| Acknowledgments |
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xv | |
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xvi | |
| Introduction |
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xvii | |
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SECTION ONE: WHAT ARE YOU GETTING YOURSELF INTO? |
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1 | (38) |
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Residential Real Estate as the Ultimate Storehouse of Value(s) |
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3 | (6) |
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4 | (1) |
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5 | (4) |
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Why Investing in Residential Rental Property Will Get You Where You Want to Go Faster at Less Risk |
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9 | (7) |
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11 | (1) |
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12 | (1) |
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13 | (1) |
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13 | (2) |
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15 | (1) |
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The Pros and Cons of Landlording: Do You Have What It Takes? |
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16 | (13) |
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16 | (2) |
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18 | (1) |
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19 | (1) |
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20 | (1) |
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21 | (1) |
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Landlord Central: Setting Up Your Home Office |
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22 | (2) |
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24 | (1) |
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25 | (1) |
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26 | (1) |
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27 | (2) |
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Think Like a Real Estate Mogul: Build a Winning Strategy, Plan and Build the Team to Match |
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29 | (10) |
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29 | (2) |
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31 | (2) |
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33 | (1) |
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34 | (2) |
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36 | (3) |
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SECTION TWO: INVESTING IN RESIDENTIAL PROPERTY FOR INCOME |
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39 | (52) |
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Which Rental Properties Are Right for You? |
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41 | (17) |
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41 | (2) |
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A Steady Source of Wealth |
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43 | (1) |
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Appreciation versus Cash Flow |
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44 | (1) |
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Nailing Down Your Finances |
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45 | (1) |
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46 | (1) |
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47 | (1) |
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Private Mortgage Insurance |
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48 | (1) |
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48 | (1) |
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49 | (1) |
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What to Look For in a Neighborhood |
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49 | (4) |
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What to Look For in a Starter Property |
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53 | (1) |
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54 | (2) |
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Working with a Real Estate Agent |
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56 | (1) |
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57 | (1) |
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Property and Investment Analysis |
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58 | (13) |
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59 | (2) |
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61 | (1) |
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62 | (2) |
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64 | (5) |
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69 | (1) |
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70 | (1) |
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Sourcing Investment Rental Property: Searching for Bargains and Adding Value |
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71 | (8) |
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Improving and Converting Property to Rental Units |
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71 | (2) |
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73 | (1) |
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74 | (1) |
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Converting Nonrental Property |
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75 | (2) |
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77 | (1) |
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Improving and Converting Property to Rental Units |
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77 | (2) |
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When Should You Sell? Trick Question! Hardly Ever |
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79 | (12) |
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79 | (1) |
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80 | (1) |
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You Will Know by Your Cash Flow |
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81 | (1) |
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How to Sell Your Rental Property |
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81 | (3) |
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Hidden Costs of Selling Your Property |
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84 | (3) |
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87 | (4) |
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SECTION THREE: PROPERTY MANAGEMENT AND YOUR LANDLORDING RESPONSIBILITIES |
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91 | (36) |
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Legal and Financial Considerations |
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93 | (9) |
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93 | (2) |
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95 | (2) |
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97 | (1) |
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98 | (1) |
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What Are Tenants Liable For? |
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99 | (1) |
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100 | (2) |
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102 | (4) |
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A Primer in Cash Flow Management |
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102 | (4) |
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Tax Planning for Landlords |
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106 | (10) |
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107 | (1) |
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107 | (1) |
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Renting Your Vacation Home |
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108 | (1) |
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109 | (3) |
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Are You Passive or Active? |
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112 | (1) |
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Advantage of Depreciation |
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112 | (2) |
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Filing Your Rental Income Tax |
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114 | (1) |
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114 | (1) |
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114 | (1) |
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Do Not Tax Yourself over Taxes |
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115 | (1) |
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Insuring Your Rental Property |
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116 | (11) |
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117 | (1) |
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Insuring Your Property against Physical Damage |
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117 | (3) |
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120 | (1) |
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121 | (1) |
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121 | (1) |
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122 | (1) |
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Choosing an Insurance Company |
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122 | (5) |
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SECTION FOUR: PLAN THE WORK, WORK THE PLAN |
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127 | (22) |
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Beyond Record Keeping: Choose the Right Systems, Metrics, and Policies |
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129 | (10) |
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129 | (7) |
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136 | (1) |
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136 | (2) |
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Review Your Rental Agreement and Policies |
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138 | (1) |
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Handling Maintenance, Repair, and Construction |
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139 | (10) |
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139 | (3) |
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Maintaining a Single-Family Home |
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142 | (3) |
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145 | (2) |
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147 | (1) |
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147 | (2) |
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149 | (76) |
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Taking Over and Finding and Showing Tenants Property |
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151 | (17) |
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151 | (1) |
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152 | (2) |
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154 | (1) |
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Once You Are the Landlord |
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154 | (2) |
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156 | (2) |
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158 | (8) |
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Should You Hold an Open House? |
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166 | (1) |
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167 | (1) |
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Screening and Choosing the Best Tenants |
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168 | (19) |
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169 | (2) |
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171 | (7) |
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178 | (1) |
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Who Pays for the Background Check? |
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179 | (1) |
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179 | (1) |
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179 | (2) |
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Choosing the Best Applicant |
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181 | (2) |
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Notifying the Chosen Applicant |
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183 | (1) |
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184 | (1) |
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185 | (2) |
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Rental Agreements, Leases, and Other Forms |
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187 | (11) |
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188 | (2) |
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What a Rental Agreement Includes |
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190 | (3) |
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Housing Choice Vouchers (Section 8) |
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193 | (2) |
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195 | (3) |
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Rent: Pricing, Collecting, and Tracking |
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198 | (11) |
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Calculating How Much Rent to Charge |
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199 | (1) |
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Increasing the Value of Your Rental |
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200 | (1) |
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Methods of Collecting Rent |
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201 | (1) |
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202 | (1) |
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Setting and Enforcing Due Dates |
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203 | (2) |
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When, Why, and How to Increase Rent |
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205 | (2) |
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When, Why, and How to Lower Rent |
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207 | (2) |
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Communicating with Your Tenants |
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209 | (7) |
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Legal Reasons to Communicate |
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209 | (2) |
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211 | (1) |
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211 | (1) |
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212 | (3) |
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215 | (1) |
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How to Keep Good Tenants...and Cope with Bad Ones |
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216 | (9) |
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217 | (3) |
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When Training Doesn't Work |
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220 | (2) |
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222 | (2) |
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224 | (1) |
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SECTION SIX: WHERE TO FROM HERE? NEXT STEPS |
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225 | (14) |
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Should You Do It Yourself or Hire a Property Management Company? |
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227 | (10) |
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228 | (1) |
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What a Property Management Company Can Do for You |
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229 | (1) |
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230 | (2) |
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232 | (1) |
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Where to Look for a Management Company |
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233 | (4) |
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Continuing Your Landlording Education |
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237 | (2) |
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237 | (2) |
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239 | (156) |
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Appendix A Summary of Icon Information in Appendix |
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240 | (2) |
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Appendix B Tour of the CompleteLandlord Site with Free Trial Membership Offer |
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242 | (20) |
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Appendix C Essential CompleteLandlord Worksheets, Checklists, and Other Forms |
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262 | (20) |
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Appendix D Associations and Other Resources |
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282 | (2) |
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Appendix E Managing Risk and Limiting Personal Liability as a Landlord |
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284 | (5) |
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Four Types of Insurance Coverage Landlords Should Carry |
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285 | (2) |
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Require Everyone Working on Your Property to Be Insured and Bonded |
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287 | (1) |
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Require All Tenants to Carry Renter's Insurance Coverage or Sign a Self-Insured Responsibility Form |
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287 | (2) |
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Appendix F Questions Frequently Asked by Landlords |
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289 | (25) |
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289 | (1) |
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289 | (2) |
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291 | (4) |
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Lease Agreements and Policies |
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295 | (3) |
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298 | (3) |
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301 | (1) |
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302 | (1) |
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Move-In Deposits and Advances |
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303 | (2) |
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305 | (1) |
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306 | (1) |
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306 | (1) |
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Sale of Tenant's Property |
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307 | (1) |
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Changes in Rental Amounts |
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307 | (1) |
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307 | (4) |
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Return of Security Deposits |
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311 | (1) |
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311 | (3) |
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Appendix G Questions Frequently Asked by Tenants |
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314 | (49) |
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314 | (1) |
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315 | (5) |
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320 | (2) |
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322 | (3) |
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325 | (3) |
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328 | (3) |
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331 | (4) |
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335 | (5) |
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340 | (11) |
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351 | (1) |
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352 | (1) |
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Landlord's Failure to Repair |
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352 | (4) |
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356 | (7) |
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Appendix H Glossary of Landlord Terms |
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363 | (32) |
| Index |
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395 | (8) |
| CLL Catalog |
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403 | |
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