Making Money with Rental Properties by Smith, Kimberly -- Read -- Imperial Library of Trantor

Index

Cover Title Page Copyright Contents Introduction Part 1: Real Estate Basics

1 Getting into Real Estate

Understanding Real Estate

Types of Real Estate Unfurnished Rentals Corporate Monthly Rentals Vacation Rentals Student Housing

Decisions, Decisions

How Much Time Do You Have for Upkeep? What Are You Willing to Pay Out Each Month? What Are Your Investment Goals?

Success Story

2 Ownership Structures and Financing

Types of Ownership

Sole Proprietorship Partnership Corporation (“C” Corp) Limited Liability Company Individual Retirement Account Trusts

Making Sense of Mortgages

More Mortgage Matters Questions to Ask Before You Borrow

3 What to Look for in a Rental Property

Location, Location, Location What’s the Price per Square Foot? What’s the Price per Unit? How Much Are the Property Taxes? How’s Area Employment? What About Crime? Consider Future Development Any Amenities?

4 The Keys to Real Estate Success

Thinking Financially

Cash Flow Profit and Loss Leverage Equity Investment Life Appreciation

Other Considerations

Do You Have the Time? What About the Risks?

The Bigger Picture The Keys to Profitability

Part 2: You and Your Property

5 Landlording Basics

Tips for Success As a Landlord

Possess Key Qualities Keep It Simple Know the Law Trust Your Gut Micromanage Your Property Focus on Your Tenants

Establish Systems in Place

Maintenance Logs Keys and Property Access Emergency Plans Changing Information

Get It in Writing

Rental Rates Rental Agreement Versus Lease Rules and Clauses Disclosures Other Policies

Facts About Fido

6 Preparing Your Property for Tenants

Making Your Property Look Good Cleaning It Up

Annual or Seasonal Cleans Make-Ready Cleans Maid-Service Cleans

Making It Safe Green Is the New Black

Easy Ways to Go Green LEED Certification Getting an Energy Audit

The Importance of Inspection Reports Furnishing Your Rental

Accessories Kitchen Items Electronics Furniture Bathroom Bedroom Phone

Property Manual

7 Property Management and Maintenance

The Property Team

Who’s Answering Phones? Assembling Your Team Vetting Potential Team Members

Should You DIY? The Importance of Maintenance The Complaint Department

Establishing the Rules Handling Tenant Complaints Sending Complaint Letters

Emergency Preparedness

Create a Plan Plan for Everything

8 Landlord Rights and Responsibilities

The Implied Warranty of Habitability Your Rights as a Landlord You Can’t Do That! The Covenant of Quiet Enjoyment

Written Permission Grandfather Clauses

Understanding Tenant Rights

Right to Entry Versus Right to Privacy Permission Denied? Respect Your Tenant’s Privacy

Rent Control

Part 3: You and Your Tenants

9 Finding the Right Renters

Establishing Your Brand Marketing for Success

Create a Website for Your Rental Smart Ad Placement and Search Strategies Craft Your Marketing Plan Make Your Property Stand Out Get Testimonials Track Your Success

Write It Well Picture It

Photography Pointers Virtual Video Tours

Listing Your Rental

Topic Sites craigslist

Smart Social Media Strategies

YouTube Facebook Twitter Pinterest

Social Media Management Successful Property Tours Making the Most of Inquiries

10 More Renter Considerations

Start with Good Communication The Application Process Reports and Checks

Rental History Checks Credit Checks Background Checks Reference Checks

Approvals and Denials Choosing a Tenant Inheriting Tenants Negotiating Rent Rates Avoiding Scams and Frauds

Part 4: The Business Side of Rentals

11 Money Management

All About Rent

Collecting Rent Banking Imposing Late Fees Increasing Rent

Security Deposit Basics

What Can You Charge? Keeping or Returning It Can You Increase a Security Deposit? What About Interest?

What Other Fees Can You Charge? The Collection Department

12 More Money Management

All About Accounting

Accountants Accounting Software

Taxes

Schedule E Deductions Depreciation Property Tax Assessments

13 Renter Arguments, Evictions, and Vacancies

The Hatfields and the McCoys

Tenant Complaints Landlord Complaints

Housing and Building Code Code Complaints Retaliation Laws Courtroom Battles Tenant Versus Tenant Grounds for Eviction

Nonpayment of Rent Lapse-of-Time Breach of Lease Terms or Statutory Duties Illegal Conduct or Serious Nuisance

Building Your “Bouncer Team” The Eviction Process

Notice to Quit Summons and Complaint Appearance in Court Answer to Complaint Trial Judgment and Execution

Creating a Property Turnover Plan

14 The Importance of Insurance

Yes, You Do Need Insurance Types of Insurance

Homeowner’s Insurance Landlord’s Insurance Replacement-Cost Insurance Cash-Value Insurance Mortgage Insurance Title Insurance Liability Insurance Specific Loss Insurance Loss-of-Rent Insurance Renter’s Insurance Accidental Rental Damage Insurance

The Insurance Process

Deductibles Adjustments Payments

15 Building Your Business

Owning Your Own Business

Going Solo Working with a Partner Buying a Franchise

Real Estate Brokerages Choosing a Target Market Creating Your Business Plan

What Is Your Business? Who Is Working Your Business? Why Is Your Business Better? Where Will You Find Customers? How Much Money Will Your Business Need?

Know Your Competition Establishing a Client Base Financing Options Necessary Licenses Insuring Your Business Setting Up and Running Your Office Stay Updated

Publications Trade Organizations and Associations Chambers of Commerce Continuing Education and Conferences

16 Rules, Laws, and Fair Housing

Discrimination Laws

The Fair Housing Act Occupancy Standards Federal Law Exemptions State Laws

Understanding Disabilities

Reasonable Modifications Section 504 of the Rehabilitation Act of 1973 Americans with Disabilities Act Addicts

State and Local Laws

Uniform Residential Landlord and Tenant Act Residential Lead-Based Paint Hazard Reduction Act Megan’s Law

Terrorism

Patriot Act Investigating Tenants Be Prepared Terrorism Insurance

Penalties

17 Hiring a Property Manager

Why Hire a Property Manager?

More Time for You Current Market Knowledge Current Law Knowledge Tenant Connections and Knowledge

Finding the Right Company

A Note on Maintenance A Note on Accounting A Few More Questions to Ask

What About a Resident Manager? Licensing Setting Expectations

Appendixes

A Glossary B Resources

Residential Property Management Software National Real Estate Organizations Books Magazines and Other Publications Real Estate Educational Forums Real Estate Websites Additional Resources

C Sample Documents

Tenant Communication Forms

Acceptance Letter Departure Confirmation Departure Notice Emergency Contact Numbers Key Distribution Record Maintenance Request Move-In/Move-Out Checklist Notice of Denial Notice of Returned Check Potential Renter Inquiry Reasonable Accommodation Request Form Tenant Emergency Procedures Warning Notice

Leasing Documents

Three-Day Pay Rent or Quit Notice Five-Day Demand Notice Deposit Itemized Deductions Deposit Receipt Eviction Notice Lease/Rental Agreement Lease Addition or Amendment Lease Renewal Lease Termination Letter of Responsibility Rental Rate Change Notice Permission to Enter Notice Pet Agreement Property Management Agreement Rental Application/Background and Credit Check Application

Property Forms

Appliance Tracking Sheet Cleaning Checklist Maintenance Checklist and Record Work Order

Index About the Author

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