When I got this book, I was prepared to most likely rip it to shreds. I'm a Real Estate Broker, and have been doing rentals for a couple years now. I find so many landlords that ignore laws(or just never learned them), don't do credit checks, etc. that I tend to think it would be extremely difficult for any landlord, especially a first timer, to do everything right. When you think about it, there is A LOT to cover when you're a landlord. Buying, preparing, advertising, inteviewing, book keeping, maintaining, dealing with tenant issues. The list goes on and on. There are tons of rules and regulations, fair housing laws, you name it, a tenant can usually find a way to slap you with the book of law.
With that being said, I think this book is a good STARTER to becoming a landlord. It broadly covers all aspects. My state in particular is very picky and has very specific rules for lots of different things. So I wound really recommend you get something up-to-date that pertains just to your state. But this book does cover a lot of ground and from start to finish of being a landlord.
I would personally recommend that every landlord use a Broker. I see so many landlords that insist on coming in for the showing, and they either like the potential tenant and get over eager, or just say something that scares them off. Using a broker who is calm and will just show them around without emotional attachment is really your best bet. Many times I've heard someone say "I really like the apartment, but the landlord makes me nervous".
If not to find the tenants, a Broker can help you do and provide the proper paperwork. For a small fee, they'll do background checks, credit reports and write the lease for you. A good Broker knows red flags and don't rely on how they "feel" about the applicant. They go on fact. Spending a couple hundred bucks is going to be cheaper in the long run then breaking a fair housing law and getting sued for thousands. Or having to pay triple damages when you mishandle their security deposit.
Don't rely on other landlords for "oh, this is the lease I use" or "the addendum I like". Many landlords these days try to include unenforceable clauses. Do you really want to tell the judge "my landlord friend told me it was ok!".
My only issue was, why is it for single family homes specifically? I didn't think the book fit them in particular, and seemed to cover also multi-family houses at times. Personally, I think a multi-family book would be more useful because they seem to be where a good chunk of rentals are.
Get this book, it will get you started in the right direction and then you can branch out with books to more specific landlord topics.
Product Description
First-time landlord? Learn landlording fundamentals in this primer.
The declining U.S. economy has forced many homeowners to make tough decisions about their property. If you're one of the millions of Americans affected by the credit crisis, struggling to make your mortgage payments, and are considering renting out your home to make ends meet, you'll need to learn the basics of being a landlord.
Let First-Time Landlord show you how to start your landlording business and maintain it in your spare time. Get the concise information you need to start making money with a single-family home, written for property owners with little business savvy -- and even less time and patience. Learn how to rent out your property lawfully and safely with valuable information on:
From timely tips to true stories from successful landlords, First-Time Landlord is an indispensible book for property owners who want to rent out a single-family home without the hassle -- quickly, efficiently and legally.
About the Author
As Nolo's managing editor, Janet Portman oversees editorial work on all Nolo books. She specializes in residential and commercial landlord/tenant law, legal issues related to courts, landlords and tenants, and neighbor disputes. She is the author or co-author of Every Landlord's Legal Guide, Every Landlord's Guide to Finding Great Tenants, Every Tenant's Legal Guide, Renters' Rights, Negotiate the Best Lease for Your Business, Leases & Rental Agreements, The California Landlord's Law Book: Rights and Responsibilities, and California Tenants' Rights. A nationally syndicated columnist with Inman News, Portman's column, "Rent It Right," appears regularly in the Boston Globe, Los Angeles Times, and other prominent newspapers and websites. Portman received undergraduate and graduate degrees from Stanford University and a law degree from Santa Clara University. Before joining Nolo in 1994, she practiced law as a public defender.
Marcia Stewart has been a Nolo editor and author since 1989, writing and editing books on landlord-tenant law, real estate, and other consumer issues. In addition to working on books and software, Stewart is an acquisitions editor and responsible for acquiring and developing new products for Nolo, including trade books and books with special sales and licensing potential. She is the co-author of Nolo's Essential Guide to Buying Your First Home, Every Landlord's Legal Guide, Every Tenant's Legal Guide, Leases and Rental Agreements, and Renters' Rights. She has edited dozens of Nolo books, including How to Buy a House in California and Parent Savvy.
Michael Molinski is a veteran writer, spending 15 years as a reporter, editor and foreign correspondent at Bloomberg News, CBS MarketWatch and United Press International. Molinski later founded a business communications company and helped found a strategy research firm. He is the author and co-author of several books about small business and entrepreneurship. Molinski makes his home in the San Francisco Bay Area.
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