First-Time Landlord

by Portman, Janet; Bray, Ilona; Stewart, J. D.; Steward, Marcia

• ISBN13: 9781413316278
• ISBN10: 1413316271
• Edition: 2nd
• Format: Paperback
• Copyright: 2011-09-21
• Publisher: Nolo

Summary

"Information those new to owning rental properties need to rent and manage a home or condo. The 2nd edition covers renting out a house in or near foreclosure, renting out a room in a house where the owners still live, and lease-option-to-buy contracts (and when they are appropriate or risky)"--Provided by publisher.

Author Biography

Janet Portman is an attorney, columnist and national expert on landlord-tenant law. She is a coauthor of Every Landlord's Legal Guide and many other books. Marcia Stewart is coauthor of Every Landlord's Legal Guide and has written and edited numerous books on landlordtenant law and real estate. Ilona Bray is a veteran writer, real estate expert and coauthor of Nolo's Essential Guide to Buying Your First Home.

Table of Contents

Your First-Time Landlord's Companion	p. 1
Is Owning Rental Property for You?	p. 5
Great Tilings 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
Buying a Foreclosed Property	p. 29
What Will Your Monthly Profit Be?	p. 38
What Will Your Long-Term Gain Be?	p. 47
Setting Your Goals	p. 50
So Happy Together: Landlording With Family or Friends	p. 53
The Pros and Cons of Landlording Together	p. 54
Having a Compatible Co-Owner	p. 56
How to Take Title	p. 59
Creating a Co-Ownership Agreement	p. 66
Preparing and Marketing Your Rental Property	p. 73
Make Sure Everything Is Up to Code	p. 74
Should You Make Major Repairs or Improvements?	p. 75
Prepare the Rental for an Attractive Showing	p. 76
Set the Rentand Other Important Terms	p. 79
Get to Know the Neighbors	p. 82
Come on Down! Advertising Your House for Rent	p. 83
How to Show Your Property	p. 85
Pardon Those People: Renting Property That's Still Occupied	p. 87
Screening and Choosing Good Tenants	p. 91
Creating a Rental Application	p. 93
Check References and Run a Credit Report	p. 96
Avoiding Illegal Discrimination	p. 102
Is This the One? Characteristics of the Perfect Tenant	p. 105
Whom to Reject	p. 107
Preparing a Lease and Getting the Tenant Moved In	p. 111
Which Is Better, a Lease or a Rental Agreement?	p. 115
Typical Provisions in Leases and Rental Agreements	p. 120
Signing a Lease or Rental Agreement	p. 138
Getting the tenant Moved In	p. 140
Organizing Your Rental Records	p. 142
Manage Your Rental Income to Maximize Tax Deductions	p. 145
Keeping Your Business Finances Separate	p. 147
Shielding Yourself From Liability for Business Debts	p. 150
Spenta Lot of Money? Take More Tax Deductions!	p. 153
Proving What You've Spent: Record Keeping	p. 170
Are You Rich Yet? Tracking Income" and Expenses	p. 174
How Much Cash to Keep in Reserve	p. 176
What to Do When Expenses Exceed income	p. 177
Finding Professionals to Help You	p. 179
Keeping Tilings Shipshape: Repajrs and Maintenance	p. 181
Dealing W th the Legalities: Your Repair and Maintenance Obligations	p. 183
Adopting a Good Maintenance and Repair System	p. 192
No Thanks! Hiring Someone Else to do the Work	p. 198
Landlord Liability for Injuries, Crimes, and More	p. 207
Ouch, That Smarts: Liability for Tenant Injuries	p. 208
Liability for Environmental Health Hazards	p. 215
Keeping Tenants Safe: Liability for Crime	p. 227
Insurance Coverage for Property and Liability	p. 230
Living in Perfect Harmony? Dealing With Difficult Tenants	p. 241
Common Tenant Problems- And What to Do About Them	p. 242
Resolving Disputes	p. 251
When All Else Fails: Terminations and Evictions	p. 257
Don't Want to Do It Alone? Hiring a Property Manager	p. 267
What a Professional Property Manager Does	p. 268
Should You Hire a Property Manager?	p. 273
How to Find the Best Property Manager	p. 279
Put It in Writing: Drafting an Agreement With Your Property Manager	p. 283
Ready to Quit? Exiting the Rental Property Business	p. 287
What's the Driving Force? Identifying Your Exit Plan Objectives	p. 288
What Are Your Options? Exploring Opportunities	p. 289
What Rights Does the Tenant Have If You Sell?	p. 297
If You Decide to Sell: Getting Ready	p. 299
A Slower Exit: Rent-to-Own Arrangements
Advantages and Disadvantages of Rent to Own	p. 315
The Option Price	p. 316
Sale Price of the House	p. 317
When the Tenant Must Exercise the Option	p. 319
Seller Financing and the Tenant's Rent-Paying History	p. 320
How Will the Tenant Notify You?	p. 321
Tenant Improvements and Rent	p. 322
"Right of Refusal" and "Right of Offer"	p. 323
Get Legal Advice	p. 324
Renting Out a Room in Your Home
Is Renting a Room to a Lodger for You?	p. 327
Basic Steps to Renting Out a Room	p. 331
Index	p. 333
Table of Contents provided by Ingram. All Rights Reserved.