Investing in property is generally very exciting. You look for the perfect place, redesign and renovate it, and connect with people who are looking to be your tenants.
It can be a ton of fun. Moreover, it can let you afford a new lifestyle, which is certainly a nice bonus.
But there’s one thing about property investment that isn’t all that fun. I’m talking about the regulations. Who wants to mess with local laws, documents, and compliance-related stuff?
Most people don’t, but all of them have no choice but to comply.
I’ve met many people who assumed they didn’t need my help. But when I started asking them questions about compliance and many of them would change their mind. I might ask something like:
- Do all your habitable areas have smoke detectors?
- Does the hallway feature an emergency evacuation light? Are they linked to the detectors?
- Do you have written proof that your insurance is covering you?
More times than you might think, the answer to some of these questions is “no”. People either don’t understand how compliance works or there are just too many things to comply with.
Even worse, some of them choose to ignore the regulations.
Doing so would expose them to great risks. Worse yet, they’re doing the same thing to their tenants.
Even a minor mistake can have huge consequences. That evacuation light that you might have forgotten to install can cost you your entire property, and you might even go to jail. Your tenants, who put a lot of trust in you, would suddenly lose the roof over their heads.
Here at Small Is the New Big, we put a lot of effort into making sure people are compliant. There’s a lot to learn about regulations, but this is something that every investor needs to do.
Think about it – would you rather spend some time learning and get everything right or risk getting in trouble with the law?
I can help you understand compliance and so much more. Click here and sign up for my FREE live event to get started.