So, you’ve decided you want to be a landlord.
Welcome to the club!
Being a landlord is requires you to:
- Be amazingly patient
- Knowledgeable on all the rent laws and regulations
- Make smart decisions about repairs and maintenance
- Know what upgrades should be made
- Be amazingly patient (did I mention that one yet?)
It is a 24/7 job and everyone’s problems become your problems…because if you ignore them, then you may not get paid.
But, it’s not all bad. Being a landlord means you have a steady stream of income that will continue to flow as long as your properties stay maintained and filled with tenants.
So, being a landlord is both rewarding and challenging.
We will review the best landlord books that will help you learn how to be a great landlord, minimize the struggle, and maximize the returns.
1. First-Time Landlord: Your Guide to Renting out a Single-Family Home
By Janet Portman
Whether you’re ready for a new entrepreneurial opportunity or considering renting out a home instead of selling, you’ll need to learn the basics of being a landlord.
Let First-Time Landlord show you how to start your landlording business and maintain it in your spare time. Get the concise information you need to start making money with a single-family home, written for property owners with little business savvy — and even less time and patience. Learn how to rent out your property lawfully and safely with valuable information on:
- how to determine whether the property will turn a profit
- landlord business basics
- finding the right tenants
- preparing and signing the lease
- handling repairs
- complying with your state’s rental laws
- dealing with problem tenants, and
- preparing for the sale of the property.
From timely tips to true stories from successful landlords, First-Time Landlord is an indispensable book for property owners who want to rent out a single-family home without the hassle — quickly, efficiently and legally.
2. Every Landlord’s Tax Deduction Guide
By Stephen Fishman J.D.
Rental real estate provides more tax benefits than almost any other investment. Whether you own a ten-unit rental apartment building or rent a room in your home through Airbnb, you need to know about all the valuable deductions you are entitled to take as a landlord. Every Landlord’s Tax Deduction Guide is the only book that focuses exclusively on IRS rules and deductions for landlords.
Find out how to:
- handle casualty and theft losses
- distinguish between repairs and improvements
- deduct home office, car, travel, and meals
- proper tax records―and much more.
The book also covers landlord tax classifications, reporting rental income, hiring workers, and depreciation.
Filled with practical advice and real-world examples, Every Landlord’s Tax Deduction Guide will save you money by making sure you owe less to the IRS at tax time.
If the tax laws change, we will post updates on a special page on Nolo.com. That way, you’ll always have access to up-to-date information if there are significant changes to the law.
All the information in the book remains up-to-date for the 2017 tax year. The changes brought about by the Tax Cuts and Jobs Act all take effect in 2018, except for an increase in bonus depreciation which took effect September 27, 2017. Anyone who purchases the book has access to an update page on the Nolo website specific to this book which explains the 2017 bonus depreciation change and summarizes how the new tax law affects small business owners’ taxes for 2018 and later. A new edition of the book, completely updated for the new tax law, will be published August 1, 2018.
3. The Book on Managing Rental Properties: A Proven System for Finding, Screening, and Managing Tenants with Fewer Headaches and Maximum Profits
By Brandon Turner
No matter how great you are at finding good rental property deals, you could lose everything if you don’t manage your properties correctly!
But being a landlord doesn’t have to mean middle-of-the-night phone calls, costly evictions, or daily frustrations with ungrateful tenants. Being a landlord can actually be fun IF you do it right.
That’s why Brandon and Heather Turner put together this comprehensive book that will change the way you think of being a landlord forever. Written with both new and experienced landlords in mind, The Book on Managing Rental Properties takes you on an insider tour of the Turners’ management business, so you can discover exactly how they’ve been able to maximize their profit, minimize their stress, and have a blast doing it!
Inside, you’ll discover:
- The subtle mindset shift that will increase your chance at success 100x!
- Low-cost strategies for attracting the best tenants who won’t rip you off.
- 7 tenant types we’ll NEVER rent to―and that you shouldn’t either!
- 19 provisions that your rental lease should have to protect YOU.
- Practical tips on training your tenant to pay on time and stay long term.
- How to take the pain and stress out of your bookkeeping and taxes.
- And much more!
4. Build a Rental Property Empire: The no-nonsense book on finding deals, financing the right way, and managing wisely
By Mark Ferguson
This book gives you the exact details on how to finance, find, analyze, manage, and even sell rental properties. Where other books lack the details on how to actually make money in real estate, this book is all about the details. It is written by someone who has been investing in real estate for over 15 years and is still investing today.
If you are having trouble figuring out how to find the right properties, how to finance them, where to buy properties, or how to buy with little cash, this books tells you how to overcome those obstacles.
5. The ABCs of Property Management: What You Need to Know to Maximize Your Money Now
By Ken McElroy
How will you maximize its potential and make it grow in value? One word: Management. Hundreds of thousands know bestselling author Ken McElroy as a real estate investment tycoon. In this book, Ken reveals the key to his success: Exceptional property management. He teaches you the most important principles and keys to achieving success where others fail.
THE ABC’S OF PROPERTY MANAGEMENT tells readers:
How to decide when to manage your property and when to hire someone to do it
How to implement the right systems and structures for your investment
How to manage and maximize cash flow
What to expect: A month in the life of an owner-manager
How to find the right property manager (and avoid the wrong ones)
How to assemble a superior management team