How to Buy and Manage Rental Properties

Informationen zum 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. Klappentext 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 partnershipsIt'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. 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 ...

Autorentext

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.

Zusammenfassung
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Leseprobe
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 esta…