Title:
Landlording & property management : insiders advice on how to own real estate and manage it profitably
Personal Author:
Publication Information:
Avon, MA : Adams Media Corp., 2003
ISBN:
9781580627665
Added Author:
Available:*
Library | Item Barcode | Call Number | Material Type | Item Category 1 | Status |
|---|---|---|---|---|---|
Searching... | 30000010098603 | HD1394.5.U6 W44 2003 | Open Access Book | Book | Searching... |
On Order
Summary
Summary
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.
Author Notes
Mark B. Waiss, C.C.I.M., is president of Mark B. Weiss Real Estate Brokerage, Inc.
Dan Baldwin, a full-time professional writer
Table of Contents
| Acknowledgments | p. ix |
| Introduction | p. xi |
| Part I Is Property Management Right for You? | |
| Chapter 1 Do You Have What It Takes? | p. 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 | p. 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 | p. 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 | p. 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 | p. 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 | p. 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 | p. 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 | p. 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 | p. 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 | p. 121 |
| Look for Potential | |
| Determine the Zoning | |
| Combine Properties, Increase Value | |
| How Much of Your Land Do You Own? | |
| Chapter 11 Managing Commercial Property | p. 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 | p. 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 | p. 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 | p. 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 | p. 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 | p. 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 | p. 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 | p. 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 | p. 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 | p. 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 | p. 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 | p. 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 | p. 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 | p. 303 |
| Putting the Information out There | |
| Your Advertising Strategy | |
| Television Ads | |
| Radio Commercials | |
| Magazines and Newspapers | |
| News Releases | |
| Appendix A Additional Resources | p. 311 |
| Appendix B A Few Comments on Federal Law | p. 321 |
| Appendix C Property Management Forms | p. 329 |
| Appendix D Glossary of Terms | p. 337 |
| Index | p. 355 |
| About the Author | p. 369 |
