Hi, BP. What licenses do I need to have to operate a rental property in Fort Wayne, IN? Do I have to apply for a tax ID? Register the property?
In short, Is there something I have to apply with the city after I purchase the property?
Nothing specific is needed. Depending how you structure the purchase you may need an EIN.
no licensing required. Don't know if it's different for someone out of state.
Fort wayne allows you to be taxed off of income rather than property value if you give them a copy of your lease after its rented. But its an optional thing, however in my experience its considerably cheaper.
Also idk what your business structure looks like but doing things right at the state level is a question for someone else. But if we keep it simple and you buy a rental in your name and rent it out thats it. If you manage for ither people it changes. But only if you manage other peoples properties.
Do you want to have an established LLC in Indiana? If so, then you need to register with the Secretary of State by picking a name for your business and paying the fee. I think it's around $85 at this time. Also you need to register for an EIN.
As Creig mentioned above, you can also send in information to the assessor's office to have your property taxes lowered to the rental house rate which is helpful.
I appreciate all the helpful replies. It seems like it's pretty straight forward. I might establish an LLC later on. But for now it's just me.