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Showing 1-10 of 35 reviews(Verified Purchases). See all 44 reviews
on April 15, 2017
Great resource to reference when it comes to property management.
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on November 24, 2012
As one who is new to property management, my main intent was to get an understanding on the industry itself and more so how to become a successful property manager. The book gave me what I thought as a basic understanding of that. I felt like The ABC's of Property Management was written more towards the property investor. Identifying and explaining the difficulties of self-management and the pro's of contracting out a property management company.
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VINE VOICEon January 29, 2011
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. It all depends on the size of the property and your time-constraints. If you have invested in a duplex and you live a few miles away from it, it would make sense to self-manage it. And I think it's really good experience for anybody going into real estate investing. However, if you have a 30-unit apartment building a couple miles away you'll have to really think about the pros and cons of self-managing. If you are like me and have a full-time job it would be very difficult to manage it effectively without exhausting yourself completely in the process.

McElroy has a great system for researching a property management company in the book. It has 3 levels of research that I will summarize real quick. Level 1 you will search the internet for the companies and get yourself a good list with any background information you can dig up on them. Then with Level 2 you can visit the companies. Take a look around their operation, ask about their staffing, maintenance connections, and the accounting program they are using and, lastly, ask for a list of the properties they already oversee. Secret shop these properties and look for cleanliness of the property, effectiveness of local management, availability of rental resources... depending on the property, you may have more things to investigate like a clubhouse, a pool, mailboxes, etc. Then with Level 3 you take your data to your team and ask what they think. They could be your lawyers, friends in property management, accountant, anyone that may have some insight on your big decision.

A really great resource for real estate is at Ken McElroy's website at [...]. It has all types of great sample forms that help give the scope of property management.

I recommend this book to anyone that is going into real estate investing. It has all kinds of signature Rich Dad tips that all help to maximize your cash flow. As always, if you have any questions on the book don't hesitate to ask. I would be more than happy to help anyone that wants it.
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on February 26, 2013
This was a good book, but geared mainly at managing large properties with many tenants. It helps you decide if you want to manage your properties yourself or pay a company to do so. The tips on how to choose a property mgmt company are very good. I was disappointed that it did not focus much on single family dwelling management, which is not clear when you are buying the book
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on November 7, 2014
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. I have such an increase in knowledge now about what to do with my property manager, rather than just letting him (or the company) take care of my properties where my income will never come.
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on December 12, 2010
I have read quite a few of the Rich Dad books, and I must admit that this audio series is very solid. It covers all of the not so glamorous parts of owning real-estate that people don't like to talk about.
I have owned rental properties for over 10 years, and as a child my parents also owned them.

This book tells you what you are really getting into when you choose to own rentals.

There is a reason why the IRS considers stocks as passive income and not Real estate.
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on January 24, 2015
came as described
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on December 21, 2016
A must read for apartment building investors. Enough said.
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on November 20, 2014
The whole book encourages you to hire a properly management company instead of teaching you how to manage property.
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on December 20, 2016
read it
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