“First-Time Landlord: Your Guide to Renting Out a Single-Family Home” by Attorney Janet Portman, Marcia Stewart, and Michael Molinski is one of the NOLO/USA TODAY collaborations that are described as the leading publisher of legal information for consumers teamed with the nation’s largest circulation newspaper, to produce great books that feature up-to-date legal and financial expertise, a reader-friendly style, and USA Today’s famous graphics. I find these books to be just that, a great series of books and this one is no exception. I liked it and found it very practical.
“First-Time Landlord” provides a very good overview of being a landlord of a single-family home, and much of the information is relevant for other types of properties as well. The book is easy to read, organized well, and contains all of the basic topics you should know if you desire to be a landlord. However, for some topics, you will want more detailed and in-depth information and will have to look to other resources. In fact, there are several places in this book where they refer the reader to “Every Landlord’s Legal Guide” also published by Nolo. (I own and have reviewed that book and think it would be an excellent companion to this one)
This book covers the following topics:
One: Is Owning Rental Property for You? This chapter focuses on the good and bad parts of being a landlord and gets you thinking about why you want to be a landlord, what kind of property, what your profit may be, and what your goals are.
Two: So Happy Together: Landlording With Family or Friends. Should you be a landlord with a friend or family member? This chapter will help you decide, and provide guidance on how to do it.
Three: Preparing and Marketing Your Rental Property. This chapter is an overview on making sure your property is in rentable or better condition and then how you should go about advertising and showing it.
Four: Screening and Choosing Good Tenants. Remember the movie “Pacific Heights” where Michael Keaton terrorized his landlords Melanie Griffith and Matthew Modine? You don’t need a tenant that bad to realize the difference good tenants and bad can have on you being a landlord. This chapter will help you find good ones.
Five: Preparing a Lease and getting the Tenant Moved In. This chapter provides some information on lease and rental agreements but is one of the chapters that refers you elsewhere for assistance in drafting the document you choose. Good chapter for introduction to topic.
Six: Manage Your Rental Income to Maximize Tax Deductions. Because tax laws change so often, I recommend you use this chapter, which has some good advice, as a starting point to know what to talk about with your tax adviser. It is good basic advice, but you should seek professional advice from someone in your state and who keeps on top of all of the changes.
Seven: Keeping Things Shipshape: Repairs and Maintenance. If you own it, you are going to have to deal with fixing it. This chapter provides some good advice on the legalities of your obligations as well as some suggestions on adopting a good maintenance and repair system. For those not into handyman activities, the provide some information on hiring someone else to do the work.
Eight: Landlord Liability for Injuries, Crimes, and More. This chapter provides some basic information regarding liability for tenant injuries, environmental health hazards, crimes and some guidance on insurance. Every landlord need to be aware of these issues and unfortunately may have to seek further information if something bad happens.
Nine: Living in Perfect Harmony? Dealing With Difficult Tenants. You will not always have ideal tenants, and even if you do some problems may arise. This chapter has some good basic information on common problems and some suggestions on methods to resolve disputes. I’m glad they listed mediation, because as a mediator, I feel this is a great way for disputes to be resolved, rather than entering more expensive litigation. I would suggest learning more about the topics in this chapter from other resources since it could be very important during your time as a landlord.
Ten: Don’t Want to Do It Alone? Hiring a Property Manager. This chapter explains what a property manager does, and helps you determine if hiring a property manager is right for you. If it is, this chapter provides some guidance on how to find a good one.
Eleven: Read to Quit? Exiting the Rental Property Business. All good things come to an end, and this final chapter will help you plan your exit strategy. Good things to consider when you are ready to sell.
No one book has everything you need to know about the real estate business. However, if you are thinking about becoming a landlord, this is an excellent starter text to provide you with solid basic information. After reading this book you will be able to determine if you really want to be a landlord and will have the knowledge to get started. You will then probably want to invest in more real estate/landlord resources. This one is an excellent start!
By: Alain Burrese
If you have been injured in a automobile accident, in your workplace, or in a commercial location and you believe that the actions or in actions of another person are to blame, you should consider consulting a personal injury attorney. While accidents by their very nature are often random occurrences for which no one is at fault, any injury that you or a family member have sustained as a result of the negligence or malice of others is cause for a personal injury claim.
Why Pursue Legal Action?
When you or a member of your family is injured, you will face unexpected expenses which, depending on the severity of your injuries, can become long-term drains on your finances. Medical bills are only a part of the expense associated with accidental injury. You will need time away from work, and in some cases, your injury might result in a permanent disability which prevents you from working at all. Even if your recovery is underway, unforeseen complications may develop in the future.
If you do not seek monetary compensation from the person or business at fault for your injuries, you are jeopardizing your family financial future. By consulting with a personal injury attorney to discuss your options, you can see to it that any current and future expenses resulting from your injuries will be covered.
How do I Know Who is Liable for My Personal Injury?
Often, you need not look very far for the at-fault party. For example, you probably have a valid claim for damages if you were injured in a motor vehicle accident and the driver of the other vehicle
o is legally at fault according to traffic laws, or
o was driving recklessly or exceeding the speed limit, or
o was driving without a license, or
o was impaired by drugs or alcohol, or
o was inattentive to his driving (i.e., talking on the phone, shaving, reading a map, etc.).
Your personal injury attorney can help you determine responsibility for the injury and the resulting damages you will seek.
What Types of Injuries Qualify?
Any injury resulting from the negligence or deliberate malice of an individual or corporate entity in one of the following general categories may qualify for a legal personal injury claim:
o Motor vehicle
o Medical malpractice
o Product liability
o Wrongful death
Contact a personal injury attorney today to safeguard your family economic future.
By: Lenell Burke
A power of attorney for finances can be a valuable tool, especially for families caring for older adults. You can use it to help them manage specific transactions, to assist them for just a short time, or to regularly manage their everyday affairs. And what’s called a durable power of attorney for finances sets up a simple, relatively inexpensive way to handle their finances if they ever become incapacitated. If you and they are considering a power of attorney for finances, here are some things to keep in mind.
Would a power of attorney help older family members now with their everyday finances?
Even if they’re still competent to make major financial decisions, one or more of them may be finding it difficult to manage all their everyday money matters. Maybe your father’s eyesight isn’t sharp enough to confidently read financial documents or your mother’s hearing isn’t good enough to negotiate telephone transactions. Maybe it’s not easy for them to get around, make trips to the bank, or oversee property.
In these situations, they might get some relief by executing a general power of attorney for finances. This document would give someone — you or another family member — the authority to act on your their behalf in any financial transaction but would not take away their authority to act on their own whenever they choose.
Do your family members need a limited power of attorney to help with specific transactions?
They might still be able to handle everyday money matters without help. Even so, they might not be comfortable handling more complicated transactions that come up from time to time. These might include buying a car, making an insurance claim, buying or selling a home, or arranging long-term care.
For any particular situation in which they feel unsure of themselves, they could execute what’s called a limited power of attorney for finances. This would authorize someone — called an agent or attorney-in-fact — to act on their behalf only for the specific transaction listed in the document. The power of attorney would end once the transaction was complete. Sometimes an ending date is placed on the appointment of the agent as an extra limitation.
Would a temporary power of attorney for finances help protect your older family members while traveling?
It might.They may regularly spend time away from home, perhaps even out of the country. Or they may be planning a trip at a time when they know a specific financial matter is likely to need attention. If so, they could execute a power of attorney for finances — either a general power of attorney or one limited to specific transactions — to operate only during the time they’re away. The power of attorney would expire on the date they’re to return home, as specified in the document. As with any other type of power of attorney, they could revoke it — meaning it would no longer be effective — earlier, as long as they’re still mentally competent.
Should older family members consider a durable power of attorney for finances in case they become incapacitated?
One of the most difficult and complicated situations any family can face is the sudden and permanent incapacitation of someone close to them. The problems are worse if that person hasn’t prepared a document that authorizes someone to act on his behalf regarding financial matters that may continue needing attention for as long as he lives. Although it may make him nervous to give anyone else power over his finances, without such a document, your family may be faced with the complicated and expensive process of having a conservator or guardian court-appointed for him.
Fortunately, there’s a simple document that makes this court process unnecessary. It’s called a durable power of attorney for finances — the word durable means that it remains in effect after the person is incapacitated. Although it’s a good idea to have a lawyer review the document, preparing it is a relatively simple and inexpensive matter that can save untold distress. Every older adult should consider having a durable power of attorney for finances. In fact, it’s never too early to have one in place — no one expects to have a stroke or accident, but when it happens the patient’s family may need financial authority.
Who should serve as the agent under a durable power of attorney for finances?
It’s important to pick the right person to act as the agent (or attorney-in-fact) who’s given authority under someone’s power of attorney for finances. Trustworthiness is most important, of course. But beyond that, different people might fit different needs. For complicated one-time transactions, the agent should be familiar with the particular financial matter. For temporary handling of everyday money matters while the person is away, it should be someone with easy access to the necessary paperwork. For ongoing, general power-of-attorney duties while the person remains in charge, it should be someone who gets along well with him and can easily accept what he does and doesn’t want done for him.
The most important choice of an agent is for a durable power of attorney. This is someone who will retain authority indefinitely if and when the person granting the power of attorney is permanently incapacitated. The durable power-of-attorney agent should not only be capable of handling all financial affairs but also be willing and able to give sufficient time and energy to these responsibilities over the long term.
Does someone need a durable power of attorney for finances if all his assets are held jointly with his spouse?
If your father, for example, and his present spouse, have all their income and assets under both their names, it may not seem as if there’s any need for a power of attorney for finances. If something happens to your father, the spouse already has authority over the assets. But a durable power of attorney for finances is still a good idea. That’s because one spouse may become incapacitated at the same time, or soon after, the other. Or, a separate asset or income might later come to your parent without his spouse’s name on it.
Does someone need a durable power of attorney for finances if he’s set up a living trust?
The trustee of a revocable living trust may have much the same authority to deal with someone’s finances as the agent does in a durable power of attorney. Even if he has a living trust, however, it’s still a good idea for him to execute a durable power of attorney for finances. (He could name the same person to both jobs — trustee of the living trust and agent in the power of attorney.)
The reason it’s wise to have a separate document is that not all his income and assets may wind up in the living trust; if some income or asset comes to him after he’s incapacitated or wasn’t placed in the trust through some oversight, the trustee would have no authority over it.
Who should have copies of a power of attorney for finances?
The original power-of-attorney document should be kept in a safe place, either at home, in a safe deposit box, or at his lawyer’s office. The person named as agent or attorney-in-fact in the document should be given a certified copy and told where the original is. Alternate or successor agents should also get certified copies and be told where the original is, as should close relatives. His tax preparer, accountant, lawyer, and broker should have copies in their files. And each financial institution where he regularly does business or maintains an account should also have a copy for its files.
Power of Attorney for finances
By: Joseph Champagne
