Local Legislation Question

9 Replies

Hi everyone.  I wanted to make the community aware of Ohio Senate Bill 113 which if passed may have a negative impact on Ohio landlords and anyone, planning to invest in the state in the future.  The Ohio Real Estate Investors Association is circulating an email to all of its members and I thought I might post it in the forums.  Provided there's no rules against posting stuff like that, where is the best spot to post that information?

Thanks in advance!

-Tom

Tom, 

Is @James Wise aware of that. Or @Engelo Rumora I know those are a couple of guys with there ears to the ground. What's the synopsis of the bill? Do senators actually read what there signing? 

Hi @David O.

This is the synopsis paragraph in the email from the Ohio Real Estate Investors Association.  

"Senate Bill 113 would make landlords responsible for the clean-up costs of meth labs found in their rentals, even when the landlord had no knowledge of or responsibility for the crime. In fact, you'd be responsible for the costs--which can range from $5,000-$150,000--EVEN IF YOU JUST PURCHASED THE PROPERTY and the prior owner didn't know about or didn't disclose the issue."

I just found out about it today in my emails. 

 @James Wise   Thanks for weighing in.  I'm sure you have a better feel for the actual impact to Ohio Investors.  I just figured I'd share the info here since I'd never heard of the bill before today.  At least if people have the info, they can determine if it will impact them.

Think I will post the full email in the Off Topic section.

-Tom

Originally posted by @David O. :

Tom, 

Is @James Wise aware of that. Or @Engelo Rumora I know those are a couple of guys with there ears to the ground. What's the synopsis of the bill? Do senators actually read what there signing? 

lol

Wow,

That's weird.

I'm with James on this one.

I have bigger worries than meth labs lol

If it passes might need to tweak our lease agreement somehow :)

Thanks

@Engelo Rumora

 I was wondering what more seasoned investors thought about this.  Based on your reaction and James's it seems like this is really a non issue.  Thanks for your feedback!

@Engelo Rumora I like the "tweak" our lease agreement reference. 

Originally posted by @Tom Harrington :

@Engelo Rumora

 I was wondering what more seasoned investors thought about this.  Based on your reaction and James's it seems like this is really a non issue.  Thanks for your feedback!

Thanks Tom,

There are so many laws and regulations in RE here in Ohio that its overwhelming at times.

I send so much stuff to our attorney every week that I dread the monthly bill lollol

I don't think this one to be a priority but I appreciate you pointing it out.

Thanks for costing me more $$$ as I will probably forward it to my attorney now haha

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