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Top 10 Things Every Landlord Should Know x
Introduction xi
01 Getting Started 1
Is Landlording Right for Me? 2
The Qualities of a Successful Landlord 3
Can I Make Money? 7
Gathering Resources 9
Setting Goals 10
How Do I Get Started? 11
02 Renting Space in Your Home 13
Legal Considerations 14
Other Things to Consider 16
Finding the Extra Space 17
Maintaining Your Privacy 21
Will You Be Happy Sharing Space? 22
03 Buying a Space to Rent 24
Selecting a Rental Property 25
Start Big or Start Small? 25
How to Determine a Property's Value 26
Finding the Right Location 27
Considering Repair Costs 29
Finding Great Deals 30
What to Ask For 33
When to Pull In Experts 35
04 Tight Credit: Landlording After 2008 38
Will You Be Able to Borrow Money? 39
Work with Experienced Professionals 41
Compare Prices and Products Before Making Decisions 43
Understanding Mortgages 45
How Can You Reduce Closing Costs and Interest Payments? 48
How to Identify Shady Lending Practices 50
05 Laws, Codes, and Permits 52
Federal Fair Housing Laws 53
State and Local Laws and Regulations 56
Occupancy Regulations 58
Zoning Ordinances 60
Building Codes 61
Lead Paint 62
Mold, Mildew, and Other Concerns 63
Requirements for Landlords and Tenants 67
Be a Knowledgeable Landlord 69
06 Fixing Up Your Property or Purchase 71
The First Steps 72
Repairing Versus Maintaining Property 74
Will You Have to Hire Help? 76
Valuable Inexpensive Renovations 76
Other Valuable Improvements 78
Amenities Tenants Like 80
Getting the Most for Your Dollars 82
Security and Safety 83
07 Better Safe Than Sorry: Insurance Issues 86
What Should YouThink About? 87
Homeowner's and Landlord Protector Policies 87
What Is the Tenant's Responsibility? 93
Don't Get Unnecessary Coverage 94
Keeping Premiums Affordable 95
08 All You Need to Know about Liability 99
How Much Liability Coverage Do You Need? 100
Keeping Costs Down 102
Falls and Injuries 103
Tenant Carelessness 104
Natural Disasters 104
Environmental Hazards 105
Do You Need Terrorism Coverage? 108
Theft or Violent Crimes 109
Your Tenant's Insurance Responsibility 111
09 Making Money from Your Space 112
How Much Should You Charge? 113
Calculate Return on Investment (ROI) 116
What to Do if a Unit Stays Empty 118
Depreciate Building and Contents 119
Your Property Will Appreciate-Eventually 120
Sticking with the Budget 120
10 Marketing Your Space 122
For Rent 123
What You Can't Say 123
What You Should Say 124
Newspaper Ads 125
Other Ways to Advertise 128
Rental Agencies 132
11 Showing Your Property 133
Getting the Unit Ready 134
When Prospective Tenants Phone 134
Walking Them Through the Apartment 137
Avoiding Discrimination Complaints 137
Who Said What? Write It Down 138
Rental Applications 139
12 Finding the Perfect Tenants 143
Interviewing Applicants 144
Applicants with Section 8 Federal Housing Assistance 145
Applicant with No Social Security Number 148
Verifying Rental Applications 149
Background Checks and References 150
How to Do a Credit Check 153
Valid Reasons to Reject Applicants 157
13 Providing a "Perfect" Home 159
Cleanliness Counts with Tenants You Want 160
Make Them Feel Secure 160
A Quiet and Restful Space 163
Schedule Periodic Upkeep and Maintenance 165
Don't Forget the Grass and Snow 166
The Importance of Keeping Tenants Happy 166
14 Move-In Procedures to Safeguard Your Space 168
What Are Tenant's Checklists? 169
How to Use Tenant's Checklists 169
How Do Checklists Protect You? 172
Move-In Letters 174
Move-Out Letters 175
15 Rental Agreements and Leases 177
What's the Difference? 178
When to Make Rental Concessions 181
Lease and Rental Agreement Basics 181
Clauses about Rent and Fees 184
Clauses about Policies 185
Clauses for Protection 186
Security Deposit Policy 188
Renewing (or Not Renewing) Leases 190
16 Collecting and Increasing Rent 192
Collecting Rent 193
Late Payments 194
Bounced Checks 197
Partial Payments 198
How to Handle Rent Increases 199
17 Maintenance, Repairs, and Emergencies 203
What's the Difference? 204
Repairs 204
Maintenance 205
Is It Really an Emergency? 208
Your Rights in Emergencies 209
Calling In the Pros 209
Paying for Maintenance and Repairs 212
18 Save a Buck: Do-It-Yourself Repairs 213
What Can You Handle? 214
Tools 215
Simple Repairs You Can Do 215
Quick Projects That Save Money 218
Scheduling Work with Your Tenant 220
What If Your Cash Flow Is Still Tight? 221
19 Recordkeeping 224
Developing Your Recordkeeping System 225
Tenant Records 226
Property Management Records 229
Financial Records 230
Maintenance and Repair Records 233
How to Avoid an Audit 237
Should You Hire an Accountant? 237
20 Dealing with Difficult Tenants 239
Tenant Responsibilities 240
Noisy Tenants 240
Tenants Who Harass or Intimidate Neighbors 241
When the Apartment Is Wrecked 242
Tenants Who Get Behind in Rent 243
What If Drugs Are Suspected? 245
What You Should Never Do 247
Incentives for Difficult Tenants 248
21 Handling Evictions 249
The Procedure for Evicting Tenants 250
Drug Evictions 252
Going to Court 253
Do You Need a Lawyer? 255
How to Avoid Legal Hassles 255
What If They File for Bankruptcy? 257
When They Abandon Property 257
22 Keeping Good Tenants 259
Think of Them as Your Customers 260
Stay Professional at All Times 262
Be Personable, but Not Personal 263
Respect Their Privacy 264
Answer Phone Messages Promptly 265
Be Responsive When Repairs Are Needed 267
Schedule Periodic Upkeep and Maintenance 268
A Good Reputation Is Worth It 268
Appendix A Resources 269
Appendix B Sample Forms and Worksheets 273
Index 287
I own an apartment complex and i really wanted to get more info on the inside of this buisness, it was definitly usefull this book but I have read better.
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Overview
In today's market, many property owners find themselves first-time landlords for a variety of reasons. Some homeowners turn to renting when they can't sell a house. Empty nesters may consider making money on their extra space. And buyers might look into the revenue-producing idea of purchasing a multi-family home. Whatever the reasons for becoming a landlord, it's often a challenging role. This guide helps new and experienced landlords alike: Find (and keep!) responsible tenants; Determine legal liabilities for landlords and tenants; Market, show, and profit from rental property; Handle repairs and general maintenance; Handling of evictions properly. Featuring expert advice and money-saving tips, this step-by-step book