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

How to Buy and Manage Rental Properties

The Milin Method of Real Estate Management for the Small Investor

Paperback

Published: 1st June 1988
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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.

Introductionp. 17
Working for Others Doesn't Workp. 17
Three Years to Freedomp. 18
Landlording Is the World's Most Profitable Businessp. 19
Two Reasons Why People Are Scared to Buy Real Estatep. 19
Successful Management Means Successful Investingp. 20
A "Hands-Off" Cash-Flow Management Planp. 21
Landlording Still Has a Bad Imagep. 21
Owning Rental Property Doesn't Have to Be Hard Workp. 22
The Management Burden Is on the Tenantsp. 22
Successful Landlording is No Accidentp. 25
The Right Property Attracts the Right Tenantsp. 25
Don't Buy Rental Property in Rental Areasp. 26
Owner-Occupied Areas Are Stablep. 27
It's Hard to Think of One Hundred Units as "Home"p. 27
You Want Tenants Who Are Eager to Rent from Youp. 28
Keep Tenants in Awe of Youp. 29
You Must Attract Renters Before You Can Choose Onep. 29
You've Got to Know Where the Money's Goingp. 30
The Right Time to Sell Your Propertiesp. 30
Keeping Expenses Under Controlp. 30
People-Not Properties-Cause Problemsp. 32
Business Is Peoplep. 33
Investing in Tenantsp. 34
The Phantom Management Companyp. 35
The Millionaire Landlordp. 36
The Poor Landlordp. 36
Houses and Small Apartment Buildingsp. 37
Stability Is Goldenp. 38
Pets and Children Welcomep. 39
Preventing People Problemsp. 40
Rewards and Incentives for Good Tenantsp. 41
Punishment for Bad Tenantsp. 43
Rebellious Tenantsp. 43
What Kinds of Tenants Push for Rent Control?p. 45
Professional Radicalsp. 45
Ignorant Victimsp. 45
Abused Tenantsp. 46
Buy Right to Manage Rightp. 47
Beware of Discount Pricingp. 47
Finding Good Rentalsp. 48
What Are Tenants Looking For?p. 50
Checking out the Neighborhoodp. 52
Looking at the Housep. 53
Know What You're Buyingp. 54
Prepare an Inspection Checklistp. 56
Negotiating with Sellersp. 62
The Terms We Wantp. 64
The One-Two-Three Punchp. 65
Balloon Paymentsp. 66
Let the Seller Get the Loanp. 67
Purchase Agreementsp. 68
Who Pays for What?p. 68
The Weasel, or Escape, Clausep. 69
Personalized Formsp. 70
The Financingp. 71
Rent It Out Before You Buyp. 71
Make the Seller Get Rid of Bad Tenantsp. 73
Set Up a Reasonable Schedule for Showing the Propertyp. 73
Constructing An Ad Campaignp. 76
Advertising in a Renter's Marketp. 77
Televisionp. 77
Radiop. 78
Flyersp. 78
Military Newspapersp. 79
Finder's Feesp. 80
Constructing Your Adp. 80
Picking the Right Tenantsp. 83
Always Pick Your Tenants-Never Let Them Pick Youp. 83
Meeting the Applicantsp. 85
Creating Your Own Officep. 86
The Renter's Conventionp. 88
Discrimination Is Bad Businessp. 88
Get to Know Rentersp. 89
Make Your Rules Clearp. 91
The Rental Interviewp. 98
We're Tough Interviewersp. 99
Never Make Exceptionsp. 99
Setting the Stagep. 100
Accentuate the Negativep. 101
Explaining the Rental Contract to Tenantsp. 102
An Ounce of Preventionp. 117
Training Tenants to Obey Your Rulesp. 122
Setting Up a Surveillance Networkp. 123
Making Tenants Feel at Homep. 124
Raising the Rentsp. 125
Reward the Good Tenantsp. 127
The Rent Belongs to the Landlordp. 128
Getting Rid of Bad Tenantsp. 130
Alternatives to Evictionp. 131
Paying Bad Tenants to Leavep. 131
We Play for Keepsp. 134
Keeping the Good Tenantsp. 139
Good Tenants Become Buyersp. 140
Lease Options for Good Tenantsp. 145
First Right of Refusal Optionsp. 145
Performance Optionsp. 146
A Happy Tenant Is a Solid Tenantp. 147
Property Maintenancep. 150
Hassle-Free Maintenancep. 151
Heading Off Problemsp. 152
Cutting Expensesp. 155
A Dollar Saved Times One Hundred Properties Adds Upp. 155
Two Garbage Cans Aren't Better Than Onep. 155
Lights Can Eat Up Your Profitsp. 156
Training a Handymanp. 156
Eliminate All Expenses That Will Increasep. 157
Cut Expenses Before You Buy the Propertyp. 158
Ask for a Moratorium on Paymentsp. 158
Tie the Payments to the Property's Performancep. 158
Have the Seller Carry a Graduated-Payment Loanp. 159
Get an Adjustable-Rate Loanp. 159
Get the Seller to Carry a Loan with Interest-Only Paymentsp. 159
Put a Backdoor Clause in All Your Notesp. 159
Have the Seller Carry a Note with No Paymentsp. 160
Bookkeepingp. 161
Getting Your Money Comes Firstp. 161
Automatic Rent Transfersp. 162
A Simple Systemp. 163
The Property Cardp. 164
The Ledger Cardp. 164
Property Codesp. 165
Using the Systemp. 165
Expense Codesp. 166
How to Save Money on Taxesp. 170
Buy Right to Pay Taxes Rightp. 170
Investment Strategies Changep. 171
Prepare for Maximum Depreciationp. 172
Land-to-Improvements Ratiop. 173
Finding Replacement Costsp. 174
Working with an Appraiserp. 175
Personal Property Depreciationp. 176
Taking Risksp. 177
The Old Tax Lawp. 178
The New Tax Lawp. 178
Depreciationp. 178
Capital Gainsp. 179
Passive Lossesp. 179
Rehabilitation Tax Creditsp. 181
Neutralizing Negative Cash Flowp. 181
Real Lossesp. 184
Employ Others, Not Yourselfp. 184
Repairs, Not Improvementsp. 185
Tax-Deductible Managementp. 185
More Shelterp. 186
Tracking Your Propertiesp. 187
Buying the Futurep. 188
Watch Your Houses Carefullyp. 190
Listen to Tenantsp. 191
Cut Your Lossesp. 192
Five-Year Planp. 194
Putting It on Automatic Pilotp. 195
Good Cash Buyers Are Hard to Findp. 195
Refinancingp. 196
Selling Paperp. 196
Why Carry Paper?p. 197
A Word of Cautionp. 199
Creative Financing Is Not Just for Buyersp. 200
Imputed Interestp. 202
Lease Optionsp. 203
The Option Feep. 203
The Increased Rent-Lease Optionp. 204
The Decreased Rent-Lease Optionp. 204
Limited Partnershipsp. 205
Equity Sharing: A Management Tool for the '80S and Beyondp. 206
Owner Occupants Make Better Tenantsp. 206
Three Ways to Use Equity Sharingp. 207
Appealing to Existing Tenantsp. 208
Advertising for Equity-Share Tenantsp. 210
Advertising for Equity-Share Home Buyersp. 211
Advertising for Equity-Share Investorsp. 212
Choosing an Equity-Share Partnerp. 213
How Long Will You Share the Equity?p. 214
First Right of Refusalp. 215
How Do You Divide the Equity?p. 216
Ask for a Down Paymentp. 218
What If Your Co-Owner Defaults?p. 218
The Equity-Share Wraparoundp. 221
The Equity-Share Performance Optionp. 222
Equity-Share Managementp. 224
Preparing Your Property for Salep. 226
Investors Are the Worst Buyersp. 226
Get the Best Possible Deal When You Sellp. 227
Locationp. 227
What Will Improvements Costp. 228
Comparable Pricesp. 229
Spic-and-Span Sellsp. 230
Selling "As Is"p. 232
Roofingp. 233
Plan Sales Carefullyp. 235
Stay Flexiblep. 236
Dealing with Real Estate Agentsp. 237
Agents Use Multiple-Listings Servicesp. 238
The Listing Agreementp. 239
Open Listingsp. 240
Exclusive Agency Listingsp. 240
Exclusive Listingsp. 241
Exclusive Right to Sell-Multiple Listingsp. 241
Discount Brokersp. 242
The Agent Must Work for His/Her Moneyp. 242
What Your Agent Can (and Can't) Do for Youp. 243
The Agent Handles Advertisingp. 244
How Many Other Agents Does Your Agent Know?p. 245
Let Your Agent Be Your Guidep. 246
Finding an Agentp. 246
Open Housesp. 247
Newspaper Adsp. 247
How Not to Choose an Agentp. 248
Selling Property Yourselfp. 250
Keep Your Ads Brief but Effectivep. 250
Emotions Sell Housesp. 251
Cooperating with Agentsp. 252
Afterword: Now, Go Out and Do It!p. 254
Indexp. 257
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780671644239
ISBN-10: 0671644238
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 272
Published: 1st June 1988
Publisher: Simon & Schuster
Country of Publication: US
Dimensions (cm): 21.4 x 14.0  x 2.0
Weight (kg): 0.25
Edition Number: 1