Do you want to save a ton of money throughout your lifetime? Yeah, who doesn’t? Managing your own rental properties can save you thousands upon thousands of dollars over the course of your life. But is it something that you genuinely want to do?
“The Book on Managing Rental Properties” by Brandon and Heather Turner is a must-read if you are on the fence about becoming a landlord. This book is the bible of managing rental properties. I am a somewhat fast reader, and this book took me two weeks to complete.
Managing properties is not for everyone, and I hope that you realize where you sit on the decision. Some groups do not like confrontation, and others do not like dealing with people in general.
Others love the control and satisfaction of managing their own things. My wife and I have three properties and address each one differently. One property we out-source with a property management firm, the other we manage ourselves, and we finally rent out two rooms which fall somewhere in the middle.
This book will give you the information you need to start and grow your property management company if you so choose. Let’s get into my five takeaways.
1) Landlords have a ton of tasks to complete. We all consider rental income passive, but you have to understand that being a landlord can be busy. As you learn the ropes and make airtight standard operating procedures, your workload will stabilize.
2) Not everyone is meant to be a landlord. Running a property and tenants requires you to have discipline, firmness, initiative, and attention to detail. You also need to be a good records keeper and have a meticulous personality.
3) Knowing the laws for collecting a security deposit is vital. Each state has various rules on when to collect and how to store the security deposit. There is also a difference between a fee and a deposit—you have to return deposits.
4) Fair Housing Laws will be the thing that gets most landlords in trouble. Asking about a handicap, race, children, service dogs, etc., can lead to a lawsuit. Read and comprehend all federal and state fair housing laws. Most of them are common sense, but some will blow your mind, i.e., the rules about medical marijuana.
5) Screening potential applicants is where you make your money. If there is any task that you should spend the majority of your time on, it’s this. You will need to perform background checks, eviction records, employment referrals, prior housing referrals, and credit checks. Finding a wonderful tenant will be a great thing for you and them.
After reading this book, I am somewhere in the middle of my decision to manage more properties as we obtain them. There is genuinely much work that goes into managing properties, but no one is better suited to do this than us. After 22 years in the Marines, managing stuff is all second nature.
“The Book on Managing Properties” is a must-read for EVERYONE who is even considering buying a home. Learning is never a bad thing, and if you find yourself suddenly as a landlord, you will have some prior knowledge on the topic. I feel as though I absorbed all their years of experience and can utilize this information as required. That is why I love reading. Go get this book.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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