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nikkicute · Jan 14, 2012, 08:11 PM

What are the qualifications? (besides the purchase of the building).
What education is needed to run an apartment building? Is their classes to take or books to read?

Anyone here own property/landlord?

Fr_Chuck · Jan 14, 2012, 08:39 PM

There is a lot they should know but there is no qualifications, you just buy a building and rent it out. Many do so illegally, many do so at a terrible loss of money and so on.

First you need to know the zoning, you need to know eviction and rental laws for your state. You need to know tax laws on rental, and book keeping to keep track of your profit or loss.

You also must have money for repairs, and understand that often you can go months with no income from it.

nikkicute · Jan 14, 2012, 09:34 PM

Originally Posted by Fr_Chuck

There is a lot they should know but there is no qualifications, you just buy a building and rent it out. Many do so illegally, many do so at a terrible loss of money and so on.

First you need to know the zoning, you need to know eviction and rental laws for your state. You need to know tax laws on rental, and book keeping to keep track of your profit or loss.

you also must have money for repairs, and understand that often you can go months with no income from it.

Yes, I've read patients is key when it comes to real estate investments, have to wait it out on the cash flow.

Guess I'll have to stock up on books.

Thanks Fr Chuck! :)

Fr_Chuck · Jan 15, 2012, 09:00 AM

I would advise hiring a real estate attorney for a hour or so to help you.

ScottGem · Jan 15, 2012, 10:01 AM

Check in your area for Landlord associations. Many areas, especially urban ones, will have an association you can join that will provide classes, books and advice.

There is no one way as laws vary by area. But I can give you a couple of rules to go by.

1) Always get everything in writing. No handshake deals. Get a sample lease and put it into a word processor and modify it to your own needs. Make sure the prospective tenant reads it and signs it.
2) Always get and check references before agreeing to rent. Get a copy of a recent pay stub as proof of employment. Run a credit check on any prospective tenant.
3) Get your security deposit before turning over keys.
4) Make sure you are familiar with the laws governing the responsibility of the landlord and the tenant for your area. Many states have handbooks for tenants that you should have copies of. Know where to find the statutes that apply in your area.
5) Being a landlord is a business, it needs to be run as a business. If rent is late, then serve them a pay or quit notice. Don't wait until they are months behind.

excon · Jan 15, 2012, 10:02 AM

Hello n:

Join your local landlord association.. I'll bet they offer BUNCHES of educational materials and classes.

excon

nikkicute · Jan 15, 2012, 05:22 PM

Originally Posted by ScottGem

Check in your area for Landlord associations. Many areas, especially urban ones, will have an association you can join that will provide classes, books and advice.

There is no one way as laws vary by area. But I can give you a couple of rules to go by.

1) Always get everything in writing. No handshake deals. Get a sample lease and put it into a word processor and modify it to your own needs. Make sure the prospective tenant reads it and signs it.
2) Always get and check references before agreeing to rent. Get a copy of a recent pay stub as proof of employment. Run a credit check on any prospective tenant.
3) Get your security deposit before turning over keys.
4) Make sure you are familiar with the laws governing the responsibility of the landlord and the tenant for your area. Many states have handbooks for tenants that you should have copies of. Know where to find the statutes that apply in your area.
5) Being a landlord is a business, it needs to be run as a business. If rent is late, then serve them a pay or quit notice. Don't wait until they are months behind.

Agree ScottGem,

I completely forgot about the Landlord Associations, thanks for the reminder. I know some of 1- 5 but not all the business part.

nikkicute · Jan 15, 2012, 05:33 PM

Originally Posted by excon

Hello n:

Join your local landlord association.. I'll bet they offer BUNCHES of educational materials and classes.

excon

Have to check out the materials and classes offered, I'm sure there is some information online to see what is available.