When a person purchases a home or a multi-unit property and rents the home or units to others (known as tenants), that person has become a “landlord.” Collecting rents from tenants is one of the oldest forms of income generation, and ownership of real property has long been regarded as a reliable path to building wealth.
Fannie Mae’s Guide to Becoming a Landlord cautions that becoming a landlord means that you have launched a business, “As a business owner, you must adhere to the laws, rules, and regulations that govern rental housing, and have a clear understanding of appropriate rental rules and practices.”
These rules, regulations, and laws can vary greatly from state to state, so it is important that individuals considering this type of real estate investment clearly understand all federal, state, and local guidelines. Consulting with a qualified real estate attorney in your area is a great way to properly set yourself up as a landlord.
FREQUENTLY ASKED QUESTIONS ABOUT ESTATE PLANNING:
- Steps to Becoming a Landlord
- Succeeding as a LandLord
- Short and Long-Term Landording
- Short-Term Rentals
- Read More About Landlords/Tenants
- Multi-Year Leases
- Landlord or Tenant Rights?
- Tenant Rights
- Landlord Rights
- What Happens Where There Is A Landlord-Tenant Dispute?
- How Does Eviction Work?
- Steps in an Eviction
- Law Enforcement Support for Eviction Removals
- Costs of Eviction