The First-Time Landlord

Kevin Coolidge

Have you ever read a book so good that you just couldn’t keep from telling someone about it? It’s part of my job. I work at and own a bookstore. I love reading, which is why I opened the store, but working in a bookstore for a bibliophile is like a diabetic working in a candy store. The more books I see, the more I want to read, the more bookshelves I need, and the less time I seem to have. Operating any small business, especially a good bookstore, is a labor of passion.

Our customers joke about being locked in a bookstore overnight. Just imagine all that time to read. Many visitors express their desire to have a bookstore and what a nice retirement project it would be, but like most adventures, it’s a lot more work and stress than you would imagine.

I do love it, but sometimes I wish I had more time to read. I got to thinking that maybe I’d rent out my house and just sit back and collect that monthly rent check. So, when a customer ordered the new edition of First-Time Landlord: Your Guide to Renting Out a Single-Family Home, I knew I had my answer.

Do you own a house that makes more sense to rent than sell? It’s not unusual in the present market. Maybe you inherited a property. Maybe you are getting divorced and you get to keep the vacation property, or maybe you’re moving and aren’t ready to sell your current home. It’s not like you are a “real” landlord, but you want to make some money and avoid legal hassles.

Owning rental property can offer many benefits. If you hold onto your property long enough, it will almost always appreciate in value—eventually. A well-managed property, with tenants who pay rent on time, will bring you a steady stream of income, as long as monthly expenses are less than the rent.

Rental property is considered a low-risk investment. Returns are usually steady, but stock values can fall or disintegrate entirely. Values almost always hold, or bounce back, and even when property values are down, people need places to live. Don’t forget the tax advantages. Rental income is taxable, but you can deduct most of the expenses related to owning and maintaining the property.

However, being a landlord is not for everyone. It can be tough. One of the major reasons people give up is the time required to manage a property effectively; the risks—such as long vacancies; problem tenants; and the costs. The costs of owning property go beyond the mortgage. There are property taxes, insurance, upkeep, repairs, and legal costs. It can easily add up to more than what you spent on the house when you lived there.

This book concentrates on the things every-first timer needs and will help provide basic information on how to find and choose good tenants, prepare a solid lease, handle repairs and maintenance legally and efficiently, maintain a good relationship with your tenant, and more. Now just place an advertisement put up a sign, sit back, and collect your monthly rent check. Maybe you’ll catch up on your reading, or finally have time to go deer hunting this year…

Catch up on your reading? Or more time to hunt & fish? Email me at from_my_shelf@yahoo.com and let me know. Miss a past column? Be sure to inspect http://frommyshelf.blogspot.com and read all about it. Looking for a children’s book that won’t set you back? Check out “Hobo Finds A Home” about a cat that found someone to worry about the leaky roof…