| Introduction |
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1 | (4) |
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1 | (1) |
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2 | (1) |
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2 | (1) |
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3 | (1) |
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3 | (2) |
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PART 1 GETTING STARTED WITH LANDLORDING FUNDAMENTALS |
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5 | (88) |
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Chapter 1 The Legal Fundamentals of Managing Residential Rentals |
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7 | (16) |
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Running Your Operation as a Corporation or LLC |
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8 | (1) |
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Taking Ownership of a Rental Property |
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8 | (2) |
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Avoiding the Legal Pitfalls of Managing Residential Rental Properties |
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10 | (13) |
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Obeying fair-housing laws |
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10 | (3) |
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Setting rents and payment policies |
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13 | (1) |
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13 | (2) |
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Drafting a lease or rental agreement |
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15 | (1) |
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Managing security deposits |
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15 | (1) |
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Moving tenants in and out |
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16 | (2) |
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Fulfilling your maintenance and safety obligations |
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18 | (3) |
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Dealing with co-tenants, sublets, and assignments |
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21 | (1) |
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Terminating rental contracts |
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22 | (1) |
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Chapter 2 Protecting Your Legal Assets |
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23 | (26) |
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23 | (7) |
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Choosing a legal structure |
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24 | (4) |
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Exploring ways to incorporate |
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28 | (2) |
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Knowing the Law or Consulting Someone Who Does |
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30 | (6) |
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Conducting your own legal research |
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30 | (4) |
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34 | (2) |
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Preparing for and Paying Taxes |
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36 | (13) |
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Making sense of income taxes |
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37 | (9) |
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Grasping (and appealing) property taxes |
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46 | (3) |
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Chapter 3 Taking Possession of a Rental Property |
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49 | (20) |
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Knowing What to Get Up-Front |
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50 | (7) |
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A comprehensive list of the personal property included in the sale |
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51 | (1) |
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A copy of the entire file for each current tenant |
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52 | (1) |
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A seller-verified rent roll and list of all security deposits |
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52 | (1) |
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A copy of all required governmental licenses and permits |
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53 | (1) |
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A copy of all the latest utility bills |
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54 | (1) |
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A copy of every service agreement or contract |
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54 | (1) |
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A copy of the seller's current insurance policy and loss history |
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55 | (2) |
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Insuring Your New Property |
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57 | (6) |
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Understanding the different types of insurance coverage |
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58 | (3) |
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Finding the right insurance company |
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61 | (1) |
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Determining the right deductible |
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62 | (1) |
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Talking with Tenants about Renter's Insurance |
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63 | (1) |
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Handling Potential Claims |
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63 | (1) |
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Working with the Current Tenants During the Transition |
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64 | (5) |
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Meeting the tenants in person |
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64 | (1) |
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64 | (1) |
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Inspecting the rental unit |
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65 | (1) |
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Using a new lease or rental agreement |
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66 | (1) |
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Evaluating the current rent |
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67 | (2) |
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Chapter 4 Hiring a Property Manager |
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69 | (24) |
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Your Property Management Options |
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69 | (3) |
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Using a property management firm |
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70 | (1) |
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71 | (1) |
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71 | (1) |
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Hiring a Professional Property Management Firm |
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72 | (10) |
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Finding the right company for you |
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73 | (2) |
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Knowing what to ask a prospective management company |
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75 | (2) |
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Compensating your property manager |
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77 | (2) |
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79 | (1) |
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Being aware of the tax consequences |
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80 | (2) |
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Going with an Individual to Manage Your Property |
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82 | (10) |
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82 | (4) |
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Signing an employment agreement |
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86 | (1) |
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Compensating your property manager |
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86 | (1) |
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Complying with employment laws and accounting requirements |
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87 | (1) |
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Understanding independent contractor versus employee status |
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88 | (2) |
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Firing and evicting an employee |
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90 | (2) |
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Notifying Tenants of a Change in Management |
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92 | (1) |
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PART 2 ADVERTISING AND TAKING ON NEW TENANTS LEGALLY |
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93 | (172) |
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Chapter 5 Getting Current about Fair Housing |
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95 | (30) |
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Examining the Fair Housing Act |
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96 | (7) |
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Recognizing the seven protected classes |
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96 | (1) |
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Identifying conduct that constitutes discrimination |
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97 | (1) |
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Identifying conduct that constitutes preferential treatment |
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98 | (2) |
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Meeting the three conditions of a violation |
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100 | (1) |
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Including principals and agents |
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100 | (1) |
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Knowing what you're allowed to do under the law |
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101 | (1) |
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Noting exceptions to the law |
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102 | (1) |
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Paying the price for infractions |
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102 | (1) |
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Digging Deeper into the Sex, Familial, and Disability Protected Classes |
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103 | (11) |
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103 | (1) |
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104 | (3) |
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107 | (5) |
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Companion or service animals |
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112 | (2) |
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Exploring Additional Protected Classes at the State and Local Levels |
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114 | (4) |
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115 | (2) |
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117 | (1) |
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Safeguarding from Claims of Housing Discrimination |
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118 | (7) |
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Taking a proactive/preventive approach |
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118 | (4) |
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Taking a reactive/corrective approach |
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122 | (3) |
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Chapter 6 The Legal Aspects of Advertising |
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125 | (14) |
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Applying the Fair Housing Act to Residential Rental Property Advertising |
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126 | (8) |
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126 | (2) |
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128 | (6) |
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Adhering to Truth-in-Advertising Laws |
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134 | (2) |
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Accurately describing the rental units |
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134 | (1) |
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Disclosing any important policies |
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135 | (1) |
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Presenting rents and amenities accurately |
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135 | (1) |
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Avoiding bait-and-switch advertising |
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136 | (1) |
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Advertising on the Internet |
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136 | (3) |
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Chapter 7 Rent Collection and Rent Control |
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139 | (32) |
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Creating a Written Rent Collection Policy |
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140 | (8) |
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141 | (2) |
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143 | (3) |
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146 | (2) |
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Dealing with Rent Collection Problems |
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148 | (6) |
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148 | (2) |
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150 | (2) |
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Handling returned rent payments |
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152 | (1) |
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Dealing with partial rent payments |
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152 | (1) |
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153 | (1) |
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Raising the Rent without Sending Your Tenants Running |
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154 | (3) |
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Figuring out how to raise the rent |
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154 | (1) |
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Recognizing restrictions on rent increases |
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155 | (1) |
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Keeping your tenants (relatively) happy |
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155 | (1) |
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Giving tenants advanced notice |
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156 | (1) |
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Dealing with Potential Rent Regulation Issues |
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157 | (5) |
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Determining whether your property is subject to rent regulation |
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157 | (2) |
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159 | (2) |
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Being extra careful when evicting a tenant |
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161 | (1) |
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Closing down a rent-regulated property |
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162 | (1) |
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Taking Advantage of Government Programs |
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162 | (9) |
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The scoop on rental subsidy programs |
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163 | (1) |
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The lowdown on the Housing Choice Voucher program |
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164 | (7) |
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Chapter 8 Screening Applicants |
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171 | (20) |
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Preparing a Legal Screening Policy and Letter of Consent to Background Checks |
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172 | (10) |
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Setting criteria for acceptance |
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172 | (1) |
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Starting with a boilerplate screening policy and making adjustments |
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173 | (8) |
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Getting consent for a background check |
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181 | (1) |
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Developing Your Rental Application |
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182 | (1) |
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Knowing Your Options When Screening |
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183 | (3) |
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Taking the do-it-yourself approach |
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183 | (1) |
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Outsourcing to a screening service |
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184 | (1) |
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Charging a fee to cover your costs |
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185 | (1) |
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Notifying Unqualified or Less-Qualified Applicants of "Adverse Action" |
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186 | (2) |
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Keeping Essential Records |
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188 | (3) |
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Keeping records for rejected applicants |
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188 | (1) |
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Maintaining tenants' files |
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189 | (1) |
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Securing sensitive information |
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189 | (2) |
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Chapter 9 Composing Your Rental Contract |
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191 | (34) |
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Eyeing the Need for a Rental Contract |
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191 | (5) |
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Comparing leases and rental agreements |
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192 | (1) |
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Realizing the importance of putting the agreement in writing |
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193 | (3) |
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Starting with a State-Specific Template |
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196 | (22) |
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Customizing the Lease Template |
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196 | (1) |
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197 | (1) |
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198 | (1) |
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199 | (1) |
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200 | (1) |
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201 | (1) |
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202 | (1) |
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203 | (1) |
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203 | (1) |
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203 | (1) |
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204 | (1) |
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205 | (1) |
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205 | (1) |
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206 | (1) |
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206 | (1) |
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Care, cleaning, and maintenance |
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206 | (1) |
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207 | (1) |
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208 | (1) |
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Carbon monoxide detection device |
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208 | (1) |
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209 | (1) |
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209 | (1) |
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Joint and several liability |
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210 | (1) |
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211 | (1) |
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Subletting and assignment |
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211 | (1) |
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212 | (1) |
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213 | (1) |
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214 | (1) |
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214 | (1) |
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215 | (1) |
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215 | (1) |
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216 | (1) |
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217 | (1) |
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Considering Additional Provisions |
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218 | (7) |
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218 | (1) |
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218 | (1) |
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219 | (1) |
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220 | (1) |
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220 | (1) |
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220 | (1) |
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Notice of absence from premises |
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221 | (1) |
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221 | (1) |
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Materiality of application to rent |
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221 | (1) |
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222 | (1) |
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222 | (1) |
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223 | (1) |
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223 | (2) |
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Chapter 10 Establishing a Security Deposit Policy |
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225 | (20) |
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The Legal Uses of Security Deposits |
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226 | (2) |
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Deciding How Much to Charge as a Security Deposit |
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228 | (6) |
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Setting separate deposits for pets |
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229 | (2) |
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Considering security deposit alternatives |
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231 | (2) |
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Avoiding nonrefundable deposits |
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233 | (1) |
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Exempting Ordinary Wear and Tear |
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234 | (3) |
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Distinguishing damage from ordinary wear and tear |
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234 | (2) |
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Assessing damage with move-in and move-out checklists |
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236 | (1) |
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Safeguarding and Returning Security Deposits |
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237 | (8) |
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Holding security deposits in a separate account |
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237 | (1) |
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Using a security deposit itemization form |
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238 | (2) |
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Keeping receipts for repairs and cleaning |
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240 | (1) |
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Deducting from the security deposit |
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240 | (2) |
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Paying interest on security deposits |
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242 | (1) |
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Collecting damages and unpaid rent in excess of a security deposit |
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243 | (1) |
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Handling security deposit disputes |
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244 | (1) |
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Chapter 11 Moving in a New Tenant |
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245 | (20) |
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Agreeing on the Move-In Date |
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246 | (1) |
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Meeting with a New Tenant Prior to Move-In |
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247 | (14) |
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Establishing your policies and rules |
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247 | (2) |
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Reviewing and signing legal documents |
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249 | (3) |
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Transferring the utilities to the tenant |
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252 | (1) |
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Collecting the rent and security deposit |
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253 | (1) |
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Inspecting the property with your tenant |
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254 | (4) |
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Providing an informational letter |
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258 | (2) |
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Taking crime prevention measures with a rental unit |
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260 | (1) |
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Keeping Detailed Tenant Records |
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261 | (1) |
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Choosing a Reliable Means of Communication |
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262 | (3) |
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PART 3 RECOGNIZING YOUR RESPONSIBILITIES AND LIABILITIES |
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265 | (108) |
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Chapter 12 Repairing and Maintaining the Premises |
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267 | (22) |
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Honoring Your Duty to Maintain Habitable Housing |
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268 | (7) |
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268 | (1) |
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269 | (1) |
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Preventing and eliminating nuisances |
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270 | (2) |
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272 | (1) |
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Suffering the consequences of falling short |
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273 | (2) |
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Informing Tenants of Their Legal Obligation to Maintain Their Units |
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275 | (2) |
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Knowing your tenants' responsibilities |
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275 | (2) |
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Seeking damages when tenants fall short |
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277 | (1) |
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Putting a Proactive and Responsive Maintenance and Repair System in Place |
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277 | (7) |
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Recognizing the benefits of a proactive and responsive system |
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278 | (1) |
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Establishing a policy and setting goals |
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279 | (1) |
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Conducting regular maintenance and repair inspections |
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280 | (1) |
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Responding to tenants' maintenance requests |
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281 | (3) |
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Dealing with Tenants Who Withhold Rent |
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284 | (1) |
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Exploring Contractor-Related Legal Issues |
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285 | (4) |
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Hiring licensed, bonded, and insured contractors |
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286 | (1) |
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Insuring uninsured workers |
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287 | (1) |
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Getting warranties to cover the work |
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287 | (2) |
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Chapter 13 Minimizing Injuries from Potentially Dangerous Conditions |
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289 | (14) |
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Preventing Injuries in Rental Units and Common Areas |
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290 | (9) |
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Using materials safer than standard glass |
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290 | (1) |
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Using safe cords (or no cords) for window coverings |
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291 | (1) |
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Using anti-tip brackets for free-standing ranges |
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292 | (1) |
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Securing swimming pools, spas, and hot tubs |
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293 | (1) |
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Ensuring limited access to construction sites |
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293 | (1) |
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Improving exterior lighting |
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294 | (1) |
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Preventing injuries from animals |
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295 | (1) |
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296 | (2) |
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Preparing for natural disasters |
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298 | (1) |
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Identifying Potentially Dangerous Conditions |
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299 | (2) |
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Encouraging tenants to report safety concerns |
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299 | (1) |
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Conducting regular inspections |
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299 | (2) |
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Evaluating Your Legal Liability |
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301 | (2) |
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301 | (1) |
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Failure to maintain or repair |
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301 | (1) |
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Violation of a health, safety, or building code |
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302 | (1) |
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Reckless or intentional acts |
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302 | (1) |
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Chapter 14 Preventing and Minimizing Hazardous Environmental Conditions |
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303 | (20) |
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Clearing the Air Your Tenants Breathe |
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304 | (7) |
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304 | (2) |
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306 | (2) |
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308 | (1) |
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309 | (2) |
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Assessing and Limiting Your Liability for Lead Paint and Mold |
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311 | (5) |
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311 | (4) |
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Informing and protecting tenants during repairs and renovations |
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315 | (1) |
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315 | (1) |
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Preventing and Exterminating Pests |
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316 | (2) |
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Preventing and Eliminating Hazardous Waste |
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318 | (5) |
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Determining whether something is a hazardous waste |
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319 | (1) |
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Identifying common sources of hazardous wastes |
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319 | (2) |
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Educating tenants and staff about proper use and disposal of hazardous substances |
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321 | (1) |
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Figuring out who's legally liable for cleanup |
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321 | (2) |
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Chapter 15 Protecting Tenants and Workers from Criminal Acts |
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323 | (22) |
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Your Obligations and Legal Liability |
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324 | (2) |
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Knowing your responsibilities |
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324 | (1) |
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Grasping the potential costs of lax crime prevention |
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325 | (1) |
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Taking Practical Crime Prevention Measures |
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326 | (7) |
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Turning to a crime prevention program |
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326 | (1) |
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Taking necessary crime prevention precautions |
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327 | (3) |
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Educating and connecting tenants |
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330 | (2) |
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Enhancing crime prevention measures |
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332 | (1) |
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333 | (6) |
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Safeguarding the rental office and tenant records |
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334 | (1) |
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Maintaining control over locks and keys |
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335 | (1) |
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Screening potential employees |
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335 | (3) |
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Keeping tabs on employee behavior |
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338 | (1) |
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Dealing with Troublesome Tenants |
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339 | (3) |
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Responding to general criminal behavior |
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339 | (2) |
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341 | (1) |
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Dealing with drug users and dealers |
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341 | (1) |
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Being Truthful about Safety and Crime |
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342 | (3) |
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Chapter 16 Understanding Tenant Privacy and Your Right to Enter the Premises |
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345 | (14) |
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Balancing Owner and Renter Rights |
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346 | (4) |
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Exploring the influence of contract and property law |
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346 | (1) |
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Honoring the implied covenant of quiet enjoyment and warranty of habitability |
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347 | (1) |
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Looking into state statutes |
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347 | (2) |
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Stating your right to enter the premises in your rental contract |
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349 | (1) |
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Exercising Your Right to Enter an Occupied Rental Unit |
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350 | (4) |
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Building rapport with tenants |
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350 | (1) |
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Entering a rental unit only when necessary |
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351 | (1) |
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Giving tenants advance notice and getting permission |
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351 | (2) |
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Responding to a tenant's unreasonable refusal to let you enter |
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353 | (1) |
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Counting the potential costs of abusing your right to enter |
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353 | (1) |
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Honoring Additional Tenant Rights: Do's and Don'ts |
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354 | (5) |
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Implementing a reasonable overnight guest policy |
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354 | (1) |
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Don't release information about a tenant |
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355 | (1) |
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Don't call or visit a tenant at work |
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356 | (1) |
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356 | (1) |
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Don't ostracize a tenant you don't like |
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357 | (2) |
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Chapter 17 Resolving Landlord-Tenant Disputes |
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359 | (14) |
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Settling the Most Common Problems |
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359 | (7) |
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Late-, partial-, or nonpayment of rent |
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360 | (1) |
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361 | (2) |
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Inappropriate noise level |
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363 | (2) |
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365 | (1) |
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Consulting Your Attorney for Advice |
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366 | (1) |
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Resolving Problems without Eviction |
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366 | (6) |
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Hashing it out: Listening and talking |
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367 | (1) |
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368 | (2) |
|
|
|
370 | (1) |
|
Taking a tenant to small-claims court |
|
|
370 | (1) |
|
Encouraging a voluntary move-out |
|
|
371 | (1) |
|
|
|
372 | (1) |
|
PART 4 CHANGING AND ENDING LEASES |
|
|
373 | (30) |
|
Chapter 18 Handling Co-Tenancies, Sublets, Assignments, and Guests |
|
|
375 | (8) |
|
Recognizing Legal Issues Involving Nontenants |
|
|
376 | (2) |
|
Understanding co-tenancy and why it matters |
|
|
377 | (1) |
|
Dealing with Common Co-Tenant Issues |
|
|
378 | (4) |
|
Deciding who pays the rent |
|
|
378 | (1) |
|
Raising the rent and security deposit |
|
|
379 | (1) |
|
Taking a hands-off approach to co-tenant disputes |
|
|
380 | (1) |
|
Terminating a co-tenant's lease |
|
|
381 | (1) |
|
Deciding Whether to Allow Subleases or Assignments |
|
|
382 | (1) |
|
Chapter 19 Revising and Terminating Rental Contracts |
|
|
383 | (14) |
|
Changing the Rental Contract Terms |
|
|
383 | (2) |
|
Terminating a Rental Contract |
|
|
385 | (6) |
|
|
|
385 | (2) |
|
Ending a rental agreement |
|
|
387 | (1) |
|
Dealing with a tenants termination of the rental contract |
|
|
388 | (1) |
|
Requiring an intent to move out notice |
|
|
389 | (1) |
|
Accepting rent after the lease ends |
|
|
389 | (1) |
|
|
|
390 | (1) |
|
Evicting Troublesome Tenants |
|
|
391 | (6) |
|
|
|
391 | (1) |
|
Filing a formal eviction action |
|
|
392 | (2) |
|
Following the do's and don'ts of the eviction process |
|
|
394 | (1) |
|
|
|
395 | (2) |
|
Chapter 20 Moving a Tenant Out |
|
|
397 | (6) |
|
Requiring Written Notice of Your Tenants' Move-Out Plans |
|
|
398 | (1) |
|
Providing Your Tenant with a Move-Out Information Letter |
|
|
398 | (1) |
|
Conducting the End-of-Lease Inspection |
|
|
399 | (4) |
|
Thoroughly inspecting the property |
|
|
400 | (1) |
|
Completing the move-out checklist |
|
|
401 | (1) |
|
Taking photos to document any damage |
|
|
401 | (1) |
|
Reclaiming an abandoned rental unit |
|
|
402 | (1) |
|
|
|
403 | (14) |
|
Chapter 21 Ten Tips for Staying Out of Legal Trouble |
|
|
405 | (6) |
|
|
|
405 | (1) |
|
Screening Applicants Carefully |
|
|
406 | (1) |
|
Keeping Abreast of Changing Laws |
|
|
407 | (1) |
|
Writing a Solid Rental Contract |
|
|
407 | (1) |
|
Complying with Fair-Housing Laws |
|
|
408 | (1) |
|
Maintaining Your Property |
|
|
408 | (1) |
|
|
|
409 | (1) |
|
Following Legal Eviction Procedures |
|
|
409 | (1) |
|
Practicing a Reasonable, Legal Security Deposit Policy |
|
|
410 | (1) |
|
Promising Less, Delivering More |
|
|
410 | (1) |
|
Chapter 22 Ten Tips for Being a Better Landlord |
|
|
411 | (6) |
|
Assessing Your Landlord Readiness |
|
|
411 | (1) |
|
Maintaining Rapport with Tenants |
|
|
412 | (1) |
|
Establishing Professional Relationships |
|
|
413 | (1) |
|
|
|
413 | (1) |
|
Taking Landlord Training Courses |
|
|
414 | (1) |
|
|
|
414 | (1) |
|
Keeping Abreast of Legal Developments |
|
|
415 | (1) |
|
|
|
415 | (1) |
|
Honing Your Communication Skills |
|
|
416 | (1) |
|
Hiring an Expert When Necessary |
|
|
416 | (1) |
| Index |
|
417 | |
