09 Oct Marijuana Risks in Property Management and Rental Properties
As marijuana becomes legal in more states across the U.S., property managers and landlords face new challenges. While it may be legal at the state level, there are significant risks associated with tenants who possess, use, or grow marijuana in rental properties. This video breaks down the potential dangers landlords need to be aware of, including:
- Federal Regulations: Understand the conflict between state legalization and federal law, and how it can impact your property.
- Risk of Property Seizure: Learn about the possibility of property forfeiture due to federal drug laws.
- Electrical Risks: Growing marijuana indoors can lead to overloading electrical systems, causing fire hazards.
- Water & Mold Damage: Discover how cultivating marijuana indoors can increase moisture levels, leading to potential mold and property damage.
- Nuisance to Neighbors: Address complaints from neighbors regarding odors, increased traffic, or disruptive behavior from tenants.
Whether you’re a landlord or property manager, this video will help you stay informed about the legal and property risks tied to marijuana in rental homes.
Ben Parham is the Founder of Property Management Training Headquarters as well as the President and Managing Real Estate Broker of Integrity Realty & Management, Inc., a cutting edge real estate sales and property management brokerage operating throughout the Greater Denver Area. Ben served as the 2018 President of the Denver Chapter of the National Association of Residential Property Managers (NARPM) and currently serves NARPM National as a Southwest RVP Ambassador. Ben is a U.S. Navy veteran where he was a Cryptologic Technician (Technical) and was awarded the Joint Service Achievement Medal, two Navy Achievement Medals, and a Good Conduct Medal. He has a Bachelor of Science in Business Administration and is licensed as a real estate broker in both Colorado and Florida.
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