Legal Question in Real Estate Law in California
I'm a soon to be landlord
I'm a soon to be landlord (we're buying up), and am wondering if I should retain an attorney to consult me with property management issues. If so, what should I expect to pay for such oversight, and administration?
Thank you for your time
1 Answer from Attorneys
Re: I'm a soon to be landlord
I know and have represented property managers in the 95401 through 95409 Zip areas (my office used to be on Mendocino Avenue), and I would say that what you should do depends to some extent on the scale of your operation. If you have acquired 20 or more units, you shouldn't dream of conducting your business without professional help both at the legal and the property-management levels.
On the other hand, if you have just bought a duplex or 4-plex, you need some guidance, but the break-even point between overspending and being under-advised shifts consideraby.
At the very, very minimum, buy and thoroughly digest two or more of the self-help law books, usually paperbacks available at Barnes & Noble or Amazon (Nolo Press is a good publisher, but not the only one) on the subject of "landlording" or, to see the other point of view, "tenants' rights."
So, start with educating yourself; then when (or if) you consult with an attorney, you'll have enough grasp of the field to have a productive discussion.
Finally, be sure to talk to a good insurance agent or broker about the coverages you should acquire to protect yourself and your investment.