REI Wealth Monthly Issue 05 | Page 41

YOUR LIABILITY MAY SKYROCKET IF YOU ALLOW PETS IN YOUR RENTAL PROPERTY SHARON VORNHOLT I would encourage each and every landlord should take some time this week and find out for themselves what the laws are in their local counties and states. I really can’t imagine that there aren’t a lot more states out there with similar laws. Note: Thanks to Henry “Hank” Schildknecht for informing our local real estate investors group of this complex law, and for breaking it down and making it so easy for the members in our group to understand it. Hank is an attorney and a member of KREIA here in Louisville. Summary: On June 21st of 2012, the Supreme Court of Kentucky put landlords in this state at great risk if they allow pets in their rental property. The Supreme Court ruled that since the property owner knew that the dog was on the property and did nothing to remove it from the property, the landlord became the owner of the dog under the dog-bite-statute. What are the laws in your state? If you don’t want to ban dogs completely you should definitely ban the dogs that have been named vicious breeds. Sharon Vornholt Sharon Vornholt is the owner of Innovative Property Solutions, LLC in Louisville, KY. Sharon owned and operated a successful home inspection company for 17 years. She began investing in real estate in 1998 and became a full time real estate investor in January of 2008. Sharon specializes in wholesaling, and is also an experienced landlord and rehabber. In addition, Sharon is an internet marketer and also writes articles for several national real estate sites. Sharon is the author of a popular real estate blog called the “Louisville Gals Real Estate Blog”. For your FREE REPORT “Probates and Absentee Owners: Your Fast Track to Real Estate Riches”, stop by her blog at: http://LouisvilleGalsRealEstateBlog.com.