can be a nightmare. If the tenant is fired or the corporation goes into bankruptcy, if there is not sufficient corporate documentation as to why the employee’s rent was being paid, the trustee in bankruptcy can actually call BACK the lease payments.
Additionally, residents who do not LIVE at the property FULL TIME can give the landlord a false sense of security. In a power outage, heat can go off and pipes can freeze and no one knows until it is way too late. Routine items are not handled and likewise maintenance ends up being delayed or not at all.
American Apartment Owners Association offers discounts for landlords on products and services related to your rental investment, including real estate forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
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