DISQUS

Consumerism Commentary: 10 Tips for Buying a Residential Rental Property, Part 3: Be Aware of Local Rental Regulations

  • Jill Foster · 2 years ago
    Thanks for your rental property info; my family and I have a way to go before pursuing rental properties but your insight to regulations helps, even for evaluating other large purchases. I'm new to your blog and am enjoying your direct style and confidence.
  • Tia Martyn · 2 years ago
    Hi, I have just purchased a new house and this info. will go a long way.

    Regards
  • Sasha · 2 years ago
    Thanks for the compliment, Jill! I just checked out your vblog, by the way, and was duly amused. I now have a new place to go for entertainment!
  • Sasha · 2 years ago
    Thanks, Tia!
  • Shan · 2 years ago
    Hi!

    Gosh, I seem to be posting on all of your blogs, haha! I hope that's okay ;)

    Here are my next questions:

    So, even if the property was licensed and had a certificate of occupancy inspection before you bought the property, you need to do it again upon purchase so that... the certificates will be in your name?

    Where do you go to start that process rolling?

    Could have hiring an inspector before purchase take away the possibility of surprise in regards to the $50,000 cost to bringing the building up to code?
    In some areas, are these kind of inspections mandatory?

    Thanks for your time!

    Shan
  • Sasha · 2 years ago
    Not a problem, Shan. I'm glad to be able to share the information and wish I'd known what I know now when i was starting out.

    I will be doing a series later on concerning finding tenants, rental maintenance, etc. but I'll share a few things.

    COs: The townships I know generally require a new CO every time there's a new occupant. Start renting, new CO. Change tenants, new CO. Always mandatory because this is how they determine that your unit is safe to inhabit. Fines can be levied if you fail to do this, and they can force you to relocate your tenants (at your expense)until things are fixed.

    Licenses: Usually done annually for a fee, this lets the jurisdiction know a property is a rental, collects contact info for the landlord in case it is needed, and also helps them know where to reach you regarding new rental regulations.