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The Landlord's Survival Guide: How to Succesfully Manage Rental Property as a New or Part-Time Real Estate Investor » (New Edition)

Book cover image of The Landlord's Survival Guide: How to Succesfully Manage Rental Property as a New or Part-Time Real Estate Investor by Jeffrey Taylor

Authors: Jeffrey Taylor
ISBN-13: 9781419535697, ISBN-10: 1419535692
Format: Paperback
Publisher: Kaplan Publishing
Date Published: April 2006
Edition: New Edition

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Author Biography: Jeffrey Taylor


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.

Book Synopsis


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.

Table of Contents

Dedicationiv
Acknowledgmentsix
Forewordxi
Introduction: The Steps to Long-Term Wealthxiii
What This Guide Will Help You Doxiii
What This Guide Will Not Help You Doxiv
Three Preparatory Steps
Step 1Develop the Right Mindset3
Proactive Business Mindset3
Goal-Directed Mindset4
People-Centered Mindset5
Team Member Mindset7
Lifetime Customer Mindset7
Challenge-Prepared Mindset8
Step 2Identify Your Landlording Success Team11
Family Members12
Trusted Advisors13
Residents18
Step 3Study What You Must Know to Survive21
Landlord-Tenant State Laws22
Security Deposit Guidelines23
Rules of Eviction23
Fair Housing Act24
Fair Credit Reporting Act25
Lead-Based Paint Disclosure27
Disability Discrimination and Service Animals28
Section 8 Housing28
Local Laws and Requirements29
Other Areas Worthy of Study30
Management Transition: Taking Over as a New Manager31
Ten Most Common and Costly Management Mistakes35
Seven Action Steps
Step 4Fill a Vacancy with the Ideal Resident43
IKnow Your Market-Do Your Homework48
IIPrepare Your Property49
IIIReduce Turnover Time52
IVReaching Target Markets53
VTest Marketing and Advertising Strategies57
VIMarketing Help from Others59
VIIUtilize Marketing Tools62
VIIIShow the Property66
IXFollow Up72
XChecklist73
Step 5Screen out Problem Residents75
ISet Up Screening and Selection Procedures75
Step 6Conduct New Resident Orientation85
IAddress Potential Problems before They Occur85
IIConduct a Walk-Through with a Property Condition Checklist86
IIIIntroduce Win-Win, Moneymaking Management Policies87
IVPerform Preventive Communication-Clauses Addressing Common Problems92
VSchedule Continuing Resident Orientation93
VIWarning about Illegal Clauses107
VIIMonth-to-Month Agreement versus Fixed-Term Lease108
Step 7Get Your Money111
IDrop the Amateur Landlord Approach112
IIRequest Automatic Payments113
IIIOffer Incentives for Traditional Payment Methods117
IVRemind Residents of Their Obligations120
VProvide Alternative Ways for Paying121
VITake Action When Residents Miss a Payment122
VIIDealing with Problem Payments: Late Payments, Bounced Checks, Unsigned Checks, and Stolen Checks125
VIIIGo After Payments Due Even After Residents Leave127
IXTen Reasons NOT to Feel Guilty about Collections and Evictions132
XChecklist133
Step 8Maximize Your Cash Flow135
IEducate Residents about Benefits of Leasing136
IIOffer Custom Rental Home Packages137
IIISystematically Remind Residents That They Can Rent More141
IVHelp Residents Buy Beyond Their Housing Needs142
VReview Leasing Terms146
VINegotiate for Additional Income149
VIIImplement Cost-Saving Management and Maintenance Practices150
VIIICut Expenses151
IXUncover Hidden Cash Flow Thieves153
XIncrease Property Value156
Step 9Keep Residents Long After Their First Anniversary159
ICommunicate Starting on Day One159
IITailor What You Offer162
IIIPlug Your Residents into Your Property163
IVOffer Loyalty Programs to Reward Long-Term Residents164
VRemember Residents Throughout the Year167
VIPlan Ahead for Repairs and Service169
VIIGo the Extra Mile170
VIIIAnticipate and Avoid Vacancies171
IXRaise Rents without Scaring Good Residents Away172
XConduct Exit Interviews174
Step 10End all Relationships on a "Profitable" Note177
IHelp Residents Get Back More Than Their Deposits178
IILeave Door Open for Good Renters to Return180
IIITransition Renters into Homebuyers181
Final Challenge and Guarantee from Mr Landlord189
Get Serious Now190
AppendixEssential Rental Forms193
Rental Application/Future Homebuyer195
Sample Notice of Denial for Housing199
Sample Rental Agreement200
Sample Cosigner Agreement205
Sample Property Condition Checklist206
Mr. Landlord's Mini-Glossary207
Resources209
Books209
Web sites210
Special Free Offer for Buyers of this Guide!213
Special Half-Price Offer for Buyers of this Book!215
Index217
About the Author223

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