The Complete Guide to Your First Rental Property: A Step-by-Step Plan from the Experts Who Do It Every Day

Very Helpful

As concerns about the housing market rise, The Complete Guide to Your First Rental Property comes at the most fitting time. The book brilliantly takes the elusive, impossible quality away from the idea of purchasing rental property. The soft economy has many running for the hills but Teri. B. Clark uses case studies, experts and first hand accounts to show that real estate is still one of the most effective paths to wealth. It is not, however, instant or easy money According to the investors in her book, there¿s a lot to learn and a lot to do but the rewards are well worth it. The Complete Guide to Your First Rental Property will explain how to use others¿ money to purchase property, what makes a property worth investing in, how to weigh the risks, how to invest through a self-directed IRA, how to develop your own real estate team and how to find quality tenants. It also breaks down important need-to-know legislative acts that ensure your fairness to renters. Clark takes you by the hand, explaining property terms and walks you through the process, sorting out your loan options. Beginning and advanced investors can learn the proper way to make money now and later with their real estate property. In conclusion, the public needs this book.

Timely and useful

Have you noticed how many 'reality' TV shows on cable are about buying, selling, renovating, or flipping homes? Whether life is imitating art, or vice versa, the popularity of some form of real estate investing in the U.S. seems to be very apparent. That's in part why Teri Clark's new book, The Complete Guide to Your First Rental Property, is so timely and useful. Whether you are a first-time investor or even have a few rental properties under your belt, you will benefit from the guidance presented in this book. Even when the market is considered soft and the economy unsettled, Clark maintains that 'real estate is one of the few investments that offers a secure and steady return on investment (ROI) even in times of uncertainty.' In her very readable, accessible new book, Clark provides the necessary tools to help the average person evaluate and chose investment properties perhaps as an alternative to putting your money into the stock market. She also outlines the drawbacks as well as the benefits of real estate, so any potential investor should of course proceed with caution. The book provides plain-language explanations of what actually is involved in being a landlord, how to identify appropriate properties, determining positive or negative cash flow, loan options, managing tenants, rehabbing properties, navigating tax and housing law, and other key issues. The book also contains many real-world case studies, investor insights, and bullet points to put all the material in context. There is even a section in the book on using a self-directed IRA as a vehicle for buying real estate. (While the material on using the Internet for real estate investing does seem to be stating the obvious, an author never can tell the full extent of the reader's knowledge in this area.) Additional resources include a detailed glossary of real estate terminology and sample forms and contracts. In general, by the time you finish the book, you will have the necessary background to start investing in rental properties, whether your goal is additional income, building equity, accumulating a retirement nest egg, or all of the above. However, as Clark points out, you must work closely with your team (including tax accountant, real estate lawyer, lenders, and other professionals) before taking the leap. While Clark suggests that it is 'always' the right time to buy, remember, due diligence is crucial as there are many variables in play. As the author explains, 'If you know what you want out of a rental property, have your finances in order, have a network in place, and have done your research, you are ready to begin.' Do you really have what it takes to be a landlord if not an up-and-coming land baron? Read this book and find out!

Must Read For Anyone Interested in Real Estate!

The Complete Guide to Your First Rental Property by Teri B. Clark is a truthful account of what owning rental property will entail. It is a good resource for anyone thinking about becoming a landlord for the first time. It is useful for current rental property owners, as it contains information on applicable taxes and laws. It provides links to all 50 state laws and document templates for easy use and reference. Within the book, the author explains the different types of real estate investments, types of landlord/tenant situations, how to choose an appropriate rental property, and different lending options. This book is an easy read and should be part of every would-be or current homeowner/rental property owner¿s library. In addition, I believe it would prove useful to retirees since it explains how to use real estate for retirement investment purposes.

A reviewer

If you are thinking about buying a property to rent, you¿ve found an excellent jumping off point. In The Complete Guide to Your First Rental Property by Teri B. Clark, every question you can think of, every question you haven¿t yet thought of, and every question that may come later down the road is addressed. From how to find the perfect property, prepare it for tenants, select tenants, draw up a lease, collect rent, continue maintenance, eviction, all the way through even up to taxes and legal fee, Clark does not forget anything. She gives you example after example putting all the mumbo jumbo into real life situations, and always uses easy to understand jargon. At the end of the book, there are pages upon pages of examples of leases and documents that a potential landlord could use and adapt right out of the book. All in all, this is a very useful tool for anyone debating on purchasing a rental property or for someone who already is in it.

A reviewer

Teri B. Clark has accomplished an amazing feat with her Complete Guide¿she makes the fine art of renting property seem possible and even enjoyable. With her easy to read prose, Clark calmly tackles everything from tax forms and mortgage details to where to find property listed online and how to find reliable tenants. Her snappy section headings make the entire book a delight to read, and her sense of honest humor gives the reader complete confidence in her advice and tips. Clark capably covers each step of the somewhat shrouded and rock-filled path to successful ownership with insight and wit. Her advice ranges from the practical (buy a house when you have the money to do so¿the market has nothing to do with it) to the specific (how does one decide how much rent to charge?). She includes case studies throughout that showcase how professionals conduct their own rental properties, and there is a sense that not only does Clark know exactly what she is talking about, but each thing she tells readers is supported by a wide array of well-informed and experienced people in the field. This kind of confidence is a comfort to find in a guide book like this after all, investing in real estate can be a frightening prospect, especially with the housing market crisis occurring today. Clark makes it seem like such a crisis can be weathered by any smart rental property owner who gets into the business with a full understanding and appreciation of what lies ahead¿and Clark gives that background in this guide. The book is also filled with sample leases, blank charts, and other extremely relevant and useful forms and questionnaires that only enhance the reader¿s experience. Clark even includes websites that offer property searches, websites that explain tax information, and many, many more. While reading this book, the reader can sense that Clark is providing the most up-to-date and realistic guidance for this venture. If someone is contemplating getting into the real estate rental business, this is definitely the place to begin researching the feasibility of such a dream.

Outstanding real-life guide to get investing quickly

For anyone interested in getting into the world of real estate investment, ¿The Complete Guide to Your First Rental Property¿ is an excellent place to start. Author Teri B. Clark offers practical advice for every aspect of getting into the property game, simplifying the process without creating the illusion it will be simple! I would definitely recommend this outstanding guide to anyone who is looking to become a real estate investor, even if you have purchased a personal home in the past. It contains plenty of valuable information that will make the cover price well worth it. This guide is a fast read, easily digested in an afternoon so you can jump right out of clueless and right into looking for the perfect property. Real-life case studies bring a personal touch, adding interest and illustrating practical application of the topic. I especially found it helpful that people not only shared their success stories, but their mistakes as well. These interviews were straightforward, and at times brutally honest, and the experiences shared will definitely come in handy when it comes time to make that first investment purchase. As an added bonus, there is also a terrific glossary 'for those of us who don¿t know the difference between ARM and Prime, these few pages are invaluable', and lots of forms useful for getting started. You¿ll walk away feeling like a real estate insider.

Looking to Invest? Check this out!

Your First Rental Property is a fantastic book for anyone looking to invest in property and make some extra money. Its easy-to-read guidance provides vital information on how to invest in property, what to look for when deciding on a property to invest in, and so much more! The layout of the book attributes to the comprehension of the materials by the reader. The investor insight sections and the case studies are fabulous! Providing hands-on experience and stories helps the reader to recognize various types of scenarios and possible solutions. The samples and ¿Been There Done That¿ sections, like the case studies, are strategically placed to enhance what Clark is saying¿whether it¿s on how to place an ad or horror stories about tenants. The book is highly recommended if you are looking to invest your time and money into something that will have long-term returns.

A must read!

This book was a very interesting read, especially for those individuals who are looking to find an extra line of income. Instead of just throwing out random facts, the author actually gives supporting statistics and ¿investor insights¿ into different options for obtaining a rental property. One of the more interesting things that I learned from this book was how to use my 401(k) to purchase a rental property - considering the uncertainty of the future of the Social Security system, it is nice to know that I can take use what I¿ve already set aside and have a guaranteed source of income when I reach retirement age. The author also provides helpful strategies for renting a property, maintaining the rental unit and also landlord/ tenant relations. All in all, this books was more than helpful and should be required reading for anyone who is even considering getting into the property rental game

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