“The Accidental Landlord” has always been around, but during the current economic downturn, this situation has become much more common and has achieved a much higher visibility. An Accidental Landlord is a homeowner who has decided to ride out the rocky real estate sales market by renting homes they otherwise would have sold.

This is a temporary circumstance, just an interlude for these homeowners, and they often don’t catch on to the legalities and pitfalls of being a landlord until things go very wrong. A homeowner who wants to wait for a better sale price usually thinks all he has to do is get a tenant and collect the rent. The reality couldn’t be farther from that overly-optimistic view.

Most landlords or property managers take months or years before deciding to purchase rental properties or enter the various property management careers. There are laws to learn, classes to attend, workshops and acquiring mentors in the field so they can get the necessary information.

The Accidental Landlord often makes the decision over a few days when facing up to the poor prospects of selling their house. The “buy low, sell high” dream has been stalled to the point that they make arrangements to move to less expensive housing and stick a “For Rent” sign in the yard.

But the best advice that can be offered is this: Don’t go it alone! Being a landlord, even of just one house, can end up causing significantly more economic loss, legal difficulties, and headaches than can be imagined.

By becoming a landlord, you are subjecting yourself to intense liability if you fail to follow the letter of the law in most instances. Local judiciary seldom looks upon omissions or lack of knowledge of the law as good reasons to allow you a pass if trouble develops.

Losing thousands of dollars in the sales market might be a small problem compared to losing the whole house due to the decision to enter the rental market ... continued

For full answer, please go to spokesmanhomes.com
Landlord Association of the Inland NW
3 S. Washington Street, Spokane, WA 99201
www.landlordassoc.org • 509-535-1018