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Old 08-17-2014, 07:27 AM
MartezJ's Avatar
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Default Renting out apartments and houses to tenants.

If I wanted to purchase homes and apartment complexes and rent them to tenants what would I be considered as in the Real Estate field? I am just trying to get some general information. Also, what would I need in order to legally do this?
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Old 08-18-2014, 12:18 PM
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You would be considered a Landlord. You would have to have the right insurance for each property, non-owner occupied, be sure to pay all property taxes, etc. You could list yourself as accepting section 8 if you would like to go that route. You do not need any special licensing to be a landlord, if you were to manage other peoples property you may need a real estate license of some sort. If you are able to do any repairs on the properties all the better, otherwise have a maintenance person that you trust in your contacts.
Your biggest obstacle is funding, are you a cash buyer or do you need to take out mortgages on the properties you wish to buy? If you need to take out loans you will need a bigger down payment in most cases due to them being non-owner occupied. I am pretty sure the days of no doc loans are over so be sure you have all of your finances in order and all the papers ready to go or the loan process will take even longer.
I hope that helps. It is scary at first but well worth the learning curve.
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Old 08-18-2014, 12:25 PM
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Quote:
Originally Posted by MartezJ View Post
If I wanted to purchase homes and apartment complexes and rent them to tenants what would I be considered as in the Real Estate field? I am just trying to get some general information. Also, what would I need in order to legally do this?
You would be a landlord. The previous answer is correct. You would also need to make sure that you have the proper insurance for each one. Remember that you would also be responsible for maintenance on the property. In some states, if the "home" is not kept up the tenants can withhold rent or fix it on their own and deduct it from the rent.

It is very important that you read up on all of the landlord tenant laws for your state...particularly eviction.
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Old 08-20-2014, 01:20 AM
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You will only be considered a landlord. You need to acquaint yourself with the landlord-tenant laws. As a landlord, it will be your responsibility to maintain and repair the house you put up for rent, therefore, it would be best for you to properly go though this process and then go ahead.
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