| 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 |
