Richard Davis - GET THE MOST MONEY FOR YOUR REAL ESTATE INVESTMENT

25. Your Rights in Case of Abandonment

Finally, your lease should include rules about your rights if the tenant suddenly breaks the lease without notice and abandons your property. If the tenant just disappears in the middle of the night, you have the right to go in, reclaim the property, and potentially put a claim on their security deposit. Then, you have the right to dispose of their belongings in accordance with the law and re-rent the property to someone else — all without losing thousands of dollars. You will almost certainly need to include more than just these above-mentioned items in your lease, depending on your specific property, where it’s located, the local laws, and your specific preferences, but these “essential 25” are a starting point. Again, please consult your attorney for further guidance and for drafting the lease itself.

Remember: Your lease is your protection!

LAYING DOWN THE L WN THE LAW — ENFORCING THE LEA G THE LEASE

“Laying Down the Law” might seem a bit extreme, but trust me when I say it is neither extreme nor sarcastic. This is serious business, and you have to take it seriously in order to protect yourself and your investment. Laying down the law essentially means enforcing the lease. There’s a reason you spent all that time, energy, and effort in ensuring you had a rock-solid lease in place for potential tenants, and this is it! Before we continue, keep in mind that if you’ve done your due diligence — a thorough screening process and minimum qualification standards — you’re much more likely to get good,

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