Here’s another report that might raise some concern for those who are just about to enter rentals and other forms of real estate investing. A San Francisco paper reported that scams perpetuated by culprits pretending to be landlords are on the rise.
An official said it’s actually hard to ascertain the exact number of cases. However, the rise in cases is attributed to the spike in the number of vacant properties. A sheriff, meanwhile, was quoted as saying that victims are “primarily young, unsuspecting victims who truly believe they’re entering into a legitimate rental agreement.” Depending on how you view it, this can be a positive or negative news for those who are about to enter real estate investing.
Negative view: Prospective tenants will scrutinize landlords more and will not easily agree to pay deposits and other fees. Positive view: if you have nothing to hide and are a legit landlord, you have nothing to fear. Tenants will need to rent properties and they will continue to look for rentals. That also means business as usual for landlords and real estate investors. It’s doubtful that this news will even impact real estate investing in general.
But to prepare for the worse, you might want to set up a sort of landlord credibility kit right now. Compile some documents proving you own the property. Show them pictures of you inside the apartment or house. This will ease concerns from prospective tenants. So if you have nothing to do on the weekend or on your free time, start building a rental and real estate investing credibility kit now.
