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

2021

Format:	Book
Author:	Boyer, Michael (Property manager), author.
Title:	Every landlord's guide to managing property : best practices, from move-in to move-out / Attorney Michael Boyer.
Edition:	Third Edition.
Publisher, Date:	[Berkeley, California] : Nolo, 2021. ©2020
Description:	464 pages ; 23 cm
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"-- Provided by publisher.
Subjects:	Real estate management.
Notes:	Revised edition of the author's Every landlord's guide to managing property, [2017] Includes index.
LCCN:	2020021808
ISBN:	9781413326833 * 9781413326840 9781413326833 1413326838
System Availability:	1
# Local items:	1
Call Number:	333.506 Boyer Every la
# Local items in:	1
# System items in:	1
Current Holds:	0

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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.

Table of Contents

	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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