Reddit reviews Landlording: A Handymanual for Scrupulous Landlords and Landladies Who Do It Themselves

There's a comprehensive book called Landlording (http://www.amazon.com/Landlording-Handymanual-Scrupulous-Landladies-Themselves/dp/0932956254) that contains all the info and advice first-time landlords need. As a first-time landlord myself, it was extremely helpful—but incredibly long and boring.

My co-landlords and I took very detailed notes on the book, and have made them publicly available in this giant Google Doc: https://docs.google.com/a/entercastle.com/document/d/1ZXqREoNJYaN-pxXn-8hq90tvOA8PpFElezSeELiLmFw/

Hope you find it helpful!

The two best books for this are Landlording on Auto-Pilot and Landlording.

You can usually get good lease templates from your state REALTOR's association or a local landlords' association. Leases are extremely state-specific so do NOT use one from a big box stationery store or the internet.

Screening tenants is the single most important thing you can do as a landlord. TransUnion SmartMove is a good credit checking service but there are other good ones too. You should also check all employment and rental references and perform a criminal background check.

Okay.... I am not sure I understand what smallnfluffy is saying, but I will give you my two cents.

Been managing a complex for 10 years, three townhouses for 4 years.

First issue.... are you just thinking of buying, have a house to buy, have a loan set up? I think it might be difficult to get a loan on a second property if you are underwater on your first, but you might be past that.

Assuming you have it all set up. Figure vacancy at minimum 5% or at least 10% to be safe. Typically, renting out just one house will not give you much if any cash flow, and typically cash flow will be negative. If you can get any cash flow out of one house, then you have yourself a deal. Make sure you have a fair chunk of cash set aside to cover any unexpected costs and any operating losses.

If you don't know what cap rate is, look it up and figure it out. Can vary a lot, but you want to familiarize yourself with it. Good cap rates right now are about 7%, but as I said, they can vary.

Now.... to management. Managing one property should not be too hard. Finding the right tenant is the biggest issue. Make sure you check all references and do a background check.

Now, here is the thing.... giving 10% to a management company devalues your investment. If you invested in any sort of investment fund, would you hand over 10% to the manager? That would be unheard of. Plus, most management companies are terrible. I have yet to hear anyone recommend one. They are incentivized to do minimal work since you are paying them the flat 10% no matter what they do.

Frankly, if you are going try your hand at being a landlord, you might want to bite the bullet and be willing to get your hands dirty. Yes, you run the risky of getting late night calls and having some hassles, but if you pick your tenant wisely, do your homework and find the right vendors to work for you, you could make money with less hassle than you think.

I recommend you read: http://www.amazon.com/Landlording-Handymanual-Scrupulous-Landladies-Themselves/dp/0932956254

Hope that helps and sorry for the long post.

Congratulations, this could be a great opportunity for you.

First things first, go on the county website and make sure she actually owns the place. Look for the Deed. Also see whatever mortgages or liens are on the property.

Next, make sure you are on the will. You need to see it.

Estate and Gift Tax exemptions for 2018 are $5.6MM for an individual $11MM married couple.

She could gift it to you now. Federal tax free if the value of the property is under that threshold. In that case you need to have the property appraised.

Once that is straightened out, you will have to prepare yourself to operate it yourself or turn it over to a management company to operate it for you.

Even if a management company operates it for you, you need to be educated in real estate. There are many resources and books available. I would start at Bigger Pockets, it's a great online forum for landlords and real estate investors. I also suggest the following book:

Landlording

Leigh Robinson's "Landlording" remains the Bible, in my opinion! Best book and covers a little bit of everything, with lots of sample forms you can try / adopt.

This?

http://www.amazon.com/Landlording-Handymanual-Scrupulous-Landladies-Themselves/dp/0932956254

It is, but I would maybe buy one of the earlier versions as it is like $5 shipped. Check them here

http://www.amazon.com/Landlording-Handymanual-Scrupulous-Landladies-Themselves/dp/0932956254

$6 will get this book delivered to your door. And it has every single answer you seek.

Make sure you read up on your local laws (google your state + landlord tenant laws). Do NOT go into this business without being properly educated and prepared, that's a recipe for disaster.