David G. Brown - HOW TO REDUCE YOUR RISK IN REAL ESTATE INVESTING

on a trampoline or drowns in the pool? You’ll be held responsible.

16. Parking and Vehicles

Parking and vehicles can create a whole host of issues, so you’ll need to spend some time with your attorney developing rules. Here are some potential issues to consider: • Too many vehicles. If your tenant has too many vehicles (more than your parking space allows), this can cause tension, conflicts, and complaints with the neighbors. Your tenants could take up a lot of street parking or even park in your neighbors’ spots. Your neighbors could call you or file a complaint with the homeowners’ association (HOA) or your city’s code enforcement, which will cost you both time and money to resolve. However, if the rules are spelled out in your lease (and are legal), fixing these issues — or avoiding them altogether — will be much smoother. • Non-working vehicles/vehicles on blocks. If your tenant has several non-working vehicles parked in front of the property, vehicles on blocks, or vehicles they’re working on/fixing up, this can also cause conflicts with the neighbors. Again, you can end up with a flood of phone calls, neighborhood complaints, and official complaints to the homeowners’ association (HOA) and/or city. You need to ensure you’re protected and that you have the right to either force the tenant to fix the situation or fix the situation yourself, so you’re not exposed to a big fine or an unhappy neighbor. • Parking spaces. Your lease needs to include how many parking spaces your tenant will be allowed to use, and

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