The Complete Idiots Guide to Being a Smart Landlord
On Sale
$2.00
$2.00
The Complete Idiots Guide to Being a Smart Landlord
Introduction
Many people who consider owning rental investment property think that any idiot
can be a landlord. After all, what does a landlord really do but wait around for the
rent money to come pouring in? These same people have no idea what an income op-
erating statement is or the difference between a lease and a month-to-month rental
agreement. They have no idea how to begin an eviction procedure, collect rents, or
handle emergency calls in the middle of the night. And the first time the rental unit is
destroyed or they lose in court on a technicality, they will probably come to the real-
ization that perhaps they were the idiots.
The truth is that rental property ownership is a much more specialized real estate pro-
fession than perhaps it was years ago. Today’s landlords need to be aware of property
rights for both tenants and landlords as well as building, housing, and many other
types of codes. Plus there are requirements in just about every state regarding just
about every aspect of rental property management.
This book attempts to guide both new and seasoned rental owners through the experi-
ence of rental ownership. We attempt to shed some light on many common rental
theories and concepts that affect property owners. We also define the most common
terms used by landlords and property managers in regard to their profession. This
book acts as a reference guide and a handbook of sorts that we hope can help you. It
is important to understand that laws and regulations regarding rental ownership are
subject to change. It is beyond the scope of this book to list every state and local law
that might apply. Always check your state and local laws before making decisions.
This book represents the opinions of the authors and, even though the information
herein has been carefully researched, it is not designed to give legal advice. The smart
landlord should always seek legal or other professional advice in regards to the owner-
ship and operation of rental property.
Are you crazy? Fishing is a much simpler hobby and is probably a whole lot more
relaxing than rental ownership. Unless, of course, you’re going after some of those
really big fish. Then, in many aspects, I guess it can be similar to owning rental
property. As the tackle gets larger and the poles more expensive, it becomes more
important to catch the really big fish. The same goes for the profit related to rental
property—the more you spend on a property and the more you own, the more impor-
tant it becomes to see a profit after expenses. Of course, the main difference between
the two is that, at the end of a day of fishing, the boat most likely will pull safely back
into harbor whether or not you’ve caught anything, but when you’re a landlord, if
you don’t make a profit you could be left swimming with the fishes, so to speak.
Introduction
Many people who consider owning rental investment property think that any idiot
can be a landlord. After all, what does a landlord really do but wait around for the
rent money to come pouring in? These same people have no idea what an income op-
erating statement is or the difference between a lease and a month-to-month rental
agreement. They have no idea how to begin an eviction procedure, collect rents, or
handle emergency calls in the middle of the night. And the first time the rental unit is
destroyed or they lose in court on a technicality, they will probably come to the real-
ization that perhaps they were the idiots.
The truth is that rental property ownership is a much more specialized real estate pro-
fession than perhaps it was years ago. Today’s landlords need to be aware of property
rights for both tenants and landlords as well as building, housing, and many other
types of codes. Plus there are requirements in just about every state regarding just
about every aspect of rental property management.
This book attempts to guide both new and seasoned rental owners through the experi-
ence of rental ownership. We attempt to shed some light on many common rental
theories and concepts that affect property owners. We also define the most common
terms used by landlords and property managers in regard to their profession. This
book acts as a reference guide and a handbook of sorts that we hope can help you. It
is important to understand that laws and regulations regarding rental ownership are
subject to change. It is beyond the scope of this book to list every state and local law
that might apply. Always check your state and local laws before making decisions.
This book represents the opinions of the authors and, even though the information
herein has been carefully researched, it is not designed to give legal advice. The smart
landlord should always seek legal or other professional advice in regards to the owner-
ship and operation of rental property.
Are you crazy? Fishing is a much simpler hobby and is probably a whole lot more
relaxing than rental ownership. Unless, of course, you’re going after some of those
really big fish. Then, in many aspects, I guess it can be similar to owning rental
property. As the tackle gets larger and the poles more expensive, it becomes more
important to catch the really big fish. The same goes for the profit related to rental
property—the more you spend on a property and the more you own, the more impor-
tant it becomes to see a profit after expenses. Of course, the main difference between
the two is that, at the end of a day of fishing, the boat most likely will pull safely back
into harbor whether or not you’ve caught anything, but when you’re a landlord, if
you don’t make a profit you could be left swimming with the fishes, so to speak.
