The Unofficial Guide^® to Managing Rental Property

by Melissa Prandi

• ISBN13: 9780764578182
• ISBN10: 0764578189
• Format: Paperback
• Copyright: 2005-01-01
• Publisher: Wiley

Summary

The inside scoop . . .for when you want more than the official line So you've decided to invest in real estate-congratulations!-but now you need to know how you can best manage your property and maximize your profit. How much should you spend on renovations? Where will you find responsible tenants? And how can you keep on top of new government regulations? The Unofficial Guide? to Managing Rental Property answers these questions and many more, giving you insider guidance and valuable tips on managing and profiting from your investments. You'll find savvy advice on everything from legally setting rental criteria and managing properties part-time to successfully evicting delinquent tenants and collecting damages. This comprehensive, easy-to-follow guide reveals what other sources can't or won't, presenting unbiased recommendations to help you get the most out of your investments-and enjoy them! Vital Information on finding and financing great rental property and calculating rent and profit. Insider Secrets on selecting and retaining good tenants, ensuring on-time rent, and collecting late rent. Money-Saving Tips for rehabbing a property and obtaining good tax advice. The Latest Trends in writing legal, effective ads and interviewing and screening applicants to avoid potential problems. Handy Forms and Letters for contracting new tenants and communicating with current occupants.

Author Biography

MELISSA PRANDI, M.P.M., has been managing residential rental properties for over twenty-two years. She is the owner of Prandi Property Management, Inc., and a past national president of the National Association of Residential Property Managers (NARPM). Prandi has written and conducts several workshops specifically for property managers and is often one of the featured instructors at the annual National Convention of NARPM, as well as a key advisor for the organization's leadership-training symposium.

Table of Contents

About the Author.

Introduction.

I. Getting an Overview of Rental Property Management.

1. Rental Property Management.

2. Taxes, Licenses, and Insurance.

II. Acquiring Rental Property.

3. Purchasing Rental Property.

4. Financing Rental Property.

III. Upgrading and Maintaining Your Investment.

5. Preparing Your Property for Tenants.

6. Maintaining Your Property.

IV. Renting Out Your Property.

7. Avoiding Fair-Housing Complaints.

8. Marketing Your Rental Property.

9. Finding the Best Tenants.

10. Working Out Details with Your Tenants.

V. Managing Tenants.

11. Keeping the Books — with or without.

12. Keeping Tenants Long Term.

13. Dealing with Problem Tenants.

14. When Tenants Move.

VI. Expanding Your Business or Selling Properties.

15. Increasing Your Portfolio of Properties.

16. Surviving the Peaks and Valleys of Real Estate Investing.

17. Hiring a Professional Management Company.

VII. Appendices.

1. Glossary.

2. Resource Directory.

3. Further Reading.

4. Important Documents.

Index.