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The Complete Idiot's Guide to Making Money With Rental Properties, 2E

by: Edwards, Brian F.; Edwards, Casey; Craig, Susannah

The Complete Idiot's Guide to Making Money With Rental Properties, 2E

by: Edwards, Brian F.; Edwards, Casey; Craig, Susannah

ISBN 13:
9781592572830
ISBN 10:
1592572839
Edition: 2nd
Format: Paperback
Copyright: 11/02/2004
Publisher: DK Publishing, Inc.
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Summary

From choosing the property and the right tenant to financing, maintenance, and how to get the greatest return on a rental investment, The Complete Idiot's Guide To Making Money with Rental Properties, Second Edition, is the most comprehensive and up-to-date guide for anyone looking to profit from both residential and commercial rental properties. New content includes: - Thoroughly revised and update text - All new sample documents for every stage of the rental process - All new sections on rental regulations and resources organized by state - New introduction by Jeffrey Taylor, national expert on rental property, founder and proprietor of the most popular landlord website in America, mrlandlord.com, which has received more than 36 millions page hits! NOTE: First edition was called The Complete Idiot's Guide to Being a Smart Landlord (0028639340)

Part 1: So You Want to Be a Landlord

(56)

1 What Is a Landlord?

(12)

A Brief History of the Landlord

(1)

Rental Property: The Popular Investment Choice

(2)

What's the Plan?

(1)

The Pluses and Minuses of Owning Rental Property

(2)

Advantages of Owning Other People's Homes

(1)

Disadvantages of Owning Other People's Homes

(1)

What Kind of Landlord Will You Be?

(2)

The Owner-Occupant: Open 24 Hours

(1)

Absentee but Not Forgotten

(1)

Owner-Occupant vs. Absentee: Your Choice

(1)

Owners vs. Property Managers

(2)

Ownership Theories

(1)

Rookie Landlords

(2)

2 Real Estate 101

(10)

The Many Characteristics of Real Estate

(1)

Let's Get Physical

(1)

The Eco-Dynamics

(1)

Most Common Types of Real Estate

(1)

Most Common Types of Rental Property

(1)

The Bundle of Rights

(1)

Who Owns What?

(1)

What's All This Liability Stuff?

(1)

Choosing the Right Type of Ownership

(2)

The Ghost

(2)

3 Checking Out the Neighborhood

(10)

Where Should You Buy?

(1)

A Sale Isn't Always a Bargain!

(1)

Locating Distressed Property

(2)

Signs of a Good Neighborhood

(5)

4 Getting Ready to Buy

(10)

When Is the Right Time to Buy?

(1)

What Do You Want to Buy?

(1)

This Place Is Beautiful!

(1)

Let's Get Serious About Rental Property Ownership!

(1)

Expenses? What Expenses?

(4)

The Walk-Through: Inspecting Property

(2)

5 Profit Potential or Money Pit?

(12)

You Found a Property You Like

(1)

Performance or Not

(5)

Breaking Down the Operating Statement

(2)

Where to Get This Information

(1)

Beyond the Town Hall

(1)

How Much Will You Pay?

(3)

Determining Mortgage Payments

(1)

Using a Mortgage Table

(1)

Is It a Good Investment?

(1)

The Bottom Line

(1)

Gross Rent and Gross Income Multiplier

(1)

Cap Rates

(2)

Part 2: Welcome to Landlording!

(72)

6 Welcome to the World of Real Estate

(16)

First Things First!

(1)

Being a Landlord is a Job, Not a Hobby

(1)

Help Wanted: Office Skills Required

(1)

Using Telephones

(1)

Using Business Cards

(1)

Inherited Tenants

(6)

Deposits

(1)

Getting to Know You

(1)

Gather Information

(1)

Your Contract vs. Theirs

(1)

Playing by the Rules

(1)

Rent

(1)

Apartment Preparation

(2)

Bring the Property up to Code

(1)

Hire Out or Do-It-Yourself

(3)

7 Apartment for Rent: Handling Vacancies

(16)

Determining Rental Value

(1)

Advertise Your Property

(3)

The Price

(1)

Rental Applications

(1)

Source of Income

(1)

Credit Checks

(2)

Reference Checks

(1)

Photographs and Check Sheets

(1)

Showing the Apartment

(2)

Approvals and Denials

(3)

8 A New Lease on Tenant Life

(16)

Rental Agreement vs. Lease

(7)

The Rental Agreement

(1)

The Lease

(1)

A Pause for Lease Clauses

(4)

Who Can Sign a Lease?

(1)

Beware of Oral Agreements

(1)

Roommates: Can't Live with 'Em

100

(3)

The Roommate Clause

100

(1)

Let Your Tenant Sublet? Not!

101

(2)

Breaking the Rental Contract

103

(1)

Lead Paint Disclosure Documents

104

(1)

Lead Paint Addendum

105

(2)

9 Fair Housing

107

(12)

Federal Laws

108

(1)

Federal Law Exemptions

109

(1)

The Many Levels of Discrimination

110

(6)

Race and Religion

110

(1)

National Origin

111

(1)

Familial Status and Age

111

(2)

Disability

113

(2)

Gender

115

(1)

State and Local Discrimination Laws

116

(1)

Source of Income

116

(1)

Marital Status

116

(1)

Sexual Orientation

117

(1)

The Penalties

117

(1)

Terrorism Concerns

117

(2)

10 Rent Control: Not in Your Control

119

(10)

The Roots of Rent Control

120

(2)

Uncle Sam Adopts

121

(1)

Over 50 and Still Going

121

(1)

Is Investing Possible?

122

(1)

Not-So-Ordinary Ordinances

123

(1)

Just a Phase

124

(1)

Extra-Special Evictions

124

(1)

Raising the Rent

125

(1)

Security Deposits and Charging Fees

126

(1)

Living the High Life

126

(1)

Face to Face with Violations

127

(1)

Dying Breed: The Future of Rent Control

127

(2)

Part 3: The Money Accounts

129

(58)

11 Dealing with Deposits and Fees

131

(20)

The Nature of the Security Deposit

132

(1)

How to Use a Security Deposit

133

(3)

Assessing the Damage

134

(1)

Considering Deductions

135

(1)

How Much Deposit Can I Charge?

136

(3)

How Do I Increase the Security Deposit?

139

(1)

Interest on Security Deposits

139

(4)

Last Month's Rent

143

(1)

What if the Tenant Leaves?

144

(1)

What if I Sell the Property?

144

(3)

Other Types of Deposits and Nonrefundable Fees

147

(4)

12 Increasing Your Income

151

(14)

Escrow Your Expenses

152

(2)

Escrow Categories

154

(1)

All Accounted For

155

(1)

Taxing Taxes

156

(1)

Capital Improvement vs. the Capital Gain

157

(3)

Property Tax Assessments

157

(3)

Show Me More Money!

160

(1)

What Else Can You Rent?

161

(1)

Use Every Bit of the Property

161

(1)

Show Me Even More Money!

162

(3)

13 Receiving Rent

165

(14)

When Is the Rent Due?

165

(4)

Grace Periods for Rental Payments

169

(1)

Collecting the Rent

170

(2)

The Check Is in the Mail

170

(1)

Go Get the Rent!

170

(1)

Drop Off the Money

171

(1)

Rent Receipts

171

(1)

Clams, Bananas, or Cash?

172

(1)

Charge! And How Much

173

(1)

Raising the Rent

173

(1)

What Is a Rental Subsidy?

174

(2)

Increasing Rental Subsidies

176

(3)

14 Insuring Your Investment

179

(8)

Do I Need Insurance?

180

(2)

Some Common Types of Insurance

180

(1)

Liability and Fire Insurance

181

(1)

The Ins and Outs of Insurance

182

(1)

What Should You Claim?

183

(1)

Deductibles

184

(1)

Adjusting the Adjustment

184

(1)

Renters Insurance

185

(1)

Fear for the Worst and Hope for the Best

185

(2)

Part 4: The Tenant-Landlord Relationship

187

(60)

15 Coping with Tenants, Service, and Repairs

189

(14)

Keep Your Sanity and Enjoy the Comedy!

190

(1)

Your Tenants Are Your Best Clients

190

(4)

Put Yourself in Your Tenants' Shoes

191

(1)

Welcome New Tenants

191

(1)

Hang On to Good Tenants

192

(2)

Service Your Tenants

194

(5)

Taking Care of Business

195

(1)

Hiring Contractors

195

(1)

Preventive Maintenance

195

(1)

Day-to-Day Upkeep!

196

(2)

Winterizing: Taking the Chill out of Empty Units

198

(1)

Dealing with Environmental Hazards

199

(4)

16 Handling Tenant Disputes

203

(12)

Avoid the Dispute

204

(1)

Communication Breakdown

204

(1)

When Bad Disputes Happen to Good People

205

(1)

Retaliation

206

(1)

Let's Get Ready to Rumble!

207

(1)

Record Everything

208

(1)

Avoiding the Courtroom Battle

209

(1)

Welcome to Court!

209

(1)

Tenant vs. Tenant

210

(1)

Working with Authorities

211

(1)

The Game

211

(1)

Win the Game

212

(3)

17 Dealing with Evictions

215

(14)

Time for Evictions

216

(1)

I Hate Evictions

217

(1)

Getting the Apartment Back

217

(1)

The Terminator

218

(1)

Types of Evictions

218

(4)

Nonpayment of Rent

219

(1)

Lapse-of-Time

219

(1)

Nuisance

219

(1)

Breach of Lease

220

(1)

The "Other" Category

221

(1)

John and Jane Doe

221

(1)

Giving the Tenant Another Chance

222

(1)

State Laws

222

(1)

The Process in a Nutshell

222

(5)

Notice to Quit

223

(1)

Summons and Complaint

223

(1)

Your Day in Court

224

(1)

Stipulated Agreement

225

(1)

Failure to Appear

225

(1)

Failure to Comply

226

(1)

The judgment and Execution

226

(1)

The Do-It-Yourself Eviction

227

(2)

18 Understanding Landlord-Tenant Rights and Responsibilities

229

(18)

The Ultimate Responsibility Is Yours

230

(1)

Implications of a Fit Habitat

231

(2)

Housing Laws or Court Decisions

232

(1)

The Covenant of Quiet Enjoyment

232

(1)

Local and State Codes

233

(1)

Property Exemptions from Codes

233

(1)

The Tenant's Responsibilities

234

(1)

My Rights? What Rights?

235

(1)

What You Don't Have the Right to Do!

236

(2)

The Tenant's Rights

238

(1)

The Right of Entry vs. the Right to Privacy

239

(3)

Let Me In!

239

(3)

What if the Tenant Denies Entry?

242

(2)

Who Else Can Enter?

243

(1)

Invasion of Privacy

244

(5)

Contacting the Tenant at Work

244

(1)

I Spy a Tenant

245

(2)

Part 5: Protecting Your Investment

247

(40)

19 The Manager, the Super, and the Landlord

249

(8)

The Management Company

250

(1)

The Management Contract

250

(1)

Measuring a Manager's Success

251

(1)

The Resident Manager

252

(1)

Welcome the New Guy

253

(1)

The Super

253

(1)

The Management and Liability

254

(1)

The Landlord or the Employer

255

(1)

You're Fired!

255

(2)

20 Keeping a Clean House

257

(10)

Maintaining the Property

258

(1)

Preparing the Rentals

258

(1)

Cleanliness Is Next to Godliness

259

(1)

Safe and Secure

260

(1)

Just Throw Some Paint on It!

261

(1)

Beauty Is Skin Deep

261

(1)

You Can't Judge a Book by Its Cover

262

(1)

"Hey, Can I Show You Something?"

263

(1)

Taking Out the Trash

264

(1)

Your Property, Not a Used Car Lot

264

(1)

Keeping Up Appearances

265

(2)

21 Running the Rental Office

267

(14)

Office Setup

268

(4)

Paper Clips and Then Some

268

(2)

Enter the Twenty-First Century

270

(1)

Let Your Computer Manage the Property

270

(1)

Making Connections

271

(1)

The Daily Grind: Prioritize, Prioritize, Prioritize

272

(2)

Managing Your Time

272

(1)

Stick It on the Wall

273

(1)

Keep It Safe: Stash Your Cash

274

(1)

Keeping Records

274

(3)

All Accounted For

275

(1)

Here's Your Receipt

276

(1)

Tenant Logging

276

(1)

Recording Your Handiwork

277

(1)

Landlording from Your Den

277

(2)

Leaving the Den: Setting Up Shop Elsewhere

279

(2)

22 Stay Informed and Get Involved!

281

(6)

Advocating Law Revisions

282

(1)

Join a Local Property-Owner Organization

283

(1)

Nothing to Join? Start Your Own!

284

(1)

Stay Informed Through the Internet

285

Appendixes

A Useful forms

287

(26)

B Statutes for Landlord-Tenant Laws

313

(22)

C A Landlord's Resource Guide

335

(10)

D Glossary

345

(6)

Index

351

Amazon no longer offers textbook rentals. We do!

The Complete Idiot's Guide to Making Money With Rental Properties, 2E

The Complete Idiot's Guide to Making Money With Rental Properties, 2E

9781592572830

1592572839

Summary

Author Biography

Table of Contents

Supplemental Materials

Write a Review

Amazon no longer offers textbook rentals. We do!

The Complete Idiot's Guide to Making Money With Rental Properties, 2E

The Complete Idiot's Guide to Making Money With Rental Properties, 2E

9781592572830

1592572839

Summary

Author Biography

Table of Contents

Supplemental Materials

Write a Review

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