If you're like most landlords, you have many big concerns about your rental property, and rightfully so. Out of all the concerns, getting bad tenants is perhaps what most landlords dread the most. If you get bad tenants, you run the risk of your rent not being paid on time or being paid at all. You also run the risk of your property being inhabited by tenants who can't treat their units with care.
With a high probability of getting bad tenants, there's no such thing as being too cautious when deciding who will rent your property. Whether you're a new or a veteran real estate investor, you need to get as much information as you can so that you can learn how you can avoid future income loss and damage to your property.
For this reason, we have compiled a list of three must-reads for every landlord on tenant screening. Here are our reviews of the three books to give you an idea of what they are about and the lessons that you can learn from them.
1. The Small American Landlord: A Guide to Tenant Screening, by Matt Angerer
This is a book that was put together to give practical advice to small landlords across America about the proper and legal ways to screen tenants. The 36-pages-long book was published on November 16, 2014, by CreateSpace Independent Publishing Platform.
According to the author, Matt Angerer, releasing the book, was the best thing to do at the time, considering that millions of small landlords in the United States didn't know much about the tenant screening process. The book is still relevant today, and it will continue to be relevant in the future because the number of new landlords keeps rising with each passing day.
One way in which the book serves as an eye-opener to small American landlords is giving the industry statistics that indicate why small landlords can't afford to disregard tenant screening during the application process. The book breaks down the figures and gives real-world examples of small landlords that had terrible experiences with bad tenants. These statistics will open your eyes to the real cost of skipping the screening process.
The Small American Landlord: A Guide to Tenant Screening book recommends the use of VerticalRent as the foundation of your tenant screening process. However, the book does not disregard the value of other useful tools in the industry available to small landlords. In this book, you'll learn how to leverage the power of such tools to make your life as a small landlord easier.
The Small American Landlord series of e-Books cover various other topics, including Advertising, Evictions, Lease Agreements, and Small Landlord Accounting. The e-Books also offer helpful insights to green small American landlords, giving them advice on what they can and can't ask applicants, their former landlords, or their former employers.
2. The Book on Managing Rental Properties: A Proven System for Finding, Screening, and Managing Tenants with Fewer Headaches and Maximum Profits, by Brandon and Heather Turner
If you're looking for a comprehensive guide on how to manage tenants effectively, then this book is a must-read. The book covers the biggest challenges that landlords face, and it solves each one of those challenges with nifty, step-by-step guides.
The authors of this 370-pages-long book, Brandon and Heather Turner – husband and wife – are behind dozens of rehab projects and hundreds of rental units. The book, therefore, will take you on an insider tour of their management business and enable you to discover what they have done to navigate the overwhelming task of managing tenants.
When reading the Book on Managing Rental Properties, there are several things that you will discover, including:
- Inexpensive strategies for avoiding bad tenants and drawing only the best ones
- Useful tips on how to maintain tenants longer
- Tips on how to ensure that your tenants will pay on time
- Practical tips on how to take care of your bookkeeping and taxes
- Types of tenants who you should never rent to
- Provisions that your rental lease should include to protect yourself
The Book on Managing Rental Properties is written with both new and veteran landlords in mind. The book was published by BiggerPockets on October 28, 2015.
3. The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Intelligent Buy & Hold Real Estate Investing, by Brandon Turner
There's no question that Brandon Turner is a remarkable author of helpful books for real estate investors. If you're planning on building wealth through rental properties, his book, The Book on Rental Property Investing, is definitely a must-read. Just like other books that Turner has authored, this book contains handy strategies, tools, tips, and techniques that you need to become a successful real estate investor.
With 341 pages of in-depth advice for making wealth through rental properties, this book conveys the sensible and existing strategies that successful investors from different parts of the world are using to create considerable cash flows through real estate investing. Whether you are a new or an experienced investor, you will learn important lessons, such as:
- Mistakes that make real estate investors fail, and how you can avoid making them
- Ingenious tips on how to find incredible deals, even in highly competitive markets
- Actionable ideas for financing rentals
- Tips on how to keep your wealth by deferring and eliminating taxes.
The first edition of The Book on Rental Property Investing by Brandon Turner was published on October 28, 2015, by BiggerPockets. It is available in three formats, i.e., e-Book, Paperback, and Audio Book.
Books are, without a doubt, a great investment. This is especially true with published works on the subject of tenant screening. Such books often offer landlords the opportunity to learn new strategies of how to avoid letting in bad tenants and how to become successful investors. As a new landlord, you can save lots of money by simply reading about the wise decisions other experienced landlords made to become better entrepreneurs and investors.
Also, you can employ technology, namely our cutting edge software to save you the trouble of screening tenants.
About the author
Matt Angerer is the Founder and President of VerticalRent. He enjoys writing on a variety of topics that help Landlords, Property Managers, and Renters across America. He is particularly interested in helping renters understand their local marketplace, pick the best places to live, and find an awesome roommate. Since 2011, VerticalRent has grown to service over 100,000 landlords and renters across America.