Mike and Irene Milin are the world's most successful couple in real estate education, the "Dynamic Duo" whose amazing sellout seminars in real estate management have shown thousands across the country how to find, purchase, and rent properties -- and let their tenants do the work!
Now the Milins have put their practical, time-tested techniques into a book, How to Buy and Manage Rental Properties. They show you how to use the Milin Method to avoid problems and expenses while keeping the money coming in -- the Milin promise is financial freedom in two to three years! How to Buy and Manage Rental Properties will show you how you can get tenants involved in the maintenance of your rental properties -- the remarkable "hands-off" strategies that put your properties on auto pilot, leaving you the time to achieve more as a real estate entrepreneur. Their program covers in detail all aspects of buying, financing, maintaining, and renting properties, including:
* Managing people, not property
* Buying right to manage right
* Rental interviews and agreements
* Keeping good tenants, and getting rid of bad ones
* Bookkeeping, taxes, and property tracking
* Real estate agents and property sales
* Equity sharing and partnerships
It's all here in a guide you can easily read and refer to -- the best, most comprehensive program of buying and rental techniques ever developed, detailing sound and sensible ways to protect your investments and get the most out of your properties with the least trouble.
Inhaltsverzeichnis
Contents
INTRODUCTION
Working for Others Doesn't Work
Three Years to Freedom
Landlording Is the World's Most Profitable Business
Two Reasons Why People Are Scared to Buy Real Estate
Successful Management Means Successful Investing
A "Hands-Off" Cash-Flow Management Plan
Landlording Still Has a Bad Image
Owning Rental Property Doesn't Have to Be Hard Work
The Management Burden Is on the Tenants
ONE : SUCCESSFUL LANDLORDING IS NO ACCIDENT
The Right Property Attracts the Right Tenants
Don't Buy Rental Property in Rental Areas
Owner-Occupied Areas Are Stable
It's Hard to Think of One Hundred Units as "Home"
You Want Tenants Who Are Eager to Rent from You
Keep Tenants in Awe of You
You Must Attract Renters Before You Can Choose One
You've Got to Know Where the Money's Going
The Right Time to Sell Your Properties
Keeping Expenses Under Control
TWO : PEOPLE--NOT PROPERTIES--CAUSE PROBLEMS
Business Is People
Investing in Tenants
The Phantom Management Company
The Millionaire Landlord
The Poor Landlord
Houses and Small Apartment Buildings
Stability Is Golden
Pets and Children Welcome
Preventing People Problems
Rewards and Incentives for Good Tenants
Punishment for Bad Tenants
Rebellious Tenants
What Kinds of Tenants Push for Rent Control?
Professional Radicals
Ignorant Victims
Abused Tenants
THREE : BUY RIGHT TO MANAGE RIGHT
Beware of Discount Pricing
Finding Good Rentals
What Are Tenants Looking For?
Checking out the Neighborhood
Looking at the House
Know What You're Buying
Prepare an Inspection Checklist
Negotiating with Sellers
The Terms We Want
The One-Two-Three Punch
Balloon Payments
Let the Seller Get the Loan
FOUR : PURCHASE AGREEMENTS
Who Pays for What?
The Weasel, or Escape, Clause
Personalized Forms
The Financing
Rent It Out Before You Buy
Make the Seller Get Rid of Bad Tenants
Set Up a Reasonable Schedule for Showing the Property
FIVE : CONSTRUCTING AN AD CAMPAIGN
Advertising in a Renter's Market
Television
Radio
Flyers
Military Newspapers
Finder's Fees
Constructing Your Ad
SlX : PICKING THE RIGHT TENANTS
Always Pick Your Tenants--Never Let Them Pick You
Meeting the Applicants
Creating Your Own Office
The Renter's Convention
Discrimination Is Bad Business
ardGet to Know Renters
Make Your Rules Clear
SEVEN : THE RENTAL INTERVIEW
We're Tough Interviewers
Never Make Exceptions
Setting the Stage
Accentuate the Negative
Explaining the Rental Contract to Tenants
An Ounce of Prevention
EIGHT : TRAINING TENANTS TO OBEY YOUR RULES
Setting Up a Surveillance Network
Making Tenants Feel at Home
Raising the Rents
Reward the Good Tenants
The Rent Belongs to the Landlord
NINE : GETTING RID OF BAD TENANTS
Alternatives to Eviction
Paying Bad Tenants to Leave
We Play for Keeps
TEN : KEEPING THE GOOD TENANTS
Good Tenants Become Buyers
Lease Options for Good Tenants
First Right of Refusal Options
Performance Options
A Happy Tenant Is a Solid Tenant
ELEVEN : PROPERTY MAINTENANCE
Hassle-Free Maintenance
Heading Off Problems
TWELVE : CUTTING EXPENSES
A Dollar Saved Times One Hundred Properties Adds Up
Two Garbage Cans Aren't Better Than One
Lights Can Eat Up Your Profits
Training a Handyman
Eliminate All Expenses That Will Increase
Cut Expenses Before You Buy the Property
Ask for a Moratorium on Payments
Tie the Payments to the Property's Performance
Have the Seller Carry a Graduated-Payment Loan
Get an Adjustable-Rate Loan
Get the Seller to Carry a Loan with Interest-Only Payments
Put a Backdoor Clause in All Your Notes
Have the Seller Carry a Note with No Payments
THIRTEEN : BOOKKEEPING
Getting Your Money Comes First
Automatic Rent Transfers
A Simple System
The Property Card
The Ledger Card
Property Codes
Using the System
Expense Codes
FOURTEEN : HOW TO SAVE MONEY ON TAXES
Buy Right to Pay Taxes Right
Investment Strategies Change
Prepare for Maximum Depreciation
Land-to-Improvements Ratio
Finding Replacement Costs
Working with an Appraiser
Personal Property Depreciation
Taking Risks
The Old Tax Law
The New Tax Law
Depreciation
Capital Gains
Passive Losses
Rehabilitation Tax Credits
Neutralizing Negative Cash Flow
Real Losses
Employ Others, Not Yourself
Repairs, Not Improvements
Tax-Deductible Management
More Shelter
FIFTEEN : TRACKING YOUR PROPERTIES
Buying the Future
Watch Your Houses Carefully
Listen to Tenants
Cut Your Losses
Five-Year Plan
SIXTEEN : PUTTING IT ON AUTOMATIC PILOT
Good Cash Buyers Are Hard to Find
Refinancing
Selling Paper
Why Carry Paper?
A Word of Caution
Creative Financing Is Not Just for Buyers
Imputed Interest
Lease Options
The Option Fee
The Increased Rent-Lease Option
The Decreased Rent-Lease Option
Limited Partnerships
SEVENTEEN : EQUITY SHARING: A MANAGEMENT TOOL FOR THE '80S AND BEYOND
Owner Occupants Make Better Tenants
Three Ways to Use Equity Sharing
Appealing to Existing Tenants
Advertising for Equity-Share Tenants
Advertising for Equity-Share Home Buyers
Advertising for Equity-Share Investors
Choosing an Equity-Share Partner
How Long Will You Share the Equity?
First Right of Refusal
How Do You Divide the Equity?
Ask for a Down Payment
What If Your Co-Owner Defaults?
The Equity-Share Wraparound
The Equity-Share Performance Option
Equity-Share Management
EIGHTEEN : PREPARING YOUR PROPERTY FOR SALE
Investors Are the Worst Buyers
Get the Best Possible Deal When You Sell
Location
What Will Improvements Cost
Comparable Prices
Spic-and-Span Sells
Selling "As Is"
Roofing
Plan Sales Carefully
Stay Flexible
NINETEEN : DEALING WITH REAL ESTATE AGENTS
Agents Use Multiple-Listings Services
The Listing Agreement
Open Listings
Exclusive Agency Listings
Exclusive Listings
Exclusive Right to Sell -- Multiple Listings
Discount Brokers
The Agent Must Work for His/Her Money
What Your Agent Can (and Can't) Do for You
The Agent Handles Advertising
How Many Other Agents Does Your Agent Know?
Let Your Agent Be Your Guide
Finding an Agent
Open Houses
Newspaper Ads
How Not to Choose an Agent
TWENTY : SELLING PROPERTY YOURSELF
Keep Your Ads Brief but Effective
Emotions Sell Houses
Cooperating with Agents
AFTERWORD : Now, Go Out and Do It!
INDEX
