First-Time Landlord: Your Guide to Renting out a Single-Family Home
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Product Description
First-time landlord? Learn landlording fundamentals in this primer.
The declining U.S. economy has forced many homeowners to make tough decisions about their property. If you’re one of the millions of Americans affected by the credit crisis, struggling to make your mortgage payments, and are considering renting out your home to make ends meet, you’ll need to learn the basics of being a landlord.
Let First-Time Landlord show you how to start your landlording business and maintain it in your spare time. Get the concise information you need to start building money with a single-family tree home, written for property owners with small business savvy — and even less time and patience. Learn how to rent out your property lawfully and safely with valuable information on:
From timely tips to right tales from successful landlords, First-Time Landlord is an indispensible book for property owners who want to rent out a single-family tree home lacking the hassle — quickly, efficiently and legally.
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My credit card was charged on August 14, 2009. Today is September 16, 2009 and I still have NOT RECEIVED THE BOOK. I contacted the seller and received NO RESPONSE. I establish NO LINKS TO THE SELLER or AMAZON when trying to get my money back. I am now convinced to BUY LOCAL to avoid the hassle. This was to be a gift and now the moment is lost. I am disputing the charge with my credit card company. This is a TOTAL WASTE of time and I’ve been TOTALLY RIPPED OFF!!! First-Time Landlord: Renting out a Single-Family tree Home (USA Today/Nolo Series)
Reader’s Rating: 1 / 5
In 1972 we bought our first duplex (living in 1/2). When we bought a house, keep the duplex for several yrs. It became a nucance. Even a call a year was one to many. We sold (had a so-so) CPA. And got a tax bil which really floored us. He told us we should have known we’d pay capital gains & recapture (a fancy word for paying back the depreciation we’d taken. We could have sold the duplex using a 1031 Exchange & bought the new house-no taxes
I then announced that I was going to buy more houses & make it a business. I had as many as 50 at one time & needless to say, we rarely paid any taxes. I like this business.
I read this book because I can permanently learn something. This book is chocked full of information, it’s simple to read & covers most of the information that a first timer will find beneficial. It also has websites available for forms.
He mentions using professtionals. A lawyer who specializes in real estate ( especially if you plot to buy or sell lacking a broker. You don’t have to pay top dollar for a CPA, question additional landlords. I ongoing with an accountant ( establish many errors). A CPA will be with you if you tangle with the IRS. Make sure they do a lot of real estate
I’m now 61, divorced & still in the business. When leaving Florida to go to Oklahoma, in 2000. I sold a few properties with tenants I wasn’t comfortable leaving. Told the additional excellent tenants as long as they kept in touch & sent there rent on time, they could stay. I hired a realtor & as they became vacant, I sold 2 at a time on a 1031 exchange & bought 1 newer house here with the proceeds. I had at least a 30 – 40% down pay’t due to the exchange & they are financed on a 10 yr mortgage. I sold the last 5 buildings & exchanged it for my home – the proceeds from the exchange gave me a $ 300,00 dn pay’t & a a 5 yr -$ 50,000 mortgage .
It can be work but the book also helps you with a excellent system.
PS: I didn’t make any money in the stock market.
Reader’s Rating: 5 / 5
“First-Time Landlord: Your Guide to Renting Out a Single-Family tree Home” by Attorney Janet Portman, Marcia Stewart, and Michael Molinski is one of the NOLO/USA TODAY collaborations that are described as the leading publisher of officially authorized information for patrons teamed with the nation’s largest circulation newspaper, to produce fantastic books that feature up-to-date officially authorized and financial expertise, a reader-friendly style, and USA Today’s legendary graphics. I find these books to be just that, a fantastic series of books and this one is no exception. I liked it and establish it very practical.
“First-Time Landlord” provides a very excellent overview of being a landlord of a single-family tree home, and much of the information is significant for additional types of properties as well. The book is simple to read, organized well, and contains all of the basic topics you should know if you desire to be a landlord. But, for some topics, you will want more detailed and in-depth information and will have to look to additional resources. In fact, there are several places in this book where they refer the reader to “Every Landlord’s Officially authorized Guide” also published by Nolo. (I own and have reviewed that book and reflect it would be an brilliant companion to this one)
This book covers the following topics:
One: Is Owning Rental Property for You? This chapter focuses on the excellent and terrible parts of being a landlord and gets you thinking about why you want to be a landlord, what kind of property, what your profit may be, and what your goals are.
Two: So Pleased Together: Landlording With Family tree or Friends. Should you be a landlord with a friend or family tree member? This chapter will help you choose, and provide guidance on how to do it.
Three: Preparing and Marketing Your Rental Property. This chapter is an overview on building sure your property is in rentable or better condition and then how you should go about publicity and showing it.
Four: Screening and Choosing Excellent Tenants. Remember the movie “Pacific Heights” where Michael Keaton terrorized his landlords Melanie Griffith and Matthew Modine? You don’t need a tenant that terrible to realize the difference excellent tenants and terrible can have on you being a landlord. This chapter will help you find excellent ones.
Five: Preparing a Lease and getting the Tenant Stirred In. This chapter provides some information on lease and rental agreements but is one of the chapters that refers you elsewhere for help in drafting the document you choose. Excellent chapter for introduction to topic.
Six: Manage Your Rental Income to Maximize Tax Deductions. Because tax laws change so regularly, I recommend you use this chapter, which has some excellent advice, as a starting point to know what to talk about with your tax adviser. It is excellent basic advice, but you should seek professional advice from a name in your state and who keeps on top of all of the changes.
Seven: Keeping Things Shipshape: Repairs and Maintenance. If you own it, you are going to have to deal with fitting it. This chapter provides some excellent advice on the legalities of your obligations as well as some suggestions on adopting a excellent maintenance and repair system. For persons not into handyman activities, the provide some information on hiring a name else to do the work.
Eight: Landlord Liability for Injuries, Crimes, and More. This chapter provides some basic information regarding liability for tenant injuries, environmental health hazards, crimes and some guidance on insurance. Every landlord need to be aware of these issues and sorry to say may have to seek further information if something terrible happens.
Nine: Living in Perfect Harmony? Dealing With Hard Tenants. You will not permanently have ideal tenants, and even if you do some problems may arise. This chapter has some excellent basic information on common problems and some suggestions on methods to resolve disputes. I’m glad they listed mediation, because as a negotiator, I feel this is a fantastic way for disputes to be resolved, rather than entering more expensive litigation. I would suggest learning more about the topics in this chapter from additional resources since it could be very vital during your time as a landlord.
Ten: Don’t Want to Do It Alone? Hiring a Property Manager. This chapter clarifies what a property manager does, and helps you determine if hiring a property manager is right for you. If it is, this chapter provides some guidance on how to find a excellent one.
Eleven: Read to Quit? Exiting the Rental Property Business. All excellent things come to an end, and this final chapter will help you plot your exit strategy. Excellent things to consider when you are ready to sell.
No one book has everything you need to know about the real estate business. But, if you are thinking about apt a landlord, this is an brilliant starter text to provide you with levelheaded basic information. After reading this book you will be able to determine if you really want to be a landlord and will have the knowledge to get ongoing. You will then probably want to invest in more real estate/landlord resources. This one is an brilliant start!
Reviewed by Alain Burrese, leader of Hard-Won Wisdom From the School of Hard Knocks and the dvds: Hapkido Hoshinsul, Streetfighting Essentials, Hapkido Cane, the Lock On Joint Locking Essentials series and articles including a regular column on negotiation for The Montana Lawyer. Alain Also wrote a series of articles called Lessons From The Apprentice.
Reader’s Rating: 5 / 5
This is a GREAT handbook for the first time landlord, and well worth the fee. It’s practical, honest, and very accurate about what a new (or veteran!) landlord can and should expect.
The first section is a very realistic picture of what it means to own property a name else is paying to live in and quickly debunks the myth that all an owner does is cash rent checks. Owning property is a 24/7 obligation, it costs money and time and not everyone is cut out for it. There’s a fantastic checklist to gauge a prospective landlord’s emotional, financial and physical readiness that include things most people don’t reflect about and a very helpful formula to evaluate whether or not a rental makes economic sense. Although the housing market hadn’t yet crashed when this book went to press, informative features such as the checklists in every section and the print boxes containing excerpts from USA Today articles on an variety of issues vital to property owners make this book timely.
Subsequent sections take in leases, how to attract and weed out prospective tenants (permanently get a credit report), how to handle complaints and repairs, how to kindly but firmly deal with problem tenants (the section on late payers is fantastic), and even coping with bedbugs(!) Everything you need to know about the business end is addressed, from partnerships to taxes and record keeping to security deposits and then finally, tax liability when the property is sold. The overall tone is upbeat and encouraging, even the sections dealing with stuff that’s every landlord’s nightmare (criminal activity, major repairs) are cool and matter of fact. This book is packed with advice on how to be proactive, keep tenants pleased and everybody out of court while still protecting the landlord’s interests. If there’s something the landlord shouldn’t try to handle alone, it’ll let you know, and where to go for information and what questions to question.
For a name who’s contemplating purchasing investment property or is simply waiting out the housing market, this is a well-organized, simple to know and comprehensive resource.
Reader’s Rating: 5 / 5
Right to the Nolo Series of books, First-Time Landlord has significant, perfect information in straighforward language that any one who has a property to rent can know. It covers a wide variety of topics including landlord business basics, preparing and signing leases, handling repairs, finding and complying with state rental laws, how to run credit checks, the difference between a excellent tenant and a terrible tenant, and insurance needs for the landlord. Websites of organizations and companies to use as resources are also included along with statistics and tales from successful landlords.
For first time landlords or prospective landlords, this book can be useful to educate but shouldn’t be used as a replacement for an attorney or a broker.
Reader’s Rating: 4 / 5