List Books » The Landlord's Survival Guide: How to Succesfully Manage Rental Property as a New or Part-Time Real Estate Investor
Authors: Jeffrey Taylor
ISBN-13: 9781419535697, ISBN-10: 1419535692
Format: Paperback
Publisher: Kaplan Publishing
Date Published: April 2006
Edition: New Edition
Jeffrey Taylor, “Mr. Landlord,” is the nation’s leading coach for real estate investors seeking greater returns with rental properties. Author of the The Landlord’s Kit and a syndicated columnist in more than 100 real estate association newsletters, Taylor is widely sought as a real estate expert by media, including CNN’s Open House and www.bankrate.com. Through his popular website, MrLandlord.com (which receives over 1 million visits each month), newsletters, speaking engagements and seminars, he teaches and communicates with more rental property owners in America than any other landlording expert.
In The Landlord’s Survival Guide, Jeff Taylor shares fresh ideas and fresh perspectives that will help make any landlord more productive.
- Leigh Robinson, author of ,Landlording: A Handy Manual for Scrupulous Landlords and Landladies.
""Mr. Landlord's ideas have increased the profits from my apartments every time I've applied them! If you want bigger cash flows and smaller hassles, read this book!""
- Peter Conti, co- author of Investing in Real Estate Without Cash or Credit.
""Not only is The Landlord’s Survival Guide great for new and part-time real estate investors, it is extremely helpful for new property managers who are starting out managing other people's property or for the long time property managers wanting new tips and a great reference guide."" - Melissa Prandi, author of the Unofficial Guide to Managing Rental Property and past president of the National Association of Residential Property Managers
The Landlord’s Survival Guide by best-selling author Jeffrey Taylor, is for real estate investors just like you, who want full-time profits from their rental properties but only want to deal with them part time.
Taylor, also known as Mr. Landlord, shows you a new way of managing properties in this competitive and ever-changing marketplace. Today's renters want things ""their way"" and this guide shows you how to give residents what they want while giving you what you want - maximum profits.
Mr. Landlord’s step-by-step advice removes all the guesswork and gets you on the road to building wealth with rental property. This book shows how to: • Fill vacancies quickly with ideal residents even in a tough rental market
• Identify and avoid “problem” residents and situations Collect on-time payments
• Keep residents beyond the standard one-year lease period
• Double your monthly cashflow and maximize your profits
• Let residents to ""work with you"" to reach your real estate goals faster
Complete with all the action steps to help you implement Mr. Landlord’s money-making management system, The Landlord’s Survival Guide is a must-read for landlording newbies and veterans who want bigger profits.
Dedication | iv | |
Acknowledgments | ix | |
Foreword | xi | |
Introduction: The Steps to Long-Term Wealth | xiii | |
What This Guide Will Help You Do | xiii | |
What This Guide Will Not Help You Do | xiv | |
Three Preparatory Steps | ||
Step 1 | Develop the Right Mindset | 3 |
Proactive Business Mindset | 3 | |
Goal-Directed Mindset | 4 | |
People-Centered Mindset | 5 | |
Team Member Mindset | 7 | |
Lifetime Customer Mindset | 7 | |
Challenge-Prepared Mindset | 8 | |
Step 2 | Identify Your Landlording Success Team | 11 |
Family Members | 12 | |
Trusted Advisors | 13 | |
Residents | 18 | |
Step 3 | Study What You Must Know to Survive | 21 |
Landlord-Tenant State Laws | 22 | |
Security Deposit Guidelines | 23 | |
Rules of Eviction | 23 | |
Fair Housing Act | 24 | |
Fair Credit Reporting Act | 25 | |
Lead-Based Paint Disclosure | 27 | |
Disability Discrimination and Service Animals | 28 | |
Section 8 Housing | 28 | |
Local Laws and Requirements | 29 | |
Other Areas Worthy of Study | 30 | |
Management Transition: Taking Over as a New Manager | 31 | |
Ten Most Common and Costly Management Mistakes | 35 | |
Seven Action Steps | ||
Step 4 | Fill a Vacancy with the Ideal Resident | 43 |
I | Know Your Market-Do Your Homework | 48 |
II | Prepare Your Property | 49 |
III | Reduce Turnover Time | 52 |
IV | Reaching Target Markets | 53 |
V | Test Marketing and Advertising Strategies | 57 |
VI | Marketing Help from Others | 59 |
VII | Utilize Marketing Tools | 62 |
VIII | Show the Property | 66 |
IX | Follow Up | 72 |
X | Checklist | 73 |
Step 5 | Screen out Problem Residents | 75 |
I | Set Up Screening and Selection Procedures | 75 |
Step 6 | Conduct New Resident Orientation | 85 |
I | Address Potential Problems before They Occur | 85 |
II | Conduct a Walk-Through with a Property Condition Checklist | 86 |
III | Introduce Win-Win, Moneymaking Management Policies | 87 |
IV | Perform Preventive Communication-Clauses Addressing Common Problems | 92 |
V | Schedule Continuing Resident Orientation | 93 |
VI | Warning about Illegal Clauses | 107 |
VII | Month-to-Month Agreement versus Fixed-Term Lease | 108 |
Step 7 | Get Your Money | 111 |
I | Drop the Amateur Landlord Approach | 112 |
II | Request Automatic Payments | 113 |
III | Offer Incentives for Traditional Payment Methods | 117 |
IV | Remind Residents of Their Obligations | 120 |
V | Provide Alternative Ways for Paying | 121 |
VI | Take Action When Residents Miss a Payment | 122 |
VII | Dealing with Problem Payments: Late Payments, Bounced Checks, Unsigned Checks, and Stolen Checks | 125 |
VIII | Go After Payments Due Even After Residents Leave | 127 |
IX | Ten Reasons NOT to Feel Guilty about Collections and Evictions | 132 |
X | Checklist | 133 |
Step 8 | Maximize Your Cash Flow | 135 |
I | Educate Residents about Benefits of Leasing | 136 |
II | Offer Custom Rental Home Packages | 137 |
III | Systematically Remind Residents That They Can Rent More | 141 |
IV | Help Residents Buy Beyond Their Housing Needs | 142 |
V | Review Leasing Terms | 146 |
VI | Negotiate for Additional Income | 149 |
VII | Implement Cost-Saving Management and Maintenance Practices | 150 |
VIII | Cut Expenses | 151 |
IX | Uncover Hidden Cash Flow Thieves | 153 |
X | Increase Property Value | 156 |
Step 9 | Keep Residents Long After Their First Anniversary | 159 |
I | Communicate Starting on Day One | 159 |
II | Tailor What You Offer | 162 |
III | Plug Your Residents into Your Property | 163 |
IV | Offer Loyalty Programs to Reward Long-Term Residents | 164 |
V | Remember Residents Throughout the Year | 167 |
VI | Plan Ahead for Repairs and Service | 169 |
VII | Go the Extra Mile | 170 |
VIII | Anticipate and Avoid Vacancies | 171 |
IX | Raise Rents without Scaring Good Residents Away | 172 |
X | Conduct Exit Interviews | 174 |
Step 10 | End all Relationships on a "Profitable" Note | 177 |
I | Help Residents Get Back More Than Their Deposits | 178 |
II | Leave Door Open for Good Renters to Return | 180 |
III | Transition Renters into Homebuyers | 181 |
Final Challenge and Guarantee from Mr Landlord | 189 | |
Get Serious Now | 190 | |
Appendix | Essential Rental Forms | 193 |
Rental Application/Future Homebuyer | 195 | |
Sample Notice of Denial for Housing | 199 | |
Sample Rental Agreement | 200 | |
Sample Cosigner Agreement | 205 | |
Sample Property Condition Checklist | 206 | |
Mr. Landlord's Mini-Glossary | 207 | |
Resources | 209 | |
Books | 209 | |
Web sites | 210 | |
Special Free Offer for Buyers of this Guide! | 213 | |
Special Half-Price Offer for Buyers of this Book! | 215 | |
Index | 217 | |
About the Author | 223 |