You are not signed in. Sign in.

List Books: Buy books on ListBooks.org

How to Buy and Manage Rental Properties: The Milin Method of Real Estate Management for the Small Investor » (REV)

Book cover image of How to Buy and Manage Rental Properties: The Milin Method of Real Estate Management for the Small Investor by Irene Milin

Authors: Irene Milin, Mike Milin
ISBN-13: 9780671644239, ISBN-10: 0671644238
Format: Paperback
Publisher: Simon & Schuster Adult Publishing Group
Date Published: June 1988
Edition: REV

Find Best Prices for This Book »

Author Biography: Irene Milin

Mike and Irene Milin are the world's most successful couple in real estate education, the "Dynamic Duo" whose seminars in real estate management have shown thousands across the country how to find, purchase, and rent properties. Only a few years ago, the Milins were plagued by debt and unemployment, but by studying the ways other entrepreneurs had made fortunes in real estate, the Milins developed the sure-fire "Milin Method" and became millionaires almost overnight. In the past two years, they have traveled more than 500,000 miles coast to coast showing investor groups how they achieved their goals with hard work and a savvy program that gets results. The Milins live in Tucson, Arizona.

Book Synopsis

Mike and Irene Milin are the world's most successful couple in real estate education, the "Dynamic Duo" whose amazing sellout seminars in real estate management have shown thousands across the country how to find, purchase, and rent properties -- and let their tenants do the work!

Now the Milins have put their practical, time-tested techniques into a book, How to Buy and Manage Rental Properties. They show you how to use the Milin Method to avoid problems and expenses while keeping the money coming in -- the Milin promise is financial freedom in two to three years! How to Buy and Manage Rental Properties will show you how you can get tenants involved in the maintenance of your rental properties -- the remarkable "hands-off" strategies that put your properties on auto pilot, leaving you the time to achieve more as a real estate entrepreneur. Their program covers in detail all aspects of buying, financing, maintaining, and renting properties, including:

* Managing people, not property
* Buying right to manage right
* Rental interviews and agreements
* Keeping good tenants, and getting rid of bad ones
* Bookkeeping, taxes, and property tracking
* Real estate agents and property sales
* Equity sharing and partnerships

It's all here in a guide you can easily read and refer to -- the best, most comprehensive program of buying and rental techniques ever developed, detailing sound and sensible ways to protect your investments and get the most out of your properties with the least trouble.

Table of Contents

Introduction17
Working for Others Doesn't Work17
Three Years to Freedom18
Landlording Is the World's Most Profitable Business19
Two Reasons Why People Are Scared to Buy Real Estate19
Successful Management Means Successful Investing20
A "Hands-Off" Cash-Flow Management Plan21
Landlording Still Has a Bad Image21
Owning Rental Property Doesn't Have to Be Hard Work22
The Management Burden Is on the Tenants22
1Successful Landlording is No Accident25
The Right Property Attracts the Right Tenants25
Don't Buy Rental Property in Rental Areas26
Owner-Occupied Areas Are Stable27
It's Hard to Think of One Hundred Units as "Home"27
You Want Tenants Who Are Eager to Rent from You28
Keep Tenants in Awe of You29
You Must Attract Renters Before You Can Choose One29
You've Got to Know Where the Money's Going30
The Right Time to Sell Your Properties30
Keeping Expenses Under Control30
2People-Not Properties-Cause Problems32
Business Is People33
Investing in Tenants34
The Phantom Management Company35
The Millionaire Landlord36
The Poor Landlord36
Houses and Small Apartment Buildings37
Stability Is Golden38
Pets and Children Welcome39
Preventing People Problems40
Rewards and Incentives for Good Tenants41
Punishment for Bad Tenants43
Rebellious Tenants43
What Kinds of Tenants Push for Rent Control?45
Professional Radicals45
Ignorant Victims45
Abused Tenants46
3Buy Right to Manage Right47
Beware of Discount Pricing47
Finding Good Rentals48
What Are Tenants Looking For?50
Checking out the Neighborhood52
Looking at the House53
Know What You're Buying54
Prepare an Inspection Checklist56
Negotiating with Sellers62
The Terms We Want64
The One-Two-Three Punch65
Balloon Payments66
Let the Seller Get the Loan67
4Purchase Agreements68
Who Pays for What?68
The Weasel, or Escape, Clause69
Personalized Forms70
The Financing71
Rent It Out Before You Buy71
Make the Seller Get Rid of Bad Tenants73
Set Up a Reasonable Schedule for Showing the Property73
5Constructing An Ad Campaign76
Advertising in a Renter's Market77
Television77
Radio78
Flyers78
Military Newspapers79
Finder's Fees80
Constructing Your Ad80
6Picking the Right Tenants83
Always Pick Your Tenants-Never Let Them Pick You83
Meeting the Applicants85
Creating Your Own Office86
The Renter's Convention88
Discrimination Is Bad Business88
Get to Know Renters89
Make Your Rules Clear91
7The Rental Interview98
We're Tough Interviewers99
Never Make Exceptions99
Setting the Stage100
Accentuate the Negative101
Explaining the Rental Contract to Tenants102
An Ounce of Prevention117
8Training Tenants to Obey Your Rules122
Setting Up a Surveillance Network123
Making Tenants Feel at Home124
Raising the Rents125
Reward the Good Tenants127
The Rent Belongs to the Landlord128
9Getting Rid of Bad Tenants130
Alternatives to Eviction131
Paying Bad Tenants to Leave131
We Play for Keeps134
10Keeping the Good Tenants139
Good Tenants Become Buyers140
Lease Options for Good Tenants145
First Right of Refusal Options145
Performance Options146
A Happy Tenant Is a Solid Tenant147
11Property Maintenance150
Hassle-Free Maintenance151
Heading Off Problems152
12Cutting Expenses155
A Dollar Saved Times One Hundred Properties Adds Up155
Two Garbage Cans Aren't Better Than One155
Lights Can Eat Up Your Profits156
Training a Handyman156
Eliminate All Expenses That Will Increase157
Cut Expenses Before You Buy the Property158
Ask for a Moratorium on Payments158
Tie the Payments to the Property's Performance158
Have the Seller Carry a Graduated-Payment Loan159
Get an Adjustable-Rate Loan159
Get the Seller to Carry a Loan with Interest-Only Payments159
Put a Backdoor Clause in All Your Notes159
Have the Seller Carry a Note with No Payments160
13Bookkeeping161
Getting Your Money Comes First161
Automatic Rent Transfers162
A Simple System163
The Property Card164
The Ledger Card164
Property Codes165
Using the System165
Expense Codes166
14How to Save Money on Taxes170
Buy Right to Pay Taxes Right170
Investment Strategies Change171
Prepare for Maximum Depreciation172
Land-to-Improvements Ratio173
Finding Replacement Costs174
Working with an Appraiser175
Personal Property Depreciation176
Taking Risks177
The Old Tax Law178
The New Tax Law178
Depreciation178
Capital Gains179
Passive Losses179
Rehabilitation Tax Credits181
Neutralizing Negative Cash Flow181
Real Losses184
Employ Others, Not Yourself184
Repairs, Not Improvements185
Tax-Deductible Management185
More Shelter186
15Tracking Your Properties187
Buying the Future188
Watch Your Houses Carefully190
Listen to Tenants191
Cut Your Losses192
Five-Year Plan194
16Putting It on Automatic Pilot195
Good Cash Buyers Are Hard to Find195
Refinancing196
Selling Paper196
Why Carry Paper?197
A Word of Caution199
Creative Financing Is Not Just for Buyers200
Imputed Interest202
Lease Options203
The Option Fee203
The Increased Rent-Lease Option204
The Decreased Rent-Lease Option204
Limited Partnerships205
17Equity Sharing: A Management Tool for the '80S and Beyond206
Owner Occupants Make Better Tenants206
Three Ways to Use Equity Sharing207
Appealing to Existing Tenants208
Advertising for Equity-Share Tenants210
Advertising for Equity-Share Home Buyers211
Advertising for Equity-Share Investors212
Choosing an Equity-Share Partner213
How Long Will You Share the Equity?214
First Right of Refusal215
How Do You Divide the Equity?216
Ask for a Down Payment218
What If Your Co-Owner Defaults?218
The Equity-Share Wraparound221
The Equity-Share Performance Option222
Equity-Share Management224
18Preparing Your Property for Sale226
Investors Are the Worst Buyers226
Get the Best Possible Deal When You Sell227
Location227
What Will Improvements Cost228
Comparable Prices229
Spic-and-Span Sells230
Selling "As Is"232
Roofing233
Plan Sales Carefully235
Stay Flexible236
19Dealing with Real Estate Agents237
Agents Use Multiple-Listings Services238
The Listing Agreement239
Open Listings240
Exclusive Agency Listings240
Exclusive Listings241
Exclusive Right to Sell-Multiple Listings241
Discount Brokers242
The Agent Must Work for His/Her Money242
What Your Agent Can (and Can't) Do for You243
The Agent Handles Advertising244
How Many Other Agents Does Your Agent Know?245
Let Your Agent Be Your Guide246
Finding an Agent246
Open Houses247
Newspaper Ads247
How Not to Choose an Agent248
20Selling Property Yourself250
Keep Your Ads Brief but Effective250
Emotions Sell Houses251
Cooperating with Agents252
Afterword: Now, Go Out and Do It!254
Index257

Subjects