The 101 on earning rental income from a single-family home
Do you own a house you’d like to rent out rather than sell? It’s a common scenario in today’s market, especially if you’ve inherited a house, are moving to another home, or are buying an investment property. And it may mean you’re about to be a first-time landlord. Follow the advice in this book to ease into your new role and earn substantial profits while avoiding costly mistakes.
- Learn your legal obligations.
- Estimate costs and profits.
- Choose good tenants and avoid problem ones.
- Make the most of valuable tax deductions.
- Handle repairs and property management tasks.
The 4th edition is updated to cover the latest laws and practices affecting first-time landlords of single-family homes.
Includes samples of forms every new landlord needs, including a rental application and budget worksheet.
|Edition description:||Fourth Edition|
|Product dimensions:||5.90(w) x 8.90(h) x 0.90(d)|
About the Author
Janet Portman an attorney and Nolo’s executive editor specializes in residential and commercial landlord/tenant law. She is the author or coauthor of Every Landlord's Legal Guide, Every Tenant's Legal Guide, Renters' Rights, Leases & Rental Agreements, The California Landlord's Law Book: Rights and Responsibilities , and others. Portman received undergraduate and graduate degrees from Stanford University and a law degree from Santa Clara University. As a practicing attorney, she specialized in Criminal defense before joining Nolo.
Ilona Bray is an author and legal editor at Nolo, specializing in real estate, immigration law, and nonprofit fundraising. She is coauthor of Becoming a U.S. Citizen, U.S. Immigration Made Easy, Nolo's Essential Guide to Buying Your First Home and numerous other top selling books. Bray's working background includes solo practice, nonprofit, and corporate stints, as well as long periods of volunteering, including an internship at Amnesty International's main legal office in London. She received her law degree and a Masters degree in East Asian (Chinese) Studies from the University of Washington. Bray also blogs on Nolo's Immigration Law Blog.
Marcia Stewart writes and edits for Nolo on landlord-tenant law, real estate, and other consumer issues. She is the coauthor of Nolo's Essential Guide to Buying Your First Home, Every Landlord's Legal Guide, First-Time Landlord, Every Tenant's Legal Guide, Leases and Rental Agreements, Renters' Rights , and The Legal Answer Book for Families.
Table of Contents
Your First-Time Landlord’s Companion
1. Is Owning Rental Property for You?
2. So Happy Together: Landlording With Family or Friends
3. Preparing and Marketing Your Rental Property
4. Screening and Choosing Good Tenants
5. Preparing a Lease and Getting the Tenant Moved In
6. Manage Your Rental Income to Maximize Tax Deductions
7. Keeping Things Shipshape: Repairs and Maintenance
8. Landlord Liability for Injuries, Crimes, and More
9. Living in Perfect Harmony? Dealing With Difficult Tenants
10. Don’t Want to Do It Alone? Hiring a Property Manager
11. Ready to Quit? Exiting the Rental Property Business
Most Helpful Customer Reviews
"First-Time Landlord: Renting out a Single-Family Home" is a good book with a wrong title. It covers the general process and things that a landlord needs to be aware of. The information applies to all rentals, not just for a Single-Family Home. Condos and townhouses may have some special rules (HOA, CC &R, etc.), but this could have been easily covered in an additional chapter, and make the book much more useful. It includes 11 chapters: Is Owning Rental Property for You? So Happy Together: Landlording with Family or Friends Preparing and Marketing Your Rental Property Screening and Choosing Good Tenants Preparing a Lease and Getting the Tenant Moved In Manage Your Rental Income to Maximize tax Deductions Keeping Things Shipshape: Repair and Maintenance Landlord Liability for Injuries, Crime and More Living in Perfect harmony? Dealing with Difficult Tenants Don't Want to Do It Alone? Hiring a Property Manager Ready to Quit? Existing the Rental Property Business This book gives you general information on rental property. It may be more helpful if it can give some sample lease, or other standard forms for a landlord to cover the basic of rental agreement, etc. In many states, you can also buy standard lease agreement to modify for your use. If I am a landlord, I'll like to have general information but I also want the book to be practical and helpful and solve my problems. I'll NOT re-invent a lease agreement based on the info of this book. I'll buy a standard lease agreement and modify it for use. It may be helpful for the book to include the links to buy these standard forms. I agree with another reviewer that Craig's list is one of the most effective tools to advertise your rentals. Overall, "First-Time Landlord: Renting out a Single-Family Home" is a good book that can help a potential landlord. It gives you general knowledge but can be improved to be more practical and helpful. Gang Chen, President, ArchiteG, Inc. AIA, LEED AP, Real Estate Broker (DRE# 01232392) Bestselling Author of books on LEED, Architecture and Landscape
After reading it I did not get some of the answers that I had questions.
This Nolo press book is a pretty fair introduction to the issues a prospective landlord needs to consider when renting out a single family home. You should probably consider this an overview and introductory book. Still, it is more than 300 pages of pretty good advice and coverage of the topic. As usual, Nolo would be happy to have you purchase other books that cover aspects of landlordery more in depth. This technique of recommending their other related books seems to rankle some people, but I'm not one. In any case, this would be the book to purchase first, and if it serves your purposes, fine. If you do need more "book learning" help about taxes, property protection, finding tenants, etc., then consider more specific works. And Nolo is NOT the only press that covers this subject area.And if you're really clueless, you should probably hire somebody competent in the field (e.g., a real estate lawyer). This book would still be a good purchase since in dealing with a lawyer (or other rental professional) you'll have a good overview of the issues.All in all a good book, highly recommended for any public library's reference collection.
A handy reference guide; this is a well-organized book with great tips and examples.
This is a good basic book on renting a single-family home. It is well-organized, with references to more specialized books and online resources. It would be handy for anyone who is thinking of purchasing a home to rent, or who has a home that they want/need to rent. The sub-title is a bit misleading. Many of the examples and equations provided have more to do with multi-unit properties. That's not necessarily a bad thing, but as an investore dealing in single-family homes, I know that I deal with quite different issues than an apartment owner. If the book really specialized in the single-family home market, it might be better to stick with examples in that market, or highlight multi-family investment properties as a contrast. Throughout the book, there are "USA Today Snapshots." I would have expected them to have some relationship to the text. Sometimes they do. In a section on pets, there is a graphic about pet owners. More often, they don't; they seem to be thrown in at random. In a section on relationships with investment partners, there's a graphic about spouses who lie about finances. In a section on financing, there's a graphic about joining a business association. Such slap-dash choices suggest that the editors made a decision that a certain percentage of the page had to be graphics, and then the layout artist filled in the spots with whatever was available. I'm going to keep the book around as a reference work. It looks like a useful tool for a small-time investor.
An Early Reviewer here:I was so excited to see this book pop up on the list. I'm saving up to purchase a rental property in a few years and this is both motivational and informative.The info in the USA TODAY-inspired graphs is older, but the content of the text is up to date, complete with foreclosure-buying info updated to include the legal blow-back from the banks' use of robo-filers. There is also good info here for after the purchase, on things such as choosing a tenant and how to protect yourself from the Tenant from Hell types (like the gentleman in one example who went from Tenant from Heaven to crackhead - and this was in a property near the landlord's own home). While individual markets and such will probably make further research advisable, I would recommend this for anyone who wants to turn rent day from pain day to pay day. This is especially helpful if you also take in some podcasts on the topic, such as those on the Jason Hartman 'Creating Wealth' site.