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7 Must to follow Best Practices for a Landlord

Being a landlord in North Carolina requires knowledge of state laws and regulations governing the rental of property. Here are a few key things to know about being a landlord in North Carolina:

  • Security Deposits: In North Carolina, the maximum security deposit that a landlord can charge is two months’ rent. The deposit must be returned to the tenant within 30 days of the end of the tenancy, minus any deductions for damages or unpaid rent.
  • Rent Increases: In North Carolina, landlords do not need to give any notice before increasing the rent. However, if the tenant has a lease agreement, the landlord must wait until the end of the lease to increase the rent.
  • Evictions: In North Carolina, landlords can evict tenants for non-payment of rent, breach of lease, or illegal activities. The eviction process typically takes about 10 days once a notice to vacate is served.
  • Lead-based paint: If a property was built prior to 1978, landlords must provide tenants with an EPA-approved lead hazard information pamphlet, and disclose known lead-based paint and/or lead-based paint hazards before the tenant signs a lease or rental agreement.
  • Discrimination: it is illegal for landlords to discriminate against tenants based on factors such as race, religion, national origin, sex, familial status, or disability.
  • Repairs and Maintenance: Landlords are responsible for maintaining the property in a safe and habitable condition, and must make necessary repairs in a timely manner. Tenants have the right to withhold rent if the landlord fails to make repairs that affect the health and safety of the tenant.
  • Smoke-free Buildings: North Carolina allows landlords to make their properties smoke-free.

It is important to consult a lawyer or the North Carolina Real Estate Commission for the most current and accurate information on the regulations and laws that apply to landlords in the state of North Carolina.

Know the Stress, but don’t get overwhelmed

Before you buy and managing a rental property, it is good to know about the possible issues and stress that comes with it. There are several reasons why a landlord may be stressed, including:

  • Financial stress: Landlords may be concerned about not being able to collect rent on time, or about not being able to cover the expenses of maintaining the property.
  • Legal stress: Landlords may be worried about being sued by tenants for things like discrimination, or for failing to make necessary repairs to the property.
  • Maintenance stress: Landlords may be overwhelmed by the responsibilities of maintaining a property, such as dealing with repairs and dealing with problem tenants.
  • Tenant stress: Landlords may be stressed about dealing with difficult tenants, such as those who are consistently late on rent or who cause damage to the property.
  • Personal stress: Landlords may have personal stress, such as health issues, family issues, or other problems that can make it difficult to focus on the responsibilities of being a landlord.

Ways to Manage Rental Property Stress?

Being a landlord can be stressful, but there are ways to manage this stress. Here are a few ways to manage the stress of being a landlord:

  • Create a budget: Create a budget for your rental property, including all of your income and expenses. This can help you stay on top of your finances and ensure that you are able to cover all of your expenses.
  • Communicate effectively: Communicate effectively with your tenants, addressing any concerns or issues in a timely and professional manner. This can help prevent conflicts and misunderstandings that can lead to stress.
  • Get organized: Organize your paperwork and documents, such as lease agreements, rent payments, and maintenance records. This can help you stay on top of your responsibilities and make it easier to deal with any legal or financial issues that may arise.
  • Get help: Consider hiring a property management company or a lawyer to help you with the legal and financial aspects of being a landlord. This can take some of the stress off of your shoulders.
  • Take care of yourself: Make sure to take care of yourself, both physically and mentally. This can include getting enough sleep, eating a healthy diet, and engaging in regular exercise.
  • Be realistic: Be realistic about the responsibilities and challenges of being a landlord. Understand that there will be difficult times and that’s part of the job.
  • Prioritize: Prioritize your tasks, focusing on the most important and urgent ones first. This can help you feel more in control and less overwhelmed.
  • Learn to say no: Learn to say no to things that are not essential to your role as a landlord. This can help you focus on what is important and reduce your stress level.
  • Seek Support: Seek the support of friends, family, or a therapist if you need help dealing with the stress of being a landlord.

Are you Ready to Move on and Exit out of your Rental Property

If you are feeling overwhelmed by the responsibilities of being a landlord, it may be time to consider other options. Here are a few things to consider:

  • Hire a property manager: Consider hiring a property manager to handle the day-to-day responsibilities of being a landlord. They can take care of tasks such as showing the property, collecting rent, and dealing with maintenance issues.
  • Sell the property: If you no longer wish to be a landlord, you may consider selling the property. This can be a good option if you are looking to cash in on your investment and use the proceeds for retirement or other expenses.
  • Rent to family or friends: Renting your property to family or friends can be a good option if you want to keep it in the family, but don’t want to manage it yourself.
  • Rent it out on short-term basis: Rent your property out on a short-term basis, such as Airbnb or Vacation rental. This can be a good option if you want to generate income without the long-term commitment of traditional renting.

At H&M Home Solutions, We can give a maximum offer for your Rental property in 24 hours. Do you have long term tenants for whom you care for? We can happily take over your existing base so that they still have their same home. At H&M Home Solutions:

  • We make sure you get paid the maximum amount for your property value
  • We do not charge any fees or realtor commissions
  • We pay for all the closing cost
  • We don’t require you to do any clean ups or repairs. We buy as is.
  • We don’t require the homeowner to do any 3rd party inspections or appraisals.
  • We don’t require you to go to different offices or to the attorney’s office for closing. We have a team who can do it all remotely while you are sitting on your sofa. We do all the heavy lifting here.

We are a proud local homebuyers of rental homes in Catawba County, Burke County, Caldwell County, Lincoln County and Surrounding areas.

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