First-Time Landlord: Your Guide to Renting out a Single-Family Home, 6th Edition

The 101 on earning rental income from a single-family home First-Time Landlord, aconsistent customer favorite, shows how to start a landlording business andmaintain it in one's spare time. Contains concise information on how to makemoney with a single-family home without getting into financial or legal hotwater. Readers will obtain easily digested information on how to rent out aproperty lawfully and safely, assess profitability before buying or committingto renting a property, find good tenants (or deal with difficult ones), prepareand sign the lease, handle repairs and maintenance, comply with state laws, andwhen the time is right, sell at a profit. With timely tips and truestories from successful landlords (including some who learned tough lessonsalong the way), First-TimeLandlord is an indispensablebook for property owners who want to rent out a single-family home. Cover Title Page Table of Contents Your First-Time Landlord’s Companion 1. Will Landlording Bring You 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 Will 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 Book Registration The 101 on earning rental income from a single-family home Do you own a house you’d like to rent out rather than sell? It’s a common scenario in today’s market, especially if you’ve inherited a house, are moving to another home, or are buying an investment property. And the logical next step might be for you to become a first-time landlord. Follow the advice in this book to ease into your new role and earn substantial profits while avoiding costly mistakes. • Learn your legal obligations. • Estimate costs and profits. • Choose good tenants and avoid problem ones. • Make the most of valuable tax deductions. • Handle repairs and property management tasks. The 6th edition is updated to cover new trends in tenant-screening restrictions and municipal licensing requirements and fees. "This book is for first-time landlords of single-family homes. It explains how to rent out property lawfully and safely, and discusses the legal obligations of landlords, estimating costs and profits, choosing good tenants and avoiding problem ones, making the most of tax deductions, and handling repairs and property management tasks. Helpful checklists and budget worksheets are included"-- Provided by publisher