As investors, many of us buy properties with grandiose dreams of big returns and how this property will be a great addition to our portfolio.
Many years ago, I was a residential real estate agent in Southern California. When I had clients who were buying second homes, I was always afraid to recommend they put their property up as a vacation rental due to the fact the property might get damaged and the client might take it out on me for recommending this idea.
Having been in real estate for 30 years as a licensed agent, I understand the desire an agent feels to help out and, more importantly, to look out for the best interests of clients. However, sometimes even with the best intentions, a client you helped rent a place might find himself or herself at odds with the landlord and wants to sublease or might suddenly need to find a roommate — or replace one.