If you own a home and are looking to get passive monthly income without working, you could become a landlord. Being a landlord means that you will rent out part of your property to people willing to pay to live there. These types of people are called tenants.
Residential Lease Agreement
Generally, an agreement (i.e. Standard Residential Lease form) is created and signed to establish the business relationship between a landlord and a tenant. If the tenant has failed to uphold the terms of a rental agreement, as a landlord, you would have the unfortunate right to evict them from the property.
Eviction is the act of obtaining a court order to remove a tenant from the unit inside your house, in which the landlord would submit an eviction notice to the tenant. Since Massachusetts is known as a tenant friendly state, there are many resources in the area that will support tenants from being evicted.
Even though tenants signed an agreement to pay to live in your house, they also have what is known as tenant rights, which can protect them from potential evictions or avoid paying rent when reasonable accommodations or maintenance are not met. Landlords also have landlord rights, however these rights are limited in nature since the landlord carries on the responsibility of maintaining a habitable dwelling environment.
Support for Landlords
MassachusettsLandlords.com and MassLandlords.net, are just some online resources that can guide Landlords through the complex eviction process. The process can be lengthy and costly. Some landlords, like those who have properties in the Merrimack Valley, may be able to connect with the Greater Lowell Landlord Association to obtain some support from fellow landlords.
Selling a distressed Landlord House
If you are a landlord, no longer wanting to be a landlord, are tired from having to evict people, or cannot afford your mortgage because the tenants refuse to pay their rent, give us a call. We buy houses from distressed landlords. Even if your property currently has tenant, we still want to consider making you a reasonable cash offer to buy it! When you call us, we will ask for you to provide us with all the information we will need to know about situation to best assess how we can be of some support. Next thing you know it, you will be the one serving a different notice to your tenant…a notification with your intent to sell!