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Rich Dad's Advisors: The ABC's of Property Management: What You Need to Know to Maximize Your Money Now Paperback – September 12, 2008


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Product Details

  • Series: Rich Dad's Advisors
  • Paperback: 176 pages
  • Publisher: Business Plus (September 12, 2008)
  • Language: English
  • ISBN-10: 0446538310
  • ISBN-13: 978-0446538312
  • Product Dimensions: 8.9 x 5.9 x 0.5 inches
  • Shipping Weight: 8 ounces
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (33 customer reviews)
  • Amazon Best Sellers Rank: #99,382 in Books (See Top 100 in Books)

Editorial Reviews

Review

"In this evenhanded, informative, and practical primer on managing rental property, McElroy covers everything from setting reasonable rent to determining true costs vs. true earings. Dave Mallow who's read several other titles in this series, delivers another solid performace..." (Library Journal ) --This text refers to an out of print or unavailable edition of this title.

About the Author

Ken McElroy is co-partner of MC Companies and has over 20 years of experience in multifamily asset/property management, development, project/construction management, investment analysis, acquisitions, business development, and client relations. He is the real estate advisor to Robert Kiyosaki and the Rich Dad organization. McElroy is also the bestselling author of The ABC's of Real Estate Investing and The Advanced Guide to Real Estate Investing.

More About the Author

Ken is the author of the best selling books The ABC's of Real Estate Investing,
The Advanced Guide to Real Estate Investing and The ABC's of Property
Management. He is also a contributor for The Real Book of Real Estate. The idea
behind Ken's fourth book, The Sleeping Giant, is to help inspire people to believe
that they can be part of solving the world's economic problems by creating
business - which in turn create financial freedom, job growth and reduces the
reliance on other sources.
The Sleeping Giant, brings together twenty self-employed entrepreneurs who
share their powerful and inspiring stories of how they found success through
self-employment. This book and its success led Ken to embark on another
journey where he held a nationwide contest via Facebook asking people "Are You
The Next Million Dollar Entrepreneur?" By submitting their ideas and passions for
their businesses, one lucky person received $5000 towards their venture and a
year long mentoring program with Ken and many other highly successful
individuals. "I'm very fortunate to have the life I do and being able to share my
experience and insight is exciting and something I really enjoy spending my time
doing"
Ken is an active member of the Entrepreneurs Organization, the Young
Presidents Organization and the Arizona Chapter of Entrepreneurs Organization
holding several board positions including President for the fiscal year of 2004-
2005.
Ken has enjoyed inspiring people worldwide appearing and speaking for various
programs and leading industry events and has also been featured on hundreds
of syndicated radio and TV programs as well as speaking with and writing articles
for many industry blogs.
Charity being a large part of Ken's focus, he stays closely involved within the
community and has served on advisory boards for Child Help and AZ Food
Banks- where he conducted the largest food drive in the state of Arizona. Ken
and MC Companies also support the Cystic Fibrosis Foundation, Hydrocephalus
Association, The University of Arizona Heath Sciences Center, The Leukemia &
Lymphoma Society, Salpointe Catholic High School, Susan G. Komen for the
Cure, Autism Speaks, McKenzie Monks Foundation, and the Partnership for a
Drug-Free America.
Ken and his family reside in Scottsdale, Arizona and enjoy spending time with
friends and family in Coeur d'Alene Idaho whenever possible.

Customer Reviews

I will be rereading and buying the other books in this series.
NJOYDANCIN2
It covers topics such as how to manage and maximize cash flow, how to find the right property manager, and how to decide if you should manage your property yourself.
Mariusz Skonieczny
This is another book from of the Rich Dad series, a series that I am a huge fan of.
Trevor J. Flannigan

Most Helpful Customer Reviews

30 of 31 people found the following review helpful By Brian Borawski on May 26, 2009
Format: Paperback
[...]

Ken McElroy should be a familiar name if you've kept up with the Rich Dad Advisor's series of books. The The ABC's of Property Management is McElroy's third book about real estate investing but this one is somewhat unique because it tackles a topic that hasn't been covered much in any other real estate book and that's property management.

The book is split into three sections. In addition, you get the usual foreward by Robert Kiyosaki himself. One of the more humorous sections of the book is the introduction because it details an account of what can happen when properties go bad.

Section one deals with whether you should hire a property manager or manage the property yourself and this chapter is over half of the book. One underlying premise of the section is that if you've never managed a property, it's a lot tougher,and more importantly, much more time consuming then most people think. The final chapter of this section has a ton of good information and it details a month in the life of a property manager. Things will go wrong folks and if you're not prepared to deal with the problems yourself, then it's probably going to be money out of your pocket.

Section two discusses how to find a good property manager. You get to read about the types of management companies as well as some of the things you'll want to look for, at least system wise, when looking at a property manager.

Section three is the shortest section and it discusses how to hire a good property manager. Here, McElroy takes you through a three tiered system of evaluating a property manager.

Overall, it's a solid read but there's two knocks. The first is that it's geared more towards bigger properties.
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10 of 10 people found the following review helpful By Trevor J. Flannigan VINE VOICE on January 29, 2011
Format: Paperback Verified Purchase
The book of the week was The ABC's of Property Management by Ken McElroy. This is another book from of the Rich Dad series, a series that I am a huge fan of. It's not the first book I've read by McElroy either. He is a great writer and gives all types of great information about the real estate sector. This book was clearly about property management and I found it very helpful.

I think the most helpful aspect of this book is that it opens your eyes up to the work that goes into property management. It's a big decision whether or not to manage your property yourself or have someone else do it. The largest incentive to self-managing is decreasing expenses and thus increasing cash flow. However, when you dive deeper into self-managing, you could potentially do more damage and cost yourself more money in the long-run due to lack of experience and know-how.

There are several things that could cost you money in the long-run by self-managing. It could be legal fees because you didn't follow the right protocol when evicting someone. It could be maintenance fees because you tried to fix something yourself and didn't have the skills or didn't keep up with preventative maintenance like you should have. And maybe worst of all, it could be the cost of physical vacancy because you don't have the resources to get the right tenant into an apartment within a reasonable amount of time.

Property management is a full-time job for people for a big reason- it's a lot of work! One of my favorite investments is cash flowing real estate, but it is important to know when your abilities cease to be effective and where a professional management company should step in and help out. But don't get me wrong, I don't think that property management isn't something that can be done alone.
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10 of 11 people found the following review helpful By Mariusz Skonieczny on August 17, 2009
Format: Paperback
McElroy wrote two other books, but they deal mainly with real estate investing. I am amazed that this book is far less popular than the other two. Property management is the key to real estate success. It's not just about finding a good deal, doing the due diligence, and closing the transaction. If people are not interested in learning how to manage a property or at least learning how to find a good property management firm, then they should not be buying real estate, because real estate requires work. It is not a mutual fund or stock. When you buy a small apartment building or a single family home to rent, you are in the business of real estate, which means you sell rental space, and if you don't provide any customer service to your clients/tenants, you are unlikely to be successful. I found this book to be really good. It covers topics such as how to manage and maximize cash flow, how to find the right property manager, and how to decide if you should manage your property yourself.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
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8 of 9 people found the following review helpful By Remrie Arrie on January 27, 2012
Format: Audio CD
The author, Ken McElroy (Mack-Uh-Roy), is a highly renowned commercial real estate investor and founder of his property management company striving to become the biggest in the south-west. He is a Rich Dad Advisor for Robert T. Kioysaki and the rest of the Rich Dad team, as well as an author and coach for students of the Rich Dad company. He is a frequent attendee of The Real Estate Guys Radio Show events such as the Summit at Sea, and as described by other real estate investors; a life long learner.

As much as that bio raves about him, it echos an even louder message that raves about the professional quality of who you choose to learn from.

With that said... Remember it is the ABC's after all, and being an audio book, that's likely a very good thing. It's not overbearing with numbers, but it takes a few loops of the audio book to wrap your head around the numbers. However the benefit of that is you will be training yourself on how to listen effectively to conversations with acronyms, percentages, numbers, and dollars, which you wouldn't be able to follow without training your mind to listen.

With that said, the audio book is functional within its' own right as an audio book in ways a paper print isn't.

The print version will have spreadsheets that will help you see these things for yourself, but both with and without is good as you are in the learning stages and need to learn to visualize financial statements and cash flow when one is not provided.

The case studies are great examples of (sadly) common stories that any professional investor will likely experience, the realities of the industry, and it makes a great note to demand the reader/listener to think of their time in terms of dollars which I discover not a lot of people do.
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