Every landlord's guide to managing property : best practices, from move-in to move-out

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Title:

Every landlord's guide to managing property : best practices, from move-in to move-out

Author:

Boyer, Michael (Property manager), author.

ISBN:

9781413326833

Edition:

Third edition.

Physical Description:

464 pages : illustrations ; 23 cm.

Series:

Nolo Press self-help law books.

General Note:

Includes index.

Contents:

Part-time residential landlords: the superheroes of rental housing -- What's your competitive edge? -- Selecting rental properties -- Discovering your inner handyperson: tips and tricks -- Preparing your rental unit for tenants -- The art of rental maintenance -- Working with service contractors -- Getting great tenants -- Starting the tenancy right: lease terms and onboarding process -- Effective landlord communications -- Moving tenants out -- Understanding and using professional services -- Tracking landlord income and expenses for tax time.

Subject Term:

Real estate management.

Landlord and tenant.

Leases.

Rent.

Rental housing -- United States -- Maintenance and repair.

Genre:

Law for laypersons

Added Corporate Author:

Nolo (Firm)

Summary:

This book is for do-it-yourself landlords who own a single-family home, condo, or small (less than four unit) rental property. This book discusses how to: retain good, long-term tenants with regular communication; handle nitty-gritty maintenance-from snow removal to toilet clogs to painting; avoid conflicts over late rent, unauthorized roommates, and clutter; limit costly tenant turnovers and vacancies; manage condos and deal with association restrictions; track income and expenses and do your own taxes; hire and work with contractors, lawyers, and others; and balance landlording with a day job or other pursuits. This edition is updated to cover the latest legal and business issues affecting landlords, including the pros and cons of incorporating as an LLC, how to estimate reserves with a capital expenditures (CAP EX) schedule, and guidelines for buying an occupied rental property. --

Holds:

Available:*

Library	Call Number	Status
Searching... Hardwood Creek Library (Forest Lake)	346.7304 BOY 2021	Searching... Unknown

Bound With These Titles

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Summary

The ultimate property management guide for the do-it-yourself landlord!

Written for the millions of landlords who own a single-family home, condo, or small (fewer than four units) rental property, Every Landlord's Guide to Managing Property covers everyday skills a hands-on landlord needs, including how to:

retain good, long-term tenants handle nitty-gritty maintenance such as snow removal, toilet clogs, and painting avoid conflicts over late rent, unauthorized roommates, and move-out procedures limit costly tenant turnover and vacancies manage condos and deal with association restrictions track income and expenses and prepare for tax time hire and work with repairpersons, lawyers, and other contractors, and balance landlording with a day job or other pursuits.

The third edition is completely updated to cover the latest issues affecting small-scale landlords, including updates to tax laws, new tools (online and offline) for managing rentals, and advice on incorporating rental properties into a FIRE or side hustle strategy.

Author Notes

Michael Boyer is a college professor and attorney as well as a landlord who owns several small rental properties. He has over a decade of experience as a successful do-it-yourself landlord, and lives with his family in Juneau, Alaska.

Part-Time Residential Landlords: The Superheroes of Rental Housing	p. 1
Filling a Gap in the Landlord Literature	p. 3
The Long-Term Landlord	p. 4
How Skills You Currently Have (or Can Easily Acquire) Will Contribute to Your Success	p. 6
Why I Like Being a Landlord	p. 10
What You Won't Find in This Book	p. 15
1 What's Your Competitive Edge?	p. 21
Get to Know Your Market and Where Your Rental Fits Within It	p. 23
Differentiate Your Units From the Competition	p. 24
Offer Lower-Priced Units by Focusing on Keeping Long-Term Tenants	p. 27
Make Strategic Decisions About Your Own Approach to Renting Property	p. 28
Consider Whether an LLC Is Right for You	p. 32
What's Next?	p. 34
2 Selecting Rental Properties	p. 35
Location, Location, Location	p. 37
What Type of Rental Property Is Best for You?	p. 41
Single-Family House	p. 42
Duplex, Triplex, and Fourplex	p. 44
Condominium	p. 47
Accessory Apartment (or In-Law)	p. 52
The Rental Market and Your Target Tenant	p. 53
Choosing the Right Property: Don't Leave It to Chance	p. 56
How to Make Sure the Rental Property Pencils Out	p. 58
Finding Out All You Can About a Prospective Property	p. 65
Arranging a Professional Inspection	p. 71
Making an Informed Decision When Choosing a Rental Property	p. 74
Guidelines for Buying an Occupied Unit	p. 75
What's Next?	p. 78
3 Discovering Your Inner Handyperson: Tips and Tricks	p. 79
Your Basic Skills, Toolkit, and Supplies	p. 81
Washing Painted Walls	p. 87
Refinishing Wooden Cabinets	p. 88
Painting	p. 90
Using a Drill	p. 96
Caulking	p. 97
Dealing With Drains	p. 99
Toilet Troubleshooting	p. 99
Dealing With Moisture and Mold	p. 105
Ways to Boost Your Repair and Maintenance IQ and Effectiveness	p. 107
What's Next?	p. 110
4 Preparing Your Rental Unit for Tenants	p. 111
Understanding Fair Rental Condition for Your Market	p. 113
To Furnish or Not to Furnish	p. 115
Preparing for New Tenants	p. 116
Establishing a Cleaning and Repair Routine	p. 117
Walls and Ceilings	p. 119
Floors and Floor Coverings	p. 120
Pet, Tobacco, and Other Odors	p. 124
Kitchen and Appliances	p. 126
Bathrooms	p. 133
Light Fixtures and Outlets	p. 133
Doors and Windows	p. 133
Closets	p. 134
Smoke Detectors, Fife Extinguishers, and Carbon Monoxide Detectors	p. 135
Perimeter and Outside	p. 135
Marshalling Your Materials and Supplies	p. 138
The Minor Remodel: Doing It on the Cheap	p. 141
Handing Off the Turnaround Work: Hiring Help	p. 142
What's Next?	p. 143
5 The Art of Rental Maintenance	p. 145
Maintenance-It's About Tenant Satisfaction, Too!	p. 146
Learning What Level of Maintenance and Repairs the Law Requires	p. 147
Developing a Maintenance Mentality	p. 149
Do-It-Yourself Maintenance Helps You Keep an Eye on the Property	p. 149
Establishing the Maintenance Habit	p. 153
Common Maintenance Cues: A Seasonal Routine	p. 156
Create a Maintenance Record and Update It Regularly	p. 167
What's Next	p. 168
6 Working With Service Contractors	p. 169
Who's a Contractor?	p. 172
When It Makes Sense to Hire Contractors	p. 172
Choosing Contractors	p. 185
Hiring a Handyperson	p. 190
Making Sure the Worker Is an Independent Contractor (Not an Employee)	p. 191
Getting Bids and Estimates From Contractors	p. 196
Signing a Contract	p. 202
Your Role While the Work Is Being Done	p. 203
Keep the Big Picture in Mind	p. 208
What's Next?	p. 208
7 Getting Great Tenants	p. 209
Developing a Tenant Screening and Selection Plan	p. 212
Complying With Antidiscrimination Laws	p. 213
Managing First Impressions	p. 215
Crafting Your Advertisement or Posting	p. 216
Sample Rental Ad	p. 220
Should Your Ad Include Exact Street Address and Photos?	p. 225
Making Initial Contact With Prospective Tenants	p. 226
Emailing Rental Applications to Interested Parties	p. 231
Final Steps in Preparing Your Rental for Showing to Prospects	p. 232
Setting Up and Staggering Your Showings	p. 236
Closing the Door on Traditional Open Houses	p. 240
Your "Sales Pitch" During Showings	p. 242
When to Start Screening Prospective Tenants	p. 246
Developing Your Screening Criteria and Procedures	p. 247
Great Screening Begins With a Thorough Rental Application	p. 249
Top Criteria for Choosing Good Tenants	p. 250
Screening for Pets	p. 259
Pros and Cons of Credit Checks	p. 260
Guidelines for Evaluating Rental Applications and Credit Reports	p. 262
Choosing a Tenant	p. 265
Rejecting Applicants	p. 266
What's Next?	p. 268
8 Starting the Tenancy Right: Lease Terms and Onboarding Process	p. 269
Key Terms to Include in Your Lease or Rental Agreement	p. 270
Where to Find Lease and Rental Agreement Forms	p. 287
Signing the Lease or Rental Agreement	p. 288
Making Cosigner Situations Work	p. 290
Tenant Onboarding Process	p. 293
Creating Tenant Files	p. 306
What's Next?	p. 306
9 Effective Landlord Communications	p. 307
Best Practices for Landlord Communications	p. 310
Handling Common Tenant Communications	p. 323
Communicating About Delays in Rent Payment	p. 328
Mare Strategies for Serious Late-Rent Situations	p. 334
Communicating About Unauthorized Occupants	p. 338
Responding to Requests to Add a Roommate	p. 346
Communicating With Tenants Who Break the Lease	p. 349
Communicating With Tenants About Other Common Issues	p. 357
Communicating About Tenants' Pets	p. 361
Handling Conflicts Large and Small	p. 363
Formal Conflict Resolution for the Landlord	p. 368
Who Should Handle Evictions: You, or an Attorney?	p. 369
What's Next?	p. 370
10 Moving Tenants Out	p. 371
How a Tenancy Ends	p. 372
Four Major Move-Out Pitfalls to Avoid	p. 373
Preparing a Move-Out Letter	p. 374
Reviewing Your Security Deposit Return Rules	p. 378
Green Tips for Moving Out With Minimal Waste ..	p. 381
The Landlord Cycle: Preparing for the Next Move-In	p. 385
What's Next?	p. 386
11 Understanding and Using Professional Services	p. 387
Legal Help for the Small-Time Landlord	p. 388
Tax Help for the Small-Time Landlord	p. 398
Insurance Professionals and Coverage for Your Rental Property	p. 406
Other Helpful Professionals	p. 412
Property Managers	p. 413
How Professionals Can Help With Your Exit Strategy	p. 416
What's Next?	p. 418
12 Tracking Landlord Income and Expenses for Tax Time	p. 419
Where You'll Report Income and Deductions: Schedule E	p. 420
Looking at Schedule E	p. 423
Don't Sweat a Tax Loss (Especially in Your Early Years)	p. 433
Keeping Records of Your Income and Expenses	p. 434
What's Next?	p. 438
Index	p. 439

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