Absentee landlordism refers to the people who own a property in abroad which is given out for rental purpose as he/she stay in his/her home country DC Fawcett Virtual Wholesaling . The owner can be anyone like a local investor, corporate entity or a conglomerate in abroad buys a property in overseas as it is a form of virtual real estate investment.
DC Fawcett reviews the issues undergone by a tenant in absence of a proper owner.
As the proprietor is away, the tenants may not pay rent on time. But it is advisable to pay on time so as to remain in good books of the owner. This may also help in situations when you need immediate assistance from him/her.
It is the prime duty of the tenant to maintain the house clean. The walls and lofts should be kept away from dust and dirt. In case, furniture or electronic appliances is provided by the proprietor at the time of moving in, it must be kept in good condition so as to have a smooth inspection when the owner visit.
*Repairs and renovation cost:
There may be situations when some repair and renovation work has to be done in absence of the owner. At that time, the tenant should be in a position to shell out the money from his/her pocket. The amount spent on repairs should be informed to the landlord when he/she is reachable. Friendly relationship with neighbors is also important as it can help during any crisis.
There would be apartment meetings or some circumstances which may require the presence of the owner to communicate important information. But it is one of the biggest hurdles that a tenant should undergo in absence of the landlord as he/she is out of reach. In that case, telephone calls and messages pave way for communication.
*Freedom and friendship:
Some owners may not prefer the tenants to have a pet at home. But in case of absentee landlord one may like to have it. Ensure that it doesn’t cause any damage to the house. Parties or watching television may result in noises which therefore affect only the neighborhood.
Good relationship with your neighbors can prevent yourselves from complaining to your proprietor.
The complaints accused on absentee landlord
*The only motive of the owner is to extract the economic value of the property through monthly rent and least bothered about the social welfare of the tenant who pays the rent.
*The outward flow of economic capital as he/she doesn’t reinvest in local region.
*Minimum relation towards the land and buildings as the proprietor stays far away
*Repair work is overlooked to avoid taxation.
*Generating legal problems.
The property management companies’ help in finding the tenants, collecting monthly rent and solve issues like repair work in absence of the owner.
DC Fawcett virtual real estate investing club has a blog which talks more about absentee landlordism, so tenants who are in need of more solutions can read the blog to tackle the tough situations.