How to Buy and Manage Rental Properties: The Milin Method of Real Estate Management for the Small Investor - Softcover

Milin, Irene

 
9780671644239: How to Buy and Manage Rental Properties: The Milin Method of Real Estate Management for the Small Investor
Softcover
ISBN 10: 0671644238 ISBN 13: 9780671644239
Verlag: Touchstone, 1988

Inhaltsangabe

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.

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Über die Autorin bzw. den Autor

Mike and Irene Milin are the world's most successful couple in real estate education, the "Dynamic Duo" whose seminars in real estate management have shown thousands across the country how to find, purchase, and rent properties. Only a few years ago, the Milins were plagued by debt and unemployment, but by studying the ways other entrepreneurs had made fortunes in real estate, the Milins developed the sure-fire "Milin Method" and became millionaires almost overnight. In the past two years, they have traveled more than 500,000 miles coast to coast showing investor groups how they achieved their goals with hard work and a savvy program that gets results. The Milins live in Tucson, Arizona.

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Chapter 1

Successful Landlording Is No Accident

Being a successful landlord doesn't require a lot of hard work, but it does require planning. For every hour you spend before you buy the property and/or rent it to someone, you will save ten hours later. There are certain simple steps to follow that will make the job easier, and we'll go through them in the course of this book, devoting a chapter to each one, from picking the right properties to getting the best possible price and terms when you sell.

THE RIGHT PROPERTY ATTRACTS THE RIGHT TENANTS

You can't go fishing without the right bait. Everyone knows that. And the fight bait to attract the tenants you want is the right kind of property. Put yourself in the tenants' position and ask yourself what you would look for. You want tenants who want to be upwardly mobile and you want them to feel that renting from you is a step up, a step in the right direction. Therefore, you have to buy property with the future tenants in mind.

Our tenants are resident managers who work practically for free. They clean the properties they live in, they paint, and they even add patios, decks, and porches at their own expense. They do all this because they think of our properties as their homes. We encourage them to feel this way and we pick the kind of people who like to work on their homes and improve them. We Successful Landlording Is No Accident believe in spending a lot of time and effort before we rent to people, not afterward.

We select our tenants carefully and then we patiently explain our rules and regulations. We have an eleven-page rental contract and we go over it with prospective tenants line by line. We spend an average of an hour and a half going through the rental agreement with prospective tenants and we have them initial every page. This way, there are no misunderstandings later.

Renting from us is a special privilege; we don't rent to just anyone. We look for a certain type of tenant, someone who's looking for a home, not just another rental situation. If people are just looking for any place to rent, there are plenty of places out there. If landlords are just looking for any tenants to rent to, there are plenty of them out there, too. We are looking for a special few.

The tenants we want are family-oriented blue-collar workers who would like to buy a house but can't afford it. They rent from us because it's the next best thing.

Don't Buy Rental Property in Rental Areas

The ideal is to buy all your rental property in areas where most residences are owner-occupied. The neighbors may not love this idea, but your tenants will. This is the first principle that you should keep in mind. Everyone wants to step up in the world, not down.

It is said that the three most important things in real estate are location, location, and location, and location is just as important to prospective tenants as it is to buyers. Our tenants prefer to live in areas that are primarily owner-occupied, because they are nicer, more prestigious, and better places to raise their families. If an area is mostly tenant-occupied, there will be a lot of transients and a lot of tenant turnover. It's harder to get to know the neighbors and establish long-term, stable relationships when people are moving in and out all the time. If your tenants are stable family people, this is not what they want for their children or for themselves.

It is not really what you want for yourself, either. Areas that are mostly renter-occupied have higher vacancy rates. If your Successful Landlording Is No Accident tenants decide that they're not happy where they are living, they can easily pick up and move. They can meet with other tenants and organize or just compare notes about rents, conditions, and other subjects. This can lead to trouble.

Owner-Occupied Areas Are Stable

Owner-occupied areas have less turnover and lower vacancy rates. They are better places to live in and raise their families. They are also better places to be a landlord.

Better tenants and a lower vacancy rate mean fewer problems. Problems take time and energy that you could use in other ways, such as making money. So this is the first thing to think about when you think about becoming a landlord: where to look for suitable properties and how to find them. You have to decide what you want in a rental property and what type of people you want for tenants. Then you have to actively seek out the types of properties that will appeal to the tenants you want.

How to Buy and Manage Rental Properties is based on this simple principle. We stick to single-family houses and small income properties, because we feel they give us more control. Smaller properties are generally more desirable to live in. They are often located in better areas and they attract a better class of tenants.

It's Hard to Think of One Hundred Units as "Home"

Large apartment buildings and complexes rarely have a homey feeling. The bigger they are, the more impersonal they seem. Unless they have luxury features, such as recreational facilities, the units generally rent for less than comparable units in smaller buildings and attract a different type of tenant. We like family people as tenants, and high-rise complexes are not generally good places for families. They are rarely located in good owneroccupied neighborhoods. When you find one large apartment complex, you generally find a lot of them. Home owners don't want large apartment buildings in their neighborhoods; in fact, large buildings are usually excluded from the better areas by zoning laws.

Rental homes and even small apartment buildings are more desirable because they create less congestion and population density and thus face less opposition. Therefore, they are often found in the better areas, among the owner-occupied singlefamily homes, where people are eager to rent.

YOU WANT TENANTS WHO ARE EAGER TO RENT FROM YOU

Tenants who really want to rent your place are not likely to give you trouble. Nor are they likely to move as soon as they find a "better" deal somewhere else. We have good relations with our tenants because we do our homework before we rent to them. We find out what people want and then we give it to them at a reasonable price. In return, we insist they maintain the properties in good condition and take care of all minor repairs themselves.

There's nothing really complicated about it. Tenants are people and if you treat them firmly but fairly, they will usually respond in a positive way.

We occasionally make mistakes and we have tenant problems just like anyone else. No matter how carefully you interview people and check their backgrounds, one or two problem types always manage to slip through. We've even had to evict a couple of people when they turned out to be troublemakers and/or deadbeats. But a few bad tenants out of more than one hundred people we've rented to over the last four years is not a bad track record. We know our system works.

There's more to being a successful landlord than finding good properties and choosing good tenants to rent them to. Many people never get their properties rented, because they give up. They get so tired of interviewing tenants and making appointments with people who never show up that they just sell their properties instead -- often at a loss.

We don't make appointments with prospective tenants except at our office and at our convenience. We are there anyway. If they don't show up, it's their loss, not ours. But what if you don't have an office? If you have only one or two properties to manage, you definitely don't need an office, but prospective tenants don't have to know that you don't have one.

KEEP TENANTS IN AWE OF YOU

Let your tenants think that they are...

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Verlag
Touchstone
Erscheinungsdatum
1988
Sprache
Englisch
ISBN 10 
0671644238
ISBN 13 
9780671644239
Einband
Taschenbuch
Anzahl der Seiten
272
Kontakt zum Hersteller
Nicht verfügbar
Verantwortliche Person
Simon and Schuster Netherlands BV
info@simonandschuster.nl

Herculesplein 96
Utrecht
3584 AA
Niederlande

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