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Before you put that FOR RENT sign in the yard, read this
Hello there, future landlord. You've found what you're looking for--a complete package of information and resources to teach you what you need to know and make your life (and your tenants' lives) easier. With Property Management Kit For Dummies, you can learn how to manage single-family homes, large apartment buildings, treehouses, dollhouses... okay, there's not much info here on managing dollhouses, but everything else is definitely covered. Find good tenants, move them in, and keep them happy and paying rent on time. When it comes time for a change, learn how to move tenants out and turn over the property, easy as pie.
This book makes it simple to understand tax and insurance requirements, building maintenance concerns, and financial record keeping. Plus, the updated edition reflects the current rental property boom, new technologies, changes to the law, and the inside scoop on the latest Fair Housing issues to keep you out of court. Emotional support animals? Rent control? Bed bugs? Eviction? It's all in here.
Find out whether property management is right for you, learn what you need to get started, and be successful as your residential rental property portfolio grows
Get your ducks in a row--develop solid marketing and advertising strategies and resources, build up-to-date rental contracts, figure out the legal side of things, and minimize your income and property tax bills
Make sure you're renting to responsible people, and deal with the occasional problem tenant without major drama
Maximize your cash flow by keeping your rents at market prices, efficiently handling maintenance, and ensuring your property has great curb appeal with the features and benefits sought by today's tenants
Become a top-notch property manager with this one-and-done reference, plus online bonus materials.
Autorentext
Robert Griswold 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 Landlord's Legal Kit For Dummies and Real Estate Investing For Dummies, 4th Edition.
Klappentext
Conquer the real estate market!
Buying, maintaining, and managing a rental property isn't easy, but the rewards can be through the roof when you do it right! So get yourself a head start with the Property Management Kit For Dummies and learn to turn your square footage into piles of cash. In this book, you'll learn the ins and outs of finding properties and tenants, keeping your books, paying taxes, maintaining insurance, and staying up to date on regulations. With this one-stop reference, you'll be a property management expert in no time! Inside
Zusammenfassung
Before you put that FOR RENT sign in the yard, read this
Hello there, future landlord. You've found what you're looking fora complete package of information and resources to teach you what you need to know and make your life (and your tenants' lives) easier. With Property Management Kit For Dummies, you can learn how to manage single-family homes, large apartment buildings, treehouses, dollhouses okay, there's not much info here on managing dollhouses, but everything else is definitely covered. Find good tenants, move them in, and keep them happy and paying rent on time. When it comes time for a change, learn how to move tenants out and turn over the property, easy as pie.
This book makes it simple to understand tax and insurance requirements, building maintenance concerns, and financial record keeping. Plus, the updated edition reflects the current rental property boom, new technologies, changes to the law, and the inside scoop on the latest Fair Housing issues to keep you out of court. Emotional support animals? Rent control? Bed bugs? Eviction? It's all in here.
Inhalt
Introduction 1
About This Book 1
Foolish Assumptions 2
Icons Used in This Book 3
Beyond the Book 4
Where to Go from Here 4
Part 1: So You Want To Be A Landlord? 5
Chapter 1: Residential Property Management 101 7
Understanding Property Management 8
Considering the benefits 8
Confronting the icky parts 9
Examining Types of Real Estate 11
Renting Your Property 12
Preparing the property 12
Knowing how much to charge 13
Capturing prospects' interest 14
Turning interest into property visits 15
Picking your tenants and signing the deal 15
Getting Your Hands Dirty: Managing the Property 16
Moving tenants in and out 16
Collecting rent 16
Keeping the good tenants 17
Dealing with troublesome tenants 17
Maintaining the property 18
Protecting your investment 18
Chapter 2: Do You Have What It Takes to Manage Your Own Rental Property? 19
Understanding That Managing Residential Rental Property Is a People Business 20
Identifying the Types of Real Estate Owners 20
The inadvertent rental property owner 21
The buy, fix, and flip or refinance owner 21
The long-term investment rental property owner 22
Recognizing the Advantages of Owning Rental Property 24
Eyeing the Unique Characteristics of a Good Manager 26
Realizing that good management makes a difference 27
Separating your personal style from sound management 27
Managing your time 28
Delegating management activities 29
Knowing that your style is unique 30
Being Honest with Yourself about Your Skills and Experience 31
Chapter 3: Managing Your Residential Property Yourself or Hiring a Pro 35
Managing Your Rental Yourself 36
The advantages 36
The drawbacks 37
The distance factor 38
Exploring Professional Management 38
Eyeing the pros and cons of using a pro 39
Understanding what a good property manager does 41
Telling the good from the bad 42
Compensating your property manager 46
Making sense of management agreements 48
Being aware of the tax consequences 50
Chapter 4: Taking Over the Property 53
Knowing What to Get Up Front 54
A comprehensive list of personal property included in the sale 55
A copy of the entire tenant file of each current tenant 55
A seller-verified rent roll and list of all tenant security deposits 56
A copy of all required governmental licenses and permits 57
A copy of all the latest utility bills 57
A copy of every service agreement or contract 58
A copy of the current insurance policy and loss history 58
Working with the Current Tenants During the Transition 60
Meeting the tenants in person 60
Inspecting the property 61
Inspecting the rental unit 61
Using a new lease or rental agreement 62
Evaluating the current rent 63
Part 2: Renting Your Property 65
**Chapter 5: Getting Your Residential Rental Property Ready for Prospective…