What is ‘the racketeer’
The racketeer is an individual, corporate or government organization that owns and leases the property, but not located on or near the hotel.
Breaking down the ‘racketeer’
Correspondence the term ‘host’ often has a negative connotation when used in the context of residential real property, because the mafia can’t make the necessary repairs and maintenance, as well as their share in the district is purely financial. In particular, they do not extract monetary benefits from property, but often not to reinvest these funds in the interests of a large community. The owners often seek to generate income from renting his real property, in contrast to the more short term the opinion of those who buy and quickly sell a property to make a profit. The owners are more common in commercial properties than in residential properties.
The pros and cons of ‘racketeer’
If your choice is between selling Your property in connection with the necessity of moving or keeping it and becomes a racketeer, the second option allows you to continue to receive rental income. Or you may want to keep the property in a country house and rent it out when you are not able to use it. Travel costs that you will incur when you come to check your property is not taxed, and the possession of real estate in various markets can diversify your real estate portfolio.
Being a racketeer may be risky for the owner of the property, as this may put them in a position to either lose the property due to the negligence or suffer loss of property of tenant misbehavior. Squatting may arise a situation when the object is not properly controlled and there are questions about the true ownership.
Residential real estate owned by the landowners are often in a poor state of repair, with building codes and zoning ignored or are met in accordance with minimum standards. At a cost that cuts into their profits, the owners often hire a management company to perform maintenance functions and to rent from the tenants. Property owners in accordance with local requirements that they may not be aware that may present significant legal problems if left unaddressed.
An example of a ‘racketeer’
One example of absent landowners and the problems they can create was a situation in Ireland that led to the great potato famine in the mid-19th century. The English owners of Irish lands to spend their rental income in England instead of to reinvest it in Irish communities around the estate, contributing to the decline of these villages and has caused unrest between the lower classes of workers and nobles.