{"appState":{"pageLoadApiCallsStatus":true},"categoryState":{"relatedCategories":{"headers":{"timestamp":"2023-09-15T12:01:15+00:00"},"categoryId":34268,"data":{"title":"Real Estate Careers","slug":"real-estate-careers","image":{"src":null,"width":0,"height":0},"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"},"slug":"careers","categoryId":34256},{"name":"Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34268"},"slug":"real-estate-careers","categoryId":34268}],"parentCategory":{"categoryId":34256,"title":"Careers","slug":"careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"}},"childCategories":[{"categoryId":34269,"title":"Flipping Houses","slug":"flipping-houses","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34269"},"image":{"src":"/img/background-image-2.fabfbd5c.png","width":0,"height":0},"hasArticle":true,"hasBook":true,"articleCount":17,"bookCount":1},{"categoryId":34270,"title":"General Real Estate Careers","slug":"general-real-estate-careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"},"image":{"src":"/img/background-image-1.daf74cf0.png","width":0,"height":0},"hasArticle":true,"hasBook":true,"articleCount":125,"bookCount":5}],"description":"It's all about location, location, location. And the right training. And expert wisdom. All are needed to succeed in real estate. Check out our articles to find out where you fit in this profitable industry.","relatedArticles":{"self":"https://dummies-api.dummies.com/v2/articles?category=34268&offset=0&size=5"},"hasArticle":true,"hasBook":true,"articleCount":142,"bookCount":6},"_links":{"self":"https://dummies-api.dummies.com/v2/categories/34268"}},"relatedCategoriesLoadedStatus":"success"},"listState":{"list":{"count":10,"total":142,"items":[{"headers":{"creationTime":"2016-03-26T11:09:47+00:00","modifiedTime":"2023-09-06T14:44:35+00:00","timestamp":"2023-09-06T15:01:03+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"},"slug":"careers","categoryId":34256},{"name":"Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34268"},"slug":"real-estate-careers","categoryId":34268},{"name":"General Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"},"slug":"general-real-estate-careers","categoryId":34270}],"title":"Landlord Do’s and Don’ts: The Eviction Process","strippedTitle":"landlord do’s and don’ts: the eviction process","slug":"landlord-dos-and-donts-the-eviction-process","canonicalUrl":"","seo":{"metaDescription":"Although the eviction process is rather straightforward in most areas, you still want to ensure you, as the landlord, don’t do anything to jeopardize the procee","noIndex":0,"noFollow":0},"content":"<p>Although the eviction process is rather straightforward in most areas, you still want to ensure you, as the landlord, don’t do anything to jeopardize the proceedings. There is no guarantee that the process will run smoothly, but if you keep the following in mind, you can alleviate many headaches:</p>\r\n<ul class=\"level-one\">\r\n <li><p class=\"first-para\"><b>Do use an attorney.</b> The filing and serving of eviction actions are governed by very precise and detailed rules. The smallest mistake can result in delays or even the loss of your case on technicalities, regardless of the fact that the resident hasn’t paid rent or has otherwise violated the rental contract.</p>\r\n </li>\r\n <li><p class=\"first-para\"><b>Don’t fail to properly respond to maintenance requests.</b> Even if you’re in the middle of an eviction process with a resident, you’re <i>always</i> responsible for properly maintaining the premises. If someone gets hurt because of your failure to keep the property in good condition, you can be sued. Always fix problems immediately and worry about who is responsible later.</p>\r\n<p class=\"child-para\">Residents and their attorneys are very sensitive to maintenance issues. Any failure to respond to a resident’s request for maintenance can be used as a defense in the eviction action.</p>\r\n </li>\r\n <li><p class=\"first-para\"><b>Don’t get too emotionally involved in an eviction process and make an irrational decision that can be construed as a self-help eviction.</b> A <i>self-help</i> or <i>constructive eviction</i> is a situation in which the owner takes illegal actions to effectively force the resident to vacate the premises.</p>\r\n<p class=\"child-para Warning\">But in today’s reality, no states tolerate these aggressive tactics, regardless of how bad the resident behaves. In many states, even reducing or eliminating free services such as cable TV may be prohibited; the court may consider this move an illegal self-help measure, and the resident can sue for significant penalties.</p>\r\n<p class=\"child-para Tip\">To avoid ending up on the wrong side of a lawsuit, don’t pursue vigilante justice. Follow legal eviction procedures and work through the courts and local law enforcement when you need to evict residents. The wheels of justice turn slowly, but taking matters into your own hands may result in serious (expensive) consequences.</p>\r\n </li>\r\n</ul>","description":"<p>Although the eviction process is rather straightforward in most areas, you still want to ensure you, as the landlord, don’t do anything to jeopardize the proceedings. There is no guarantee that the process will run smoothly, but if you keep the following in mind, you can alleviate many headaches:</p>\r\n<ul class=\"level-one\">\r\n <li><p class=\"first-para\"><b>Do use an attorney.</b> The filing and serving of eviction actions are governed by very precise and detailed rules. The smallest mistake can result in delays or even the loss of your case on technicalities, regardless of the fact that the resident hasn’t paid rent or has otherwise violated the rental contract.</p>\r\n </li>\r\n <li><p class=\"first-para\"><b>Don’t fail to properly respond to maintenance requests.</b> Even if you’re in the middle of an eviction process with a resident, you’re <i>always</i> responsible for properly maintaining the premises. If someone gets hurt because of your failure to keep the property in good condition, you can be sued. Always fix problems immediately and worry about who is responsible later.</p>\r\n<p class=\"child-para\">Residents and their attorneys are very sensitive to maintenance issues. Any failure to respond to a resident’s request for maintenance can be used as a defense in the eviction action.</p>\r\n </li>\r\n <li><p class=\"first-para\"><b>Don’t get too emotionally involved in an eviction process and make an irrational decision that can be construed as a self-help eviction.</b> A <i>self-help</i> or <i>constructive eviction</i> is a situation in which the owner takes illegal actions to effectively force the resident to vacate the premises.</p>\r\n<p class=\"child-para Warning\">But in today’s reality, no states tolerate these aggressive tactics, regardless of how bad the resident behaves. In many states, even reducing or eliminating free services such as cable TV may be prohibited; the court may consider this move an illegal self-help measure, and the resident can sue for significant penalties.</p>\r\n<p class=\"child-para Tip\">To avoid ending up on the wrong side of a lawsuit, don’t pursue vigilante justice. Follow legal eviction procedures and work through the courts and local law enforcement when you need to evict residents. The wheels of justice turn slowly, but taking matters into your own hands may result in serious (expensive) consequences.</p>\r\n </li>\r\n</ul>","blurb":"","authors":[{"authorId":9293,"name":"Robert S. Griswold","slug":"robert-s-griswold","description":" <p><b>Bruce Brammall</b> is a licensed financial adviser and mortgage broker, personal finance journalist, best-selling author and successful property investor. <b>Eric Tyson</b> and <b>Robert S. Griswold</b> are independently successful investors.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9293"}},{"authorId":35181,"name":"Laurence C. Harmon","slug":"laurence-c-harmon","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/35181"}}],"primaryCategoryTaxonomy":{"categoryId":34270,"title":"General Real Estate Careers","slug":"general-real-estate-careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":207681,"title":"Landlord's Legal Kit For Dummies Cheat Sheet","slug":"landlords-legal-kit-for-dummies-cheat-sheet","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/207681"}},{"articleId":152485,"title":"10 Laws All Landlords Need to Know","slug":"10-laws-all-landlords-need-to-know","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152485"}},{"articleId":152478,"title":"Dealing with Cotenants, Sublets, and Assignments","slug":"dealing-with-cotenants-sublets-and-assignments","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152478"}},{"articleId":152475,"title":"Establishing Security Deposit Policies and Procedures","slug":"establishing-security-deposit-policies-and-procedures","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152475"}},{"articleId":152474,"title":"Meeting Your Landlord Legal Obligations","slug":"meeting-your-landlord-legal-obligations","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152474"}}],"fromCategory":[{"articleId":241649,"title":"Establish Awesome Service as a Real Estate Agent","slug":"establish-awesome-service-real-estate-agent","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241649"}},{"articleId":241645,"title":"Focus Your Real Estate Marketing Dollars Online","slug":"focus-real-estate-marketing-dollars-online","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241645"}},{"articleId":241641,"title":"Prepping a Home's Interior for Selling","slug":"prepping-homes-interior-selling","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241641"}},{"articleId":241637,"title":"Qualifying Your Listing Prospects","slug":"qualifying-listing-prospects","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241637"}},{"articleId":241633,"title":"Tips for Setting Up for a Real Estate Open House","slug":"tips-setting-real-estate-open-house","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241633"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282344,"slug":"landlords-legal-kit-for-dummies","isbn":"9781119896340","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"amazon":{"default":"https://www.amazon.com/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119896347-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/landlords-legal-kit-for-dummies-2nd-edition-cover-9781119896340-203x255.jpg","width":203,"height":255},"title":"Landlord's Legal Kit For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><b>Bruce Brammall</b> is a licensed financial adviser and mortgage broker, personal finance journalist, best-selling author and successful property investor. <b>Eric Tyson</b> and <b><b data-author-id=\"9293\">Robert S. Griswold</b></b> are independently successful investors.</p> <p><b><b data-author-id=\"35181\">Laurence C. Harmon</b>, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","authors":[{"authorId":9293,"name":"Robert S. Griswold","slug":"robert-s-griswold","description":" <p><b>Bruce Brammall</b> is a licensed financial adviser and mortgage broker, personal finance journalist, best-selling author and successful property investor. <b>Eric Tyson</b> and <b>Robert S. Griswold</b> are independently successful investors.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9293"}},{"authorId":35181,"name":"Laurence C. Harmon","slug":"laurence-c-harmon","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/35181"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;general-real-estate-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119896340&quot;]}]\" id=\"du-slot-64f8942f0d839\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;general-real-estate-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119896340&quot;]}]\" id=\"du-slot-64f8942f0ddaa\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2023-09-06T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":150914},{"headers":{"creationTime":"2016-03-26T11:10:21+00:00","modifiedTime":"2023-08-28T14:42:52+00:00","timestamp":"2023-08-28T15:01:03+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"},"slug":"careers","categoryId":34256},{"name":"Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34268"},"slug":"real-estate-careers","categoryId":34268},{"name":"General Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"},"slug":"general-real-estate-careers","categoryId":34270}],"title":"How to Advertise Your Rental Property on the Internet","strippedTitle":"how to advertise your rental property on the internet","slug":"how-to-advertise-your-rental-property-on-the-internet","canonicalUrl":"","seo":{"metaDescription":"The Internet is an exceptionally popular and productive medium for residential advertising, because many people begin their search for apartments online. Howeve","noIndex":0,"noFollow":0},"content":"<p>The Internet is an exceptionally popular and productive medium for residential advertising, because many people begin their search for apartments online. However, posting advertisements and listings online is so easy that you need to be particularly vigilant in complying with fair housing law in all of your online advertising.</p>\r\n<p>Many online services, such as Craigslist, require compliance with fair housing laws and may provide guidelines similar to those listed above that identify words and phrases that may be considered discriminatory.</p>\r\n<h2 id=\"tab1\" >Understanding the Communications Decency Act of 1996</h2>\r\n<p>The Communications Decency Act of 1996 was an attempt by Congress to regulate the use of pornographic material on the Internet. The following year, however, the anti-indecency provisions of the CDA were found to be unconstitutional.</p>\r\n<p class=\"Remember\">What remains of the Act is an amendment that’s been interpreted to mean that operators of Internet services aren’t considered to be publishers of the contents of their advertising and therefore aren’t legally liable for the words and phrases of the advertising that appears in their Internet postings.</p>\r\n<p>Any liability for using discriminatory language, therefore, applies only to the advertisement’s originator. In other words, if you post an ad online, you’re responsible for making sure it complies with all federal, state, and local laws.</p>\r\n<h2 id=\"tab2\" >Applying the Communications Decency Act to apartment advertising</h2>\r\n<p>Although website owners may be immune from prosecution regarding content posted on their sites, you may still be held accountable as an individual or a business for any discriminatory advertising content that you post or have posted anywhere online. The safest course is to strictly follow the provisions of the Fair Housing Act and make absolutely certain that your advertising — wherever you post it — doesn’t discriminate against anyone.</p>","description":"<p>The Internet is an exceptionally popular and productive medium for residential advertising, because many people begin their search for apartments online. However, posting advertisements and listings online is so easy that you need to be particularly vigilant in complying with fair housing law in all of your online advertising.</p>\r\n<p>Many online services, such as Craigslist, require compliance with fair housing laws and may provide guidelines similar to those listed above that identify words and phrases that may be considered discriminatory.</p>\r\n<h2 id=\"tab1\" >Understanding the Communications Decency Act of 1996</h2>\r\n<p>The Communications Decency Act of 1996 was an attempt by Congress to regulate the use of pornographic material on the Internet. The following year, however, the anti-indecency provisions of the CDA were found to be unconstitutional.</p>\r\n<p class=\"Remember\">What remains of the Act is an amendment that’s been interpreted to mean that operators of Internet services aren’t considered to be publishers of the contents of their advertising and therefore aren’t legally liable for the words and phrases of the advertising that appears in their Internet postings.</p>\r\n<p>Any liability for using discriminatory language, therefore, applies only to the advertisement’s originator. In other words, if you post an ad online, you’re responsible for making sure it complies with all federal, state, and local laws.</p>\r\n<h2 id=\"tab2\" >Applying the Communications Decency Act to apartment advertising</h2>\r\n<p>Although website owners may be immune from prosecution regarding content posted on their sites, you may still be held accountable as an individual or a business for any discriminatory advertising content that you post or have posted anywhere online. The safest course is to strictly follow the provisions of the Fair Housing Act and make absolutely certain that your advertising — wherever you post it — doesn’t discriminate against anyone.</p>","blurb":"","authors":[{"authorId":9293,"name":"Robert S. Griswold","slug":"robert-s-griswold","description":" <p><b>Bruce Brammall</b> is a licensed financial adviser and mortgage broker, personal finance journalist, best-selling author and successful property investor. <b>Eric Tyson</b> and <b>Robert S. Griswold</b> are independently successful investors.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9293"}},{"authorId":9418,"name":"Laurence Harmon","slug":"laurence-harmon","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9418"}}],"primaryCategoryTaxonomy":{"categoryId":34270,"title":"General Real Estate Careers","slug":"general-real-estate-careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[{"label":"Understanding the Communications Decency Act of 1996","target":"#tab1"},{"label":"Applying the Communications Decency Act to apartment advertising","target":"#tab2"}],"relatedArticles":{"fromBook":[{"articleId":207681,"title":"Landlord's Legal Kit For Dummies Cheat Sheet","slug":"landlords-legal-kit-for-dummies-cheat-sheet","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/207681"}},{"articleId":152485,"title":"10 Laws All Landlords Need to Know","slug":"10-laws-all-landlords-need-to-know","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152485"}},{"articleId":152478,"title":"Dealing with Cotenants, Sublets, and Assignments","slug":"dealing-with-cotenants-sublets-and-assignments","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152478"}},{"articleId":152475,"title":"Establishing Security Deposit Policies and Procedures","slug":"establishing-security-deposit-policies-and-procedures","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152475"}},{"articleId":152474,"title":"Meeting Your Landlord Legal Obligations","slug":"meeting-your-landlord-legal-obligations","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152474"}}],"fromCategory":[{"articleId":241649,"title":"Establish Awesome Service as a Real Estate Agent","slug":"establish-awesome-service-real-estate-agent","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241649"}},{"articleId":241645,"title":"Focus Your Real Estate Marketing Dollars Online","slug":"focus-real-estate-marketing-dollars-online","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241645"}},{"articleId":241641,"title":"Prepping a Home's Interior for Selling","slug":"prepping-homes-interior-selling","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241641"}},{"articleId":241637,"title":"Qualifying Your Listing Prospects","slug":"qualifying-listing-prospects","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241637"}},{"articleId":241633,"title":"Tips for Setting Up for a Real Estate Open House","slug":"tips-setting-real-estate-open-house","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241633"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282344,"slug":"landlords-legal-kit-for-dummies","isbn":"9781119896340","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"amazon":{"default":"https://www.amazon.com/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119896347-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":null,"width":0,"height":0},"title":"Landlord's Legal Kit For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><b>Bruce Brammall</b> is a licensed financial adviser and mortgage broker, personal finance journalist, best-selling author and successful property investor. <b>Eric Tyson</b> and <b><b data-author-id=\"9293\">Robert S. Griswold</b></b> are independently successful investors.</p> <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p> <p><b><b data-author-id=\"35181\">Laurence C. Harmon</b>, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","authors":[{"authorId":9293,"name":"Robert S. Griswold","slug":"robert-s-griswold","description":" <p><b>Bruce Brammall</b> is a licensed financial adviser and mortgage broker, personal finance journalist, best-selling author and successful property investor. <b>Eric Tyson</b> and <b>Robert S. Griswold</b> are independently successful investors.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9293"}},{"authorId":9418,"name":"Laurence Harmon","slug":"laurence-harmon","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9418"}},{"authorId":35181,"name":"Laurence C. Harmon","slug":"laurence-c-harmon","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/35181"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;general-real-estate-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119896340&quot;]}]\" id=\"du-slot-64ecb6af714b7\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;general-real-estate-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119896340&quot;]}]\" id=\"du-slot-64ecb6af71bd4\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"One year","lifeExpectancySetFrom":"2023-08-28T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":151014},{"headers":{"creationTime":"2016-03-26T11:10:00+00:00","modifiedTime":"2023-07-10T17:14:59+00:00","timestamp":"2023-07-10T18:01:05+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"},"slug":"careers","categoryId":34256},{"name":"Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34268"},"slug":"real-estate-careers","categoryId":34268},{"name":"General Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"},"slug":"general-real-estate-careers","categoryId":34270}],"title":"Legal Consequences for Slacker Landlords","strippedTitle":"legal consequences for slacker landlords","slug":"what-if-a-landlord-fails-to-maintain-habitable-and-nuisance-free-properties","canonicalUrl":"","seo":{"metaDescription":"When landlords fail to maintain habitable and nuisance-free rental properties and fail to remedy serious issues raised by residents, several consequences may fo","noIndex":0,"noFollow":0},"content":"When landlords fail to maintain habitable and nuisance-free rental properties and fail to remedy serious issues raised by residents, several consequences may follow. However, for you to be held legally liable and for residents to have a right to take recourse, the following five conditions must be met:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">The issue makes the resident’s premise uninhabitable or a significant threat to the resident’s life, health, or safety.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">The resident notified you of the issue.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Neither the resident nor the resident’s guest, child, or pet caused the damage. (If one of them caused the damage, then the resident is responsible for fixing it or paying for it to be fixed.)</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">The resident gave you or your agent access to the premises to perform the repair. Residents can’t demand that you repair damages if they substantially interfere with your ability to perform the repair, such as preventing an electrician from entering the unit to fix faulty wiring.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">You failed to remedy the situation in a reasonable amount of time. (What’s <i>reasonable</i> varies according to several factors, including how the residents are affected and the state and local statutes, but two to four weeks are typical. Of course, if the heating goes out in the middle of a frigid winter day, reasonable may mean immediate attention is required.)</p>\r\n</li>\r\n</ul>\r\nGenerally, residents have the legal right to take any of the following actions:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\"><b>Withhold or escrow some or all rent until the repair is made.</b> In some areas, residents must obtain permission from the courts to withhold or escrow rent, and the amount withheld may be limited.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Hire an outside contractor to make the repair and deduct the costs from future rent payment(s).</b> Residents should only use qualified and licensed personnel plus provide copies of any bids or estimates and written proof of payment for a reasonable amount to complete the work.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Personally repair and deduct the repair costs from future rent payments.</b> Residents shouldn’t attempt to do the work themselves (or a relative or friend) unless they’re qualified and properly licensed, if required, to do the specific work needed.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Sue for damages from the date of the landlord’s knowledge of the breach of the warranty of habitability.</b> The measure of damages is generally the difference between the value of the rented premises in its uninhabitable condition and its fair market rental value.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Sue to force the landlord to make repairs by obtaining a court order requiring the landlord to make the repairs.</b> Note, however, that courts are unlikely to use this option because it involves costly court supervision. A variation of this remedy allows the landlord and resident to agree that the resident may repair the damage and subtract the cost of repairs from future rent payments.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Move out and terminate the lease.</b> If the premises are truly uninhabitable, the resident has the right to move out temporarily or permanently based on the grounds of <i>constructive eviction </i>— by failing to provide residents with a habitable dwelling, you evicted them, breaking the rental agreement. Furthermore, the resident may sue for money damages for the landlord’s breaking the lease and may recover for emotional and physical stress.</p>\r\n</li>\r\n</ul>\r\nOne of the rarely mentioned costs of a landlord’s failure to provide habitable housing is a decline in occupancy. As residents move out in response to substandard living conditions, occupancy and revenue from rent payments drop. Keeping your rental units and common areas in good repair is a good business decision.\r\n<p class=\"Tip\">Residents in properties regulated by the New York City Housing Authority (NYCHA) may make a claim for breach of the warranty of habitability even if they fail to serve a notice of claim on the NYCHA before raising the claim, as long as they seek only a rent set off and not a money judgment.</p>\r\nResidents who want a money judgment from the NYCHA must serve the city with a notice of claim for damages.\r\n<p class=\"Warning\">If the failure to provide habitable living conditions violates state or local building or health codes and inspectors verify the violation, they may require you to fix the problem and pay additional fines or penalties.</p>","description":"When landlords fail to maintain habitable and nuisance-free rental properties and fail to remedy serious issues raised by residents, several consequences may follow. However, for you to be held legally liable and for residents to have a right to take recourse, the following five conditions must be met:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">The issue makes the resident’s premise uninhabitable or a significant threat to the resident’s life, health, or safety.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">The resident notified you of the issue.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Neither the resident nor the resident’s guest, child, or pet caused the damage. (If one of them caused the damage, then the resident is responsible for fixing it or paying for it to be fixed.)</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">The resident gave you or your agent access to the premises to perform the repair. Residents can’t demand that you repair damages if they substantially interfere with your ability to perform the repair, such as preventing an electrician from entering the unit to fix faulty wiring.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">You failed to remedy the situation in a reasonable amount of time. (What’s <i>reasonable</i> varies according to several factors, including how the residents are affected and the state and local statutes, but two to four weeks are typical. Of course, if the heating goes out in the middle of a frigid winter day, reasonable may mean immediate attention is required.)</p>\r\n</li>\r\n</ul>\r\nGenerally, residents have the legal right to take any of the following actions:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\"><b>Withhold or escrow some or all rent until the repair is made.</b> In some areas, residents must obtain permission from the courts to withhold or escrow rent, and the amount withheld may be limited.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Hire an outside contractor to make the repair and deduct the costs from future rent payment(s).</b> Residents should only use qualified and licensed personnel plus provide copies of any bids or estimates and written proof of payment for a reasonable amount to complete the work.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Personally repair and deduct the repair costs from future rent payments.</b> Residents shouldn’t attempt to do the work themselves (or a relative or friend) unless they’re qualified and properly licensed, if required, to do the specific work needed.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Sue for damages from the date of the landlord’s knowledge of the breach of the warranty of habitability.</b> The measure of damages is generally the difference between the value of the rented premises in its uninhabitable condition and its fair market rental value.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Sue to force the landlord to make repairs by obtaining a court order requiring the landlord to make the repairs.</b> Note, however, that courts are unlikely to use this option because it involves costly court supervision. A variation of this remedy allows the landlord and resident to agree that the resident may repair the damage and subtract the cost of repairs from future rent payments.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Move out and terminate the lease.</b> If the premises are truly uninhabitable, the resident has the right to move out temporarily or permanently based on the grounds of <i>constructive eviction </i>— by failing to provide residents with a habitable dwelling, you evicted them, breaking the rental agreement. Furthermore, the resident may sue for money damages for the landlord’s breaking the lease and may recover for emotional and physical stress.</p>\r\n</li>\r\n</ul>\r\nOne of the rarely mentioned costs of a landlord’s failure to provide habitable housing is a decline in occupancy. As residents move out in response to substandard living conditions, occupancy and revenue from rent payments drop. Keeping your rental units and common areas in good repair is a good business decision.\r\n<p class=\"Tip\">Residents in properties regulated by the New York City Housing Authority (NYCHA) may make a claim for breach of the warranty of habitability even if they fail to serve a notice of claim on the NYCHA before raising the claim, as long as they seek only a rent set off and not a money judgment.</p>\r\nResidents who want a money judgment from the NYCHA must serve the city with a notice of claim for damages.\r\n<p class=\"Warning\">If the failure to provide habitable living conditions violates state or local building or health codes and inspectors verify the violation, they may require you to fix the problem and pay additional fines or penalties.</p>","blurb":"","authors":[{"authorId":9293,"name":"Robert S. Griswold","slug":"robert-s-griswold","description":" <p><b>Bruce Brammall</b> is a licensed financial adviser and mortgage broker, personal finance journalist, best-selling author and successful property investor. <b>Eric Tyson</b> and <b>Robert S. Griswold</b> are independently successful investors.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9293"}},{"authorId":9418,"name":"Laurence Harmon","slug":"laurence-harmon","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9418"}}],"primaryCategoryTaxonomy":{"categoryId":34270,"title":"General Real Estate Careers","slug":"general-real-estate-careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":207681,"title":"Landlord's Legal Kit For Dummies Cheat Sheet","slug":"landlords-legal-kit-for-dummies-cheat-sheet","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/207681"}},{"articleId":152485,"title":"10 Laws All Landlords Need to Know","slug":"10-laws-all-landlords-need-to-know","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152485"}},{"articleId":152478,"title":"Dealing with Cotenants, Sublets, and Assignments","slug":"dealing-with-cotenants-sublets-and-assignments","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152478"}},{"articleId":152475,"title":"Establishing Security Deposit Policies and Procedures","slug":"establishing-security-deposit-policies-and-procedures","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152475"}},{"articleId":152474,"title":"Meeting Your Landlord Legal Obligations","slug":"meeting-your-landlord-legal-obligations","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152474"}}],"fromCategory":[{"articleId":241649,"title":"Establish Awesome Service as a Real Estate Agent","slug":"establish-awesome-service-real-estate-agent","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241649"}},{"articleId":241645,"title":"Focus Your Real Estate Marketing Dollars Online","slug":"focus-real-estate-marketing-dollars-online","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241645"}},{"articleId":241641,"title":"Prepping a Home's Interior for Selling","slug":"prepping-homes-interior-selling","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241641"}},{"articleId":241637,"title":"Qualifying Your Listing Prospects","slug":"qualifying-listing-prospects","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241637"}},{"articleId":241633,"title":"Tips for Setting Up for a Real Estate Open House","slug":"tips-setting-real-estate-open-house","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241633"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282344,"slug":"landlords-legal-kit-for-dummies","isbn":"9781119896340","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"amazon":{"default":"https://www.amazon.com/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119896347-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":null,"width":0,"height":0},"title":"Landlord's Legal Kit For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><b>Bruce Brammall</b> is a licensed financial adviser and mortgage broker, personal finance journalist, best-selling author and successful property investor. <b>Eric Tyson</b> and <b><b data-author-id=\"9293\">Robert S. Griswold</b></b> are independently successful investors.</p> <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p> <p><b><b data-author-id=\"35181\">Laurence C. Harmon</b>, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","authors":[{"authorId":9293,"name":"Robert S. Griswold","slug":"robert-s-griswold","description":" <p><b>Bruce Brammall</b> is a licensed financial adviser and mortgage broker, personal finance journalist, best-selling author and successful property investor. <b>Eric Tyson</b> and <b>Robert S. Griswold</b> are independently successful investors.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9293"}},{"authorId":9418,"name":"Laurence Harmon","slug":"laurence-harmon","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9418"}},{"authorId":35181,"name":"Laurence C. Harmon","slug":"laurence-c-harmon","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/35181"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;general-real-estate-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119896340&quot;]}]\" id=\"du-slot-64ac476180061\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;general-real-estate-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119896340&quot;]}]\" id=\"du-slot-64ac4761808dc\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"Five years","lifeExpectancySetFrom":"2023-07-10T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":150941},{"headers":{"creationTime":"2016-03-26T13:42:44+00:00","modifiedTime":"2023-04-25T18:38:51+00:00","timestamp":"2023-04-25T21:01:03+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"},"slug":"careers","categoryId":34256},{"name":"Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34268"},"slug":"real-estate-careers","categoryId":34268},{"name":"Flipping Houses","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34269"},"slug":"flipping-houses","categoryId":34269}],"title":"Watch for These Red Flags in Offers on Your Home","strippedTitle":"watch for these red flags in offers on your home","slug":"selling-a-home-4-warning-signs-about-the-potential-buyer","canonicalUrl":"","seo":{"metaDescription":"Selling a home can be very nerve-wracking, so you may be tempted to take the first offer that comes along. Be careful! Potential buyers can be problematic if yo","noIndex":0,"noFollow":0},"content":"Selling a home can be very nerve-wracking, so you may be tempted to take the first offer that comes along. Be careful! Potential buyers can be problematic if you don't know what to look for.\r\n\r\nNot all offers are created equal, so if you jump at one too soon, you could end up breaking the law, tying up the sale of your home, or seeing your home sale fall through.\r\n\r\nHere are some signs of potential trouble when looking at offers on your home:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\"><strong>The buyer requests a cash-back-at-closing deal. </strong>Here, the buyer offers you more than the home is worth if you agree to kick back the extra money at closing. This practice is fraudulent and can land you in jail.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><strong>The buyer isn't pre-approved for a mortgage loan.</strong> This person can tie up your home, preventing you from considering better offers.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><strong>The buyer offers no or very little earnest money deposit (EMD).</strong> The lower the EMD, the more likely the deal will fall through.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><strong>The buyer makes the purchase agreement contingent on the sale of <em>his</em> home.</strong> For your home to sell, several other transactions must occur first. This is known as the <em>domino effect,</em> and you should avoid it, if possible. This type of contingency ties up the sale of your house with no guarantee that the interested parties will ever actually go through with the deal.</p>\r\n</li>\r\n</ul>","description":"Selling a home can be very nerve-wracking, so you may be tempted to take the first offer that comes along. Be careful! Potential buyers can be problematic if you don't know what to look for.\r\n\r\nNot all offers are created equal, so if you jump at one too soon, you could end up breaking the law, tying up the sale of your home, or seeing your home sale fall through.\r\n\r\nHere are some signs of potential trouble when looking at offers on your home:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\"><strong>The buyer requests a cash-back-at-closing deal. </strong>Here, the buyer offers you more than the home is worth if you agree to kick back the extra money at closing. This practice is fraudulent and can land you in jail.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><strong>The buyer isn't pre-approved for a mortgage loan.</strong> This person can tie up your home, preventing you from considering better offers.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><strong>The buyer offers no or very little earnest money deposit (EMD).</strong> The lower the EMD, the more likely the deal will fall through.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><strong>The buyer makes the purchase agreement contingent on the sale of <em>his</em> home.</strong> For your home to sell, several other transactions must occur first. This is known as the <em>domino effect,</em> and you should avoid it, if possible. This type of contingency ties up the sale of your house with no guarantee that the interested parties will ever actually go through with the deal.</p>\r\n</li>\r\n</ul>","blurb":"","authors":[{"authorId":9133,"name":"Ralph R. Roberts","slug":"ralph-r-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9133"}}],"primaryCategoryTaxonomy":{"categoryId":34269,"title":"Flipping Houses","slug":"flipping-houses","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34269"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[],"fromCategory":[{"articleId":255157,"title":"How to Read a Property Listing with Flipping in Mind","slug":"how-to-read-a-property-listing-with-flipping-in-mind","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/255157"}},{"articleId":253699,"title":"10 House Flipping Blunders","slug":"10-house-flipping-blunders","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/253699"}},{"articleId":235550,"title":"Doing a Quick House Flip","slug":"quick-house-flip","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/235550"}},{"articleId":235545,"title":"Deciding How Much to Pay for a House to Flip","slug":"deciding-much-pay-house-flip","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/235545"}},{"articleId":235542,"title":"Finding Houses to Flip","slug":"finding-houses-flip","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/235542"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":0,"slug":null,"isbn":null,"categoryList":null,"amazon":null,"image":null,"title":null,"testBankPinActivationLink":null,"bookOutOfPrint":false,"authorsInfo":null,"authors":null,"_links":null},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;flipping-houses&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" id=\"du-slot-64483f8f06875\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;flipping-houses&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" id=\"du-slot-64483f8f06f30\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Five years","lifeExpectancySetFrom":"2023-04-25T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":158599},{"headers":{"creationTime":"2016-03-26T22:57:26+00:00","modifiedTime":"2023-04-25T15:51:34+00:00","timestamp":"2023-04-25T18:01:02+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"},"slug":"careers","categoryId":34256},{"name":"Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34268"},"slug":"real-estate-careers","categoryId":34268},{"name":"General Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"},"slug":"general-real-estate-careers","categoryId":34270}],"title":"The Agent's Role in a Real Estate Transaction","strippedTitle":"the agent's role in a real estate transaction","slug":"the-realtors-role-in-a-residential-real-estate-transaction","canonicalUrl":"","seo":{"metaDescription":"Buying and selling houses is the primary business of real estate brokers and salespeople. Here's an overview of a typical house sale involving real estate agent","noIndex":0,"noFollow":0},"content":"Buying and selling houses is the primary business of real estate brokers and salespeople. Here's an overview of a typical house sale involving real estate agents.\r\n\r\nA couple decides to sell their house and enlist the services of a real estate agent. You're one of several agents the couple invites to their home to hear your listing presentation and explain what services you offer.\r\n\r\nIn addition, you probably advise the couple on what price they'll be able to get for their house. After meeting with several agents, the couple chooses you, signing a listing agreement and agreeing to allow you to represent them as their agent in the transaction.\r\n\r\nAs the couple's real estate agent, you begin marketing the property. In communities that have a multiple listing service (MLS), you enter their house information into a computer so that all other agents in the community can see what you've listed for sale. In communities with no MLS, agents may spread the word around to other real estate agencies that they have a particular house for sale.\r\n\r\nAn agent across town who's been working to find a house for another couple sees your house on the MLS and gets in touch with you, asking for more details and making sure the house still is for sale. The cross-town agent then contacts his buyers, and they agree to take a look at the house. After seeing the house, they agree to make an offer.\r\n<p class=\"Remember\">The way a buyer's offer is presented varies in different communities. Sometimes the offer is made in person with the buyer's agent present. The offer usually is made in writing with a small check from the prospective buyer that's called a binder or earnest money.</p>\r\nAssuming that your seller either accepts the offer immediately or engages in negotiations that result in a deal, a contract of sale then is prepared. Exactly who prepares the contract varies by state and region.\r\n\r\nIn many places, however, the seller's real estate agent prepares the contract, sometimes filling in the blanks of a preprinted contract form, but in other places, only attorneys prepare the contract. After the contract is signed, the conditions within the contract are triggered.\r\n\r\nA typical real estate sales contract includes a provision for the buyer to obtain mortgage financing and may have provisions for the house to be inspected by a home inspector or engineer. The contract usually includes a provision that a marketable title must be conveyed.\r\n\r\nA marketable title means that a reasonable and proper search of the records has been conducted, showing that the title to the property has been documented from earlier owners to the current seller so that it can be conveyed (or transferred) without questions as to who the owner is. A records search that proves whether a title is marketable is called a title search. Title insurance also may be purchased (or even required) as part of the contract process to ensure that the title is legal.\r\n\r\nWhen all of the contract provisions are satisfactorily completed and met, the buyer and seller may proceed to closing, taking the real estate agent one step closer to getting paid. By general agreement, the commission usually is paid at the closing.\r\n\r\nWhen more than one broker is involved, the broker representing the seller distributes the preapproved share of the commission to the buyer's representative. Each broker then splits a portion or percentage of the commission with the salesperson who worked the deal.","description":"Buying and selling houses is the primary business of real estate brokers and salespeople. Here's an overview of a typical house sale involving real estate agents.\r\n\r\nA couple decides to sell their house and enlist the services of a real estate agent. You're one of several agents the couple invites to their home to hear your listing presentation and explain what services you offer.\r\n\r\nIn addition, you probably advise the couple on what price they'll be able to get for their house. After meeting with several agents, the couple chooses you, signing a listing agreement and agreeing to allow you to represent them as their agent in the transaction.\r\n\r\nAs the couple's real estate agent, you begin marketing the property. In communities that have a multiple listing service (MLS), you enter their house information into a computer so that all other agents in the community can see what you've listed for sale. In communities with no MLS, agents may spread the word around to other real estate agencies that they have a particular house for sale.\r\n\r\nAn agent across town who's been working to find a house for another couple sees your house on the MLS and gets in touch with you, asking for more details and making sure the house still is for sale. The cross-town agent then contacts his buyers, and they agree to take a look at the house. After seeing the house, they agree to make an offer.\r\n<p class=\"Remember\">The way a buyer's offer is presented varies in different communities. Sometimes the offer is made in person with the buyer's agent present. The offer usually is made in writing with a small check from the prospective buyer that's called a binder or earnest money.</p>\r\nAssuming that your seller either accepts the offer immediately or engages in negotiations that result in a deal, a contract of sale then is prepared. Exactly who prepares the contract varies by state and region.\r\n\r\nIn many places, however, the seller's real estate agent prepares the contract, sometimes filling in the blanks of a preprinted contract form, but in other places, only attorneys prepare the contract. After the contract is signed, the conditions within the contract are triggered.\r\n\r\nA typical real estate sales contract includes a provision for the buyer to obtain mortgage financing and may have provisions for the house to be inspected by a home inspector or engineer. The contract usually includes a provision that a marketable title must be conveyed.\r\n\r\nA marketable title means that a reasonable and proper search of the records has been conducted, showing that the title to the property has been documented from earlier owners to the current seller so that it can be conveyed (or transferred) without questions as to who the owner is. A records search that proves whether a title is marketable is called a title search. Title insurance also may be purchased (or even required) as part of the contract process to ensure that the title is legal.\r\n\r\nWhen all of the contract provisions are satisfactorily completed and met, the buyer and seller may proceed to closing, taking the real estate agent one step closer to getting paid. By general agreement, the commission usually is paid at the closing.\r\n\r\nWhen more than one broker is involved, the broker representing the seller distributes the preapproved share of the commission to the buyer's representative. Each broker then splits a portion or percentage of the commission with the salesperson who worked the deal.","blurb":"","authors":[],"primaryCategoryTaxonomy":{"categoryId":34270,"title":"General Real Estate Careers","slug":"general-real-estate-careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[],"fromCategory":[{"articleId":241649,"title":"Establish Awesome Service as a Real Estate Agent","slug":"establish-awesome-service-real-estate-agent","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241649"}},{"articleId":241645,"title":"Focus Your Real Estate Marketing Dollars Online","slug":"focus-real-estate-marketing-dollars-online","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241645"}},{"articleId":241641,"title":"Prepping a Home's Interior for Selling","slug":"prepping-homes-interior-selling","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241641"}},{"articleId":241637,"title":"Qualifying Your Listing Prospects","slug":"qualifying-listing-prospects","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241637"}},{"articleId":241633,"title":"Tips for Setting Up for a Real Estate Open House","slug":"tips-setting-real-estate-open-house","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241633"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":0,"slug":null,"isbn":null,"categoryList":null,"amazon":null,"image":null,"title":null,"testBankPinActivationLink":null,"bookOutOfPrint":false,"authorsInfo":null,"authors":null,"_links":null},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;general-real-estate-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" 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id=\"du-slot-6448155ee620a\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Five years","lifeExpectancySetFrom":"2023-04-25T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":201508},{"headers":{"creationTime":"2016-03-27T16:53:15+00:00","modifiedTime":"2023-04-18T15:02:30+00:00","timestamp":"2023-04-18T18:01:02+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"},"slug":"careers","categoryId":34256},{"name":"Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34268"},"slug":"real-estate-careers","categoryId":34268},{"name":"General Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"},"slug":"general-real-estate-careers","categoryId":34270}],"title":"Renting Out Your Property For Dummies Cheat Sheet (UK Edition)","strippedTitle":"renting out your property for dummies cheat sheet (uk edition)","slug":"renting-out-your-property-for-dummies-cheat-sheet-uk-edition","canonicalUrl":"","seo":{"metaDescription":"Got a property to rent but worried about everything that’s involved with being a landlord? Use this Cheat Sheet for tips on marketing your property, finding the","noIndex":0,"noFollow":0},"content":"<p>Got a property to rent but worried about everything that’s involved with being a landlord? Use this Cheat Sheet for tips on marketing your property, finding the right tenant and managing the rental process from start to finish. </p>\r\n","description":"<p>Got a property to rent but worried about everything that’s involved with being a landlord? Use this Cheat Sheet for tips on marketing your property, finding the right tenant and managing the rental process from start to finish. </p>\r\n","blurb":"","authors":[{"authorId":10126,"name":"Melanie Bien","slug":"melanie-bien","description":"","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/10126"}},{"authorId":9293,"name":"Robert S. Griswold","slug":"robert-s-griswold","description":" <p><b>Robert Griswold</b> is a veteran real estate investor and hands-on property manager of a portfolio of residential and commercial properties. He is also the co-author of <i>Landlord&#8217;s Legal Kit For Dummies and Real Estate Investing For Dummies, 4th Edition</i>.</p> ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9293"}}],"primaryCategoryTaxonomy":{"categoryId":34270,"title":"General Real Estate Careers","slug":"general-real-estate-careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[],"fromCategory":[{"articleId":241649,"title":"Establish Awesome Service as a Real Estate Agent","slug":"establish-awesome-service-real-estate-agent","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241649"}},{"articleId":241645,"title":"Focus Your Real Estate Marketing Dollars Online","slug":"focus-real-estate-marketing-dollars-online","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241645"}},{"articleId":241641,"title":"Prepping a Home's Interior for Selling","slug":"prepping-homes-interior-selling","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241641"}},{"articleId":241637,"title":"Qualifying Your Listing Prospects","slug":"qualifying-listing-prospects","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241637"}},{"articleId":241633,"title":"Tips for Setting Up for a Real Estate Open House","slug":"tips-setting-real-estate-open-house","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241633"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":0,"slug":null,"isbn":null,"categoryList":null,"amazon":null,"image":null,"title":null,"testBankPinActivationLink":null,"bookOutOfPrint":false,"authorsInfo":null,"authors":null,"_links":null},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;general-real-estate-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" id=\"du-slot-643edadec155e\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;general-real-estate-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" id=\"du-slot-643edadec2662\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":186659,"title":"Handling a Telephone Call from a Prospective Tenant","slug":"handling-a-telephone-call-from-a-prospective-tenant","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/186659"}},{"articleId":186660,"title":"Avoiding Problems upon a Tenant Moving Out of Your Rental Property","slug":"avoiding-problems-upon-a-tenant-moving-out-of-your-rental-property","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/186660"}},{"articleId":186657,"title":"Preparing to Show a Rental Property","slug":"preparing-to-show-a-rental-property","categoryList":[],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/186657"}}],"content":[{"title":"Handling a Telephone Call from a Prospective Tenant","thumb":null,"image":null,"content":"<p>As the first point of contact between yourself and a prospective tenant for a rental property, the initial enquiry over the phone is extremely important. Use these tips to ensure you&#8217;re prepared:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">Have near your phone a pen or pencil, a blank notepad, and all the information on your rental property and the area.</p>\n</li>\n<li>\n<p class=\"first-para\">Answer the telephone professionally with a business-like greeting (such as &#8216;Chris Jones, how may I help you?&#8217;) within the first three rings.</p>\n</li>\n<li>\n<p class=\"first-para\">Provide basic information about the rental property while obtaining information about the prospective tenant.</p>\n</li>\n<li>\n<p class=\"first-para\">Use open-ended questions and try to build up a rapport with the prospective tenant.</p>\n</li>\n<li>\n<p class=\"first-para\">Ensure the prospective tenant is suitable by outlining your rental selection criteria.</p>\n</li>\n<li>\n<p class=\"first-para\">If the tenant is suitable, convince him of the benefits of renting your property.</p>\n</li>\n<li>\n<p class=\"first-para\">Anticipate and be prepared for objections &#8211; these are a sign of the prospective tenant&#8217;s interest.</p>\n</li>\n<li>\n<p class=\"first-para\">Convert phone calls to a viewing, because even the best rental properties can&#8217;t be rented over the phone.</p>\n</li>\n</ul>\n"},{"title":"Avoiding Problems upon a Tenant Moving Out of Your Rental Property","thumb":null,"image":null,"content":"<p>The end of a tenant&#8217;s contract can often be a tricky time with lots to do and lots to remember. Use these handy hints to guide you through this process so that you&#8217;re on top of everything and nothing is left to chance: </p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Know exactly when the tenant is moving out.</b></p>\n</li>\n<li>\n<p class=\"first-para\"><b>Don&#8217;t allow the tenants to regard their deposit as covering their last month&#8217;s rent.</b> This way, if the tenants leave the property in a poor condition, you can use the deposit for what it was intended.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Get a forwarding address for your tenants.</b></p>\n</li>\n<li>\n<p class=\"first-para\"><b>Provide tenants with a letter that clearly communicates your expectations regarding the condition of the rental property and the return of the deposit.</b></p>\n</li>\n<li>\n<p class=\"first-para\"><b>Immediately conduct an inspection of the property with the tenant when she moves out.</b> Compare the condition of the property to the checklist you made when the tenant moved in.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Take photos and have contractors or suppliers provide detailed invoices for any work required in order to repair damages.</b></p>\n</li>\n<li>\n<p class=\"first-para\"><b>Promptly schedule the necessary repairs to make the property ready to rent again while looking for any other damage done by the vacating tenant.</b></p>\n</li>\n<li>\n<p class=\"first-para\"><b>If you consider deductions from the deposit are necessary, you must agree these with the tenant. If the tenant disagrees, he can raise his dispute with the relevant tenancy deposit protection scheme.</b> In the meantime, return the undisputed sum to the tenant.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>If the deposit itemisation form and refund cheque are returned from the tenant&#8217;s last known address, keep the envelope.</b> They can serve as proof if your former tenant ever alleges that you did not attempt to return the deposit.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Always look out for signs that the tenant has abandoned your property, particularly if the current rent is late and/or you are pursuing legal action against the tenant.</b></p>\n</li>\n</ul>\n"},{"title":"Preparing to Show a Rental Property","thumb":null,"image":null,"content":"<p>First impressions really are everything! So make sure your rental property is spick and span and ready to be snapped up by your prospective tenant.</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>After you have legal possession, remove all of the prior tenant&#8217;s personal possessions and any rubbish.</b></p>\n</li>\n<li>\n<p class=\"first-para\"><b>Check all plumbing (toilets, taps, and pipes) to ensure they are working properly.</b> Make sure that there are no leaks, that the plumbing has the proper pressure, and that there is adequate drainage.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Check all appliances to ensure they are working properly.</b> Run the dishwasher through a full cycle. Be sure that all the racks are in the oven.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Check all hardware.</b> Change the locks and ensure they are operational. Pay attention to all catches and latches.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Check all windows, curtains, and blinds.</b> They should be clean, unbroken, secure, and operate properly. All window locks should be working.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Check all walls, ceilings, and skirting boards.</b> The paint and/or wallpaper should provide proper coverage, without holes, cuts, scratches, nails, or bad seams.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Check</b> <b>all carpets, rugs, lino, and wooden floors.</b> They should be clean and in good condition. The flooring should be properly installed, with no bad seams.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Check bathrooms.</b> Thoroughly clean the toilet, bath, shower, sink, mirrors, and cabinets. Check the toilet roll holder and towel rail to ensure they are clean. Put a new toilet roll in each bathroom.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Check all cupboards, wardrobes and storage areas.</b> Rails, hooks, shelves, lights, floors, and walls should be clean.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Check all counters, cabinets and doors.</b> They should be clean and fully operational, presenting no hazards.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Check smoke detectors and all lighting for proper operation.</b></p>\n</li>\n<li>\n<p class=\"first-para\"><b>Check all patios, balconies, and hallways.</b> They should be clean and railings should be secure.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Check the heating to make sure it is working properly. </b></p>\n</li>\n<li>\n<p class=\"first-para\"><b>Check the rental property&#8217;s kerb appeal, including the front and back gardens, drive and path up to the front door. Keep them as neat and tidy as possible.</b></p>\n</li>\n<li>\n<p class=\"first-para\"><b>Perform a final inspection of the entire rental property for appearance and cleanliness.</b> Be sure to recheck the property every few days that it lies empty.</p>\n</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2023-04-18T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":208511},{"headers":{"creationTime":"2016-03-27T16:48:01+00:00","modifiedTime":"2022-09-20T21:02:22+00:00","timestamp":"2022-09-21T00:01:02+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"},"slug":"careers","categoryId":34256},{"name":"Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34268"},"slug":"real-estate-careers","categoryId":34268},{"name":"General Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"},"slug":"general-real-estate-careers","categoryId":34270}],"title":"Landlord's Legal Kit For Dummies Cheat Sheet","strippedTitle":"landlord's legal kit for dummies cheat sheet","slug":"landlords-legal-kit-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Learn about the most important landlord legalities, as well as the most common legal pitfalls of renting out residential property.","noIndex":0,"noFollow":0},"content":"Being a landlord certainly sounds easy. All you have to do is line up responsible residents, maintain the property, and count your money as the rent rolls in, right? Actually, no. Owning and leasing residential real estate requires that you comply with a host of federal, state, and local laws. Certain residents may complicate your life by taking legal action against you or forcing you to take legal action against them.\r\n\r\nThis snapshot explains some important landlord legalities and helps you avoid the most common legal pitfalls of owning and leasing residential rental property.","description":"Being a landlord certainly sounds easy. All you have to do is line up responsible residents, maintain the property, and count your money as the rent rolls in, right? Actually, no. Owning and leasing residential real estate requires that you comply with a host of federal, state, and local laws. Certain residents may complicate your life by taking legal action against you or forcing you to take legal action against them.\r\n\r\nThis snapshot explains some important landlord legalities and helps you avoid the most common legal pitfalls of owning and leasing residential rental property.","blurb":"","authors":[{"authorId":9293,"name":"Robert S. Griswold","slug":"robert-s-griswold","description":" <p><b>Eric Tyson</b> is a five&#45;time bestselling author, real estate investor, and syndicated columnist who gives people the tools to better manage their personal finances and investments. <b>Robert S. Griswold,</b> author, teacher, and a successful real estate investor, is an active, hands&#45;on property manager with a large portfolio of residential and commercial rental properties. ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9293"}},{"authorId":9418,"name":"Laurence Harmon","slug":"laurence-harmon","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9418"}}],"primaryCategoryTaxonomy":{"categoryId":34270,"title":"General Real Estate Careers","slug":"general-real-estate-careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":152485,"title":"10 Laws All Landlords Need to Know","slug":"10-laws-all-landlords-need-to-know","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152485"}},{"articleId":152478,"title":"Dealing with Cotenants, Sublets, and Assignments","slug":"dealing-with-cotenants-sublets-and-assignments","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152478"}},{"articleId":152475,"title":"Establishing Security Deposit Policies and Procedures","slug":"establishing-security-deposit-policies-and-procedures","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152475"}},{"articleId":152474,"title":"Meeting Your Landlord Legal Obligations","slug":"meeting-your-landlord-legal-obligations","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152474"}},{"articleId":152473,"title":"Screening Applicants","slug":"screening-applicants","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152473"}}],"fromCategory":[{"articleId":241649,"title":"Establish Awesome Service as a Real Estate Agent","slug":"establish-awesome-service-real-estate-agent","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241649"}},{"articleId":241645,"title":"Focus Your Real Estate Marketing Dollars Online","slug":"focus-real-estate-marketing-dollars-online","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241645"}},{"articleId":241641,"title":"Prepping a Home's Interior for Selling","slug":"prepping-homes-interior-selling","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241641"}},{"articleId":241637,"title":"Qualifying Your Listing Prospects","slug":"qualifying-listing-prospects","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241637"}},{"articleId":241633,"title":"Tips for Setting Up for a Real Estate Open House","slug":"tips-setting-real-estate-open-house","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241633"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282344,"slug":"landlords-legal-kit-for-dummies","isbn":"9781119896340","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"amazon":{"default":"https://www.amazon.com/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119896347-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":null,"width":0,"height":0},"title":"Landlord's Legal Kit For Dummies, 2nd Edition","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><b>Eric Tyson</b> is a five&#45;time bestselling author, real estate investor, and syndicated columnist who gives people the tools to better manage their personal finances and investments. <b><b data-author-id=\"9293\">Robert S. Griswold</b>,</b> author, teacher, and a successful real estate investor, is an active, hands&#45;on property manager with a large portfolio of residential and commercial rental properties. <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p> <p><b><b data-author-id=\"35181\">Laurence C. Harmon</b>, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","authors":[{"authorId":9293,"name":"Robert S. Griswold","slug":"robert-s-griswold","description":" <p><b>Eric Tyson</b> is a five&#45;time bestselling author, real estate investor, and syndicated columnist who gives people the tools to better manage their personal finances and investments. <b>Robert S. Griswold,</b> author, teacher, and a successful real estate investor, is an active, hands&#45;on property manager with a large portfolio of residential and commercial rental properties. ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9293"}},{"authorId":9418,"name":"Laurence Harmon","slug":"laurence-harmon","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9418"}},{"authorId":35181,"name":"Laurence C. Harmon","slug":"laurence-c-harmon","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/35181"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;general-real-estate-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119896340&quot;]}]\" id=\"du-slot-632a543ec4ba3\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;general-real-estate-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119896340&quot;]}]\" id=\"du-slot-632a543ec5312\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":152459,"title":"Brushing Up on Fair Housing Laws","slug":"brushing-up-on-fair-housing-laws","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152459"}},{"articleId":152473,"title":"Screening Applicants","slug":"screening-applicants","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152473"}},{"articleId":152475,"title":"Establishing Security Deposit Policies and Procedures","slug":"establishing-security-deposit-policies-and-procedures","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152475"}},{"articleId":152474,"title":"Meeting Your Landlord Legal Obligations","slug":"meeting-your-landlord-legal-obligations","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152474"}},{"articleId":152478,"title":"Dealing with Cotenants, Sublets, and Assignments","slug":"dealing-with-cotenants-sublets-and-assignments","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152478"}}],"content":[{"title":"Brushing up on fair housing laws","thumb":null,"image":null,"content":"<p>The federal Fair Housing Act prohibits you, as landlord, from discriminating against or giving preferential treatment to people based on a <i>protected class</i> — a characteristic that can&#8217;t be used to discriminate against or in favor of an individual or group. The Fair Housing Act specifies the following seven protected classes:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Race:</b> Ethnicities or cultures, including African American, Caucasian, Hispanic, and Asian. Some interpretations may include designations that would seem to belong to other protected classes, such as Polish or Jewish.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Religion:</b> System of belief, such as Christian, Muslim, Wiccan, or atheist.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>National origin:</b> The country or area a person was born in, such as Canada, Mexico, the Middle East, Nigeria, and even the United States.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Sex:</b> Physical sex — male or female. Sexual harassment is recognized to be an element of sex discrimination.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Color:</b> Skin color or shade, which may seem to be the same thing as race, but whether or not someone knows another person&#8217;s race, they may discriminate based on lightness or darkness of skin.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Handicap:</b> Physical or mental handicaps or disabilities, including hearing and visual impairments, chronic alcoholism, HIV/AIDS, depression, hoarding, allergies, and more.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Familial status:</b> Whether a household includes minors. Pregnancy is also protected. An exception does apply to bona fide senior housing.</p>\n</li>\n</ul>\n<p>State and local laws may extend protection to additional classes, including age, marital status, income source, and sexual orientation.</p>\n"},{"title":"Screening applicants","thumb":null,"image":null,"content":"<p>Careful screening can help you avoid legal issues, because you have less need to take legal action against good residents, and they&#8217;re less likely to file legal claims against you. To screen applicants, take the following steps:</p>\n<ol class=\"level-one\">\n<li>\n<p class=\"first-para\">Have the person complete and submit an application.</p>\n</li>\n<li>\n<p class=\"first-para\">Order a credit and background report for the prospective resident.</p>\n</li>\n<li>\n<p class=\"first-para\">Contact the applicant&#8217;s employer to verify the applicant&#8217;s employment or check other sources of income.</p>\n</li>\n<li>\n<p class=\"first-para\">Check recent paystubs, W-2s and 1099s, the previous year&#8217;s tax return, and a recent bank statement.</p>\n</li>\n<li>\n<p class=\"first-para\">Contact the applicant&#8217;s personal references and ask questions about the person&#8217;s character and reliability.</p>\n</li>\n<li>\n<p class=\"first-para\">Contact any landlords the applicant rented from in the past and ask about payment history, the condition the applicant left the property in, and whether the applicant caused problems with her neighbors.</p>\n</li>\n<li>\n<p class=\"first-para\">Interview the applicant in person.</p>\n</li>\n</ol>\n<p class=\"Remember\">When screening prospective renters, you must comply with fair housing laws, so certain questions are off limits. You can gather information about a prospect&#8217;s employment status, income, credit history, housing history, and criminal past, but you&#8217;re prohibited from asking an applicant whether she has children, what country she&#8217;s from, which church she attends, and so forth.</p>\n"},{"title":"Establishing security deposit policies and procedures","thumb":null,"image":null,"content":"<p>One of the most common sources of landlord-resident disputes is the return of security deposits. To prevent confusion and disagreements, make sure you establish security deposit policies and procedures that address the following:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Amount:</b> Usually no more than the equivalent of one- or two-month&#8217;s rent. Some states and municipalities have specific limits.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Due date:</b> Usually due at the signing of the rental contract.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Allowed uses: </b>State and local laws usually allow landlords to use security deposits only to cover unpaid rent, damages to the unit beyond ordinary wear and tear, cleaning expenses (only to make the unit as clean as it was when the resident moved in), and to restore or replace damaged or missing property, including keys<b> </b>and appliances furnished with the unit.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Where the deposit will be held:</b> Even in states when it is not required, deposit all security deposits in a separate interest-bearing account and pass along any interest earned to the resident when you return any unused portion of the deposit.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Return of the unused portion:</b> Check on the required maximum number of days you&#8217;re allowed to hold any unused portion of the security deposit before returning it to the former resident, and return it earlier if possible.</p>\n</li>\n</ul>\n<p class=\"Remember\">The security deposit is the resident&#8217;s money. Don&#8217;t treat it as another source of income, because doing so may get you into legal trouble and tarnish your reputation as a fair landlord.</p>\n"},{"title":"Meeting your landlord legal obligations","thumb":null,"image":null,"content":"<p>As a landlord, you have certain legal and ethical obligations to your residents that are rarely spelled out in the rental contract, including the following:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Maintain habitable living conditions. </b>According to the <i>implied warranty of habitability</i><i>,</i> you must provide residents with dwellings that are fit for human occupancy.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Address safety issues. </b>Comply with all local building, fire safety, and pool and hot-tub safety codes; provide sufficient exterior lighting; maintain walkways, stairwells, and railings; secure any construction sites; enforce pet policies; and address safety issues within rental units by using safety glass, ground fault protection outlets, and safe-cord window coverings, where necessary.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Disclose and address environmental hazards. </b>Let residents know about any potential environmental hazards, including lead paint, toxic mold, carbon monoxide, asbestos, and methamphetamine contamination, and take any steps necessary to mitigate risks.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Protect residents from criminal activity. </b>Enforce your policies consistently and work with local law enforcement to minimize crime in your facility.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Honor the resident&#8217;s right to quiet enjoyment. </b>Enter a resident&#8217;s premises only in an emergency or after giving 48 hours&#8217; advanced notice to perform essential inspections or repairs or to show the unit to a prospective renter or buyer.</p>\n</li>\n</ul>\n"},{"title":"Dealing with cotenants, sublets, and assignments","thumb":null,"image":null,"content":"<p>Residents often need or want to take on a new roommate, sublet the rental unit, or assign their rental contract to someone else. To deal with these types of situations, consider this advice when you’re a landlord:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">Require that all prospective roommates be screened and added to the rental contract.</p>\n</li>\n<li>\n<p class=\"first-para\">Prohibit residents from subletting their rental units. When a resident sublets, the new resident has no legal obligations to you under the contract.</p>\n</li>\n<li>\n<p class=\"first-para\">Prohibit residents from assigning their rental contracts without your written consent and only on condition that the assignee be screened and approved by you.</p>\n</li>\n</ul>\n<p class=\"Remember\">Except for children and other dependents, everyone living in one of your rental units should be screened and approved and required to sign the rental contract.</p>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-09-12T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":207681},{"headers":{"creationTime":"2016-03-26T11:10:05+00:00","modifiedTime":"2022-08-16T19:26:53+00:00","timestamp":"2022-09-14T18:19:55+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"},"slug":"careers","categoryId":34256},{"name":"Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34268"},"slug":"real-estate-careers","categoryId":34268},{"name":"General Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"},"slug":"general-real-estate-careers","categoryId":34270}],"title":"Ways You Can Incorporate Your Business as a Landlord","strippedTitle":"ways you can incorporate your business as a landlord","slug":"ways-you-can-incorporate-your-business-as-a-landlord","canonicalUrl":"","seo":{"metaDescription":"How you choose to structure your business as the landlord depends in part upon your willingness to share its future and yours with others. Forming a corporation","noIndex":0,"noFollow":0},"content":"How you choose to structure your business as the landlord depends in part upon your willingness to share its future and yours with others. Forming a corporation is a fairly complex legal endeavor that involves the following steps:\r\n<ol class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Choose and register a name for your corporation that complies with state requirements.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Write and file your articles of incorporation.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Write bylaws to govern corporate operations.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Issue stock certificates to your corporation@’s owners and investors.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Obtain any business licenses and permits required by your state and local governing bodies.</p>\r\n</li>\r\n</ol>\r\nYou can take any of the following three approaches to form your corporation:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Do it yourself. If you’re the sole owner of the business and don’t intend to add owners, seek outside capital, or do business in multiple locations, you may be able to incorporate without expert assistance.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Use a third-party service.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Hire a reputable, local attorney.</p>\r\n</li>\r\n</ul>\r\n<h2 id=\"tab1\" >Outsourcing to a business-formation service</h2>\r\nNumerous firms offer services to help you form a business entity. Three of the best known are <a href=\"http://www.legalzoom.com\" target=\"_blank\" rel=\"noopener\">Legal Zoom</a>, <a href=\"http://www.rocketattorney.com\" target=\"_blank\" rel=\"noopener\">Rocket Attorney</a>, and <a href=\"http://www.incorporate.com\" target=\"_blank\" rel=\"noopener\">The Company Corporation</a>. Others include <a href=\"http://incauthority.com\" target=\"_blank\" rel=\"noopener\">Inc Authority</a>, and <a href=\"http://www.directincorporation.com/\" target=\"_blank\" rel=\"noopener\">Directincorporation.com</a>.\r\n<p class=\"Warning\">Before using a service, check with others who’ve used it, and expand your search to include <a href=\"http://www.linkedin.com\" target=\"_blank\" rel=\"noopener\">LinkedIn</a>, <a href=\"http://www.facebook.com/\" target=\"_blank\" rel=\"noopener\">Facebook</a>, and <a href=\"http://www.twitter.com\" target=\"_blank\" rel=\"noopener\">Twitter</a>. Find out how they’re regarded by the <a href=\"http://www.bbb.org\" target=\"_blank\" rel=\"noopener\">Better Business Bureau</a> and local consumer protection organizations to determine whether any complaints have been filed against them.</p>\r\nKeep in mind that these firms are ordinary retailers who tend to advertise low prices “Starting at …” for only a few of the services you need. Comparison shop. Find out what’s included and what’s not. Get a price quote from a reputable local attorney, as well, for comparison purposes. Make sure you get a price quote that covers everything you need to form your corporation.\r\n<h2 id=\"tab2\" >Hiring an attorney and accountant</h2>\r\nWe recommend that you hire a reputable, local attorney to guide you through the process of incorporating your business and an accountant to manage the corporation’s payroll, taxes, and financial reporting for several reasons, including the following:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Your attorney can help evaluate your specific needs for the area where you’re setting up shop and recommend the best business structure to meet those needs.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Choosing the wrong business structure may imperil your personal assets and limit your tax benefits.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Your attorney makes sure all documents are filed properly with the right government agencies and in a timely manner.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Your attorney can refer you to experts in accounting, banking, financial planning, insurance, and web design.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">A good business attorney will have an ongoing professional interest in your success.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Your accountant keeps the books and creates and files financial reports in compliance with federal, state, and local laws.</p>\r\n</li>\r\n</ul>\r\n<h2 id=\"tab3\" >Running your operation as a corporation</h2>\r\nAs complicated as forming a corporation is, running it requires even more attention to detail. You must fulfill the obligations of corporate governance, which include:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Paying yourself and other owners and investors salaries or distributions</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Holding at least one director and shareholder meeting annually</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Typing up and filing minutes from those meetings</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Updating the bylaws</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Practicing generally accepted accounting principles (GAAP) — standards and procedures for recording financial transactions and producing financial reports</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Producing and filing an annual report with your Secretary of State</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Preparing the corporation’s annual tax return</p>\r\n</li>\r\n</ul>","description":"How you choose to structure your business as the landlord depends in part upon your willingness to share its future and yours with others. Forming a corporation is a fairly complex legal endeavor that involves the following steps:\r\n<ol class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Choose and register a name for your corporation that complies with state requirements.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Write and file your articles of incorporation.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Write bylaws to govern corporate operations.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Issue stock certificates to your corporation@’s owners and investors.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Obtain any business licenses and permits required by your state and local governing bodies.</p>\r\n</li>\r\n</ol>\r\nYou can take any of the following three approaches to form your corporation:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Do it yourself. If you’re the sole owner of the business and don’t intend to add owners, seek outside capital, or do business in multiple locations, you may be able to incorporate without expert assistance.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Use a third-party service.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Hire a reputable, local attorney.</p>\r\n</li>\r\n</ul>\r\n<h2 id=\"tab1\" >Outsourcing to a business-formation service</h2>\r\nNumerous firms offer services to help you form a business entity. Three of the best known are <a href=\"http://www.legalzoom.com\" target=\"_blank\" rel=\"noopener\">Legal Zoom</a>, <a href=\"http://www.rocketattorney.com\" target=\"_blank\" rel=\"noopener\">Rocket Attorney</a>, and <a href=\"http://www.incorporate.com\" target=\"_blank\" rel=\"noopener\">The Company Corporation</a>. Others include <a href=\"http://incauthority.com\" target=\"_blank\" rel=\"noopener\">Inc Authority</a>, and <a href=\"http://www.directincorporation.com/\" target=\"_blank\" rel=\"noopener\">Directincorporation.com</a>.\r\n<p class=\"Warning\">Before using a service, check with others who’ve used it, and expand your search to include <a href=\"http://www.linkedin.com\" target=\"_blank\" rel=\"noopener\">LinkedIn</a>, <a href=\"http://www.facebook.com/\" target=\"_blank\" rel=\"noopener\">Facebook</a>, and <a href=\"http://www.twitter.com\" target=\"_blank\" rel=\"noopener\">Twitter</a>. Find out how they’re regarded by the <a href=\"http://www.bbb.org\" target=\"_blank\" rel=\"noopener\">Better Business Bureau</a> and local consumer protection organizations to determine whether any complaints have been filed against them.</p>\r\nKeep in mind that these firms are ordinary retailers who tend to advertise low prices “Starting at …” for only a few of the services you need. Comparison shop. Find out what’s included and what’s not. Get a price quote from a reputable local attorney, as well, for comparison purposes. Make sure you get a price quote that covers everything you need to form your corporation.\r\n<h2 id=\"tab2\" >Hiring an attorney and accountant</h2>\r\nWe recommend that you hire a reputable, local attorney to guide you through the process of incorporating your business and an accountant to manage the corporation’s payroll, taxes, and financial reporting for several reasons, including the following:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Your attorney can help evaluate your specific needs for the area where you’re setting up shop and recommend the best business structure to meet those needs.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Choosing the wrong business structure may imperil your personal assets and limit your tax benefits.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Your attorney makes sure all documents are filed properly with the right government agencies and in a timely manner.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Your attorney can refer you to experts in accounting, banking, financial planning, insurance, and web design.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">A good business attorney will have an ongoing professional interest in your success.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Your accountant keeps the books and creates and files financial reports in compliance with federal, state, and local laws.</p>\r\n</li>\r\n</ul>\r\n<h2 id=\"tab3\" >Running your operation as a corporation</h2>\r\nAs complicated as forming a corporation is, running it requires even more attention to detail. You must fulfill the obligations of corporate governance, which include:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Paying yourself and other owners and investors salaries or distributions</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Holding at least one director and shareholder meeting annually</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Typing up and filing minutes from those meetings</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Updating the bylaws</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Practicing generally accepted accounting principles (GAAP) — standards and procedures for recording financial transactions and producing financial reports</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Producing and filing an annual report with your Secretary of State</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Preparing the corporation’s annual tax return</p>\r\n</li>\r\n</ul>","blurb":"","authors":[{"authorId":9293,"name":"Robert S. Griswold","slug":"robert-s-griswold","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9293"}},{"authorId":9418,"name":"Laurence Harmon","slug":"laurence-harmon","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9418"}}],"primaryCategoryTaxonomy":{"categoryId":34270,"title":"General Real Estate Careers","slug":"general-real-estate-careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34270"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[{"label":"Outsourcing to a business-formation service","target":"#tab1"},{"label":"Hiring an attorney and accountant","target":"#tab2"},{"label":"Running your operation as a corporation","target":"#tab3"}],"relatedArticles":{"fromBook":[{"articleId":207681,"title":"Landlord's Legal Kit For Dummies Cheat Sheet","slug":"landlords-legal-kit-for-dummies-cheat-sheet","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/207681"}},{"articleId":152485,"title":"10 Laws All Landlords Need to Know","slug":"10-laws-all-landlords-need-to-know","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152485"}},{"articleId":152478,"title":"Dealing with Cotenants, Sublets, and Assignments","slug":"dealing-with-cotenants-sublets-and-assignments","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152478"}},{"articleId":152475,"title":"Establishing Security Deposit Policies and Procedures","slug":"establishing-security-deposit-policies-and-procedures","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152475"}},{"articleId":152474,"title":"Meeting Your Landlord Legal Obligations","slug":"meeting-your-landlord-legal-obligations","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/152474"}}],"fromCategory":[{"articleId":241649,"title":"Establish Awesome Service as a Real Estate Agent","slug":"establish-awesome-service-real-estate-agent","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241649"}},{"articleId":241645,"title":"Focus Your Real Estate Marketing Dollars Online","slug":"focus-real-estate-marketing-dollars-online","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241645"}},{"articleId":241641,"title":"Prepping a Home's Interior for Selling","slug":"prepping-homes-interior-selling","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241641"}},{"articleId":241637,"title":"Qualifying Your Listing Prospects","slug":"qualifying-listing-prospects","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241637"}},{"articleId":241633,"title":"Tips for Setting Up for a Real Estate Open House","slug":"tips-setting-real-estate-open-house","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/241633"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282344,"slug":"landlords-legal-kit-for-dummies","isbn":"9781119896340","categoryList":["business-careers-money","careers","real-estate-careers","general-real-estate-careers"],"amazon":{"default":"https://www.amazon.com/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119896347-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119896347/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":null,"width":0,"height":0},"title":"Landlord's Legal Kit For Dummies, 2nd Edition","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b><b data-author-id=\"9293\">Robert S. Griswold</b>, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p> <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p> <p><b><b data-author-id=\"35181\">Laurence C. Harmon</b>, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","authors":[{"authorId":9293,"name":"Robert S. Griswold","slug":"robert-s-griswold","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9293"}},{"authorId":9418,"name":"Laurence Harmon","slug":"laurence-harmon","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9418"}},{"authorId":35181,"name":"Laurence C. Harmon","slug":"laurence-c-harmon","description":" <p><b>Laurence C. Harmon, JD,</b> is the CEO of HARMON<i>LAW</i> LLC, specializing in apartment-related legal and property management consulting.</p> <p><b>Robert S. Griswold, MBA, MSBA,</b> is a successful real estate investor and property manager with a large portfolio of residential and commercial rental properties.</p>","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/35181"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;general-real-estate-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119896340&quot;]}]\" id=\"du-slot-63221b4ba8ac0\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;general-real-estate-careers&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119896340&quot;]}]\" id=\"du-slot-63221b4ba9398\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-07-19T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":150959},{"headers":{"creationTime":"2016-03-26T07:41:29+00:00","modifiedTime":"2022-03-30T19:43:04+00:00","timestamp":"2022-09-14T18:19:32+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"},"slug":"careers","categoryId":34256},{"name":"Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34268"},"slug":"real-estate-careers","categoryId":34268},{"name":"Flipping Houses","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34269"},"slug":"flipping-houses","categoryId":34269}],"title":"Flipping Homes: 11 Ways to Cut Renovation Costs","strippedTitle":"flipping homes: 11 ways to cut renovation costs","slug":"flipping-homes-11-ways-to-cut-renovation-costs","canonicalUrl":"","seo":{"metaDescription":"Flipping homes can get expensive! Check out some ways to cut costs, including buying overstocked material or scheduling work off-season.","noIndex":0,"noFollow":0},"content":"When renovating a property that you intend to flip, don't get carried away. Some home flippers hire top-of-the-scale contractors and insist on the highest-quality building materials from the nearest suppliers. To help you avoid that trap, here are 11 secrets that can slash your cash outlays and boost your bottom line.\r\n<div class=\"imageBlock\" style=\"width: 500px;\">\r\n\r\n[caption id=\"\" align=\"alignnone\" width=\"500\"]<img src=\"https://www.dummies.com/wp-content/uploads/479673.image0.jpg\" alt=\"\" width=\"500\" height=\"332\" /> © iStockphoto.com/brett_land[/caption]\r\n\r\n</div>\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\"><b>Get free advice and planning tools.</b> You don't have to hire a professional interior designer to draw up plans for remodeling a kitchen or bathroom. Most home-improvement stores have their own designers on staff to assist you. If you purchase the materials from the store, the store frequently throws in the design consultation for free. And who can say no to free?</p>\r\n<p class=\"child-para Tip\">You can often find additional planning tools and calculators online. Large home-improvement stores and manufacturers typically feature cost estimators, material lists, and installation instructions and tips on their websites. For some excellent online resources for planning your projects, check out <a href=\"http://www.lowes.com/\" target=\"_blank\" rel=\"noopener\">Lowe's</a>, <a href=\"http://www.homedepot.com/\" target=\"_blank\" rel=\"noopener\">Home Depot</a>, and <a href=\"http://www.bobvila.com/DesignTools/\" target=\"_blank\" rel=\"noopener\">Bob Vila Design Tools</a>.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Hire moonlighters.</b> Large construction companies often have large overhead costs, so they have to charge more for their work. A roofing company, for example, needs to purchase and maintain its trucks, pay rent on office space, and cover payroll expenses and insurance for its workers. To earn an extra buck on the side, the employees of many of these companies <i>moonlight,</i> which means they provide the same high-quality service on the side for a fraction of the cost.</p>\r\n<p class=\"child-para\">You can often locate prospective moonlighters by visiting worksites in your neighborhood. Ask to see the boss, and if he's not around, pitch your proposal to the workers. If the boss is around, you can ask him for an estimate without blowing your cover.</p>\r\n<p class=\"child-para Warning\">Hiring moonlighters is a great idea, but make sure they have health insurance with accident coverage. If your workers don't have proper insurance and one of them gets hurt working on your house, your cost savings could quickly be sapped away by losses. If the moonlighters don't have insurance, buy an insurance policy that includes accident coverage for workers.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Hire students over the summer.</b> When school's out, college and high-school students flock to area businesses to secure summer employment, and they're often turned away because so many people are looking for jobs. That's where you come in. Post an ad in the local newspaper or contact high schools and colleges in your area to let them know you're looking for summer laborers.</p>\r\n<p class=\"child-para\">Students are eager and well-qualified to perform the following renovation chores:</p>\r\n\r\n<ul class=\"level-two\">\r\n \t<li>\r\n<p class=\"first-para\">Mowing, weeding, trimming bushes and trees, and planting flowers</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Patching and sealing driveways and walks</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">De-cluttering garages, basements, and attics</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Vacuuming, window washing, and other cleaning</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Demolishing old storage sheds</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Tearing out old carpeting</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Patching and painting inside and out</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Refinishing decks</p>\r\n</li>\r\n</ul>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Buy overstocked or discontinued building materials.</b> When you wander the aisles at your local hardware or building-supply store, find what you want and then ask about any overstocked or discontinued materials that are similar in appearance. Talk to the manager, who most likely wants to clear the old, overstocked items from inventory to make room for the new merchandise that's in greater demand. You can often purchase overstocked or discontinued merchandise for a fraction of the cost.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Buy builder's-grade materials.</b> When shopping for building materials, ask the salesperson to direct you to the builder's-grade materials — the more affordable options, such as prefab cabinets and low-grade carpeting. If installed and maintained properly, these materials are perfectly suitable for most markets. If you're flipping on the ritzy side of town, however, you may need to buy the good stuff.</p>\r\n<p class=\"child-para Tip\">Gauge your selection of materials by the visibility and importance of the rooms. Consider using higher-quality materials for the kitchen, main bathroom, and master bedroom and a lesser quality for the other bedrooms and the second and third bathrooms.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Use remnant material to trim your costs.</b> Carpeting stores, countertop manufacturers, and other suppliers often have remnants in the back that may be sufficient for completing small jobs. Picky customers often return items that have tiny scratches or dents as well as materials that they cut a little too short. These gently used materials may be just what you need, and you can pick them up for pennies on the dollar.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Buy time-saving power tools.</b> When you hire a contractor, you indirectly pay for the tools that make the job much easier. When you rent a tool, you have to return it. When you buy your own tools, however, you have them for as long as they work, and you can spread the cost over several flips. If you're a do-it-yourselfer, buy the tools that make it easier for you to do a professional job.</p>\r\n<p class=\"child-para\">In addition to the standard hammers, pliers, wrenches, screwdrivers, tape measures, paint scrapers, and paintbrushes, almost every house flipper can simplify do-it-yourself jobs with the following power tools:</p>\r\n\r\n<ul class=\"level-two\">\r\n \t<li>\r\n<p class=\"first-para\"><b>Heat gun</b> for stripping wallpaper and paint</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Power washer</b> to clean everything from decks to siding</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Power roller</b> for painting inside walls and ceilings</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Cordless drill</b> with a well-stocked drill-bit case</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Screw gun</b> with Phillips and flat-head screw bits</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Circular saw</b> for decks and other woodworking projects</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Reciprocating saw</b> for cutting anything you can't cut with a circular saw</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Nail gun</b> for quick and easy single-handed nail driving</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Vibrating sander,</b> or belt sander, for sanding out scratches and gouges in wood surfaces</p>\r\n</li>\r\n</ul>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Charge purchases on a rewards-back credit card.</b> Credit-card companies offer some pretty sweet deals to reward customers for using their cards, and as long as you pay the balance in full when you receive the bill, you're not socked with high interest charges. If your building supplier offers its own credit card, you may get a discount on all purchases. If not, shop around for other cards. Companies offer everything from cash-back deals to frequent-flyer miles, free merchandise, free groceries, 0 percent interest for a specific period of time, and other attractive benefits. Take full advantage of these perks.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Schedule work off-season. </b>During the off-season, larger companies have to keep their employees busy in order to pay them and finance their benefits. Use this as a bargaining chip when negotiating the cost of repairs and renovations. However, don't delay a project that needs to be done just to save a few bucks — holding costs (the cost of maintaining a flip) can outstrip any savings.</p>\r\n<p class=\"child-para Tip\">You reap two additional benefits by scheduling work off-season. The contractor is more likely to complete the job on schedule and is generally more responsive when you need her services in season.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Pool your projects.</b> Most skilled laborers charge a minimum for just showing up. You pay for their time and travel expenses no matter how small the job. To save money, pool your projects. You can draw up a list of projects for the plumber, a list for the carpenter, and another list for the electrician. Have them complete all the projects in one trip. Better yet, if you have several houses going at one time, ask the contractor whether she'll consider giving you a discount if you guarantee that she can work on all your properties. Talk with your neighbors. If they're having the same work done on their homes, you may be able to negotiate a better price for multiple jobs.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Rent a large Dumpster (a.k.a. skip) for all the tear-out and construction debris so all your contractors have one place to dump rubbish from your flip.</b> By supplying the Dumpster, you can tell your contractors to remove the cost of waste removal from their estimates.</p>\r\n</li>\r\n</ul>","description":"When renovating a property that you intend to flip, don't get carried away. Some home flippers hire top-of-the-scale contractors and insist on the highest-quality building materials from the nearest suppliers. To help you avoid that trap, here are 11 secrets that can slash your cash outlays and boost your bottom line.\r\n<div class=\"imageBlock\" style=\"width: 500px;\">\r\n\r\n[caption id=\"\" align=\"alignnone\" width=\"500\"]<img src=\"https://www.dummies.com/wp-content/uploads/479673.image0.jpg\" alt=\"\" width=\"500\" height=\"332\" /> © iStockphoto.com/brett_land[/caption]\r\n\r\n</div>\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\"><b>Get free advice and planning tools.</b> You don't have to hire a professional interior designer to draw up plans for remodeling a kitchen or bathroom. Most home-improvement stores have their own designers on staff to assist you. If you purchase the materials from the store, the store frequently throws in the design consultation for free. And who can say no to free?</p>\r\n<p class=\"child-para Tip\">You can often find additional planning tools and calculators online. Large home-improvement stores and manufacturers typically feature cost estimators, material lists, and installation instructions and tips on their websites. For some excellent online resources for planning your projects, check out <a href=\"http://www.lowes.com/\" target=\"_blank\" rel=\"noopener\">Lowe's</a>, <a href=\"http://www.homedepot.com/\" target=\"_blank\" rel=\"noopener\">Home Depot</a>, and <a href=\"http://www.bobvila.com/DesignTools/\" target=\"_blank\" rel=\"noopener\">Bob Vila Design Tools</a>.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Hire moonlighters.</b> Large construction companies often have large overhead costs, so they have to charge more for their work. A roofing company, for example, needs to purchase and maintain its trucks, pay rent on office space, and cover payroll expenses and insurance for its workers. To earn an extra buck on the side, the employees of many of these companies <i>moonlight,</i> which means they provide the same high-quality service on the side for a fraction of the cost.</p>\r\n<p class=\"child-para\">You can often locate prospective moonlighters by visiting worksites in your neighborhood. Ask to see the boss, and if he's not around, pitch your proposal to the workers. If the boss is around, you can ask him for an estimate without blowing your cover.</p>\r\n<p class=\"child-para Warning\">Hiring moonlighters is a great idea, but make sure they have health insurance with accident coverage. If your workers don't have proper insurance and one of them gets hurt working on your house, your cost savings could quickly be sapped away by losses. If the moonlighters don't have insurance, buy an insurance policy that includes accident coverage for workers.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Hire students over the summer.</b> When school's out, college and high-school students flock to area businesses to secure summer employment, and they're often turned away because so many people are looking for jobs. That's where you come in. Post an ad in the local newspaper or contact high schools and colleges in your area to let them know you're looking for summer laborers.</p>\r\n<p class=\"child-para\">Students are eager and well-qualified to perform the following renovation chores:</p>\r\n\r\n<ul class=\"level-two\">\r\n \t<li>\r\n<p class=\"first-para\">Mowing, weeding, trimming bushes and trees, and planting flowers</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Patching and sealing driveways and walks</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">De-cluttering garages, basements, and attics</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Vacuuming, window washing, and other cleaning</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Demolishing old storage sheds</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Tearing out old carpeting</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Patching and painting inside and out</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Refinishing decks</p>\r\n</li>\r\n</ul>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Buy overstocked or discontinued building materials.</b> When you wander the aisles at your local hardware or building-supply store, find what you want and then ask about any overstocked or discontinued materials that are similar in appearance. Talk to the manager, who most likely wants to clear the old, overstocked items from inventory to make room for the new merchandise that's in greater demand. You can often purchase overstocked or discontinued merchandise for a fraction of the cost.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Buy builder's-grade materials.</b> When shopping for building materials, ask the salesperson to direct you to the builder's-grade materials — the more affordable options, such as prefab cabinets and low-grade carpeting. If installed and maintained properly, these materials are perfectly suitable for most markets. If you're flipping on the ritzy side of town, however, you may need to buy the good stuff.</p>\r\n<p class=\"child-para Tip\">Gauge your selection of materials by the visibility and importance of the rooms. Consider using higher-quality materials for the kitchen, main bathroom, and master bedroom and a lesser quality for the other bedrooms and the second and third bathrooms.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Use remnant material to trim your costs.</b> Carpeting stores, countertop manufacturers, and other suppliers often have remnants in the back that may be sufficient for completing small jobs. Picky customers often return items that have tiny scratches or dents as well as materials that they cut a little too short. These gently used materials may be just what you need, and you can pick them up for pennies on the dollar.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Buy time-saving power tools.</b> When you hire a contractor, you indirectly pay for the tools that make the job much easier. When you rent a tool, you have to return it. When you buy your own tools, however, you have them for as long as they work, and you can spread the cost over several flips. If you're a do-it-yourselfer, buy the tools that make it easier for you to do a professional job.</p>\r\n<p class=\"child-para\">In addition to the standard hammers, pliers, wrenches, screwdrivers, tape measures, paint scrapers, and paintbrushes, almost every house flipper can simplify do-it-yourself jobs with the following power tools:</p>\r\n\r\n<ul class=\"level-two\">\r\n \t<li>\r\n<p class=\"first-para\"><b>Heat gun</b> for stripping wallpaper and paint</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Power washer</b> to clean everything from decks to siding</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Power roller</b> for painting inside walls and ceilings</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Cordless drill</b> with a well-stocked drill-bit case</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Screw gun</b> with Phillips and flat-head screw bits</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Circular saw</b> for decks and other woodworking projects</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Reciprocating saw</b> for cutting anything you can't cut with a circular saw</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Nail gun</b> for quick and easy single-handed nail driving</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Vibrating sander,</b> or belt sander, for sanding out scratches and gouges in wood surfaces</p>\r\n</li>\r\n</ul>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Charge purchases on a rewards-back credit card.</b> Credit-card companies offer some pretty sweet deals to reward customers for using their cards, and as long as you pay the balance in full when you receive the bill, you're not socked with high interest charges. If your building supplier offers its own credit card, you may get a discount on all purchases. If not, shop around for other cards. Companies offer everything from cash-back deals to frequent-flyer miles, free merchandise, free groceries, 0 percent interest for a specific period of time, and other attractive benefits. Take full advantage of these perks.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Schedule work off-season. </b>During the off-season, larger companies have to keep their employees busy in order to pay them and finance their benefits. Use this as a bargaining chip when negotiating the cost of repairs and renovations. However, don't delay a project that needs to be done just to save a few bucks — holding costs (the cost of maintaining a flip) can outstrip any savings.</p>\r\n<p class=\"child-para Tip\">You reap two additional benefits by scheduling work off-season. The contractor is more likely to complete the job on schedule and is generally more responsive when you need her services in season.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Pool your projects.</b> Most skilled laborers charge a minimum for just showing up. You pay for their time and travel expenses no matter how small the job. To save money, pool your projects. You can draw up a list of projects for the plumber, a list for the carpenter, and another list for the electrician. Have them complete all the projects in one trip. Better yet, if you have several houses going at one time, ask the contractor whether she'll consider giving you a discount if you guarantee that she can work on all your properties. Talk with your neighbors. If they're having the same work done on their homes, you may be able to negotiate a better price for multiple jobs.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Rent a large Dumpster (a.k.a. skip) for all the tear-out and construction debris so all your contractors have one place to dump rubbish from your flip.</b> By supplying the Dumpster, you can tell your contractors to remove the cost of waste removal from their estimates.</p>\r\n</li>\r\n</ul>","blurb":"","authors":[{"authorId":9133,"name":"Ralph R. Roberts","slug":"ralph-r-roberts","description":" <p><B>Ralph R. Roberts</b> has been investing in foreclosed properties for over 30 years. He knows every step of the process, from scouting properties to cashing out after the sale, from helping distressed homeowners keep their homes to buying those homes when the owners can no longer afford them. He also has assisted homeowners who have been taken advantage of by unscrupulous investors.</p> ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9133"}},{"authorId":8993,"name":"Joseph Kraynak","slug":"joseph-kraynak","description":" <p><b>Kenneth W. Boyd</b> has 30 years of experience in accounting and financial services. He is a four&#45;time Dummies book author, a blogger, and a video host on accounting and finance topics. 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Roberts</b></b> has been investing in foreclosed properties for over 30 years. He knows every step of the process, from scouting properties to cashing out after the sale, from helping distressed homeowners keep their homes to buying those homes when the owners can no longer afford them. He also has assisted homeowners who have been taken advantage of by unscrupulous investors.</p> <p><b>Kenneth W. Boyd</b> has 30 years of experience in accounting and financial services. He is a four&#45;time Dummies book author, a blogger, and a video host on accounting and finance topics. <p><B>Ralph R. Roberts</b> has been investing in foreclosed properties for over 30 years. He knows every step of the process, from scouting properties to cashing out after the sale, from helping distressed homeowners keep their homes to buying those homes when the owners can no longer afford them. He also has assisted homeowners who have been taken advantage of by unscrupulous investors.</p>","authors":[{"authorId":9133,"name":"Ralph R. Roberts","slug":"ralph-r-roberts","description":" <p><B>Ralph R. Roberts</b> has been investing in foreclosed properties for over 30 years. He knows every step of the process, from scouting properties to cashing out after the sale, from helping distressed homeowners keep their homes to buying those homes when the owners can no longer afford them. He also has assisted homeowners who have been taken advantage of by unscrupulous investors.</p> ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9133"}},{"authorId":8993,"name":"Joseph Kraynak","slug":"joseph-kraynak","description":" <p><b>Kenneth W. Boyd</b> has 30 years of experience in accounting and financial services. He is a four&#45;time Dummies book author, a blogger, and a video host on accounting and finance topics. ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/8993"}},{"authorId":34819,"name":"Kyle Roberts","slug":"kyle-roberts","description":" <p><B>Ralph R. Roberts</b> has been investing in foreclosed properties for over 30 years. He knows every step of the process, from scouting properties to cashing out after the sale, from helping distressed homeowners keep their homes to buying those homes when the owners can no longer afford them. He also has assisted homeowners who have been taken advantage of by unscrupulous investors.</p> ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/34819"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[{"title":"Rent, Rehab, and More","slug":"rent-rehab-and-more","collectionId":291883}],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;flipping-houses&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119861010&quot;]}]\" id=\"du-slot-63221b34f32e4\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;flipping-houses&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119861010&quot;]}]\" id=\"du-slot-63221b34f3b94\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-03-30T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":142895},{"headers":{"creationTime":"2016-03-27T16:48:30+00:00","modifiedTime":"2022-03-30T19:28:51+00:00","timestamp":"2022-09-14T18:19:32+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34256"},"slug":"careers","categoryId":34256},{"name":"Real Estate Careers","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34268"},"slug":"real-estate-careers","categoryId":34268},{"name":"Flipping Houses","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34269"},"slug":"flipping-houses","categoryId":34269}],"title":"Flipping Houses For Dummies Cheat Sheet","strippedTitle":"flipping houses for dummies cheat sheet","slug":"flipping-houses-for-dummies-cheat-sheet","canonicalUrl":"","seo":{"metaDescription":"Flipping a house isn't as simple as it sounds. Read up on info on how to find suitable houses, financing, and how to make a profit.","noIndex":0,"noFollow":0},"content":"\"Flipping houses\" sounds as easy as 1-2-3: 1) Buy a house significantly below market value, 2) fix it up, and 3) sell it. However, when you actually try to flip a house, you soon realize that it's tougher than it sounds. The beginner faces several hurdles, not the least of which is tracking down properties with potential and buying them for cheap.\r\n\r\nThis Cheat Sheet brings you up to speed in a hurry on house flipping basics and helps you clear the most common hurdles.","description":"\"Flipping houses\" sounds as easy as 1-2-3: 1) Buy a house significantly below market value, 2) fix it up, and 3) sell it. However, when you actually try to flip a house, you soon realize that it's tougher than it sounds. The beginner faces several hurdles, not the least of which is tracking down properties with potential and buying them for cheap.\r\n\r\nThis Cheat Sheet brings you up to speed in a hurry on house flipping basics and helps you clear the most common hurdles.","blurb":"","authors":[{"authorId":9133,"name":"Ralph R. Roberts","slug":"ralph-r-roberts","description":" <p><B>Ralph R. Roberts</b> has been investing in foreclosed properties for over 30 years. He knows every step of the process, from scouting properties to cashing out after the sale, from helping distressed homeowners keep their homes to buying those homes when the owners can no longer afford them. He also has assisted homeowners who have been taken advantage of by unscrupulous investors.</p> ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9133"}},{"authorId":8993,"name":"Joseph Kraynak","slug":"joseph-kraynak","description":" <p><b>Kenneth W. Boyd</b> has 30 years of experience in accounting and financial services. He is a four&#45;time Dummies book author, a blogger, and a video host on accounting and finance topics. ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/8993"}}],"primaryCategoryTaxonomy":{"categoryId":34269,"title":"Flipping Houses","slug":"flipping-houses","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34269"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":255157,"title":"How to Read a Property Listing with Flipping in Mind","slug":"how-to-read-a-property-listing-with-flipping-in-mind","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/255157"}},{"articleId":253699,"title":"10 House Flipping Blunders","slug":"10-house-flipping-blunders","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/253699"}},{"articleId":235550,"title":"Doing a Quick House Flip","slug":"quick-house-flip","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/235550"}},{"articleId":235545,"title":"Deciding How Much to Pay for a House to Flip","slug":"deciding-much-pay-house-flip","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/235545"}},{"articleId":235542,"title":"Finding Houses to Flip","slug":"finding-houses-flip","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/235542"}}],"fromCategory":[{"articleId":255157,"title":"How to Read a Property Listing with Flipping in Mind","slug":"how-to-read-a-property-listing-with-flipping-in-mind","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/255157"}},{"articleId":253699,"title":"10 House Flipping Blunders","slug":"10-house-flipping-blunders","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/253699"}},{"articleId":235550,"title":"Doing a Quick House Flip","slug":"quick-house-flip","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/235550"}},{"articleId":235545,"title":"Deciding How Much to Pay for a House to Flip","slug":"deciding-much-pay-house-flip","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/235545"}},{"articleId":235542,"title":"Finding Houses to Flip","slug":"finding-houses-flip","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/235542"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282203,"slug":"flipping-houses-for-dummies","isbn":"9781119861010","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"amazon":{"default":"https://www.amazon.com/gp/product/1119861012/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119861012/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119861012-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119861012/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119861012/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/flipping-houses-203x255.jpg","width":203,"height":255},"title":"Flipping Houses For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><B><b data-author-id=\"9133\">Ralph R. Roberts</b></b> has been investing in foreclosed properties for over 30 years. He knows every step of the process, from scouting properties to cashing out after the sale, from helping distressed homeowners keep their homes to buying those homes when the owners can no longer afford them. He also has assisted homeowners who have been taken advantage of by unscrupulous investors.</p> <p><b>Kenneth W. Boyd</b> has 30 years of experience in accounting and financial services. He is a four&#45;time Dummies book author, a blogger, and a video host on accounting and finance topics. <p><B>Ralph R. Roberts</b> has been investing in foreclosed properties for over 30 years. He knows every step of the process, from scouting properties to cashing out after the sale, from helping distressed homeowners keep their homes to buying those homes when the owners can no longer afford them. He also has assisted homeowners who have been taken advantage of by unscrupulous investors.</p>","authors":[{"authorId":9133,"name":"Ralph R. Roberts","slug":"ralph-r-roberts","description":" <p><B>Ralph R. Roberts</b> has been investing in foreclosed properties for over 30 years. He knows every step of the process, from scouting properties to cashing out after the sale, from helping distressed homeowners keep their homes to buying those homes when the owners can no longer afford them. He also has assisted homeowners who have been taken advantage of by unscrupulous investors.</p> ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9133"}},{"authorId":8993,"name":"Joseph Kraynak","slug":"joseph-kraynak","description":" <p><b>Kenneth W. Boyd</b> has 30 years of experience in accounting and financial services. He is a four&#45;time Dummies book author, a blogger, and a video host on accounting and finance topics. ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/8993"}},{"authorId":34819,"name":"Kyle Roberts","slug":"kyle-roberts","description":" <p><B>Ralph R. Roberts</b> has been investing in foreclosed properties for over 30 years. He knows every step of the process, from scouting properties to cashing out after the sale, from helping distressed homeowners keep their homes to buying those homes when the owners can no longer afford them. He also has assisted homeowners who have been taken advantage of by unscrupulous investors.</p> ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/34819"}}],"_links":{"self":"https://dummies-api.dummies.com/v2/books/"}},"collections":[{"title":"Rent, Rehab, and More","slug":"rent-rehab-and-more","collectionId":291883}],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;flipping-houses&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119861010&quot;]}]\" id=\"du-slot-63221b34d221a\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;careers&quot;,&quot;real-estate-careers&quot;,&quot;flipping-houses&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119861010&quot;]}]\" id=\"du-slot-63221b34d2c28\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":235542,"title":"Finding Houses to Flip","slug":"finding-houses-flip","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/235542"}},{"articleId":235545,"title":"Deciding How Much to Pay for a House to Flip","slug":"deciding-much-pay-house-flip","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/235545"}},{"articleId":158723,"title":"Financing Your House Flips","slug":"financing-your-house-flips","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/158723"}},{"articleId":235550,"title":"Doing a Quick House Flip","slug":"quick-house-flip","categoryList":["business-careers-money","careers","real-estate-careers","flipping-houses"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/235550"}}],"content":[{"title":"Finding houses to flip","thumb":null,"image":null,"content":"<p>The first step in the house-flipping process is the most crucial — finding a property with profit potential:</p>\n<ul>\n<li>Look for <em>dontwanners</em> in your neighborhood — vacant, unkempt homes the owners “don’t want.”</li>\n<li>Search on <a href=\"https://www.auction.com/\" target=\"_blank\" rel=\"noopener\">Auction.com</a>.</li>\n<li>Read local foreclosure notices, available through your county’s sheriff’s office or register of deeds.</li>\n<li>Contact banks to find out about real estate owned (REO) properties.</li>\n<li>Network with probate, bankruptcy, and divorce attorneys.</li>\n<li>Search <a href=\"https://www.hudhomestore.gov/Home/Index.aspx\" target=\"_blank\" rel=\"noopener\">www.HudHomeStore.gov</a>.</li>\n<li>Team up with a Realtor.</li>\n</ul>\n"},{"title":"Making a profit when you buy a house to flip","thumb":null,"image":null,"content":"<p>When you invest in real estate, you make your profit when you buy a property, and you realize that profit when you sell it. The goal is to find a property you know you can sell for significantly more than it costs you to buy it, fix it up, and sell it. Here’s how you achieve that goal:</p>\n<ol>\n<li>Estimate the market value of the property after it’s all fixed up. Estimates are typically based on the market value of comparable properties in the same area that have sold recently, the asking prices of comparable homes currently listed in the area, and the direction the market is headed — whether property values are increasing or decreasing and how fast.</li>\n<li>Subtract your total estimated costs, which will probably include\n<ol>\n<li>Purchase price</li>\n<li>Cost of repairs and renovations</li>\n<li>Any back taxes due on the property</li>\n<li>Holding costs (property taxes, utilities, insurance, interest payments, homeowner association fees, and so on for the time you expect it will take to buy, fix, and sell the house)</li>\n<li>Any agent commissions and closing costs when selling the house</li>\n</ol>\n</li>\n<li>Decide whether your projected profit is worth it to you. Is it worth the time, effort, and risk?</li>\n</ol>\n<p class=\"article-tips tip\">Generally, when you’re first getting started, aim to earn at least a 20 percent profit after subtracting all costs. A 20 percent projected profit gives you a good buffer to protect against unexpected costs.</p>\n"},{"title":"Financing your flips","thumb":null,"image":null,"content":"<p>Where do you find the money to finance your flips? Here are a few sources to consider:</p>\n<ul>\n<li>Your own savings</li>\n<li>Home equity loan or line of credit (on your current home)</li>\n<li>Bank loan (you’ll need cash for a down payment)</li>\n<li>Personal loans (from friends or family members)</li>\n<li>Government loan (if you’re buying from a government program)</li>\n<li>Hard money loans (from investors)</li>\n</ul>\n<p>Whenever possible, use other people’s money (OPM) and put up the investment property as collateral to secure the loan. This approach gives you more leverage to invest in properties you otherwise couldn’t afford, and it helps to shield your assets (such as the home you live in and your retirement savings) from loss.</p>\n<p class=\"article-tips tip\">After you purchase a property, you may be able to finance the repairs and renovations by refinancing to pull the equity out of the property.</p>\n"},{"title":"Start with a relatively easy project","thumb":null,"image":null,"content":"<p>When you’re just getting started, it&#8217;s best to pick an easy property to flip — a great house that’s cosmetically challenged. Then, make the following improvements (also referred to as <em>white-boxing</em>):</p>\n<ul>\n<li>Fix or replace whatever’s broken</li>\n<li>Clean everything thoroughly</li>\n<li>Repaint the interior walls, all white</li>\n<li>Install new wall-to-wall carpeting where it makes sense to carpet</li>\n<li>Replace all light switch and outlet covers</li>\n<li>Replace all register covers if they look worn</li>\n<li>Spruce up the landscaping</li>\n</ul>\n<p>The idea is to freshen up the house to give it a nice, clean, manicured appearance. You want the house to be in “move-in condition” and up to market standards.</p>\n<p class=\"article-tips warning\">Don’t waste money over-improving a property — a common mistake. Invest only enough money to bring the property up to market standards. Investing $100,000 in a property where homes sell for $150,000 won’t make that property worth any more than $150,000. Homebuyers who are in the market for a half-million-dollar home will shop in areas where homes are selling for a half million dollars or more.</p>\n"},{"title":"How to read a property listing with flipping in mind","thumb":null,"image":null,"content":"<p>A property listing typically contains a ton of details, all of which can be very helpful in your search for a flippable house. Some of these details, however, are more useful than others. Focus your search on the following golden nuggets:</p>\n<ul>\n<li><strong>List price:</strong> Limit your search to listings of only those homes in your price range. Examine the list price and compare it to that of other comparable houses in the same area. An inordinately low price can signal a buying opportunity, or it can raise a red flag, making you (and others) wonder, “What’s wrong with this one?” As a house flipper, these are the properties you’re looking for.</li>\n<li><strong>List date or time on the market:</strong> How long has the home been on the market? You typically find your best opportunities in homes that have recently been listed (in the past couple of days) or in homes that have been on the market for a couple of months. A home that’s not selling may be overpriced for the current market.</li>\n</ul>\n<p class=\"article-tips remember\">In many cases, the longer the seller holds out, the harder the home is to sell, and the more desperate the seller becomes. This cycle can signal a buying opportunity now or in the near future. Your agent can tell you the average time a home is on the market in any given neighborhood so you can properly gauge what’s considered “a long time.”</p>\n<ul>\n<li><strong>Remarks:</strong> Near the bottom of every multiple listing service (MLS) listing is a Remarks or Property Description section that offers additional bits of information. Look for key terms, such as “sold as is,” “handyman’s special,” “in need of a little TLC,” or “needs work.” These phrases translate to “You’ll get the house for less because the current owner doesn’t want to clean, paint, or re-carpet.”\n<p>Agents may also be able to download the seller’s residential disclosure, which contains additional details on what works and what doesn’t, whether the property has ever had biological contaminates (such as mold), how old the roof is, and so forth.</li>\n</ul>\n"},{"title":"10 common house-flipping blunders","thumb":null,"image":null,"content":"<p>Many eager, ill-informed investors become overenthusiastic about the big picture and lose sight of the critical details that can make or break a deal. They pay too much for a property, underestimate the cost of repairs and renovations, fail to inspect a property or research the title, or enter into contracts they don’t fully understand.</p>\n<p>Check out these ten common house-flipping blunders to help you avoid costly mistakes and maximize your profits from the start.</p>\n<h3><a name=\"_Toc91687160\"></a>Falling for a scam</h3>\n<p>Money attracts entrepreneurs, but it also attracts thieves. When you flip a house, you stand to earn tens of thousands of dollars on a single transaction. But being successful requires determination, diligence, and hard work ― don’t let anyone convince you otherwise. Don’t be a sucker. Be on guard for the following threats:</p>\n<ul>\n<li>Get-rich-quick schemes, cash-back-at-closing schemes, no-money-down deals, and anything else that sounds too good to be true</li>\n<li>Partnerships, especially those that require you to take on all the risk, supply most of the money, or do most of the work</li>\n<li>Anyone who offers to “take care of everything for you”</li>\n</ul>\n<h3><a name=\"_Toc91687161\"></a>Speculating on the housing market</h3>\n<p>Like the stock market, the housing market has its ups and downs. In a hot market, investors often become infected with irrational exuberance — the belief that current appreciation rates are an accurate representation of future rates. They overpay for properties, expecting them to appreciate, and when the market flattens or takes a dive, they’re stuck with a property they need to sell at a price no buyer is willing to pay.</p>\n<p>Don’t bank on double-digit increases in housing values, and be prepared with a Plan B, such as holding a property and leasing it out to tenants until the market recovers.</p>\n<h3><a name=\"_Toc91687162\"></a>Waffling on an obviously good deal</h3>\n<p>Some investors experience <em>paralysis by analysis:</em> They overanalyze a great deal and can even talk themselves out of it, or else they waffle until another investor shows interest — and then it’s often too late.</p>\n<p>When you see a good deal, act quickly. You don’t necessarily need to buy the property right away, but by making an offer on the property, you can tie it up for several days so that you can research the title and inspect the property.</p>\n<h3><a name=\"_Toc91687163\"></a>Backing yourself into a contractual corner</h3>\n<p>Rarely do people hand you contracts to sign that protect <em>your</em> rights or interests. Instead, they hand you contracts that protect <em>their</em> rights and interests. Before you sign a contract or purchase agreement, read it carefully and make sure that it has a <em>weasel clause</em> — a legal back door through which you can make a graceful exit.</p>\n<h3><a name=\"_Toc91687164\"></a>Failing to inspect the property before closing on it</h3>\n<p>Don’t rely on the seller’s claims and disclosures. The real estate community has a saying: “Buyers are liars, and sellers are worse, and sellers by owner eat their young.” Have the house inspected.</p>\n<p>A city inspection is best because it provides you with an inspection team consisting of a professional plumber, an electrician, a heating and air-conditioning specialist, and a builder (for structural features). In some areas, however, city inspections are unavailable or are performed only on new construction; if that’s the case, have a trusted contractor inspect the property with you.</p>\n<p>If you’re buying a house at a foreclosure sale, obtaining a thorough home inspection before handing over the cash may not be an option, but you should inspect the home yourself as thoroughly as possible. Drive by the house, inspect the outside, and do what you can to get inside to take a look around. The less you know about a property, the higher you should set your margin to cover unexpected costs.</p>\n<p class=\"article-tips tip\">Complete a final walk-through a half-hour before closing to make sure the house is still in the same condition as when you last saw it and that whatever you’re expecting to be included in the sale is still on the property. I’ve walked through homes before closing to discover that the seller took all the appliances when those items were supposed to remain in the house. Work to resolve any issues before you close — you have no recourse after that.</p>\n<h3><a name=\"_Toc91687165\"></a>Assuming that the title is clear</h3>\n<p>Anyone can sell a property. Even people who don’t own a property can sell it. Some con artists wait until the owner takes an extended vacation. They move into the house, pose as the owner, print out a fake title, and sell it to an eager but clueless buyer. Sometimes, they sell the house to several buyers!</p>\n<p>Another possibility is that a homeowner may try to sell you a house without telling you that the property has multiple liens against it. Unless you research the title and have the title company perform a title search, you can’t be sure the title is clear or even valid or that the person selling the house legally owns it. And, if you’re not 100 percent certain, don’t buy the property.</p>\n<h3><a name=\"_Toc91687166\"></a>Underestimating the cost of repairs and renovations</h3>\n<p>Beginning investors often experience sticker shock when they hire contractors to perform repairs and renovations. Just make sure you have your sticker shock <em>before</em> you buy a property, not after you own it — when it’s too late to do anything about it.</p>\n<p>For necessary repairs and renovations, you should have an accurate estimate of all costs before you buy a property. You can jot down notes while you’re inspecting it and then consult repair and renovation services to obtain estimates.</p>\n<h3><a name=\"_Toc91687167\"></a>Doing shoddy work to save money</h3>\n<p>Sellers have all sorts of tactics to cover defects in a home. They may carpet over a floor that has extensive water or termite damage, pump out a septic tank that’s gone bad so that the toilets keep flushing for a couple more months, or install wood paneling in the basement to hide defects in the foundation.</p>\n<p class=\"article-tips remember\">As an investor who wants to remain in business, you should treat these tactics as taboo. Don’t sell your soul for a few thousand dollars.</p>\n<h3><a name=\"_Toc91687168\"></a>Over-improving a property</h3>\n<p>Transforming a bungalow into the Taj Mahal may be a noble vision, but it ultimately lands you in the poorhouse. Know the housing market in your area, and routinely visit open houses to remain abreast of current trends and market demands. Gauge repairs and renovations to meet or slightly exceed what’s currently selling in your area. Your renovated home should be more appealing than comparable homes in the area, but not excessively more appealing.</p>\n<h3><a name=\"_Toc91687169\"></a>Forgetting to pay the taxes</h3>\n<p>In the flurry of flipping, taxes are easy to overlook, especially property taxes. Forgetting to pay your taxes, however, can further complicate your flipping operation, and back taxes and penalties can take a big chunk of your future profits.</p>\n<p>Set aside a certain percentage of your profit from each flip in a separate account, and pay your taxes out of that account. This separate account reduces the temptation to spend the money owed to the government. If you fall behind on taxes, catching up can be tough.</p>\n<p>&nbsp;</p>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two 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Real Estate Careers Articles

It's all about location, location, location. And the right training. And expert wisdom. All are needed to succeed in real estate. Check out our articles to find out where you fit in this profitable industry.

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General Real Estate Careers Landlord Do’s and Don’ts: The Eviction Process

Article / Updated 09-06-2023

Although the eviction process is rather straightforward in most areas, you still want to ensure you, as the landlord, don’t do anything to jeopardize the proceedings. There is no guarantee that the process will run smoothly, but if you keep the following in mind, you can alleviate many headaches: Do use an attorney. The filing and serving of eviction actions are governed by very precise and detailed rules. The smallest mistake can result in delays or even the loss of your case on technicalities, regardless of the fact that the resident hasn’t paid rent or has otherwise violated the rental contract. Don’t fail to properly respond to maintenance requests. Even if you’re in the middle of an eviction process with a resident, you’re always responsible for properly maintaining the premises. If someone gets hurt because of your failure to keep the property in good condition, you can be sued. Always fix problems immediately and worry about who is responsible later. Residents and their attorneys are very sensitive to maintenance issues. Any failure to respond to a resident’s request for maintenance can be used as a defense in the eviction action. Don’t get too emotionally involved in an eviction process and make an irrational decision that can be construed as a self-help eviction. A self-help or constructive eviction is a situation in which the owner takes illegal actions to effectively force the resident to vacate the premises. But in today’s reality, no states tolerate these aggressive tactics, regardless of how bad the resident behaves. In many states, even reducing or eliminating free services such as cable TV may be prohibited; the court may consider this move an illegal self-help measure, and the resident can sue for significant penalties. To avoid ending up on the wrong side of a lawsuit, don’t pursue vigilante justice. Follow legal eviction procedures and work through the courts and local law enforcement when you need to evict residents. The wheels of justice turn slowly, but taking matters into your own hands may result in serious (expensive) consequences.

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General Real Estate Careers How to Advertise Your Rental Property on the Internet

Article / Updated 08-28-2023

The Internet is an exceptionally popular and productive medium for residential advertising, because many people begin their search for apartments online. However, posting advertisements and listings online is so easy that you need to be particularly vigilant in complying with fair housing law in all of your online advertising. Many online services, such as Craigslist, require compliance with fair housing laws and may provide guidelines similar to those listed above that identify words and phrases that may be considered discriminatory. Understanding the Communications Decency Act of 1996 The Communications Decency Act of 1996 was an attempt by Congress to regulate the use of pornographic material on the Internet. The following year, however, the anti-indecency provisions of the CDA were found to be unconstitutional. What remains of the Act is an amendment that’s been interpreted to mean that operators of Internet services aren’t considered to be publishers of the contents of their advertising and therefore aren’t legally liable for the words and phrases of the advertising that appears in their Internet postings. Any liability for using discriminatory language, therefore, applies only to the advertisement’s originator. In other words, if you post an ad online, you’re responsible for making sure it complies with all federal, state, and local laws. Applying the Communications Decency Act to apartment advertising Although website owners may be immune from prosecution regarding content posted on their sites, you may still be held accountable as an individual or a business for any discriminatory advertising content that you post or have posted anywhere online. The safest course is to strictly follow the provisions of the Fair Housing Act and make absolutely certain that your advertising — wherever you post it — doesn’t discriminate against anyone.

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General Real Estate Careers Legal Consequences for Slacker Landlords

Article / Updated 07-10-2023

When landlords fail to maintain habitable and nuisance-free rental properties and fail to remedy serious issues raised by residents, several consequences may follow. However, for you to be held legally liable and for residents to have a right to take recourse, the following five conditions must be met: The issue makes the resident’s premise uninhabitable or a significant threat to the resident’s life, health, or safety. The resident notified you of the issue. Neither the resident nor the resident’s guest, child, or pet caused the damage. (If one of them caused the damage, then the resident is responsible for fixing it or paying for it to be fixed.) The resident gave you or your agent access to the premises to perform the repair. Residents can’t demand that you repair damages if they substantially interfere with your ability to perform the repair, such as preventing an electrician from entering the unit to fix faulty wiring. You failed to remedy the situation in a reasonable amount of time. (What’s reasonable varies according to several factors, including how the residents are affected and the state and local statutes, but two to four weeks are typical. Of course, if the heating goes out in the middle of a frigid winter day, reasonable may mean immediate attention is required.) Generally, residents have the legal right to take any of the following actions: Withhold or escrow some or all rent until the repair is made. In some areas, residents must obtain permission from the courts to withhold or escrow rent, and the amount withheld may be limited. Hire an outside contractor to make the repair and deduct the costs from future rent payment(s). Residents should only use qualified and licensed personnel plus provide copies of any bids or estimates and written proof of payment for a reasonable amount to complete the work. Personally repair and deduct the repair costs from future rent payments. Residents shouldn’t attempt to do the work themselves (or a relative or friend) unless they’re qualified and properly licensed, if required, to do the specific work needed. Sue for damages from the date of the landlord’s knowledge of the breach of the warranty of habitability. The measure of damages is generally the difference between the value of the rented premises in its uninhabitable condition and its fair market rental value. Sue to force the landlord to make repairs by obtaining a court order requiring the landlord to make the repairs. Note, however, that courts are unlikely to use this option because it involves costly court supervision. A variation of this remedy allows the landlord and resident to agree that the resident may repair the damage and subtract the cost of repairs from future rent payments. Move out and terminate the lease. If the premises are truly uninhabitable, the resident has the right to move out temporarily or permanently based on the grounds of constructive eviction — by failing to provide residents with a habitable dwelling, you evicted them, breaking the rental agreement. Furthermore, the resident may sue for money damages for the landlord’s breaking the lease and may recover for emotional and physical stress. One of the rarely mentioned costs of a landlord’s failure to provide habitable housing is a decline in occupancy. As residents move out in response to substandard living conditions, occupancy and revenue from rent payments drop. Keeping your rental units and common areas in good repair is a good business decision. Residents in properties regulated by the New York City Housing Authority (NYCHA) may make a claim for breach of the warranty of habitability even if they fail to serve a notice of claim on the NYCHA before raising the claim, as long as they seek only a rent set off and not a money judgment. Residents who want a money judgment from the NYCHA must serve the city with a notice of claim for damages. If the failure to provide habitable living conditions violates state or local building or health codes and inspectors verify the violation, they may require you to fix the problem and pay additional fines or penalties.

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Flipping Houses Watch for These Red Flags in Offers on Your Home

Article / Updated 04-25-2023

Selling a home can be very nerve-wracking, so you may be tempted to take the first offer that comes along. Be careful! Potential buyers can be problematic if you don't know what to look for. Not all offers are created equal, so if you jump at one too soon, you could end up breaking the law, tying up the sale of your home, or seeing your home sale fall through. Here are some signs of potential trouble when looking at offers on your home: The buyer requests a cash-back-at-closing deal. Here, the buyer offers you more than the home is worth if you agree to kick back the extra money at closing. This practice is fraudulent and can land you in jail. The buyer isn't pre-approved for a mortgage loan. This person can tie up your home, preventing you from considering better offers. The buyer offers no or very little earnest money deposit (EMD). The lower the EMD, the more likely the deal will fall through. The buyer makes the purchase agreement contingent on the sale of his home. For your home to sell, several other transactions must occur first. This is known as the domino effect, and you should avoid it, if possible. This type of contingency ties up the sale of your house with no guarantee that the interested parties will ever actually go through with the deal.

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General Real Estate Careers The Agent's Role in a Real Estate Transaction

Article / Updated 04-25-2023

Buying and selling houses is the primary business of real estate brokers and salespeople. Here's an overview of a typical house sale involving real estate agents. A couple decides to sell their house and enlist the services of a real estate agent. You're one of several agents the couple invites to their home to hear your listing presentation and explain what services you offer. In addition, you probably advise the couple on what price they'll be able to get for their house. After meeting with several agents, the couple chooses you, signing a listing agreement and agreeing to allow you to represent them as their agent in the transaction. As the couple's real estate agent, you begin marketing the property. In communities that have a multiple listing service (MLS), you enter their house information into a computer so that all other agents in the community can see what you've listed for sale. In communities with no MLS, agents may spread the word around to other real estate agencies that they have a particular house for sale. An agent across town who's been working to find a house for another couple sees your house on the MLS and gets in touch with you, asking for more details and making sure the house still is for sale. The cross-town agent then contacts his buyers, and they agree to take a look at the house. After seeing the house, they agree to make an offer. The way a buyer's offer is presented varies in different communities. Sometimes the offer is made in person with the buyer's agent present. The offer usually is made in writing with a small check from the prospective buyer that's called a binder or earnest money. Assuming that your seller either accepts the offer immediately or engages in negotiations that result in a deal, a contract of sale then is prepared. Exactly who prepares the contract varies by state and region. In many places, however, the seller's real estate agent prepares the contract, sometimes filling in the blanks of a preprinted contract form, but in other places, only attorneys prepare the contract. After the contract is signed, the conditions within the contract are triggered. A typical real estate sales contract includes a provision for the buyer to obtain mortgage financing and may have provisions for the house to be inspected by a home inspector or engineer. The contract usually includes a provision that a marketable title must be conveyed. A marketable title means that a reasonable and proper search of the records has been conducted, showing that the title to the property has been documented from earlier owners to the current seller so that it can be conveyed (or transferred) without questions as to who the owner is. A records search that proves whether a title is marketable is called a title search. Title insurance also may be purchased (or even required) as part of the contract process to ensure that the title is legal. When all of the contract provisions are satisfactorily completed and met, the buyer and seller may proceed to closing, taking the real estate agent one step closer to getting paid. By general agreement, the commission usually is paid at the closing. When more than one broker is involved, the broker representing the seller distributes the preapproved share of the commission to the buyer's representative. Each broker then splits a portion or percentage of the commission with the salesperson who worked the deal.

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General Real Estate Careers Renting Out Your Property For Dummies Cheat Sheet (UK Edition)

Cheat Sheet / Updated 04-18-2023

Got a property to rent but worried about everything that’s involved with being a landlord? Use this Cheat Sheet for tips on marketing your property, finding the right tenant and managing the rental process from start to finish.

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General Real Estate Careers Landlord's Legal Kit For Dummies Cheat Sheet

Cheat Sheet / Updated 09-20-2022

Being a landlord certainly sounds easy. All you have to do is line up responsible residents, maintain the property, and count your money as the rent rolls in, right? Actually, no. Owning and leasing residential real estate requires that you comply with a host of federal, state, and local laws. Certain residents may complicate your life by taking legal action against you or forcing you to take legal action against them. This snapshot explains some important landlord legalities and helps you avoid the most common legal pitfalls of owning and leasing residential rental property.

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General Real Estate Careers Ways You Can Incorporate Your Business as a Landlord

Article / Updated 08-16-2022

How you choose to structure your business as the landlord depends in part upon your willingness to share its future and yours with others. Forming a corporation is a fairly complex legal endeavor that involves the following steps: Choose and register a name for your corporation that complies with state requirements. Write and file your articles of incorporation. Write bylaws to govern corporate operations. Issue stock certificates to your corporation@’s owners and investors. Obtain any business licenses and permits required by your state and local governing bodies. You can take any of the following three approaches to form your corporation: Do it yourself. If you’re the sole owner of the business and don’t intend to add owners, seek outside capital, or do business in multiple locations, you may be able to incorporate without expert assistance. Use a third-party service. Hire a reputable, local attorney. Outsourcing to a business-formation service Numerous firms offer services to help you form a business entity. Three of the best known are Legal Zoom, Rocket Attorney, and The Company Corporation. Others include Inc Authority, and Directincorporation.com. Before using a service, check with others who’ve used it, and expand your search to include LinkedIn, Facebook, and Twitter. Find out how they’re regarded by the Better Business Bureau and local consumer protection organizations to determine whether any complaints have been filed against them. Keep in mind that these firms are ordinary retailers who tend to advertise low prices “Starting at …” for only a few of the services you need. Comparison shop. Find out what’s included and what’s not. Get a price quote from a reputable local attorney, as well, for comparison purposes. Make sure you get a price quote that covers everything you need to form your corporation. Hiring an attorney and accountant We recommend that you hire a reputable, local attorney to guide you through the process of incorporating your business and an accountant to manage the corporation’s payroll, taxes, and financial reporting for several reasons, including the following: Your attorney can help evaluate your specific needs for the area where you’re setting up shop and recommend the best business structure to meet those needs. Choosing the wrong business structure may imperil your personal assets and limit your tax benefits. Your attorney makes sure all documents are filed properly with the right government agencies and in a timely manner. Your attorney can refer you to experts in accounting, banking, financial planning, insurance, and web design. A good business attorney will have an ongoing professional interest in your success. Your accountant keeps the books and creates and files financial reports in compliance with federal, state, and local laws. Running your operation as a corporation As complicated as forming a corporation is, running it requires even more attention to detail. You must fulfill the obligations of corporate governance, which include: Paying yourself and other owners and investors salaries or distributions Holding at least one director and shareholder meeting annually Typing up and filing minutes from those meetings Updating the bylaws Practicing generally accepted accounting principles (GAAP) — standards and procedures for recording financial transactions and producing financial reports Producing and filing an annual report with your Secretary of State Preparing the corporation’s annual tax return

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Flipping Houses Flipping Homes: 11 Ways to Cut Renovation Costs

Article / Updated 03-30-2022

When renovating a property that you intend to flip, don't get carried away. Some home flippers hire top-of-the-scale contractors and insist on the highest-quality building materials from the nearest suppliers. To help you avoid that trap, here are 11 secrets that can slash your cash outlays and boost your bottom line. Get free advice and planning tools. You don't have to hire a professional interior designer to draw up plans for remodeling a kitchen or bathroom. Most home-improvement stores have their own designers on staff to assist you. If you purchase the materials from the store, the store frequently throws in the design consultation for free. And who can say no to free? You can often find additional planning tools and calculators online. Large home-improvement stores and manufacturers typically feature cost estimators, material lists, and installation instructions and tips on their websites. For some excellent online resources for planning your projects, check out Lowe's, Home Depot, and Bob Vila Design Tools. Hire moonlighters. Large construction companies often have large overhead costs, so they have to charge more for their work. A roofing company, for example, needs to purchase and maintain its trucks, pay rent on office space, and cover payroll expenses and insurance for its workers. To earn an extra buck on the side, the employees of many of these companies moonlight, which means they provide the same high-quality service on the side for a fraction of the cost. You can often locate prospective moonlighters by visiting worksites in your neighborhood. Ask to see the boss, and if he's not around, pitch your proposal to the workers. If the boss is around, you can ask him for an estimate without blowing your cover. Hiring moonlighters is a great idea, but make sure they have health insurance with accident coverage. If your workers don't have proper insurance and one of them gets hurt working on your house, your cost savings could quickly be sapped away by losses. If the moonlighters don't have insurance, buy an insurance policy that includes accident coverage for workers. Hire students over the summer. When school's out, college and high-school students flock to area businesses to secure summer employment, and they're often turned away because so many people are looking for jobs. That's where you come in. Post an ad in the local newspaper or contact high schools and colleges in your area to let them know you're looking for summer laborers. Students are eager and well-qualified to perform the following renovation chores: Mowing, weeding, trimming bushes and trees, and planting flowers Patching and sealing driveways and walks De-cluttering garages, basements, and attics Vacuuming, window washing, and other cleaning Demolishing old storage sheds Tearing out old carpeting Patching and painting inside and out Refinishing decks Buy overstocked or discontinued building materials. When you wander the aisles at your local hardware or building-supply store, find what you want and then ask about any overstocked or discontinued materials that are similar in appearance. Talk to the manager, who most likely wants to clear the old, overstocked items from inventory to make room for the new merchandise that's in greater demand. You can often purchase overstocked or discontinued merchandise for a fraction of the cost. Buy builder's-grade materials. When shopping for building materials, ask the salesperson to direct you to the builder's-grade materials — the more affordable options, such as prefab cabinets and low-grade carpeting. If installed and maintained properly, these materials are perfectly suitable for most markets. If you're flipping on the ritzy side of town, however, you may need to buy the good stuff. Gauge your selection of materials by the visibility and importance of the rooms. Consider using higher-quality materials for the kitchen, main bathroom, and master bedroom and a lesser quality for the other bedrooms and the second and third bathrooms. Use remnant material to trim your costs. Carpeting stores, countertop manufacturers, and other suppliers often have remnants in the back that may be sufficient for completing small jobs. Picky customers often return items that have tiny scratches or dents as well as materials that they cut a little too short. These gently used materials may be just what you need, and you can pick them up for pennies on the dollar. Buy time-saving power tools. When you hire a contractor, you indirectly pay for the tools that make the job much easier. When you rent a tool, you have to return it. When you buy your own tools, however, you have them for as long as they work, and you can spread the cost over several flips. If you're a do-it-yourselfer, buy the tools that make it easier for you to do a professional job. In addition to the standard hammers, pliers, wrenches, screwdrivers, tape measures, paint scrapers, and paintbrushes, almost every house flipper can simplify do-it-yourself jobs with the following power tools: Heat gun for stripping wallpaper and paint Power washer to clean everything from decks to siding Power roller for painting inside walls and ceilings Cordless drill with a well-stocked drill-bit case Screw gun with Phillips and flat-head screw bits Circular saw for decks and other woodworking projects Reciprocating saw for cutting anything you can't cut with a circular saw Nail gun for quick and easy single-handed nail driving Vibrating sander, or belt sander, for sanding out scratches and gouges in wood surfaces Charge purchases on a rewards-back credit card. Credit-card companies offer some pretty sweet deals to reward customers for using their cards, and as long as you pay the balance in full when you receive the bill, you're not socked with high interest charges. If your building supplier offers its own credit card, you may get a discount on all purchases. If not, shop around for other cards. Companies offer everything from cash-back deals to frequent-flyer miles, free merchandise, free groceries, 0 percent interest for a specific period of time, and other attractive benefits. Take full advantage of these perks. Schedule work off-season. During the off-season, larger companies have to keep their employees busy in order to pay them and finance their benefits. Use this as a bargaining chip when negotiating the cost of repairs and renovations. However, don't delay a project that needs to be done just to save a few bucks — holding costs (the cost of maintaining a flip) can outstrip any savings. You reap two additional benefits by scheduling work off-season. The contractor is more likely to complete the job on schedule and is generally more responsive when you need her services in season. Pool your projects. Most skilled laborers charge a minimum for just showing up. You pay for their time and travel expenses no matter how small the job. To save money, pool your projects. You can draw up a list of projects for the plumber, a list for the carpenter, and another list for the electrician. Have them complete all the projects in one trip. Better yet, if you have several houses going at one time, ask the contractor whether she'll consider giving you a discount if you guarantee that she can work on all your properties. Talk with your neighbors. If they're having the same work done on their homes, you may be able to negotiate a better price for multiple jobs. Rent a large Dumpster (a.k.a. skip) for all the tear-out and construction debris so all your contractors have one place to dump rubbish from your flip. By supplying the Dumpster, you can tell your contractors to remove the cost of waste removal from their estimates.

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Flipping Houses Flipping Houses For Dummies Cheat Sheet

Cheat Sheet / Updated 03-30-2022

"Flipping houses" sounds as easy as 1-2-3: 1) Buy a house significantly below market value, 2) fix it up, and 3) sell it. However, when you actually try to flip a house, you soon realize that it's tougher than it sounds. The beginner faces several hurdles, not the least of which is tracking down properties with potential and buying them for cheap. This Cheat Sheet brings you up to speed in a hurry on house flipping basics and helps you clear the most common hurdles.

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