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

Overview

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 ...

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Overview

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.

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Product Details

Meet the Author

Jeffrey Taylor, also known as “Mr. Landlord,” is the nation’s leading communications expert for landlords and property managers. He has been an owner of numerous rental properties from single family homes to apartment communities for 25 years. He is the founder of Mr. Landlord, Inc., a national property management-consulting firm that coaches landlords.

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Table of Contents

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
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Sort by: Showing 1 Customer Reviews
  • Anonymous

    Posted December 14, 2007

    A reviewer

    Having just purchased a new property complete with a small rental house (already rented out) I needed a LOT of information about how to handle it. This book gave me all I needed and more. It covers every aspect of renting/leasing out property, AND shows you how to make money from it! Easy to read, with interesting anecdotes, copies of all the forms you might need and recommendations about software, bookkeeping and how to keep your tenants (3 star residents) happy, I would highly recommend it to anyone who is thinking about, or forced into, becoming a Landlord/lady - and anyone who's been doing it for a while and wants to increase their income (or find out where they're going wrong!)

    1 out of 1 people found this review helpful.

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