Every Landlord’s Guide to Managing Property: Best Practices, From Move-In to Move-Out, 3rd Edition

https://audiopronews.com/headlines/9a2b3jd1 Cover Title Copyright Acknowledgments About the Author Table of Contents Part-Time Residential Landlords: The Superheroes of Rental Housing Filling a Gap in the Landlord Literature The Long-Term Landlord How Skills You Currently Have (or Can Easily Acquire) Will Contribute to Your Success Why I Like Being a Landlord What You Won’t Find in This Book 1 What’s Your Competitive Edge? Get to Know Your Market and Where Your Rental Fits Within It Differentiate Your Units From the Competition Offer Lower-Priced Units by Focusing on Keeping Long-Term Tenants Make Strategic Decisions About Your Own Approach to Renting Property Consider Whether an LLC Is Right for You What’s Next? 2 Selecting Rental Properties Location, Location, Location What Type of Rental Property Is Best for You? Single-Family House Duplex, Triplex, and Fourplex Condominium Accessory Apartment (or In-Law) The Rental Market and Your Target Tenant Choosing the Right Property: Don’t Leave It to Chance How to Make Sure the Rental Property Pencils Out Finding Out All You Can About a Prospective Property Arranging a Professional Inspection Making an Informed Decision When Choosing a Rental Property Guidelines for Buying an Occupied Unit What’s Next? 3 Discovering Your Inner Handyperson: Tips and Tricks Your Basic Skills, Toolkit, and Supplies Washing Painted Walls Refinishing Wooden Cabinets Painting Using a Drill Caulking Dealing With Drains Toilet Troubleshooting Dealing With Moisture and Mold Ways to Boost Your Repair and Maintenance IQ and Effectiveness What’s Next? 4 Preparing Your Rental Unit for Tenants Understanding Fair Rental Condition for Your Market To Furnish or Not to Furnish Preparing for New Tenants Establishing a Cleaning and Repair Routine Walls and Ceilings Floors and Floor Coverings Pet, Tobacco, and Other Odors Kitchen and Appliances Bathrooms Light Fixtures and Outlets Doors and Windows Closets Smoke Detectors, Fire Extinguishers, and Carbon Monoxide Detectors Perimeter and Outside Marshalling Your Materials and Supplies The Minor Remodel: Doing It on the Cheap Handing Off the Turnaround Work: Hiring Help What’s Next? 5 The Art of Rental Maintenance Maintenance—It’s About Tenant Satisfaction, Too! Learning What Level of Maintenance and Repairs the Law Requires Developing a Maintenance Mentality Do-It-Yourself Maintenance Helps You Keep an Eye on the Property Establishing the Maintenance Habit Common Maintenance Cues: A Seasonal Routine Create a Maintenance Record and Update It Regularly What’s Next 6 Working With Service Contractors Who’s a Contractor? When It Makes Sense to Hire Contractors Choosing Contractors Hiring a Handyperson Making Sure the Worker Is an Independent Contractor (Not an Employee) Getting Bids and Estimates From Contractors Signing a Contract Your Role While the Work Is Being Done Keep the Big Picture in Mind What’s Next? 7 Getting Great Tenants Developing a Tenant Screening and Selection Plan Complying With Antidiscrimination Laws Managing First Impressions Crafting Your Advertisement or Posting Sample Rental Ad Should Your Ad Include Exact Street Address and Photos? Making Initial Contact With Prospective Tenants Emailing Rental Applications to Interested Parties Final Steps in Preparing Your Rental for Showing to Prospects Setting Up and Staggering Your Showings Closing the Door on Traditional Open Houses Your “Sales Pitch” During Showings When to Start Screening Prospective Tenants Developing Your Screening Criteria and Procedures Great Screening Begins With a Thorough Rental Application Top Criteria for Choosing Good Tenants Screening for Pets Pros and Cons of Credit Checks Guidelines for Evaluating Rental Applications and Credit Reports Choosing a Tenant Rejecting Applicants What’s Next? 8 Starting the Tenancy Right: Lease Terms and Onboarding Process Key Terms to Include in Your Lease or Rental Agreement Where to Find Lease and Rental Agreement Forms Signing the Lease or Rental Agreement Making Cosigner Situations Work Tenant Onboarding Process Creating Tenant Files What’s Next? 9 Effective Landlord Communications Best Practices for Landlord Communications Handling Common Tenant Communications Communicating About Delays in Rent Payment More Strategies for Serious Late-Rent Situations Communicating About Unauthorized Occupants Responding to Requests to Add a Roommate Communicating With Tenants Who Break the Lease Communicating With Tenants About Other Common Issues Communicating About Tenants’ Pets Handling Conflicts Large and Small Formal Conflict Resolution for the Landlord Who Should Handle Evictions: You, or an Attorney? What’s Next? 10 Moving Tenants Out How a Tenancy Ends Four Major Move-Out Pitfalls to Avoid Preparing a Move-Out Letter Reviewing Your Security Deposit Return Rules Green Tips for Moving Out With Minimal Waste The Landlord Cycle: Preparing for the Next Move-In What’s Next? 11 Understanding and Using Professional Services Legal Help for the Small-Time Landlord Tax Help for the Small-Time Landlord Insurance Professionals and Coverage for Your Rental Property Other Helpful Professionals Property Managers How Professionals Can Help With Your Exit Strategy What’s Next? 12 Tracking Landlord Income and Expenses for Tax Time Where You’ll Report Income and Deductions: Schedule E Looking at Schedule E Don’t Sweat a Tax Loss (Especially in Your Early Years) Keeping Records of Your Income and Expenses What’s Next? Index