Owning commercial property here in Orange County could provide a lucrative source of income. However, before becoming a landlord, a property owner may want to do some research. Otherwise, the experience may not be as positive as both landlord and tenant expect.
For instance, understanding the property’s zoning is crucial. If the property owner leases to the wrong party, he or she could end up in trouble with authorities. After the substantial investment it will take for the owner to rent the property and for the tenant to lease it, having to deal with zoning violations could become expensive. After gaining an understanding of the zoning, it may be easier to understand the type of prospective tenants to search for when marketing the property for rent.
A property owner will need to realistically consider whether he or she can properly manage the property and the assets of the building. There is no shame in needing help with these tasks. Working with someone with experience in managing commercial rental properties can help determine rental rates, tax ramifications and more. Employing the proper individuals to assist with the management issues could help increase the likelihood of a successful venture.
A future Orange County landlord will need to address a variety of business and legal matters before considering taking on tenants. Gaining an understanding of the legal requirements, rights and responsibilities of being a landlord is a good first step. It would be wise to work with an attorney who routinely provides assistance to such property owners in order to help make sure that everything goes smoothly.