Trevor Rhodes

The Definitive Guide for Every Landlord Whether you just have an extra room to rent or a growing rental empire, you still need reliable information and expert advice to make sure you do it right. Drawn from years of experience helping thousands of landlords, American Landlord leads everyone from the new landlord to the old pro through all the ins and outs of property management. Inside: Buying and maintaining rental properties Successfully advertising your vacancies Safely and securely screening your applicants Effectively dealing with troublesome tenants Understanding rental forms and agreements BONUS CD-ROM FEATURES : Ready-to-print rental applications, lease agreements, checklists plus landlord-tenant laws for all 50 states, and much more! 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Use the Internet to Attract Tenants 52 Tenant Placement Agents 54 Chapter 4: Tenant Screening, Part I: The Information Roundup 56 The Rental Application 57 Asking the Right Questions 59 Acknowledgment and Authorization 62 Charging an Application Fee 63 Proper Identification 65 Chapter 5: Tenant Screening, Part II: The Dreaded Credit Report 68 Getting Access to a Tenant’s Credit Report 69 How to Read and Interpret a Credit Report (sample included) 71 Personal Information 77 Employment Information 78 Scoring (Credit Score) 79 Credit Summary 80 Public Records 81 Collections 82 Revolving Accounts 84 Installment Accounts 85 Mortgage Accounts 87 Inquiries 88 Chapter 6: Tenant Screening, Part III: Determining Credit “Worthiness” 90 The Importance of the Credit Score 91 The Credit Summary (including How to Deal with Identity Theft) 92 The Fair Credit Reporting Act (FCRA) 94 FCRA Definition of a Consumer Report 95 FCRA Definition of an Adverse Action 96 The Adverse Action Notice (Statement of Credit Denial) 96 Non-Compliance with the FCRA 98 The FCRA Summary of Rights 99 How to Get Your Own Free Credit Report—For Real! 101 Chapter 7: Tenant Screening, Part IV: Eviction Records 102 The Eviction Process 103 Eviction Record Sample 105 Where to Find Them 107 Chapter 8: Tenant Screening, Part V: Criminal Records 110 U.S. Department of Justice Statistics 111 Criminal Record Sample 113 Felonies and Misdemeanors 115 The Clerk of the Court 117 Government Websites 118 Professional Research 119 Chapter 9: Tenant Screening, Part VI: Verifications and References 120 Employers 121 Landlords 124 Friends, Family and Others 127 Chapter 10: Tenant Screening, Part VII: Wrangling Common Scenarios 130 Divorce 131 Medical Collections 133 Bankruptcy 134 Foreclosure 135 No Credit Score 137 No Credit History 137 Chapter 11: Tenant Screening, Part VIII: Turning Away the Herd 140 Making a Business Decision (including How to Deal with Denial Anxiety) 141 Notifying the Applicant 142 Protecting Yourself 144 Chapter 12: Lease Agreement, Part I: “Must-Have” Clauses 146 Sample Lease Agreement 147 Subject of Lease 152 Term of Lease 152 Monthly Rental 153 Security Deposit 153 Number of Occupants 154 Assignment and Subletting 155 Showing Property for Rent 155 Entry for Inspection, Repairs and Alterations 155 Redecoration and Alterations 156 Taxes and Utilities 157 Maintenance and Repairs 157 Pets and Animals 158 Waste, Nuisance or Unlawful Use 158 Lessee’s Holding Over 159 Redelivery of Premises 159 Default 160 Destruction of Premises and Eminent Domain 161 Delay in or Impossibility of Delivery of Possession 161 Binding Effect 162 Governing Law 162 Attorney Fees 163 Entire Agreement 163 Modification of Agreement 164 Paragraph Headings 164 Chapter 13: Lease Agreement, Part II: Addendums 166 Pets and Animals 167 Option to Purchase 170 Sublease (The Practice of Subletting) 174 Modification of Lease 177 Chapter 14: Maintaining and Repairing Your Rental: The Key to Prosperity 180 Preventative Maintenance 181 Be Prepared - Something Inevitably Goes Wrong! 184 Do-It-Yourself 185 Contractor and Vendor Relations 187 Chapter 15: Landlord Insurance: Protecting More Than Just Your Property 190 Is Insurance Necessary? 191 Choosing Policy Coverage 192 Going Above and Beyond with an Umbrella Policy 193 How to Minimize Your Liability 194 Getting a Free Quote 197 Chapter 16: Move ‘Em In, Move ‘Em Out: What to Do Before Tenancy Begins and Ends 198 A Picture Is Worth a Thousand Words and Dollars! 199 Assessment of Condition Checklist 200 Retaining or Returning a Security Deposit 208 Chapter 17: Non-Owner Occupied Financing: Making Dollars and Sense Out of Mortgages 214 Why the Title (Deed) Should Be in Your Name 215 Your Personal Credit 216 Income and Asset Requirements 218 Mortgage Programs 221 Getting a Free Quote 223 Conclusion 226 Appendix A: Section 8: Government Assisted Tenant-Based Housing 228 A Brief History of Public Housing Assistance 229 Housing Choice Voucher Program 230 Responsibilities of Everyone Involved 231 How to Get Started 234 Housing Quality Standards Inspection 236 Tenancy Addendum for Lease Agreement 242 Housing Assistance Payments (HAP) Contract 243 Screening Housing Assisted Tenants 244 Appendix B: Section 8 Forms and Agreements: Housing Choice Voucher Program 248 Request for Tenancy Approval 250 Housing Quality Standards Inspection 252 Tenancy Addendum for Lease Agreement 272 Tenancy Addendum for Lease Agreement (Manufactured Homes) 278 Housing Assistance Payments (HAP) Contract 282 Housing Assistance Payments (HAP) Contract (Manufactured Homes) 294 Appendix C: Landlord-Tenant Laws: A Summary of State Guidelines 304 Returned Check Fees 306 Security Deposit Limits 308 Deadlines for Returning Security Deposits 310 Notice of Entry Requirements 312 Late Fees 314 Appendix D: Rental Forms and Agreements: Miscellaneous Tools of the Trade 318 Rental Application (single) 320 Rental Application (co-tenants) 322 Co-Signer/Guarantor Application 324 Verification of Employment (VOE) 326 Verification of Rent (VOR) 328 Statement of Credit Denial 330 Lease Agreement 332 Modification of Lease 336 Sublease Agreement 338 Assignment of Lease 340 Option to Purchase 342 Pet Agreement 344 Assessment of Condition 346 Property Management Agreement 354 Residential Sales Contract 358 Quit-Claim Deed 362 Appendix E: Government Forms and Publications: Landlord Responsibilities 364 Lead-Based Paint Disclosure 366 Lead-Based Paint Pamphlet 368 FCRA Summary of Rights 384 Appendix F: Bonus CD-ROM: The American Landlord Resource Center 386 Installation Instructions 386 Terms of Use 387 How to Personalize a Rental Form 387 The End Result 388 Index 390 A 390 B 390 C 391 D 392 E 392 F 392 G 393 H 393 I 393 J 394 K 394 L 394 M 395 N 395 O 395 P 395 Q 396 R 396 S 397 T 398 U 398 V 398 W 398 Y 398 IntroductionChapter 1: Becoming an American Landlord: To Be or Not to Be. . .?Inheriting PropertyRelocating TemporarilyUpsizing and DownsizingInvesting for the First TimeChapter 2: Preparing Your Rental Property: Tips to Entice the HerdCurb AppealThe KitchenBathroomsInterior PaintingFlooringChapter 3: Advertising Your Vacancy: How to Avoid Spending a Fistful of Dollars!Yard SignsFlyersWord-of-Mouth ReferralsNewspapers and Real Estate PublicationsHow to Write a Classified AdHow to Use the Internet to Attract TenantsTenant Placement AgentsChapter 4: Tenant Screening, Part I: The Information RoundupThe Rental ApplicationAsking the Right QuestionsAcknowledgment and AuthorizationCharging an Application FeeProper IdentificationChapter 5: Tenant Screening, Part II: The Dreaded Credit ReportGetting Access to a Tenant's Credit ReportHow to Read and Interpret a Credit Report (sample included)Personal InformationEmployment InformationScoring (Credit Score)Credit SummaryPublic RecordsCollectionsRevolving AccountsInstallment AccountsMortgage AccountsInquiriesChapter 6: Tenant Screening, Part III: Determining Credit "Worthiness"The Importance of the Credit ScoreThe Credit Summary (including How to Deal with Identity Theft)The Fair Credit Reporting Act (FCRA)FCRA Definition of a Consumer ReportFCRA Definition of an Adverse ActionThe Adverse Action Notice (Statement of Credit Denial)Non-Compliance with the FCRAThe FCRA Summary of RightsHow to Get Your Own Free Credit Report-For Real!Chapter 7: Tenant Screening, Part IV: Eviction RecordsThe Eviction ProcessEviction Record SampleWhere to Find ThemChapter 8: Tenant Screening, Part V: Criminal RecordsU S Department of Justice StatisticsCriminal Record SampleFelonies and MisdemeanorsThe Clerk of the CourtGovernment WebsitesProfessional ResearchChapter 9: Tenant Screening, Part VI: Verifications and ReferencesEmployersLandlordsFriends, Family and OthersChapter 10: Tenant Screening, Part VII: Wrangling Common ScenariosDivorceMedical CollectionsBankruptcyForeclosureNo Credit ScoreNo Credit HistoryChapter 11: Tenant Screening, Part VIII: Turning Away the HerdMaking a Business Decision (including How to Deal with Denial Anxiety)Notifying the ApplicantProtecting YourselfChapter 12: Lease Agreement, Part I: "Must-Have" ClausesSample Lease AgreementSubject of LeaseTerm of LeaseMonthly RentalSecurity DepositNumber of OccupantsAssignment and SublettingShowing Property for RentEntry for Inspection, Repairs and AlterationsRedecoration and AlterationsTaxes and UtilitiesMaintenance and RepairsPets and AnimalsWaste, Nuisance or Unlawful UseLessee's Holding OverRedelivery of PremisesDefaultDestruction of Premises and Eminent DomainDelay in or Impossibility of Delivery of PossessionBinding EffectGoverning LawAttorney FeesEntire AgreementModification of AgreementParagraph HeadingsChapter 13: Lease Agreement, Part II: AddendumsPets and AnimalsOption to PurchaseSublease (The Practice of Subletting)Modification of LeaseChapter 14: Maintaining and Repairing Your Rental: The Key to ProsperityPreventative MaintenanceBe Prepared - Something Inevitably Goes Wrong!Do-It-YourselfContractor and Vendor RelationsChapter 15: Landlord Insurance: Protecting More Than Just Your PropertyIs Insurance Necessary?Choosing Policy CoverageGoing Above and Beyond with an Umbrella PolicyHow to Minimize Your LiabilityGetting a Free QuoteChapter 16: Move 'Em In, Move 'Em Out:A Picture Is Worth a Thousand Words and Dollars!Assessment of Condition ChecklistRetaining or Returning a Security DepositChapter 17: Non-Owner Occupied Financing:Why the Title (Deed) Should Be in Your NameYour Personal CreditIncome and Asset RequirementsMortgage ProgramsGetting a Free QuoteConclusionAppendix A: Section 8: Government Assisted Tenant-Based HousingA Brief History of Public Housing AssistanceHousing Choice Voucher ProgramResponsibilities of Everyone InvolvedHow to Get StartedHousing Quality Standards InspectionTenancy Addendum for Lease AgreementHousing Assistance Payments (HAP) ContractScreening Housing Assisted TenantsAppendix B: Section 8 Forms and Agreements: Housing Choice Voucher ProgramRequest for Tenancy ApprovalHousing Quality Standards InspectionTenancy Addendum for Lease AgreementTenancy Addendum for Lease Agreement (Manufactured Homes)Housing Assistance Payments (HAP) ContractHousing Assistance Payments (HAP) Contract (Manufactured Homes)Appendix C: Landlord-Tenant Laws: A Summary of State GuidelinesReturned Check FeesSecurity Deposit LimitsDeadlines for Returning Security DepositsNotice of Entry RequirementsLate FeesAppendix D: Rental Forms and Agreements: Miscellaneous Tools of the TradeRental Application (single)Rental Application (co-tenants)Co-Signer/Guarantor ApplicationVerification of Employment (VOE)Verification of Rent (VOR)Statement of Credit DenialLease AgreementModification of LeaseSublease AgreementAssignment of LeaseOption to PurchasePet AgreementAssessment of ConditionProperty Management AgreementResidential Sales ContractQuit-Claim DeedAppendix E: Government Forms and Publications: Landlord ResponsibilitiesLead-Based Paint DisclosureLead-Based Paint PamphletFCRA Summary of RightsAppendix F: Bonus CD-ROM: The American Landlord Resource CenterInstallation InstructionsTerms of UseHow to Personalize a Rental FormThe End ResultIndex

the Definitive Guide For every Landlord

whether You Just Have An Extra Room To Rent Or A Growing Rental Empire, You Still Need Reliable Information And Expert Advice To Make Sure You Do It Right. Drawn From Years Of Experience Helping Thousands Of Landlords, american Landlord Leads Everyone From The New Landlord To The Old Pro Through All The Ins And Outs Of Property Management.

inside:

• buying And Maintaining Rental Properties
• successfully Advertising Your Vacancies
• safely And Securely Screening Your Applicants
• effectively Dealing With Troublesome Tenants
• understanding Rental Forms And Agreements

bonus Cd-rom Features: Ready-to-print Rental Applications, Lease Agreements, Checklists Plus Landlord-tenant Laws For All 50 States, And Much More!

trevor Rhodes Is Founder And Ceo Of Amerusa, The Nation’s Leading Tenant-screening Company, And Is A Nationally Recognized Leading Authority In Real Estate.

The Definitive Guide for Every LandlordWhether you just have an extra room to rent or a growing rental empire, you still need reliable information and expert advice to make sure you do it right. Drawn from years of experience helping thousands of landlords, American Landlord leads everyone from the new landlord to the old pro through all the ins and outs of property management.Inside:Buying and maintaining rental propertiesSuccessfully advertising your vacanciesSafely and securely screening your applicantsEffectively dealing with troublesome tenantsUnderstanding rental forms and agreementsBONUS CD-ROM FEATURES: Ready-to-print rental applications, lease agreements, checklists plus landlord-tenant laws for all 50 states, and much more!Note: CD-ROM/DVD and other supplementary materials are not included. A reference for real estate investors and prospective landlords shares strategies for maximizing one's investments in accordance with the founder of AmerUSA Corporation, in a step-by-step reference that shares accessible information on such topics as landlord and tenant rights, property management, and recent laws. Original. 10,000 first printing.