BUSINESS FUNDAMENTALS
BUSINESS FUNDAMENTALS
WOMEN AS RESOURCES
LEGAL
Have a legal question that may affect your REI? Send questions
Women as Resources IN A FIELD SO WELL-SUITED FOR WOMEN, WHY ARE MORE NOT PLAYING?
A Legal View on Environmental Exposures TIPS FROM AN ATTORNEY TO PROTECT YOURSELF AND YOUR INVESTMENT. to Think Realty’s editor at kwhite@thinkrealty.com.
by Monick Halm
W
hen I went to my first real estate investment conference,
tween a person’s assets and liabili- ties, real-life experiences with wealth mean so much more. Wealth is the ability to pay for an emergency or other unexpected expense, the free- dom to buy a home or pursue higher education, and the security of saving for retirement. In short, wealth offers stability and opportunity — for us, and for the generations that follow. Real estate is one of the greatest ways to add to our resources — to increase our net worth. So, why are so few women learning about real estate? For women who want to improve their stance in the industry, here are three things to do: NO. 1 ALLOW YOURSELF TO STAND OUT. In this business, women automatically stand out because there aren’t many in the REI space, but having a memorable character- istic will make it easier to establish a reputation. Just make sure it’s a good reputation! NO. 2 ASK FOR HELP. When women ask for help, most male colleagues in the field will step up. When you find yourself stuck, ask for help.
NO. 3 TAP INTO SISTERHOOD. Studies have shown that women release oxytocin (the feel-good bonding hormone) by being in the presence of other women. Plus, stress levels decrease, learning increases, and memory improves. Find a supportive community of female real estate investors in which you can partner, learn, and do business together. There is plenty of room for women in the real estate investing sphere. When women become resources for other women, everyone wins. •
by Michael Johnston
I was so excited about all I had to learn. During our first bathroom break I noticed something unusu- al — no line for the women’s room. The men’s room had a line going out the door. That was strange. When we filed back into the room at the end of our break, I understood why. In a room of 120+ people, there were only eight women. Nearly every other real estate investment event I’ve attended since has had similar demographics. Why? Real estate investing is such a great option for women. It provides passive income streams that give much-needed flexibility (especially for moms), and it can help erase the incredible gender wealth gap. A lot of attention is paid to the gender pay gap, which is important. Women make, on average, 80 cents on the dollar compared to men. But much less focus is put on the gender wealth gap, which is more concerning. For every dollar of net worth that a single man has, a sin- gle woman has only 32 cents. That disparity is astounding. While wealth is the difference be-
W
hen it comes to leasing your investment property, some-
ronmental Laws. Typically, the EPA only investigates significant viola- tions, but it does have jurisdiction to investigate any violation that affects interstate commerce. Many people do not realize that most states have State Environ- mental Agencies that are much more aggressive in investigating violations that might involve lesser amounts of damage. On top of that, many municipalities have ordinanc- es concerning the proper disposal of environmentally toxic material. All of these can result in statutory damages and penalties. In addition, private individuals can impose civil liability on the landowner if toxic materials dumped on the rental property causes personal injury or property damage to adjacent land- owners or occupants. We advise our clients to include specific language in their Leases that prohibit any activity on the rent- al property that could be environ- mentally damaging. If this language is not in your Lease, we suggest
that you seriously consider modify- ing your Leases accordingly.
times it’s inevitable that legal issues will arise in the landlord-tenant rela- tionship. Often, being well-informed can help ensure legalities don’t limit your ROI. Here is a common landlord question and advisable answer from an attorney’s point of view.
The purpose of this column is to provide conceptual legal answers to questions that owners of residential rental property may have. Please un- derstand that any opinions set forth in this column are extremely gener- al. We strongly urge you to consult with your own attorney because real estate law varies from state to state and is always in a constant state of flux due to changes in statutory, regulatory, and case law. •
Q:
I believe that one of my tenants is operating a
“shade tree” auto-repair business in the backyard of one of my rental properties. I am afraid that he may be pouring old oil, grease, and gasoline in the backyard. Could I be held responsible for any environ- mental damage?
Monick Halm is the founder of Real Estate Investor Goddesses. She is an educator and advocate for women to create passive income streams through
real estate with a mission to help one million wom- en achieve financial freedom through investing. She is a real estate investor, syndicator, and developer with over 14 years of real estate investing experi- ence. Together with her husband and her investors, she owns over 1100 rental units across six states. Monick is the #1 bestselling author of The Real Estate Investor Goddess Handbook and Wealth for Women: Conversations with the Team That Creates the Dream, and host of the Real Estate Investor Goddesses Podcast.
Michael Johnston has 39 years’ experience as a civil litigator and has represented property owners in numerous landlord/tenant cases. Mr.
A:
Simply, YES . Owners of property can be held respon-
Johnston is board certified by the Texas Board of Legal Specialization in the field of Civil Litigation as well as Consumer Law, which includes landlord/ tenant litigation. Mr. Johnston regularly serves as an arbitrator in consumer and commercial cases as well as insurance-related cases. He can be reached at (800) 771-6946 or johnston@johnstonlegalgroup.com.
sible for violations of Environmental Regulations. Of course, most famil- iar is the Environmental Protection Agency that enforces Federal Envi-
28 | think realty magazine :: september / october 2019
thinkrealty . com | 29
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