“Mirror, mirror on the wall, who is the fairest of them all?” asked the queen in the fairy tale. Then the magic mirror would respond to her with an honest answer. In reality, wouldn’t it be nice if we all have a magic mirror that can tell us all the answers we want?
For those of us who need to know about how to manage our own properties but lack the knowledge and experience, a magic mirror would be perfect for us every time we have questions. Unfortunately, this mirror does not exist in real life. That is why we have created this book to help, inform, and educate you like a magic mirror.
In this book, we’ll show you all the elements of property management. First of all, why do you even need to learn about property management? At the start, we will explore the benefits of this subject so that you can appreciate its importance. We will then discuss in what factors prospective tenants will consider in renting, so that you as landlord can prepare your property in such a way that attracts good quality tenants. Once your property is ready to rent, we will show you how to find good tenants. But remember, during your tenant selection, you are obliged to follow any fair housing regulations in your area, which are set to avoid any discrimination. We will discuss the concept of fair housing and its legal implications using the United States as an example. Keep in mind that our United States examples are for reference only. Each country and region will have different rules and regulations; you need to do some research for your own area of investment after you understand the general concept. When you finally find someone good to rent your property, you will need to know different aspects and pitfalls in the renting process. Later, you will have to close the deal with your prospects by signing a lease agreement with them. But what provisions should your lease include to protect both you and your tenants? In the case where you have already done your due diligence in selecting good tenants but you still end up with troublesome people and you want to evict them, you should definitely read the chapter on evictions so you know what to do and how to do an eviction properly.
Over time, if you manage one property well, the positive cash flows will start to accumulate, and that will provide you with the leverage you need to expand your real estate investment. At that stage, you will need to know how to find and buy your second property, and then how to learn to evaluate the market values of your potential investments. Later, if you do find a good deal and purchase more properties, we will go over some key points in the renovation process. And after all the hard work you put into your new investment, where and how do you position it for rent in the market? You will also learn more about marketing.
Instead of talking about private housing rental we will talk about public housing rental, otherwise known as subsidized housing. As a well-rounded landlord, you need to know how to proceed with prospects that are on government assistance programs. If you do not know and reject their inquiries, you will be leaving a lot of money on the table. Again, we will be using the United States as an example to illustrate the differences in rental policies and requirements. Speaking of government, don’t forget that we have to pay taxes to the government with our rental properties. Be sure to read the chapter on taxation and see how you can reduce your taxes. After all, who likes to pay more tax than they have to anyway?
Finally, In the long run, when you buy more and more properties, you will no longer be managing just one house; you will be taking care of multiple properties and eventually running your management business like a company. In the last chapter, we will show you how to establish your own property management company.
As you can see, the real estate rental business is more than just buying housing and collecting rent; you have to actively manage it. But of course, the more educated and prepared you are, the easier your workload will be. After finishing the book, you will have the knowledge to manage your property and expand your real estate business.
CHAPTER 1 – THE NEED FOR PROPERTY MANAGEMENT
CHAPTER 2 – CONSIDERATIONS IN RENTING
- PRIMARY CONSIDERATIONS
- Economic Factors
- Property Appearance
- Home Layout
- Home Features
CHAPTER 3 – FINDING THE IDEAL TENANTS
- Types of Tenants
- Tenants by Choice
- Tenants by Necessity
- Prospecting for Tenants
CHAPTER 4 – MARKETING
- MARKETING STRATEGIES
- MARKETING BASICS
- Curb Appeal
- Resident Retention / Relations
- Employer Relations
- Public Relations
- Reputation / Professionalism
- MARKETING BASICS
- BEFORE ADVERTISING
- ADVERTISING OPTIONS
CHAPTER 5 – FAIR HOUSING
- FAIR HOUSING ACT AND IMPLEMENTATION
- FAIR HOUSING COMPLAINT
CHAPTER 6 – SECTION 8 / GOVERNMENT-SUBSIDIZED HOUSING
- BENEFITS TO LANDLORDS AND TENANTS
- INSPECTION BY SECTION 8
CHAPTER 7 – IMPORTANT ASPECTS IN RENTING
- THE RENTING PROCESS
- TIPS TO AVOID PROBLEMS IN THE FUTURE
CHAPTER 8 – MANAGING LEASE AND THE LEASE AGREEMENT
- TYPES OF LEASE
- Month To Month
- Fixed Term, Flat, or Straight Lease
- Gross Lease
- Net Lease
- Ground Lease
- Percentage Lease
- LEASE PROVISIONS
CHAPTER 9 – EVICTION PROCESS
- PREVENTION IS THE BEST MEDICINE
- REASONS FOR EVICTION
- Breach of Non-Payment
- Other Than Non-Payment
- NOTICE, PETITION, AND WARRANT
- IN THE COURT
- SOME SPECIFIC EXAMPLES
CHAPTER 10 – TAXATION
CHAPTER 11 – RENOVATION PROCESS
- Physical Inspection
- Local Building Codes
- Environmental Issues
CHAPTER 12 – MARKET VALUE DETERMINATION
- ESTABLISHING MARKET VALUE
- Sales Comparison Approach
- Gross Rent Multiplier (GRM)
- Cost Approach
- Cap Rate
- Cash-On-Cash Return
- Property Conditions
CHAPTER 13 – FINDING NEW OPPORTUNITIES
- TYPES OF HOUSING
CHAPTER 14 – COMPANY OPERATION
- TYPES OF SERVICE
- KEY FACTORS TO SUCCESSFUL MAINTENANCE AND MANAGEMENT
- ADDITIONAL REQUIREMENTS FOR A REAL ESTATE COMPANY
About the Author
You will have access to all these bonuses when you buy this book.
- 5 Homes to Financial Freedom: a value of $49.99
A webinar recording explaining how you can achieve the equivalent cash flow of 80 rentals from just owning 5 homes.
- Making Real Money with Joint Ventures: a value of $49.99
A webinar recording discussing the specifics about Joint Ventures and how they can be a short cut to vast residual profits with very little initial work.
- Rent 2 Own with No Money and No Risk: a value of $49.99
A webinar recording with over 60 minutes on rent to own secrets and ways to increase your profits in Real Estate investing.
- A Millionaire’s Mindset: a value of $49.99
A webinar recording with over 60 minutes of content giving you an insight into the mindset of a Millionaire where you will learn a bit about business, real estate, and the stock market.
- Power Investing: a value of $49.99
A webinar recording with over 60 minutes of content giving you an insight into the mindset of a Millionaire where you will learn a bit about the stock market and investing.