Landlording: A Handy Manual for Scrupulous Landlords and Landladies Who Do It Themselves

by Robinson, Leigh

• ISBN13: 9780932956255
• ISBN10: 0932956254
• Format: Paperback
• Copyright: 2001-10-01
• Publisher: Natl Book Network

Summary

Covers advertising, rental agreements, problem tenants, legal considerations, subsidized housing, insurance, record keeping, and taxes.

Table of Contents

Introduction	13	(6)
Do-It-Yourself Landlording	19	(16)
Understanding the Business	19	(2)
Joining with Others in the Business	21	(1)
Finding Discounts	21	(1)
Cultivating Business Contacts	22	(1)
Handling the Bucks	22	(2)
Circulating Business Cards	24	(1)
Mastering the Telephone	24	(3)
Using the Internet	27	(1)
Organizing Everything	28	(1)
Continuing Your Education	28	(1)
Maintaining Your Image	29	(1)
Wearing Proper Attire	29	(1)
Prioritizing Your Work and Keeping Sane	29	(1)
Equating Your Own Time with Money	30	(1)
Monitoring Your Turnover Rate and Equating Your Dwelling's Downtime with Money	30	(1)
Ignoring Tenant ``Chaff Clouds''	31	(2)
Noting Store Hours	33	(1)
Doing It Your Way	33	(1)
Taking Your Front-Row Seat at a Long-Running Comedy	33	(2)
Taking Over As the New Owner	35	(12)
Making Contact---The Letter	37	(1)
Gathering Tenant Information	37	(2)
Coming to Terms Using Your Rental Agreement	39	(2)
Handling Tenants' Deposits	41	(2)
Raising the Rent	43	(1)
Sorting Out the Keys	43	(2)
Handling the Last Month's Rent	45	(2)
Advertising	47	(14)
Advertising for Trouble	48	(1)
Advertising Methods	49	(9)
Advertising Factors	58	(2)
An Application of the fourteen Factors	60	(1)
Getting Good Tenants	61	(46)
Exercising Discrimination	62	(3)
The Ten Steps Amplified	65	(40)
Prepare the dwelling for occupancy.	65	(1)
Prequalify the prospects.	66	(1)
Show the dwelling.	67	(4)
Accept and scrutinize applications.	71	(5)
Check references and qualify the applicants.	76	(15)
Visit applicants' current home.	91	(2)
Review your rules, reuirements, and policies, and satisfy the federal lead-based paint regulations.	93	(1)
Fill out and sign the rental agreement.	93	(4)
Request all monies or a hefty deposit.	97	(6)
Create a written and photographic record of the dwelling's condition, contents, and tenants.	103	(2)
Rejecting Applicants	105	(2)
Searching For the Right Rental Agreement	107	(12)
The Kitchen Sink Agreement	107	(1)
Here's My ``Two-in-One'' Kitchen Sink Agreement	108	(2)
Two Unresolved Questions	110	(9)
Rents, Rents, Rents	119	(30)
Itemizing Rents	120	(1)
Collecting Rents	121	(15)
Lowering Rents	136	(2)
Setting Rents	138	(3)
Raising Rents	141	(5)
Controlling Rents	146	(3)
Keeping Good Tenants	149	(12)
The Importance of Tenants	149	(2)
How to Keep Good Tenants	151	(10)
Helping Tenants Move Out	161	(16)
Ten Steps for Avoiding Move-Out Misunderstandings	161	(16)
Prepare at move-in time for the move out.	163	(1)
Provide a written Notice of Intention to Vacate form for your tenants to fill out, sign, and give to you when they decide to move	163	(2)
Advise your departing tenants what they can do to get their deposits back	165	(2)
Establish what constitutes actually ``moving out,'' and settle upon how the keys will be returned.	167	(2)
Give the tenants your ``list prices'' for move-out charges.	169	(2)
Recognize the difference between ``normal wear and tear'' and ``damage.''	171	(1)
Inspect the dwelling and itemize its deficiencies.	171	(2)
Calculate the charges fairly.	173	(1)
Get the keys.	174	(1)
Return the deposits promptly, but not too promptly.	175	(2)
Dealing with Problem Tenants	177	(14)
Identifying Problem Tenants and Outwitting Them	177	(1)
Giving Problem Tenants One Last Chance---Mediating	178	(1)
Getting Problem Tenants Out; It's an Easy Choice---Them or You	179	(1)
Considering the Legal Alternatives to Eviction	179	(5)
Recognizing Which Alternatives Are Illegal	184	(1)
Taking Legal Steps	185	(6)
Managing the Rental House	191	(12)
Handling the Negative Cash Flow Problem	192	(5)
Handling the Vacancy Problems	197	(1)
Handling the Neighbor Problem	198	(1)
Handling the Restrictions Problem	199	(1)
Handling the Bookkeeping Problem	199	(1)
Handling the Maintenance Problem	200	(1)
Handling the Gardening Problem	200	(3)
Legal Matters	203	(10)
Taking Steps to Reduce Legal Difficulties	204	(1)
Become Aware of the Laws Relevant to Landlording in That Part of the Country Where Your Rental Properties Are Located	204	(2)
Stay Informed	206	(1)
Inspect Your property and Enlist Others to Help	207	(2)
Do Your Paperwork Properly and Promptly	209	(1)
Maintain Your Property Well	209	(1)
Use Common Sense	209	(1)
Join ``HALT''	209	(1)
Identify Attorneys Suited to Handle Your Particular Problems	210	(1)
Insure Yourself Adequately	211	(1)
Watch Yourself When You Give Tenant Recommendations	211	(2)
Decisions, Decisions	213	(34)
Should You Do It Yourself?	213	(2)
Should You Hire a Property Management Company?	215	(2)
Should You Own up to Being the Owner?	217	(1)
Should You Rent It Furnished?	217	(2)
Should You Rent to Roommates?	219	(1)
Should You Allow Your Tenants to Sleep on Water?	220	(4)
Should You Allow Pets?	224	(5)
Should You Furnish the Major Kitchen Appliances?	229	(1)
Should You Leave Them Plain or Fix Them Fancy?	229	(3)
Should You Outfit the Laundry?	232	(5)
Should You Pay the Garbage and Utility Bills?	237	(1)
Should You Convert a Master-Metered Building?	238	(1)
Should You Charge for Providing Lockout Service?	239	(1)
Should You Allow Nails in Your Walls?	240	(1)
Should You Cover Those Naked Windows with Draperies, Shades, Blinds, or Bedsheets?	241	(1)
Should You Measure for and Install Draperies Yourself?	242	(1)
Should You Carpet Those Floors?	243	(4)
Hiring Help	247	(20)
Settling the Independent Contractor-Employee Question	247	(2)
Complying with Employment Laws	249	(1)
Setting the Pay and Defining the Job	250	(1)
Establishing a Worker Profile	251	(1)
Finding Management Help	251	(2)
Finding Maintenance and Repair Help	253	(1)
Inheriting Managers	253	(1)
Inheriting a Property Management Company	253	(2)
Prequalifying	255	(1)
Interviewing	255	(2)
Selecting	257	(1)
Testing	257	(4)
Supervising Managers	261	(2)
Doing Payroll	263	(1)
Thwarting Thievery	264	(1)
Terminating	264	(1)
Giving References	265	(2)
Participating in the Section 8 Housing Program	267	(8)
The ``Right Kind'' of Housing	268	(1)
HUD'S Role	268	(1)
Roles of the Three Local Parties	268	(1)
How the Program Works	269	(2)
Advantages and Disadvantages	271	(2)
An Important Distinction	273	(1)
Some Misunderstandings	273	(1)
Fair Market Value	274	(1)
The Future	274	(1)
Fattening The Bottom Line	275	(12)
Increasing Income	275	(5)
Decreasing Expenses	280	(7)
Insurance	287	(12)
Becoming Acquainted with the Many Kinds of Insurance Available	287	(7)
Exercising Prudence	294	(1)
Selecting a Solid Insurance Company	294	(1)
Getting Your Fair Settlement	294	(1)
Responding to an Accident	295	(1)
Settling Tenants' Claims Yourself	295	(1)
Helping Your Tenants Understand the Benefits of Having Renters' Insurance	295	(4)
Providing for Security & Safety	299	(16)
Learning More About Fire Safety	299	(1)
Picking and Placing Fire Extinguishers	299	(4)
Keeping a Firefighter on Duty in the Kitchen 24 Hours a Day	303	(1)
Supplying Smoke Detectors	303	(2)
Setting Water Heater Temperature	305	(1)
Changing Locks	306	(1)
Selecting Padlocks	306	(1)
Installing Peepscopes	306	(1)
Helping to Deter Break-Ins and Burglaries	307	(2)
Hiring a Security Service	309	(1)
Neutering Tenant Identification	309	(1)
Selecting ``Harmless'' Employees and Tenants	309	(1)
Taking Safety Precautions When Handling Rent	310	(1)
Taking Personal Safety Precautions	310	(2)
Coping with Lead-Based Paint	312	(1)
Coping with Asbestos	313	(2)
Keeping Records	315	(16)
Filing	316	(1)
Bookkeeping	317	(14)
Doing Taxes	331	(10)
Doing Your Own Taxes by Hand and Calculator	333	(4)
Doing Your Own Taxes by Computer	337	(4)
Using a Computer	341	(20)
Fear Not	342	(1)
But What Can You Really Do with One?	342	(2)
A Little Jargon	344	(1)
The Power Programs	344	(9)
General Computer Recommendations	353	(3)
My Own Biased Personal Computer Recommendations	356	(1)
My Even More Biased Software Recommendation-Pushbutton Landlording	357	(4)
Potpourri	361	(15)
Two Tenants---One Rental Dwelling	361	(2)
Divorce or Separation	363	(1)
Death of a Tenant	364	(1)
Illegal Discrimination During the Tenancy	364	(3)
Lease Termination	367	(1)
House Rules	367	(2)
Your Score	369	(3)
Incorporation	372	(1)
Vacation Time	373	(1)
Retirement	373	(2)
Landlording's Ten Commandments	375	(1)
Words in Edgewise	376	(1)
Forms	377	(98)
Sources & Resources	475	(12)
Associations & Organizations	475	(1)
Books---Investment	476	(1)
Books---Law & Eviction	477	(1)
Books---Maintenance	478	(1)
Books---Management	479	(1)
Books---Tax	480	(1)
Catalogs from Various Suppliers	480	(2)
Computer Software	482	(2)
Computer Software Suppliers	484	(1)
Forms	484	(1)
Periodicals	484	(2)
Websites	486	(1)
X-Classification	486	(1)
Index	487