Streetwise Landlording & Property Management: Insider's Advice on How to Own Real Estate and Manage It Profitably (PagePerfect NOOK Book) [NOOK Book]

Overview

As appealing and lucrative as property ownership can be, it isn't an occupation to be learned through trial and error. It's essential property owners understand all the ins and outs--legally and financially--for their own welfare as well as their tenants. Streetwise Landlording and Property Management addresses all aspects of the business, from the practical to the strategic. Property management is a 24/7 job with high risks as well as rewards. Streetwise Landlording and Property Management helps you assess ...
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Streetwise Landlording & Property Management: Insider's Advice on How to Own Real Estate and Manage It Profitably (PagePerfect NOOK Book)

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Overview

As appealing and lucrative as property ownership can be, it isn't an occupation to be learned through trial and error. It's essential property owners understand all the ins and outs--legally and financially--for their own welfare as well as their tenants. Streetwise Landlording and Property Management addresses all aspects of the business, from the practical to the strategic. Property management is a 24/7 job with high risks as well as rewards. Streetwise Landlording and Property Management helps you assess whether or not you're cut out for the job.
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Product Details

  • ISBN-13: 9781440519338
  • Publisher: F+W Media
  • Publication date: 2/1/2003
  • Series: Streetwise
  • Sold by: Barnes & Noble
  • Format: eBook
  • Pages: 384
  • File size: 4 MB

Table of Contents

Acknowledgments ix
Introduction xi
Part I Is Property Management Right for You?
Chapter 1 Do You Have What It Takes? 3
The Right Personality
Evaluate Your Business Skills
Adopt a Business Attitude
People Skills
Define Your Market
Do You Have What It Takes?
Chapter 2 The Pros and Cons of Being a Landlord 15
Pro: It's Not a Nine-to-Five Job
Con: It's Not a Nine-to-Five Job
Pro: Virtually Anyone Can Succeed
Con: The Learning Curve
Pro: Unlimited Potential for Success
Con: Unlimited Potential for Disaster
A Property Manager's Pop Quiz
Part II What You Need to Know to Get Started
Chapter 3 Your Financial Options 33
Making Your Investment
Real-Estate Profits
Leveraging to Buy Property
Ten Tips: Working with Lenders
Read the Writing
Everybody Needs a Partner
Chapter 4 How to Form an Investment Group 41
Establish Management Responsibilities
The Downside of Sharing a Load
Know Your Partners
Your Partnership Options
Individual Property and Partnerships
Chapter 5 Potential Investment Risks 51
Losing Your Investment
Losing Family and Friends
Get Insured
Markets Change Quickly
Regulations Can Lower Profits
"Out of the Blue" Concerns
Chapter 6 Do Your Research 63
The Right Property
Start Looking Now
Get All the Information
A Residential Inspection
Responsibility for the Utilities
Potential Profits
Real-Estate Taxes
Chapter 7 Prepare to Make Your Purchase 79
Visualize the Future
Working with a Buyer's Agent
Elements of a Contract
How to Negotiate
Hire an Inspector
Financing Options
Chapter 8 Know How to Sell Real Estate 91
The Mechanics of the Process
Why "Fizzbo" Fizzes
Hire an Attorney
Kick out the Tire Kicker
Be Wary of Holding Out
Tax Considerations
The Art of Sales
Part III The Ins and Outs of Managing Property
Chapter 9 Managing Residential Property 107
Start Small
Rent Control
Lease Compliance
Evaluate Your Maintenance Skills
Working with Contractors
Work with City Hall
In Summary
Chapter 10 Managing Land for Development 121
Look for Potential
Determine the Zoning
Combine Properties, Increase Value
How Much of Your Land Do You Own?
Chapter 11 Managing Commercial Property 129
Commercial Rental Property
Financing Commercial Property
Start with Multitenant Buildings
Run Credit Checks
Commercial Leases
Office Buildings
Shopping Centers
Dining Establishments
Ranches and Farms
Chapter 12 Be Aware of Special Opportunities 143
What Are Special Opportunities?
Don't Forget: It's a Business
What Are Your Options?
Check the Zoning
The Realities of Rezoning
Win Some and Lose Some
Chapter 13 Finding Good Tenants 155
Working with Rental Agents
How to Screen a Tenant
Meet Every Applicant
Conduct Background Checks
Evaluate the Facts
Tenant Inspection Tours
Sign the Lease
Chapter 14 Working with Tenants 169
Basic People Skills
Maintain Good Rapport
Practice Aggressive Listening
A Fast Response
The Five Basic Types of Tenants
Like Attracts Like
Chapter 15 When Tenants Cause Problems 181
Ask for Feedback
Problems Can Hide Other Problems
Avoid Childish Behavior
Handling Hard Luck Stories
Bad Luck or Bad Attitude?
Keep Move-outs Moving
Lease Termination
Part IV Enlisting Professional Help
Chapter 16 Find a Good Lawyer 197
An Important Role
What You Need in an Attorney
The Hiring Process
Working with Your Attorney
Accept Your Responsibilities
Get Clear Title
Problem-Solving Tips
When to Sue for Malpractice
Chapter 17 Find a Good Accountant 213
What Is Accounting?
Accountants Aren't Property Managers
Accountants Aren't Bookkeepers
What to Seek in an Accountant
Understand Tax Considerations
Get the Accountant on Your Side
Computer Programs Aren't Accountants
Chapter 18 Find a Good Financial Advisor 227
Banking Is Business
Learn the Tools of the Trade
Other Financing Options
Seek Good Advice
Talk with the Experts
Leave Some Things to the Pros
Keep This in Mind
Part V Other Issues to Consider
Chapter 19 Insurance Matters 237
Educate Yourself
Required Insurance
Shopping for Insurance
Types of Insurance
Insurance Myths and Scams
Insure Yourself
Eliminate the Risks
Chapter 20 Worrying about Taxes 253
City Taxes
Taxes That Look Like Taxes
State Taxes
Federal Taxes
Corporate and Investment Groups
The Biggest Tax Mistakes People Make
Chapter 21 Legal Concerns 265
Pay Attention to Everything
Handle Legal Matters Immediately
Property Issues Can Become Legal Issues
Nonlegal Influences
Tenant Responsibilities
Entry Rights to Your Property
Legal Issues Related to Eviction
A New Legal Option
Chapter 22 Contracts: Reading the Fine Print 277
Contract Elements
The Need for Legalese
Don't Do It Yourself
Contract Negotiations
Breaking a Contract
Contract Stipulations for Attorney Fees
Chapter 23 Banking and Financial Issues 289
Loans and Banks
Comparison Shop
Out-of-Market Financing
Applying for a Loan
How to Make a Bad Impression
Have Deep Pockets
Beware the Contractor
Chapter 24 Advertising and Public Relations 303
Putting the Information out There
Your Advertising Strategy
Television Ads
Radio Commercials
Magazines and Newspapers
News Releases
Appendix A Additional Resources 311
Appendix B A Few Comments on Federal Law 321
Appendix C Property Management Forms 329
Appendix D Glossary of Terms 337
Index 355
About the Author 369
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