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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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Top Customer Reviews
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.Read more ›
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.Read more ›
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.Read more ›
Most Recent Customer Reviews
The whole book encourages you to hire a properly management company instead of teaching you how to manage property.Published 18 months ago by EG
Excellent book; so glad I got it on audio because I've learned I will never get through books otherwise. I have lots I want to read, and this was a good addition to my education. Read morePublished 18 months ago by S. Williams
A great precursor to his advanced issue. Great source of information for anyone looking to get into Real Estate.Published 21 months ago by Joseph A. Rivera
We have implemented many of the principals in this book. This book alone is not enough but is has contributed to our success.Published on February 13, 2014 by Randel