First-time landlord
Book - 2009
Whether or not you call yourself a "landlord", when you rent out a house you'll want to do it right! The "Land lording 101" course for new rental property owners who are first-time landlords by way of an inheritance, divorce, investment, and purchase for a family member, or a move to a new house. 90% of small properties are owned by individual landlords, and millions in this group are balancing their landlord responsibilities with their daytime careers. First-Time Landlord provides concise information for those with little business savvy and less time and patience to become big-time real estate investors, but who wish to make money on their new property while renting it out lawfully and right! It covers: How to dete...rmine whether or not the property will turn a profit; Landlord business basics; Finding good tenants; Preparing and signing a lease; Handling Repairs; Complying with applicable rental laws; Dealing with problem tenants; Preparing for sale of property. Containing tips, true stories, and shared first-time experiences, First - Time Landlord is an indispensable book for the new landlords of today's dominant rental housing market.
- Subjects
- Genres
- Law for laypersons
- Published
-
Berkeley, CA :
Nolo
2009-
- Language
- English
- Item Description
- "Your guide to renting out a single-family home."
- Physical Description
- volumes : illustrations ; 23 cm
- Publication Frequency
- Biennial.
- Bibliography
- Includes index.
- ISBN
- 9781413331288
- Your First-Time Landlord's Companion
- 1. Will Landlording Bring You Money and Happiness?
- Great Things About Being a Landlord
- Tough Parts of Being a Landlord
- Location, Price, and More: Features of the Ideal Rental Property
- Thinking About Buying an Investment Property?
- Buying a Foreclosed Property
- What Will Your Monthly Profit Be?
- What Will Your Long-Term Gain Be?
- Setting Your Goals
- 2. So Happy Together: Landlording With Family or Friends
- Pros and Cons of Co-Owning Rental Property
- Having a Compatible Co-Owner
- How to Take Title to the Property
- Creating a Co-Ownership Agreement
- 3. Preparing and Marketing Your Rental Property
- Making Sure Everything Is Up to Code
- Should You Make Major Repairs or Improvements?
- Preparing the Rental for Showing
- Setting the Rent and Other Important Terms
- Getting to Know the Neighbors
- Come on Down! Advertising Your House for Rent
- How to Show Your Property
- Pardon Those People: Renting Property That's Still Occupied
- 4. Screening and Choosing Good Tenants
- Creating a Rental Application
- Checking References and Running a Credit Report
- Avoiding Illegal Discrimination
- Is This the One? Characteristics of the Perfect Tenant
- Whom to Reject
- 5. Preparing a Lease and Getting the Tenant Moved In
- Which Is Better, a Lease or a Rental Agreement?
- State Laws to Know When Preparing a Lease or Rental Agreement
- Typical Provisions in Leases and Rental Agreements
- Signing a Lease or Rental Agreement
- Getting the Tenant Moved In
- Organizing Your Rental Records
- 6. Managing Your Rental Income to Maximize Tax Deductions
- Keeping Your Business Finances Separate
- Shielding Yourself From Liability for Business Debts
- Spent a Lot of Money? Take More Tax Deductions!
- Proving What You've Spent: Record Keeping
- Are You Rich Yet? Tracking Income and Expenses
- How Much Cash to Keep in Reserve
- What to Do When Expenses Exceed Income
- Finding Professionals to Help You
- 7. Keeping Things Shipshape: Repairs and Maintenance
- Dealing With the Legalities: Your Repair and Maintenance Obligations
- Adopting a Good Maintenance and Repair System
- No Thanks! Hiring Someone Else to Do the Work
- 8. Landlord Liability for Injuries, Crimes, and More
- Ouch, That Smarts: Liability for Tenant Injuries
- Liability for Environmental Health Hazards
- Keeping Tenants Safe: Liability for Crime
- Insurance Coverage for Property and Liability
- 9. Living in Perfect Harmony? Dealing With Difficult Tenants
- Common Tenant Problems-And What to Do About Them
- Resolving Disputes
- When All Else Fails: Terminations and Evictions
- 10. Don't Want to Do It Alone? Hiring a Property Manager
- What a Professional Property Manager Does
- Should You Hire a Property Manager?
- How to Find the Best Property Manager
- Put It in Writing: Drafting an Agreement With Your Property Manager
- 11. Ready to Quit? Exiting the Rental Property Business
- What's the Driving Force? Exit Plan Objectives
- What Are Your Options? Exploring Opportunities
- What Rights Does the Tenant Have If You Sell?
- If You Decide to Sell: Getting Ready
- 12. A Slower Exit: Rent-to-Own Arrangements
- Advantages and Disadvantages of Rent-to-Own Arrangements
- Setting the Option Price
- Setting the Sale Price of the House
- Specifying a Time by When the Tenant Must Exercise the Option
- Considering Whether to Include Seller Financing
- How Wiil the Tenant Notify You About Exercising the Option?
- Deciding Whether to Credit Tenants for Improvements
- Alternative to Option Contract: Right of Refusal and Right of Offer
- Get Legal Advice
- 13. Renting Out a Room in Your Home
- Is Renting a Room to a Lodger for You?
- Basic Steps to Renting Out a Room
- Index