Are You Sure You Want to Be a Landlord?

By Cathy Keeton Azar

Are you sure you want to be a landlord?
A practical guidebook with advice, humor, stories and photos from a real landlord.
Over 50 shocking color photos from tenants at their worst!

• Language: English
• Publisher: BookBaby
• Release date: Aug 27, 2013
• ISBN: 9781483515458

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Copyright ©2013

All rights reserved. Without limiting the rights under copyright reserved above, no part of the publication may be reproduced, stored in or introduced into an archival system, transferred or transmitted in any form or by any means (electronic, mechanical photocopying, recording or otherwise) without the prior permission of the author/owner of this book.

Published by Warren Publishing, Inc.

Huntersville, NC

www.warrenpublishing.net

Library of Congress Control Number: 2013914163

ISBN: 978-0-9894814-2-7

eISBN: 9781483515458

This publication contains the ideas and opinions of the author. It is intended to provide informative material on the subject addressed in the publication. The author makes no claims or representation to be rendering professional services. If the reader requires professional advice or consultation, they should consult the appropriate professional. The author and publisher specifically disclaim all responsibility, loss or risk incurred as a consequence of the use and application of any of the content of this book and neither shall be held liable for damages arising from the contents of this book. The author and publisher make no representations or warranties with respect to the accuracy or completeness of the contents of this book. The advice and strategies contained in this book may not be suitable for every situation.

Any organization or website referred to in this book as a source of further information does not mean that the author or publisher endorse the information or organization or any information/recommendations on that website. The websites may have changed or are no longer in existence between this book was written and when it is read.

Landlord/tenant laws and ordinances vary from state to state. The author provided information from the state that they reside in. The reader should check the landlord/tenant laws and ordinances for their own particular state. If in doubt, the reader should consult the advice of an attorney or other professional source.

ACKNOWLEDGMENTS

Thanks to my real estate partner husband. When we invested in real estate years ago, we had no idea that we would become landlords. As professionals, we had to learn all kinds of new skills. It has been a learning experience that has required lots of patience and diplomacy. My husband is in a lot of these stories and had the patience to deal with them.

Thanks to our son who after learning the positive and negatives about being a landlord and still wants to do it. Thank goodness, we are able to laugh about all the experiences of being a landlord.

TABLE OF CONTENTS

INTRODUCTION

WHAT IS A LANDLORD?

CHAPTER 1: LESSON ONE

KNOW HOW TO PURCHASE REAL ESTATE

CHAPTER 2: LESSON TWO

THE LANDLORD MUST MEET THE PROSPECTIVE TENANT IN PERSON

Story: THE OUT OF TOWN TENANTS

CHAPTER 3: LESSON THREE

CHECK ALL EMPLOYMENT, CREDIT, BACKGROUND REFERENCES.

Story: THE LAWSUIT HAPPY TENANT

CHAPTER 4: LESSON FOUR

YOU MUST HAVE THE TENANT DO A WALK THROUGH INSPECTION

INSPECTION CHECKLIST

CHAPTER 5: LESSON FIVE

THE LANDLORD MUST VERIFY WHO WILL BE LIVING IN THE PROPERTY

Story: JIM AND HIS EXTENDED FAMILY

Story: MY DAUGHTER JUST NEEDS A CHANCE

Story: MOVING OTHER PEOPLE IN

CHAPTER 6: LESSON SIX

DO YOU ALLOW PETS?

CHAPTER 7: LESSON SEVEN

PREPARE THE LEASE AND INCLUDE ALL RELEVANT INFORMATION

Story: THE TENANT WHO LIKED TO SHOOT

CHAPTER 8: LESSON EIGHT

DETERMINE WHEN THE RENT AND LATE FEES ARE DUE

Story: THE TENANT WITH ALL THE EXCUSES

CHAPTER 9: LESSON NINE

THE TENANT MUST QUALIFY WITHOUT A CO-SIGNER

Story: THE PARTY BOYS

CHAPTER 10: LESSON TEN

DO NOT FALL FOR SOB STORIES OR SPECIAL CIRCUMSTANCES

Story: I CAN'T PAY THE RENT

CHAPTER 11: LESSON ELEVEN

DETERMINE WHO IS RESPONSIBLE FOR LAWN CARE AND GENERAL MAINTENANCE

MAINTENANCE CHECKLIST

CHAPTER 12: LESSON TWELVE

THE LANDLORD SHOULD PICK UP THE RENT IN PERSON

IT'S NOT PERSONAL, IT'S BUSINESS

CHAPTER 13: LESSON THIRTEEN

THE LANDLORD MUST HAVE ADEQUATE NOTICE TO DO REPAIRS

Story: THE TENANT WHO HATED BUGS

Story: I NEED MY LIGHT BULB CHANGED

CHAPTER 14: LESSON FOURTEEN

THE LANDLORD MUST HAVE WORKING CAPITAL FOR REPAIRS AND MAINTENANCE

CHAPTER 15: LESSON FLFTEEN

THE LANDLORD SHOULD NEVER GIVE THEIR HOME ADDRESS OR HOME TELEPHONE

Story: THE TENANT WHO NEEDED TO GRILL

CHAPTER 16: LESSON SLXTEEN

THE UTILITIES SHOULD BE IN THE TENANT'S NAME PRIOR TO MOVING IN

Story: THE TENANT WHO PROVIDED THEIR OWN HEAT

CHAPTER 17: LESSON SEVENTEEN

DO NOT ALLOW THE TENANT TO DO REPAIRS IN LIEU OF RENT

Story: THE TILE INSTALLER

CHAPTER 18: LESSON EIGHTEEN

IF THE RENT IS LATE, DON'T WAIT TOO LONG TO FILE EVICTION PAPERS

Story: THE TENANT WHO APPEALED THE EVICTION

CHAPTER 19: LESSON NLNETEEN

KEEP ALL DOCUMENTS AND PHOTOS FOR COURT

CHAPTER 20: LESSON TWENTY

BE PRESENT WHEN THE TENANT MOVES OUT OF THE PROPERTY

Story: THE TENANT WHO LEFT THE LANDLORD A PRESENT

CHAPTER 21: LESSON TWENTY-ONE

TAKE BEFORE AND AFTER PHOTOS OF YOUR PROPERTY

Story: A PHOTO IS WORTH A THOUSAND WORDS

CHAPTER 22: LESSON TWENTY-TWO

RENT DEPOSITS DO NOT APPLY TOWARDS THE RENT PAYMENT

CHAPTER 23: LESSON TWENTY-THREE

MAKE SURE YOU HAVE INSURANCE ON YOUR PROPERTY

Story: IT WASN'T MY FAULT, I WASN'T EVEN THERE

Story: THE BROKEN LEG

CHAPTER 24: LESSON TWENTY-FOUR

COMMERCIAL LEASES ARE DIFFERENT THAN RESIDENTIAL LEASES

Story: THE FISH STORE

CHAPTER 25: LESSON TWENTY-FIVE

CONSULT AN ATTORNEY IF NEEDED

APPENDIXI

SAMPLE RENTAL FORMS

1. COMPLAINT FOR MONEY OWED

2. COMPLAINT EJECTMENT

3. MAGISTRATE SUMMONS

4. WRIT OF POSSESSION

5. COMMERCIAL LEASE AGREEMENT

6. TENANT SELECTION CRITERIA CHECKLIST

7. LANDLORD'S NOTICE TO VACATE

8. FLOW CHART TO PURCHASE REAL ESTATE

9. PROPERY OWNER'S FINANCIAL FLOW CHART

10. RENTAL FLOW CHART - 10 STEPS FROM PRE-SCREENING TO LEASE SIGNING

11. REAL ESTATE ACQUISITION WORKSHEET

12. RENT RECEIPT

13. TIME FOR REPAIRS

14. TENANT MINOR MAINTENANCE LEASE

15. MOVE-OUT LETTER

16. PROPERTY RULES AND REGULATIONS

17. AMENDMENTS TO THE LEASE

APPENDIX II

SOCIAL SECURITY REFERENCE NUMBERS

APPENDIX III

WEBSITE RESOURCES FOR LANDLORDS

INTRODUCTION:

WHAT IS A LANDLORD?

DEFINITION:

An owner of a property that rents or leases that property under an agreement.

Their obligation is to perform all the covenants into which they entered in making the lease agreement. They have to secure that the tenant has quiet enjoyment of the premises leased and the landlord is bound by the agreement to repair the premises as stated in the agreement and not to perform wrongful eviction. The landlord's rights are to receive the rent as agreed upon and to be able to enforce all the terms of the lease agreement. The tenant must treat the premises such that no damages are done to the property. The landlord has the right to have possession of their property upon the expiration of the lease.

These days more and more people are investing in rental property. It is a buyer's market, where properties can be purchased through foreclosures, short sales and auctions. All real estate in every city, town and neighborhood that is rented out is owned by a landlord. People are buying properties for rental purposes. It seems like a smart investment — but can everyone be a landlord? Owning a property and being the landlord of a property are two different things. What skills does it take to be a landlord? Do you have enough capital to invest in real estate and to make a profit? Are you a hands-on type of person? Can you fix things? Are you diplomatic with people? Are you easily shocked? These are all questions that potential landlords should ask themselves before diving into the rental property business. If you don't have a manager to handle your properties, you will be the one doing it all. You will have to be a jack-of-all-trades and wear many different hats. You will have to have skills in advertising, selling, screening, negotiating, construction, repairs, maintenance, property management, collection and lease enforcement.

This book will provide you with basic guidelines on what to do as a landlord. It will also guide you with recommendations on how to prevent problems with your tenants. It is told by a landlord with over twenty years' experience. These are first hand experiences told from a landlord's perspective. Some of the experiences are pretty strange and their accompanying photos are strange as well. But it is all true and could happen to any landlord. You can learn how to be prepared for the worst case scenario. You may be thinking that a landlord just sits back and collects money each month but that is far from the truth. The landlord works hard for his money. It is not a 9-5 job — it is a 24-7 job. The landlord gets calls in the middle of the night and while on vacation. The landlord sees things from people that most people will never see in their lifetime. Remember that some tenants do not take care about the landlord's property because it is not their own. They do things to the property that you would never expect. The stories in this book appear humorous but at the time they occurred, they were far from humorous for the landlord. The stories are about tenants from hell. They are the kind of tenants that the landlord never thought he would come across in his business. The stories are all true and the photos are actual photos taken by the author/landlord. The book is divided into chapters that have lessons. There are twenty-five lessons that should be followed. If the landlord doesn't follow these lessons, they can expect some problems. This book will illustrate what some of those problems are and how to avoid them. There isn't any way that a landlord would know about these kinds of encounters and situations unless they were advised of them. There isn't any legal guide that would prepare you for what this book will describe.

This book is not a legal guide and shouldn't be used for that purpose. If you need legal advice for your rental properties, you should seek it. The purpose of this book is to provide prospective landlords with tips and recommendations that will save them time, trouble and money, all told from a humorous point