Property Management for Dummies (For Dummies)

You may become an unintentional property owner – someone who inherited a house from a relative and didn't want it to sit idle, or someone who transferred to a job in another city and decided to rent your home rather than sell it – or you may have entered the world of property ownership intentionally. Either way, real estate offers one of the best opportunities to develop a steady stream of residual income.

Property Management For Dummies is organized by specific topic areas, so you can easily and quickly scan a topic that interests you, or you can troubleshoot the source of your latest major headache. You'll discover how to

• Evaluate your skills and personality to see whether you have what it takes to be a landlord
• Keep your units occupied with paying tenants who don't destroy your property
• Move in your new tenants and move them out – and everything in between
• Assemble the right team of professionals to help you, from employees to contractors
• Insure your property and understand the taxes that go with it
• Look for additional sources of income beyond rent, including the opportunities and pitfalls of lease options

While many of life's lessons can be uncovered by trial and error, property management shouldn't be one of them – the mistakes are too costly and the legal ramifications too severe. In this book, you'll find proven strategies to make rental property ownership and management not only profitable but pleasant as well.

Now you can find out if you really have what it takes to successfully manage rental property and you’ll learn all about the various options for hiring someone else to manage your property for you. You’ll find out the right way to prepare your properties for prospective tenants, set the rent and security deposit, clean up properties, and verify rental applications. In no time at all, you can become a top-notch manager by working efficiently with employees and contractors to keep your properties safe and secure. Find out how to:

• Manage your time and money wisely
• Acquire a property and prepare it for tenants
• Make your property stand out and attract tenants
• Keep good tenants and get rid of bad ones
• Collect and increase rent
• Evaluate the different types of insurance and understand income and property taxes

Complete with lists of ten reasons to become a rental property owner, ten ways to rent your vacancy, and the ten biggest mistakes a landlord can make Property Management Kit For Dummies, 2^ndEditionwill help you achieve your dream of being a successful rental property owner.

Thinking about becoming a landlord? This guide gives you proven strategies for establishing and maintaining rental properties, be they single family or multi-resident. You'll see how to prepare and promote your properties, select tenants, handle repairs, avoid costly mistakes and legal snafus — and meet your long-term goals.

• Learn all the basics of the rental housing business — from finding and showing properties and dealing with tenants to record keeping and paying your taxes

• Prepare your properties for prospective tenants — set the rent and security deposit, clean up properties, and verify rental applications

• Become a top-notch manager — work efficiently with employees and contractors to keep your properties safe and secure

• Manage your money wisely — evaluate the different types of insurance and understand income and property taxes

Bonus CD Includes

Sample rental contracts, financial worksheets, eviction notices, and other valuable tools for simplifying day-to-day operations

See the CD appendix for details and complete system requirements.

Open the book and find:

• Advice on whether you should manage the property yourself or hire a pro

• The latest on property management and rental housing laws

• Tips for handling vacancies, renovations, open houses, mandatory disclosures, rent increases, and evictions

• The pros and cons of lease options, working with public rental assistance programs, and maintenance alternatives

• Troubleshooting advice for rent collection problems, housing discrimination complaints, and environmental hazards

PART I: So you Want to Be a Landlord?

Chapter 1: Do You Have What It Takes to Manage Your Own Rental Property?

Chapter 2: Deciding Whether to Manage Your Property Yourself or Hire a Pro.

Chapter 3: Taking Over Property.

PART II: Renting your Property.

Chapter 4: Preparing Your Rental Property for Prospective Tenants.

Chapter 5: Rent, Security Deposits, and Leases: The Big Three of Property Management.

Chapter 6: For Rent: Generating Interest in Your Rental.

Chapter 7: Handling Prospects and Showing the Rental.

Chapter 8: Eenie, Meenie, Miney, Mo: Selecting Your Tenants.

PART III: The Brass Tacks of Managing Rentals.

Chapter 9: Moving In the Tenants.

Chapter 10: Collecting and Increasing Rent.

Chapter 11: Keeping the Good Tenants — and Your Sanity.

Chapter 12: Dealing with Problem Tenants.

Chapter 13: Moving Out Tenants.

PART IV: Techniques and Tools for Managing.

Chapter 14: Working with Employees and Contractors.

Chapter 15: Maintenance.

Chapter 16: Safety and Security.

PART V: Money, Money, Money!

Chapter 17: Two Necessities of Property Management: Insurance and Taxes.

Chapter 18: Financial Management and Recordkeeping.

PART VI: Only for the Daring.

Chapter 19: Non-Rent Revenue and Lease Options.

Chapter 20: Government Programs.

Chapter 21: Working in Niche Markets: Students, Seniors, and More.

PART VII: The Part of Tens.

Chapter 22: Ten Reasons to Become a Rental Property Owner.

Chapter 23: Ten Ways to Rent Your Vacancy.

Chapter 24: Ten Ways to Increase Cash Flow.

Appendix: Resources.

Index.

Book Registration Information.