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The Essential Handbook for Landlords Paperback – August 21, 2012
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Veronica Serna, Trust Real Estate Investments
"Karen's guidance has removed a lot of anxiety from the landlording process. As a fairly new investor, dealing with tenants was uncharted territory for me. I now have confidence that I can successfully market and quickly fill properties with qualified tenants."
Jen Wong, Fillmore Properties
From the Author
Because there is so much wealth to be created from owning real estate. The more you know about how to do it right, the easier and more profitable landlording will be.
This book contains the valuable information I've gained through much work over many years. By passing this on to you, you will profit much faster than I did. The information found here will save you time, help you avoid potential problems, and enable you to make money that you wouldn't make without the knowledge it contains.
In this book you will discover how being a landlord can allow you to help others by providing a secure place for them to live, how to manage and run your own business, and how to generate perpetual cashflow and secure your own retirement. You will learn that allowing others to pay down your mortgage creates the income you need for the future.
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Update: Upgraded the book to 5 stars thanks to Karen's fast reply, and the fact that I did not take advantage of her invitation to email at anytime! Great customer service is awesome and rare these days!
Even with my level of experience, I can still be a little informal with my business procedures and this gave me some good ideas of how to tighten up the ship. For things I already know, it never hurts to be reminded of them for reinforcement and sometimes it is nice to get a slightly different view point for some more perspective.
I didn't read the parts on how to search for and purchase a property however I focused on the management part of a the book, which I thought was quite good. It emphasizes having a good set of rules that you always follow as well as good forms and communication with the tenant. I found however sometimes the rules set forth in the book might be a little stricter than I might want to enforce and realized while it is important to have rules, it is just as important to have your own set of rules you will feel comfortable enforcing. Otherwise they are not helpful. Of course, all laws must be followed regardless of comfort level.
I found "The Essential Handbook for Landlords" to be an excellent introductory primer for someone such as myself. Important concepts are introduced and explained in easy-to-understand terms. The book itself is loosely laid out somewhat chronologically, and even goes so far as to provide a few example forms and templates that can be adapted for your own use.
While the book is somewhat light on details, and the author does not attempt to explore any potential alternatives outside of her own tried-and-true methods of property management and landlord methodology. However she is quick to point out that this is the method that works for HER, and directs the reader to state-specific resources on several occasions.
Is this the only book you are ever going to need or consult if you decide to become a landlord? Probably not. But the amount of information and material you receive for the cost is well-worth it, many times over in fact. Unfortunately multiple typos that appear throughout the book were frequent enough that I found myself questioning the author's legitimacy on the subject simply due to this sloppiness. I found myself asking would the author allow so many typos to appear on one of her rental contracts? This type of issue should NEVER occur in regards to an instructional primer, especially one that is an otherwise exceptional resource for those who possess no prior knowledge on the subject.
I gave it 4 stars out of 5 because it only says you should be able to by 3 houses a year, and in 3 years have 9 houses (it was written post 2008). It gives absolutely no detail as to how to accomplish this, and honestly, this seems like someone of a inflated claim.
You'll almost certainly need more books (get them at the library), but this book will at least give you a compass to help you avoid so many of the get-rich-quick with property books that I've found.
The book is both tough-minded for your own protection, and careful to point out areas that touch upon legal requirements.
An impressive job....