Property Management Kit For Dummies

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.

Auteur

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.

Texte du rabat

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

• Evaluate property options
• Maximize curb appeal and rent
• Deal with good and bad tenants
• Figure out insurance and taxes
• Learn relevant regulations
• Turn over your property
• Manage your cash flow
• Grow your rental portfolio

Résumé
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.

• 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 rowdevelop 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.

Contenu

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 Tenants…