First-Time Landlord: Renting out a Single-Family Home »

Stewart has been a Nolo editor and author since 1989, writing and editing books on landlord-tenant law, real estate, and other consumer issues. She is the co-author of First-Time Landlord, 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, Nolo's LeaseWriter Plus software for landlords, and Parent Savvy.

As Nolo's managing editor, 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. 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.

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.

Whether or not you call yourself a "landlord", when you rent out a house you'll want to do it right!

The "Landlording 101" course for new rental property owners who are first-time landlords by way of an inheritance, divorce, investment, purchase for a family member, or a move to a new house.
90% of small properties are owned by individual landlords, and millions in this group are balancing their landlord responsibilities with their daytime careers.

Containing tips, true stories, and shared first-time experiences, First - Time Landlord is an indispensable book for the new landlords of today's dominant rental housing market.

National Association of Real Estate Editors

Silver Award, 2010 Robert Bruss Real Estate Book Awards

I Your First-Time Landlord's Companion 1

1 Is Owning Rental Property for You? 5

Great Things About Being a Landlord 7

Tough Parts of Being a Landlord 13

Cute, Cheap, and More: Features of the Ideal Rental Property 17

Thinking About Buying an Investment Property? 23

What Will Your Monthly Profit Be? 28

What Will Your Long-Term Gain Be? 37

Setting Your Goals 40

2 So Happy Together: Landlording With Family or Friends 43

The Pros and Cons of Landlording Together 44

Having a Compatible Co-Owner 46

How to Take Title 49

Creating a Co-Ownership Agreement 56

3 Preparing and Marketing Your Rental Property 63

Make Sure Everything Is Up to Code 64

Should You Make Major Repairs or Improvements? 65

Prepare the Rental for an Attractive Showing 66

Set the Rent and Other Important Terms 69

Get to Know the Neighbors 70

Come on Down! Advertising Your House for Rent 71

How to Show Your Property 73

Pardon Those People: Renting Property That's Still Occupied 75

4 Screening and Choosing Good Tenants 79

Creating a Rental Application 81

Check References and Run a Credit Report 84

Avoiding Illegal Discrimination 90

Is This the One? Characteristics of the Perfect Tenant 93

Whom to Reject 95

5 Preparing a Lease and Getting the Tenant Moved In 99

Which Is Better, a Lease or a Rental Agreement? 103

Typical Provisions in Leases and Rental Agreements 108

Signing a Lease or Rental Agreement 125

Getting the Tenant Moved In 128

Organizing Your Rental Records 130

6 Manage Your Rental Income to Maximize Tax Deductions 133

Keeping Your Business Finances Separate 135

Shielding Yourself From Liability for Business Debts 138

Spent a Lot ofMoney? Take More Tax Deductions! 141

Proving What You've Spent: Record Keeping 158

Are You Rich Yet? Tracking Income and Expenses 162

How Much Cash to Keep in Reserve 164

What to Do When Expenses Exceed Income 165

Finding Professionals to Help You 167

7 Keeping Things Shipshape: Repairs and Maintenance 169

Dealing With the Legalities: Your Repair and Maintenance Obligations 171

Adopting a Good Maintenance and Repair System 180

No Thanks! Hiring Someone Else to do the Work 186

8 Landlord Liability for Injuries, Crimes, and More 195

Ouch, That Smarts: Liability for Tenant Injuries 196

Liability for Environmental Health Hazards 203

Keeping Tenants Safe: Liability for Crime 215

Insurance Coverage for Property and Liability 218

9 Living in Perfect Harmony? Dealing With Difficult Tenants 227

Common Tenant Problems-And What to Do About Them 228

Resolving Disputes 237

When All Else Fails: Terminations and Evictions 243

10 Don't Want to Do It Alone? Hiring a Property Manager 253

What a Professional Property Manager Does 254

Is Property Management Right For You? 259

How to Find the Best Property Manager 265

Put It in Writing: Drafting An Agreement With Your Property Manager 269

11 Ready to Quit? Exiting the Rental Property Business 273

What's the Driving Force? Identifying Your Exit Plan Objectives 274

What Are Your Options? Exploring Opportunities 275

What Rights Does the Tenant Have If You Sell? 283

If You Decide to Sell: Getting Ready 285

Index 299