Getting sued! Is it common in real estate?

[Rahul Handa]

Is it really common as a real estate investor to get sued? If yes then how can you minimize the risk for getting sued. Have you ever been sued or know someone who has?

[Tom S.]

@Rahul Handa I've been in the rental business for 15 years + now and probably had 200 individuals living in my properties.  Not once have I even been threatened to be sued.  

I run it as a business, and document everything.  For example in VT, when purchasing a properties it has to be inspected by the state fire marshal.  They'll issue a list of items (hard wired smoke det., fire rated doors, etc) and I'll make those items are addressed.  My insurance companies will inspect every few years and I'll also make sure all items are addressed promptly.

Beyond that, any requests over safely issues are quickly fixed.  

Hope that helps,

- Tom