Owning a rental property may seem like a good way to earn an income stream, especially if you rent multiple properties. The rental market in Houston is surging, as the population of the City of Houston grew by nearly 10% in the last decade, according to the most recent census, and is expected to continue to grow, thus increasing the number of potential renters.
However, if you rent property owned solely in your name, then you may be exposing yourself to an enormous liability risk. If an accident were to occur on your rental property (such as a slip and fall in the shower, a pipe bursting, or an electrical fire due to faulty wiring) you would be personally liable for any damages incurred by the tenant. The tenant’s medical bills, property damages, or even a court judgment could be collected against your personal bank accounts and property.
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