Table of Contents
Chapter 1 So You Want to Be a Landlord? 1
About the Authors 2
What This Book Will Teach You 3
What This Book Won't Cover 4
What is Bigger Pockets? 5
What is Landlording? 6
Landlording Tasks 7
Should You Manage Yourself or Hire a Professional Management Company? 10
Surprise: Everything Won't Always Apply 11
Chapter 2 8 Business Attributes of a Successful Landlord 13
A Tale of Two Landlords 13
Wrapping it Up 27
Chapter 3 Initial Steps 29
7 Things to Do Before Signing Your First Lease 29
Inherited Tenants 36
Review Existing Leases 37
Put Yourself in Their Shoes 38
Raising the Rent on Inherited Tenants 38
What Condition Should Your Property Be in? 39
How Much Can You Rent Your Property for? 40
The Security Deposit 42
Wrapping it Up 45
Chapter 4 Fair Housing 47
What is Fair Housing? 48
Exceptions to the Fair Housing Rules 49
Dealing with Disabilities and Fair Housing 51
6 Tips for Staying Compliant with Fair Housing Laws 55
Penalties for Violating Fair Housing 58
Wrapping it Up 59
Chapter 5 Advertising Your Vacancy 61
Denning Your Ideal Tenant 61
What Makes Your Property Desirable? 63
Where to Advertise 63
Tracking Your Advertising Results 68
Taking Quality Photos 69
Wrapping it Up 72
Chapter 6 Tenant Pre-Screening 73
What Makes a Great Tenant? 74
What is Tenant Screening? 76
Pre-Screening Potential Tenants 76
Setting Your Minimum Qualification Standards 82
Section 8 89
Showing the Property 92
11 Most Common Questions Asked By Tenants-Answered 98
7 Tenants We'll Never Rent to 103
Wrapping it Up 107
Chapter 7 The Application Process & Tenant Screening 109
The Application Form 111
The Application 113
The Application Fee/Identification 123
How to Process the Application 125
Advanced (& Sneaky) Ideas for Tenant Screening 134
Denying an Applicant After Screening 135
Should You Allow a Cosigner? 137
Accepting a Tenant 139
Next Steps After Approving a New Tenant 140
Wrapping it Up 144
Chapter 8 Signing the Rental Contract 145
Month-to-Month or Term Leases? 145
Where to Find a Good Rental Lease 147
Why the RIGHT Lease Matters 147
22 Things Every Lease Should Contain 149
How to Sign the Lease Agreement 155
New Tenant Orientation 157
The Tenant File 163
Wrapping it Up 164
Chapter 9 Managing Tenants 165
Setting Office Hours 166
How to Collect Rent 168
Grace Periods and Rent Extensions 173
Raising the Rent 175
Periodic Inspections 178
Communicating With Tenants 181
Hiring a Resident Manager 181
6 Ways to Keep Yourself Free From Lawsuits 184
Generating Extra Income and Reducing Expenses 185
Wrapping it Up 187
Chapter 10 Dealing With Problems 189
What to Do When Tenants Don't Pay Rent 190
Handling Tenant Maintenance and Repairs 194
Bounced Rent Checks 198
Abandonment 199
What to Do When a Tenant Dies 200
Dealing With Drugs 202
Lease Compliance: The 10 Most Common Problems You'll Encounter 203
Wrapping it Up 213
Chapter 11 Getting Rid of Bad Tenants 215
Why Tenants Need to Be Removed 215
Not Renewing the Lease 217
Cash for Keys 218
Evicting a Tenant 220
Wrapping it Up 228
Chapter 12 Dealing With Contractors 229
Types of Contractors 229
Licensed vs. Unlicensed Contractors 231
5 Ways to Find Great Contractors 233
Screening Contractors in 5 Steps 235
8 Tips for Managing Contractors and Handymen 238
Wrapping it Up 240
Chapter 13 What To Do When Your Tenant Moves Out 241
Notice to Vacate 241
Preparing for Your Vacancy 243
The Move-Out Packet 245
The Move-Out Inspection 255
Turning Over the Unit 257
The Disposition of Deposit 258
What if the Tenant Owes More Money Than Their Deposit Will Cover? 262
Wrapping it Up 265
Contents
Chapter 14 Business Organization and Bookkeeping 267
The 3 Benefits of an Organized Landlording Business 267
12 Things Your Office Should Have 269
Bookkeeping Basics 275
Wrapping it Up 280
Chapter 15 13 Principles for Being an Incredible Landlord 281
Final Words of Wisdom 286
Wrapping it Up 287
Appendix 289
Forms Table of Contents 290
Landlord/Tenant Resources for the 50 States 345
