A manual delivers advice on managing rental properties.
After writing a guide to purchasing rentals, Brandon Turner (The Book on Rental Property Investing, 2016) returns with his wife as co-author to counsel new investors on effectively running their properties. “What exactly are we talking about here? What IS landlording?” the couple ask before answering with a common theme throughout their how-to book: “Landlording IS a business.” The main point behind each chapter examining common tasks is that “the differences between a business and hobby is having systems and processes for everything you do.” The many processes they delineate for landlords establish mostly safeguards against tricky legal situations: “You don’t want to find your mug on the front page of the Sunday paper for discrimination that you didn’t even know you were doing. Ignorance is no excuse for discrimination.” In particular, their lengthy dissection of fair housing practices draws specific and important distinctions taken straight from personal experiences, like the difference between refusing to build a tenant a ramp and denying a tenant the option to construct the ramp. They even venture into marketing, explaining how various laws can play a major role in advertising an apartment to rent and attracting the best tenants possible. Over the course of the volume, numerous lists like “6 Ways to Keep Yourself Free From Lawsuits” and a guide to evicting a tenant sometimes rehash material or present seemingly obvious details, such as getting copies of a lease to all parties. But the thorough nature of this step-by-step format ensures that new landlords can be confident they have everything covered, even down to knowing the proper equipment and lighting tips for producing the best ad photos. The authors also include case studies of fractious tenants and evictions from their own experiences, reassuring new landlords that there is a way to solve even the most difficult situations.
This helpful guide for new landlords examines the management process in-depth, providing a personal touch and firsthand insights.