The Book on Managing Rental Properties: A Proven System for Finding, Screening, and Managing Tenants with Fewer Headaches and Maximum Profits

The Book on Managing Rental Properties: A Proven System for Finding, Screening, and Managing Tenants with Fewer Headaches and Maximum Profits

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Product Details

ISBN-13: 9780990711759
Publisher: BiggerPockets Publishing
Publication date: 10/28/2015
Pages: 370
Sales rank: 74,166
Product dimensions: 5.90(w) x 8.90(h) x 0.80(d)

About the Author

Brandon and Heather Turner are a husband & wife team residing in Montesano, Washington with their daughter, two Yorkie dogs and two cats. Together they own Open Door Properties LLC, an investment company focused on “value-add” real estate opportunities and self-managing their investments. Brandon focuses primarily on the acquisition, while Heather focuses primarily on the management. Brandon is also the co-host of the weekly BiggerPockets Podcast, the most popular real estate podcast in the world.

For more information about The Turners, check out www.BrandonTurner.me or OpenDoorPropertiesLLC.com.

Table of Contents

Chapter 1 So You Want to Be a Landlord? 1

About the Authors 2

What This Book Will Teach You 3

What This Book Won't Cover 4

What is Bigger Pockets? 5

What is Landlording? 6

Landlording Tasks 7

Should You Manage Yourself or Hire a Professional Management Company? 10

Surprise: Everything Won't Always Apply 11

Chapter 2 8 Business Attributes of a Successful Landlord 13

A Tale of Two Landlords 13

Wrapping it Up 27

Chapter 3 Initial Steps 29

7 Things to Do Before Signing Your First Lease 29

Inherited Tenants 36

Review Existing Leases 37

Put Yourself in Their Shoes 38

Raising the Rent on Inherited Tenants 38

What Condition Should Your Property Be in? 39

How Much Can You Rent Your Property for? 40

The Security Deposit 42

Wrapping it Up 45

Chapter 4 Fair Housing 47

What is Fair Housing? 48

Exceptions to the Fair Housing Rules 49

Dealing with Disabilities and Fair Housing 51

6 Tips for Staying Compliant with Fair Housing Laws 55

Penalties for Violating Fair Housing 58

Wrapping it Up 59

Chapter 5 Advertising Your Vacancy 61

Denning Your Ideal Tenant 61

What Makes Your Property Desirable? 63

Where to Advertise 63

Tracking Your Advertising Results 68

Taking Quality Photos 69

Wrapping it Up 72

Chapter 6 Tenant Pre-Screening 73

What Makes a Great Tenant? 74

What is Tenant Screening? 76

Pre-Screening Potential Tenants 76

Setting Your Minimum Qualification Standards 82

Section 8 89

Showing the Property 92

11 Most Common Questions Asked By Tenants-Answered 98

7 Tenants We'll Never Rent to 103

Wrapping it Up 107

Chapter 7 The Application Process & Tenant Screening 109

The Application Form 111

The Application 113

The Application Fee/Identification 123

How to Process the Application 125

Advanced (& Sneaky) Ideas for Tenant Screening 134

Denying an Applicant After Screening 135

Should You Allow a Cosigner? 137

Accepting a Tenant 139

Next Steps After Approving a New Tenant 140

Wrapping it Up 144

Chapter 8 Signing the Rental Contract 145

Month-to-Month or Term Leases? 145

Where to Find a Good Rental Lease 147

Why the RIGHT Lease Matters 147

22 Things Every Lease Should Contain 149

How to Sign the Lease Agreement 155

New Tenant Orientation 157

The Tenant File 163

Wrapping it Up 164

Chapter 9 Managing Tenants 165

Setting Office Hours 166

How to Collect Rent 168

Grace Periods and Rent Extensions 173

Raising the Rent 175

Periodic Inspections 178

Communicating With Tenants 181

Hiring a Resident Manager 181

6 Ways to Keep Yourself Free From Lawsuits 184

Generating Extra Income and Reducing Expenses 185

Wrapping it Up 187

Chapter 10 Dealing With Problems 189

What to Do When Tenants Don't Pay Rent 190

Handling Tenant Maintenance and Repairs 194

Bounced Rent Checks 198

Abandonment 199

What to Do When a Tenant Dies 200

Dealing With Drugs 202

Lease Compliance: The 10 Most Common Problems You'll Encounter 203

Wrapping it Up 213

Chapter 11 Getting Rid of Bad Tenants 215

Why Tenants Need to Be Removed 215

Not Renewing the Lease 217

Cash for Keys 218

Evicting a Tenant 220

Wrapping it Up 228

Chapter 12 Dealing With Contractors 229

Types of Contractors 229

Licensed vs. Unlicensed Contractors 231

5 Ways to Find Great Contractors 233

Screening Contractors in 5 Steps 235

8 Tips for Managing Contractors and Handymen 238

Wrapping it Up 240

Chapter 13 What To Do When Your Tenant Moves Out 241

Notice to Vacate 241

Preparing for Your Vacancy 243

The Move-Out Packet 245

The Move-Out Inspection 255

Turning Over the Unit 257

The Disposition of Deposit 258

What if the Tenant Owes More Money Than Their Deposit Will Cover? 262

Wrapping it Up 265

Contents

Chapter 14 Business Organization and Bookkeeping 267

The 3 Benefits of an Organized Landlording Business 267

12 Things Your Office Should Have 269

Bookkeeping Basics 275

Wrapping it Up 280

Chapter 15 13 Principles for Being an Incredible Landlord 281

Final Words of Wisdom 286

Wrapping it Up 287

Appendix 289

Forms Table of Contents 290

Landlord/Tenant Resources for the 50 States 345

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