if I want to rent my house and do my own management to what do i need to habe in order to legaly do that, like EIN, escrow account, maybe lawyer?

Asked by Apadrofret, Pasadena, MD Wed Apr 28, 2010

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Jenna Schre…, , Pasadena, MD
Thu Apr 29, 2010
This is the link you should use as a resourse for information. I have pasted in the part about deposit money and escrow accounts. This information is from the state web page. Please note the last paragraph. An escrow acount has nothing to do with the number of properties you rent but the amount you take as a deposit. Everything over $50 goes into escrow.

http://www.oag.state.md.us/consumer/landlords.htm#deposits

SECURITY DEPOSITS
A security deposit is any money paid by a tenant to a landlord that protects the landlord against damage to the rented property, failure to pay rent, or expenses incurred due to a breach of the lease.

The security deposit may not be more than two months' rent. If you are overcharged, you have the right to recover up to three times the extra amount charged, plus reasonable attorney's fees.
You must receive a receipt for the security deposit. The receipt can be included in the written lease. There is a $25 penalty if the landlord fails to give you a receipt.
The receipt or lease should tell you of your right to receive from the landlord a written list of all existing damages in the rental property, if you make a written request for it within 15 days of taking occupancy. If a list of the existing damages is not provided, the landlord may be liable for three times the security deposit, less any damages or unpaid rent.
The landlord must put the security deposit in an escrow account. When returning security deposits of $50 or more, the landlord must include simple interest of 3 percent per year, accrued at six-month intervals from the date the security deposit was paid (1.5 percent every six-month period).
1 vote
Home Towne R…, , Owings, MD
Thu Apr 29, 2010
In maryland, unless you're talking about multiple properties, you don't need anything like an escrow account, or a license. I would recommend consulting a professional of some kind - you should be protected with insurance, and a contract or lease to use that looks out for your best interests.
0 votes
Jenna Schre…, , Pasadena, MD
Wed Apr 28, 2010
You need a lease. You should have a standard questionair and permission to run credit form. You may need a lisence (i.e. annapolis). Depending on your comfort level a lawyer to review your paper work. A seperate account so you can treat your rental like a business. You will also need a seperate account for escrow monies ( interest is owed to the tenant at the end of the lease.) The maryland web page has a very in depth section on landlord tenant regulations. Also depending on the age of your home you may need to address lead issues. If this sounds like more than you want to do, contact a realtor to advertise and rent your home and you manage the month to month collection of money and any repair issues that come up.

I am a full time Realtor and rent my personal property. This is a general overview to get you started. Please do not hesitate to contact me if you have any questions.

Regards,
Jenna Schreiber, CRS
410-647-4800 office
Re/Max Classic
8155 c Ritchie Hwy.
Pasadena MD 21122
0 votes
Ania Miller, Agent, Millersville, MD
Wed Apr 28, 2010
Have you thought of having an Agent listed for you? You can still manage it yourself.
Ania
AniaMiller@kw.com
Web Reference:  http://www.aniamiller.com
0 votes
Maria Avella…, Agent, LAUREL, MD
Wed Apr 28, 2010
As you can see by the previous answeer is not a light task in requires knowledge and time. You can always hire a realtor to handle the rental and you can collect the money after initla rental to save some money. This will help obtaina good qualified tenant. It probably will be less expensive and for sure less time consuming and less risky 908-240-7792
Web Reference:  http://amilitaryrealtor.info
0 votes
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