Steps to be a Landlord in PA- Philadelphia

[Sean Treston]

Hi Everyone,

I am new to the landlord business....and I've been doing a lot of research in the past few days to get ready. I've compiled a list of steps that I need to do before I find tenants, and I wanted to see if anyone could see anything missing from this list.

1. File for a Fictitious Name with the Pennsylvnania Dept. of State Corporation Bureau, and wait for your number.
2. Apply for an EIN with the IRS.
3. Set up Bank Account for DBA / Rental Property
4. Switch from homeowners to landlord insurance
5. Get an umbrella liability insurance for $1,000,000
6. Register with PA-100 form (I'm not sure if this is needed for landlords or not...I can't figure that out)
7. Apply for a Philadelphia Tax Account Number
8. Apply for a Commercial Activity License
9. Apply for a Business Income and Receipts Tax Account Number
10. Get a Registered Agent in the city limits of Philadelphia
11. Apply for the Philadelphia Housing Inspection License
12. Receive a Certificate of Rental Suitability issued by L&I
13. Find a tenant
14. Distribute a copy of the required "City of Philadelphia Partners by Good Housing" & Lead Warning pamphlets to tenants
15. Set up an Escrow account to hold tenant's security deposits.
16. Collect Rent with checks made out to DBA

Did I miss anything??

[Brandon Eleazer]

@Sean Treston

...Step#1 Rid yourself of emotion, j/k (sort of)

You seem to have the administrative side of things figured out. Once the paperwork comes back from the state, items 2-12 can all be done in one day.

I would add enroll in the Philadelphia Gas Works LCP to this. And determine if the water will be in your name or you'll allow the tenant to create an account with PWD.

Number #13) Finding a tenant & run application/background screening are the most involved steps, so that probably deserves its own checklist.

Good luck!