Tony Hawkins, ABR
Real Estate Broker / Instructor
Office: (919) 491-7254
tony@tonyhawkinsre.com
Tony Hawkins, ABR
North Carolina Real Estate Broker / Instructor
So You Want to Be a Landlord
From The Hawk's Cry - April 2004
I have a number of clients who have contacted me about investing in rental property. The first to contact me over two years ago, Mr. & Mrs. Wiggins, I have the pleasure of assisting in developing their property in Southeast Raleigh, from a single family to a multi-family residential unit. I have another client in Durham looking to do the same. So you want to buy low and sell high? Make lots of money being a ‘player’ in the rental business? Recent changes in investment property underwriting from lenders will provide both a safer venture, however, higher acquisition costs. And the most recent change is a Rent Loss Coverage insurance requirement by your lender. Don’t forget the Fair Housing component either. Before you start eliminating applicants from your pool of tenants, make sure you are eliminating for all the right -- and legal -- reasons. Federal fair housing laws prohibit you from discriminating against potential renters in seven categories:
· Race
· Color
· National origin
· Religion
· Sex
· Familial status
· Handicap
Keep in mind that these categories are in regard to Federal law and that the North Carolina State Fair Housing Law is more stringent. In addition, please call or e-mail me so I may help you analyze a property not only by the numbers, but by the price, location, terms and conditions of the conveyance.
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Tony Hawkins, ABR
Real Estate Broker / Instructor
Office Direct: (919) 491-7254
tony@tonyhawkinsre.com
Global Realty Marketing
