Registered: 1164812347 Posts: 1
Reply with quote #1
i would like to know if you need a certain licence to be a landlord? If so, what kind and how do you go about getting the licence?
Registered: 1165043750 Posts: 6
Reply with quote #2
Okay, this is my 3rd time trying to give you a reply, this time it's short & sweet. Probably not, but check your State and Local laws.
Registered: 1165340927 Posts: 11
Reply with quote #3
This is not to say the law may not change in the future, but as of today, there is no license. I don't expect there ever will be, but who knows?
What you are expected to do, though, is report all of your income and expenses. I wouldn't dream of doing this by myself. Get an accountant to make sure you have access to the latest tax law to take full advantage of them. New landlords need to go directly to the bookstaore and buy a PILE of books on the topic. There is a TON of info you will need to LEGALLY protect yourself. You will also need to draft an IRONCLAD lease.
Registered: 1168134160 Posts: 6
Reply with quote #4
I do not suggest you draft your own lease as you may run afoul of the unauthorized practice of law regulations in your state. Either use a pre-printed lease or month to month rental agreement from landlord.com or go consult with a real estate attorney to have one drafted that will be in full compliance with the laws in your state. Personally, as a paralegal and a property manager, I use a pre-printed month to month agreement from landlord.com and then had my supervising attorney assist me in drafting the necessary addendum to cover the issues not covered in the form.
Registered: 1163774960 Posts: 137
Reply with quote #5
I didn't fdraft my own lease, I took the base of it from a state site or some thing I forget. But I added onto it, and yes I had to adjust maximum interest I charge yearly(max 28% in Ohio), and few other things I am "winging it" because most times in eviction court I am facing a magistrate, which might not know or care if I push it a little.. Yeah might backfire, but till it does, let it ride is my idea(ti'l I'm running out of the court room grabing my bender saying IT HURTS!).