The Rental Property Manager's Toolbox: A Complete Guide Including Pre-Written Forms, Agreements, Letters, Legal Notices

by Burrell, Jamaine

• ISBN13: 9780910627719
• ISBN10: 0910627711
• Edition: CD
• Format: Paperback
• Copyright: 2006-07-08
• Publisher: Atlantic Pub Co

Summary

Take a look through the Forbes annual issue of the richest Americans, and you will find a majority of those personal fortunes have something to do with real estate. Real estate rental income rarely experiences wild swings in value, instead providing predictable returns at many times the rate of money markets accounts or CDs. In addition there can be substantial tax advantages as well. However being the "landlord " can be difficult, time consuming, and potentially wrought with financial and legal obstacles. Here is a popular adage real estate investors are familiar with: What is the worst thing about owning investment real estate? Answer: Tenants. And what is the best thing about owning investment real estate? Answer: Tenants. This new book will make the process of managing your rental properties easier.This new book and companion CD-Rom will teach you to avoid headaches, hassles, and lawsuits by learning how to manage your rental property professionally. Maximize your profits and minimize your risks. Learn about advertising, tenant screening, Managing Tenants, legal rights, landlord rights, ,discrimination, vacancies, essential lease clauses, crime prevention, drugs, gangs, security issues, as well as premises liability, security deposits, handling problems, evictions, maintenance, record keeping, and taxes. The cd rom contains dozens of forms, sample contracts, letters, notices, Rental applications, agreements, evicting irresponsible tenants, collecting damages, and running several properties, complaints, Emergency procedures, expenses, Utility management, and checklists.We spent thousands of hours interviewing and e-mailing real estate property managers and investors. This book is a compilation of their secrets, and proven successful ideas. If you are interested in learning hundreds of hints, tricks and secrets on how to make money or more money on managing your rental properties than this book is for you. Instruction is great, but advice from experts is something else, and the experts chronicled in this book earn $1,000 to $300,000 per month managing rental properties. Inside the pages of this new exhaustively researched guide you will find a jam-packed assortment of innovative ideas you can put to use today. This book gives you the proven strategies you need.

Table of Contents

Foreword	9	(4)
CHAPTER ONE: What Is Property Management?	13	(18)
The Owner as Property Manager	13	(1)
Hiring a Professional Property Manager	14	(2)
The Role of the Professional Property Manager	16	(2)
Continuing Development	18	(9)
Counselors of Real Estate (CRE)	20	(1)
Society of Industrial and Office Realtors (SIOR)	20	(1)
Realtors Land Institute (RLI)	20	(2)
The National Association of Residential Property Managers (NARPM)	22	(2)
Institute of Real Estate Management (IREM)	24	(2)
Certified Commercial Investor Member (CCIM) Institute	26	(1)
Economic Models	27	(1)
Property Retention	28	(1)
Appreciation	29	(1)
Cash Flow	29	(2)
CHAPTER TWO: Management Properties	31	(14)
Residential Properties	31	(5)
Financing	32	(1)
Renting and Leasing	33	(1)
Configurations	34	(2)
Commercial Properties	36	(4)
Financing	36	(1)
Leasing	36	(1)
Configurations	37	(3)
Industrial Properties	40	(5)
Financing	40	(1)
Leasing	40	(1)
Configurations	41	(4)
CHAPTER THREE: Financial, Legal a Advertising Skills of a Good Property Manager	45	(36)
Leveraging	45	(2)
Securing a Lender	46	(1)
Financial Management	47	(3)
Maintaining Files	47	(3)
Calculating Rate of Return	50	(4)
Investment	51	(1)
Appreciation	52	(1)
Cash Flow	52	(1)
Mortgage Principal	53	(1)
Depreciation (Income Tax)	53	(1)
Taxes	54	(7)
Federal	54	(4)
State	58	(1)
Local	58	(1)
Tax Evasion	59	(1)
Tax Audits	60	(1)
Laws and Regulations	61	(3)
Insurance	64	(5)
Basic Insurance	65	(1)
Additional Insurance	66	(2)
Agents	68	(1)
Adjustors	69	(1)
Market Research	69	(1)
Advertising	70	(6)
Newspapers	70	(1)
News Releases	71	(1)
Radio	71	(1)
Magazines	72	(1)
Television	72	(1)
The Internet	72	(1)
Signs/Signage	73	(1)
Rental Guides	73	(1)
Referral Systems	74	(1)
Tenant Location Services	75	(1)
Dedication	76	(1)
Vision	77	(4)
CHAPTER FOUR: Acquiring Management Property	81	(56)
Financing and Loans	82	(20)
No Money Down	82	(1)
Mortgage Loans	83	(10)
Conventional Mortgages Versus Lines of Credit	93	(3)
Owner Financing	96	(1)
Loan Documentation	97	(1)
Loan Terms	98	(1)
Loan Fees	99	(1)
Mortgage Brokers	100	(1)
Points	101	(1)
Pre-Purchase	102	(12)
Inspection	102	(11)
Trash Removal	113	(1)
Purchase	114	(11)
The Real Estate Agent	114	(2)
The Attorney	116	(2)
The Accountant	118	(5)
The Financial Advisor	123	(2)
The Contract	125	(12)
Breaking the. Broker's Contract	131	(2)
Breaking the Seller's Contract	133	(4)
CHAPTER FIVE: Property Maintenance	137	(6)
Emergency Maintenance	137	(1)
Preventive Maintenance	138	(1)
Corrective Maintenance	138	(1)
Custodial Maintenance	139	(1)
Cosmetic Maintenance	139	(1)
Building Relationships	139	(4)
CHAPTER SIX: Renting Management Property	143	(30)
Showing	145	(4)
Unassisted Showings	146	(1)
Open-House Showings	147	(1)
Individual Showings	147	(2)
Renting and Leasing	149	(5)
Completing the Application	149	(1)
Screening	149	(5)
Making the Decision	154	(6)
Collecting Deposits	160	(1)
Reviewing the Lease or Rental Agreement	161	(1)
Non-Rent Revenue	162	(11)
Laundry Facilities	163	(2)
Vending Machines	165	(1)
Parking	166	(1)
Storage	166	(1)
Internet Access	167	(1)
Tenant Lease Options	168	(1)
Other Revenue-Generating Opportunities	168	(5)
CHAPTER SEVEN: Establishing Good Relationships	173	(14)
Investors	173	(4)
When Investors Form a Partnership	173	(1)
Establishing Rules and Guidelines	174	(1)
Establishing Legal Representation	174	(1)
Types of Partnerships	174	(3)
Property Managers	177	(10)
On-Site Property Managers	177	(1)
Rental Agents as the Property Manager	178	(1)
Professional Property Managers	179	(1)
Contractors/Suppliers	180	(7)
CHAPTER EIGHT: Tenants	187	(42)
Lease Options	189	(4)
Furnished Rentals	191	(2)
Occupancy	193	(1)
Rent	194	(11)
Due Date	196	(1)
Grace Period	196	(1)
Late Fees	197	(1)
Payment Methods	198	(1)
Roommates	199	(1)
Partial Payments	199	(1)
Rent Increases	199	(1)
Rent Control	200	(1)
Subsidized Housing	201	(1)
State and Local Rental Subsidy	201	(4)
Types of Tenants	205	(5)
Pet Owners	206	(1)
Smokers	206	(4)
Tenant Selection	210	(2)
Tenant Safety and Security	212	(1)
Access and Control	213	(7)
File Access and Control	213	(1)
Key-and-Lock Access Control	213	(1)
Key Card Access and Control Systems	214	(2)
Lighting Control Systems	216	(1)
Professional Security Control Systems	216	(2)
Safety Programs	218	(2)
Informing Tenants of Crimes	220	(9)
Advertising Safety and Security	221	(1)
Security Devices	221	(1)
Sexual Offenders	222	(1)
Safety and Injuries	223	(1)
Fire Safety	223	(6)
CHAPTER NINE: Tenant Problems and Complaints	229	(38)
Failure to Pay Rent	233	(3)
Creating a Disturbance	236	(1)
Unsupervised Children	236	(1)
Housing Unauthorized Individuals	237	(1)
Housing Unauthorized Pets	238	(1)
Creating Surplus Storage	238	(1)
Unusual Situations	238	(1)
Subleasing	239	(1)
Departing Roommates	239	(1)
Death of a Tenant	240	(1)
Domestic Problems	241	(1)
Tenant Notices	241	(2)
Tenant Evictions	243	(10)
Serving Notice	253	(1)
Involving the Courts	253	(1)
Taking Possession	254	(1)
Enforcing Judgments	254	(2)
Tenant Move-Out	256	(2)
Wear and Tear	258	(2)
Refunding Security Deposits	260	(2)
Move-Out Inspection	262	(1)
Security Deposit Accounting	262	(5)
CHAPTER TEN: Selling Management Property	267	(18)
Marketing	267	(2)
Hired Help	269	(2)
Taxes and Section 1031	271	(1)
Sales Techniques	272	(5)
Closing	277	(8)
Bibliography	285	(1)
Index	286	(7)
Glossary	293	(62)
Resources	355	(12)
About the Author	367	(1)
Forms	368