How to Become a Landlord in Ohio

In Ohio, the landlord may require any amount as the security deposit, however, the landlord is required to pay 5% annual interest on the money that exceeds the first month's rent.

Becoming a landlord in Ohio can be a satisfying business decision with the potential for profit. But being a landlord in any state can also come with its drawbacks as well, particularly when a landlord isn't familiar with local landlord/tenant laws. The Ohio Landlord Tenant act of 1974 set out to raise public awareness of the rights and duties of Ohio landlords. And being aware of all of duties associated with being a landlord in Ohio will make for a productive landlord/tenant relationship.

Instructions

1. Read the Ohio Landlord Tenant Rights. You should be familiar on all state-specific laws as it relates to landlords and tenants, in regard to everything from the language of the lease to how an eviction should be handled.

2. Advertise the property you are looking to rent. You could use local offline sources like newspapers as well as online sources like Craigslist. To better qualify the rental leads, mention the monthly rent in the ad. You might also provide pictures and the size of the property including number of bathrooms and bedrooms.

3. Do a background and credit check of your potential tenant. And meet face to face if possible before renting the property. You want to make sure the tenant has a steady income which can pay for the property and will abide by the terms of the lease.

4. Have tenant sign the rental agreement once you make the determination they are credit and background worthy. You can use a boiler plate agreement from any office supply store, get an attorney to draft one or use an online site to provide a state specific agreement.

5. Give the tenant a welcome session and a walk through of the property. And spell out your expectations as they are spelled out in the lease. Inspect the property with your tenant and let her know things like when the newspaper is delivered and the days that trash is picked up. Note any and all repairs that may be needed. And follow up with repairs as agreed upon by both you and the tenant.

6. Maintain your property by making timely repairs.

7. Keep record of your rental income and maintenance costs. Keeping good financial records is one way you can determine how successful you are with a particular property. If you are not comfortable with handling all of the financials from your rental property, consider hiring an accountant.

8. Handle tenant problems and be prepared to evict if the situation arises. Many times a tenant issue can be resolved with a short phone call. Other times, you may need to involve the local courts to remedy issues like non-payment of rent or destruction of property.

References

• Property Do: How to Become A Landlord Part 1
• Property Do: How to Become A Landlord Part 2
• Law Depot: Residental Lease Agreement

Resources

• Ombudsman: Landlord and Tenant Rights Under the Ohio Law