First-Time Landlord

by Portman, Janet

• ISBN13: 9781413309119
• ISBN10: 1413309119
• Edition: 1st
• Format: Paperback
• Copyright: 2009-03-17
• Publisher: Nolo

Summary

Whether or not you call yourself a "landlord", when you rent out a house you'll want to do it right!

Author Biography

Janet Portman, an attorney and Nolo's managing editor, is an expert on landlord-tenant law and is the author or co-author of Every Landlord's Legal Guide, Leases & Rental Agreements and other Nolo titles. Her syndicated column, ôRent it Rightö, appears regularly in The Boston Globe, Los Angeles Times and other prominent media. Marcia Stewart is the co-author of Every Landlord's Legal Guide, Every Tenant's Legal Guide, and Leases & Rental Agreements, among others, and has edited dozens of Nolo books. Michael Molinksi is a veteran writer, spending 15 years as a reporter, editor, and foreign correspondent at Bloomberg News, CBS MarketWatch and United Press International. He is the author and co-author of several books about small business and entrepreneurship including Small Business in Paradise.

Table of Contents

Your First-Time Landlord's Companion	p. 1
Is Owning Rental Property for You?	p. 5
Great Things About Being a Landlord	p. 7
Tough Parts of Being a Landlord	p. 13
Cute, Cheap, and More: Features of the Ideal Rental Property	p. 17
Thinking About Buying an Investment Property?	p. 23
What Will Your Monthly Profit Be?	p. 28
What Will Your Long-Term Gain Be?	p. 37
Setting Your Goals	p. 40
So Happy Together: Landlording With Family or Friends	p. 43
The Pros and Cons of Landlording Together	p. 44
Having a Compatible Co-Owner	p. 46
How to Take Title	p. 49
Creating a Co-Ownership Agreement	p. 56
Preparing and Marketing Your Rental Property	p. 63
Make Sure Everything Is Up to Code	p. 64
Should You Make Major Repairs or Improvements?	p. 65
Prepare the Rental for an Attractive Showing	p. 66
Set the Rent and Other Important Terms	p. 69
Get to Know the Neighbors	p. 70
Come on Down! Advertising Your House for Rent	p. 71
How to Show Your Property	p. 73
Pardon Those People: Renting Property That's Still Occupied	p. 75
Screening and Choosing Good Tenants	p. 79
Creating a Rental Application	p. 81
Check References and Run a Credit Report	p. 84
Avoiding Illegal Discrimination	p. 90
Is This the One? Characteristics of the Perfect Tenant	p. 93
Whom to Reject	p. 95
Preparing a Lease and Getting the Tenant Moved In	p. 99
Which Is Better, a Lease or a Rental Agreement?	p. 103
Typical Provisions in Leases and Rental Agreements	p. 108
Signing a Lease or Rental Agreement	p. 125
Getting the Tenant Moved In	p. 128
Organizing Your Rental Records	p. 130
Manage Your Rental Income to Maximize Tax Deductions	p. 133
Keeping Your Business Finances Separate	p. 135
Shielding Yourself From Liability for Business Debts	p. 138
Spent a Lot of Money? Take More Tax Deductions!	p. 141
Proving What You've Spent: Record Keeping	p. 158
Are You Rich Yet? Tracking Income and Expenses	p. 162
How Much Cash to Keep in Reserve	p. 164
What to Do When Expenses Exceed Income	p. 165
Finding Professionals to Help You	p. 167
Keeping Things Shipshape: Repairs and Maintenance	p. 169
Dealing With the Legalities: Your Repair and Maintenance Obligations	p. 171
Adopting a Good Maintenance and Repair System	p. 180
No Thanks! Hiring Someone Else to do the Work	p. 186
Landlord Liability for Injuries, Crimes, and More	p. 195
Ouch, That Smarts: Liability for Tenant Injuries	p. 196
Liability for Environmental Health Hazards	p. 203
Keeping Tenants Safe: Liability for Crime	p. 215
Insurance Coverage for Property and Liability	p. 218
Living in Perfect Harmony? Dealing With Difficult Tenants	p. 227
Common Tenant Problems-And What to Do About Them	p. 228
Resolving Disputes	p. 237
When All Else Fails: Terminations and Evictions	p. 243
Don't Want to Do It Alone? Hiring a Property Manager	p. 253
What a Professional Property Manager Does	p. 254
Is Property Management Right For You?	p. 259
How to Find the Best Property Manager	p. 265
Put It in Writing: Drafting An Agreement With Your Property Manager	p. 269
Ready to Quit? Exiting the Rental Property Business	p. 273
What's the Driving Force? Identifying Your Exit Plan Objectives	p. 274
What Are Your Options? Exploring Opportunities	p. 275
What Rights Does the Tenant Have If You Sell?	p. 283
If You Decide to Sell: Getting Ready	p. 285
Index	p. 299
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