Property Management for Dummies
You’ll need to wear many hats in the business of property management: advertiser/promoter (in seeking tenants), host (in showing your property), handyman (in keeping up with and arranging repairs), bookkeeper (in maintaining records), and even counselor (in dealing with tenants and their problems). But Property Management For Dummies will help you maintain your sense of humor – and your sanity – as you deal with these challenges and more.
You may become an unintentional property owner – someone who inherited a house from a relative and didn’t want it to sit idle, or someone who transferred to a job in another city and decided to rent your home rather than sell it – or you may have entered the world of property ownership intentionally. Either way, real estate offers one of the best opportunities to develop a steady stream of residual income.
Property Management For Dummies is organized by specific topic areas, so you can easily and quickly scan a topic that interests you, or you can troubleshoot the source of your latest major headache. You’ll discover how to
- Evaluate your skills and personality to see whether you have what it takes to be a landlord
- Keep your units occupied with paying tenants who don’t destroy your property
- Move in your new tenants and move them out – and everything in between
- Assemble the right team of professionals to help you, from employees to contractors
- Insure your property and understand the taxes that go with it
- Look for additional sources of income beyond rent, including the opportunities and pitfalls of lease options
While many of life’s lessons can be uncovered by trial and error, property management shouldn’t be one of them – the mistakes are too costly and the legal ramifications too severe. In this book, you’ll find proven strategies to make rental property ownership and management not only profitable but pleasant as well.
User Ratings and Reviews
5 Stars Property Management Basics
I found that this book covered the basics. Very easy to read and understand. However, the contents seemed to be mostly common sense type of information. Not too many unique thoughts or ideas. If you are really interested in learning more in depth information about managing your own property, I suggest reading a variety of books by genuine realty experts and then contacting your local realty board in the state you live in. The law varies so much from state to state, you really need to read the tenant-landlord act in the state where you reside before you make any real decisions about managing your own property.
5 Stars Best Investment I’ve Ever Made
I just paid off my house mortgage and decided that it might be a good idea to invest in a rental property. I didn’t have a clue as to what that might entail, in fact, the only time I ever lived in a rental was for two years and we rented from my in-laws. Talk about clueless! This book is incredible! It takes you step-by-step through all the aspects of owning a rental property and even has forms and lists you can use. It tells you how to check out prospective tenants, how to show the property to prospects, how to deal with problem tenants, how to manage the property and actually make money, and so much more, and it’s all written so that even I could understand it. It also tells you what copies to request from the present landlord, such as copies of the present tenants leases, current insurance policy, property tax bill, any service agreements if applicable – pest control, maintenance, lawn care, and more.
I’m starting to look at properties now that I’ve done my homework and I feel much more confident and knowledgeable. I don’t know what I would have done without this guide.
5 Stars Moving Out Tenants Section Outstanding
This is a great book for the reference shelf of almost all rental property owners or landlords.
I particularly like the section on Moving Tenants Out. I have been managing tenants for about 7 years in rental properties that I own, but after reading the section, I realilzed that I had been overlooking several useful techniques.
The best technique of all was to send the tenants a “Move-Out Information Letter.” The letter thanks the tenants for making your rental ujnti their home, but more importantly it providest them with the procedures to follow to prepare the rental unit for thefinal move-out. It tells them how clean you expect the property to be in order for them to have their security deposit returned.
The copy of the move out letter provided in the book is one that I will use from here on out.
5 Stars Excellent Reference
I’ve managed property for years and still learned from this book. It’s straight-forward and comprehensive. If there were an updated edition, I would look for more guidance on 1) hiring a decent service company, 2) handling wayward tenants, 3) handling crime and trespassing. I’d also add a word of caution: have all rental documents reviewed by a local real estate attorney. Otherwise, they may not hold.
5 Stars Very informative. I am satisfied.
This book has been very satisfactory and I will probably read it again a couple of times. In fact, I think I’ll start reading it again today. I recommend it to any neophyte property manager.
Related Websites -
Commercial Real Estate Investing For Beginners: You Bought a Course From A Real Estate Guru? What the HECK did I just buy from that fast talking clown? Will This Real Estate Investing Course Work For Me? Emily Cressey Real Estate Investor and Coach When you're just getting started in real estate investing, it's easy to get caught up chasing big dreams and money. Especially...... -
Real Estate - Latest News Image by nancyarora2020 via FlickrThe latest news in real estate from around the blogosphere: Information About Real Estate | Property| Land and Homes …Distressed assets create tremendous opportunity for the savvy commercial real estate practitioner, but quickly capturing profit in this new arena requires a well-defined path to success. See...... -
The Mortgage Crisis and Investments in Real Estate According to regional and state real estate analysts, the factors which previously fueled the housing boom of the last few years are easy to explain. The factors that fueled this boom in the real instate industry ranged significantly, including: - Interest rates that were historically low. - Flight-Risk Safety Investments...... -
Real Estate: The Time To Buy? None-the-less....lender's books are filling up with Commercial REOs. Commercial assets at discounted prices are showing up by the truck loads....So....it is cherry picking time. BUT one huge problem. Lenders are not lending. Well....at least not without a heavy down payment. Up to 50% on some deals....especially retail...office....industrial. Apartments still...... -
Real Estate Investments - Good Idea or Bad Idea? Right now, if there was a market that had bad news written all over it, it would be real estate. The housing crisis has made investors jumpy, the economy appears to be tanking and home values are plummeting across the country. Would you believe that this is actually a good......
You must log in to post a comment.