Synopses & Reviews
Mike and Irene Milin are the world's most successful couple in real estate education, the "Dynamic Duo" whose amazing sellout seminars in real estate management have shown thousands across the country how to find, purchase, and rent properties -- and let their tenants do the work! andlt;BRandgt; Now the Milins have put their practical, time-tested techniques into a book, andlt;Iandgt;How to Buy and Manage Rental Properties.andlt;/Iandgt; They show you how to use the Milin Method to avoid problems and expenses while keeping the money coming in -- the Milin promise is financial freedom andlt;Iandgt;in two to three years! How to Buy and Manage Rental Propertiesandlt;/Iandgt; will show you how you can get tenants involved in the maintenance of your rental properties -- the remarkable "hands-off" strategies that put your properties on auto pilot, leaving you the time to achieve more as a real estate entrepreneur. Their program covers in detail all aspects of buying, financing, maintaining, and renting properties, including: andlt;BRandgt; * Managing people, not propertyandlt;BRandgt; * Buying right to manage rightandlt;BRandgt; * Rental interviews and agreementsandlt;BRandgt; * Keeping good tenants, and getting rid of bad onesandlt;BRandgt; * Bookkeeping, taxes, and property trackingandlt;BRandgt; * Real estate agents and property salesandlt;BRandgt; * Equity sharing and partnerships andlt;BRandgt; It's all here in a guide you can easily read and refer to -- the best, most comprehensive program of buying and rental techniques ever developed, detailing sound and sensible ways to protect your investments and get the most out of your properties with the least trouble.
About the Author
andlt;Bandgt;Mikeandlt;/Bandgt; and andlt;Bandgt;Irene Milinandlt;/Bandgt; are the world's most successful couple in real estate education, the "Dynamic Duo" whose seminars in real estate management have shown thousands across the country how to find, purchase, and rent properties. Only a few years ago, the Milins were plagued by debt and unemployment, but by studying the ways other entrepreneurs had made fortunes in real estate, the Milins developed the sure-fire "Milin Method" and became millionaires almost overnight. In the past two years, they have traveled more than 500,000 miles coast to coast showing investor groups how they achieved their goals with hard work and a savvy program that gets results. The Milins live in Tucson, Arizona.
Table of Contents
andlt;BRandgt;andlt;Bandgt;Contentsandlt;/Bandgt;andlt;BRandgt;andlt;BRandgt;INTRODUCTIONandlt;BRandgt;andlt;BRandgt;Working for Others Doesn't Workandlt;BRandgt;andlt;BRandgt;Three Years to Freedomandlt;BRandgt;andlt;BRandgt;Landlording Is the World's Most Profitable Businessandlt;BRandgt;andlt;BRandgt;Two Reasons Why People Are Scared to Buy Real Estateandlt;BRandgt;andlt;BRandgt;Successful Management Means Successful Investingandlt;BRandgt;andlt;BRandgt;A "Hands-Off" Cash-Flow Management Planandlt;BRandgt;andlt;BRandgt;Landlording Still Has a Bad Imageandlt;BRandgt;andlt;BRandgt;Owning Rental Property Doesn't Have to Be Hard Workandlt;BRandgt;andlt;BRandgt;The Management Burden Is on the Tenantsandlt;BRandgt;andlt;BRandgt;ONE : SUCCESSFUL LANDLORDING IS NO ACCIDENTandlt;BRandgt;andlt;BRandgt;The Right Property Attracts the Right Tenantsandlt;BRandgt;andlt;BRandgt;Don't Buy Rental Property in Rental Areasandlt;BRandgt;andlt;BRandgt;Owner-Occupied Areas Are Stableandlt;BRandgt;andlt;BRandgt;It's Hard to Think of One Hundred Units as "Home"andlt;BRandgt;andlt;BRandgt;You Want Tenants Who Are Eager to Rent from Youandlt;BRandgt;andlt;BRandgt;Keep Tenants in Awe of Youandlt;BRandgt;andlt;BRandgt;You Must Attract Renters Before You Can Choose Oneandlt;BRandgt;andlt;BRandgt;You've Got to Know Where the Money's Goingandlt;BRandgt;andlt;BRandgt;The Right Time to Sell Your Propertiesandlt;BRandgt;andlt;BRandgt;Keeping Expenses Under Controlandlt;BRandgt;andlt;BRandgt;TWO : PEOPLE--NOT PROPERTIES--CAUSE PROBLEMSandlt;BRandgt;andlt;BRandgt;Business Is Peopleandlt;BRandgt;andlt;BRandgt;Investing in Tenantsandlt;BRandgt;andlt;BRandgt;The Phantom Management Companyandlt;BRandgt;andlt;BRandgt;The Millionaire Landlordandlt;BRandgt;andlt;BRandgt;The Poor Landlordandlt;BRandgt;andlt;BRandgt;Houses and Small Apartment Buildingsandlt;BRandgt;andlt;BRandgt;Stability Is Goldenandlt;BRandgt;andlt;BRandgt;Pets and Children Welcomeandlt;BRandgt;andlt;BRandgt;Preventing People Problemsandlt;BRandgt;andlt;BRandgt;Rewards and Incentives for Good Tenantsandlt;BRandgt;andlt;BRandgt;Punishment for Bad Tenantsandlt;BRandgt;andlt;BRandgt;Rebellious Tenantsandlt;BRandgt;andlt;BRandgt;What Kinds of Tenants Push for Rent Control?andlt;BRandgt;andlt;BRandgt;Professional Radicalsandlt;BRandgt;andlt;BRandgt;Ignorant Victimsandlt;BRandgt;andlt;BRandgt;Abused Tenantsandlt;BRandgt;andlt;BRandgt;THREE : BUY RIGHT TO MANAGE RIGHTandlt;BRandgt;andlt;BRandgt;Beware of Discount Pricingandlt;BRandgt;andlt;BRandgt;Finding Good Rentalsandlt;BRandgt;andlt;BRandgt;What Are Tenants Looking For?andlt;BRandgt;andlt;BRandgt;Checking out the Neighborhoodandlt;BRandgt;andlt;BRandgt;Looking at the Houseandlt;BRandgt;andlt;BRandgt;Know What You're Buyingandlt;BRandgt;andlt;BRandgt;Prepare an Inspection Checklistandlt;BRandgt;andlt;BRandgt;Negotiating with Sellersandlt;BRandgt;andlt;BRandgt;The Terms We Wantandlt;BRandgt;andlt;BRandgt;The One-Two-Three Punchandlt;BRandgt;andlt;BRandgt;Balloon Paymentsandlt;BRandgt;andlt;BRandgt;Let the Seller Get the Loanandlt;BRandgt;andlt;BRandgt;FOUR : PURCHASE AGREEMENTSandlt;BRandgt;andlt;BRandgt;Who Pays for What?andlt;BRandgt;andlt;BRandgt;The Weasel, or Escape, Clauseandlt;BRandgt;andlt;BRandgt;Personalized Formsandlt;BRandgt;andlt;BRandgt;The Financingandlt;BRandgt;andlt;BRandgt;Rent It Out Before You Buyandlt;BRandgt;andlt;BRandgt;Make the Seller Get Rid of Bad Tenantsandlt;BRandgt;andlt;BRandgt;Set Up a Reasonable Schedule for Showing the Propertyandlt;BRandgt;andlt;BRandgt;FIVE : CONSTRUCTING AN AD CAMPAIGNandlt;BRandgt;andlt;BRandgt;Advertising in a Renter's Marketandlt;BRandgt;andlt;BRandgt;Televisionandlt;BRandgt;andlt;BRandgt;Radioandlt;BRandgt;andlt;BRandgt;Flyersandlt;BRandgt;andlt;BRandgt;Military Newspapersandlt;BRandgt;andlt;BRandgt;Finder's Feesandlt;BRandgt;andlt;BRandgt;Constructing Your Adandlt;BRandgt;andlt;BRandgt;SlX : PICKING THE RIGHT TENANTSandlt;BRandgt;andlt;BRandgt;Always Pick Your Tenants--Never Let Them Pick Youandlt;BRandgt;andlt;BRandgt;Meeting the Applicantsandlt;BRandgt;andlt;BRandgt;Creating Your Own Officeandlt;BRandgt;andlt;BRandgt;The Renter's Conventionandlt;BRandgt;andlt;BRandgt;Discrimination Is Bad Businessandlt;BRandgt;andlt;BRandgt;ardGet to Know Rentersandlt;BRandgt;andlt;BRandgt;Make Your Rules Clearandlt;BRandgt;andlt;BRandgt;SEVEN : THE RENTAL INTERVIEWandlt;BRandgt;andlt;BRandgt;We're Tough Interviewersandlt;BRandgt;andlt;BRandgt;Never Make Exceptionsandlt;BRandgt;andlt;BRandgt;Setting the Stageandlt;BRandgt;andlt;BRandgt;Accentuate the Negativeandlt;BRandgt;andlt;BRandgt;Explaining the Rental Contract to Tenantsandlt;BRandgt;andlt;BRandgt;An Ounce of Preventionandlt;BRandgt;andlt;BRandgt;EIGHT : TRAINING TENANTS TO OBEY YOUR RULESandlt;BRandgt;andlt;BRandgt;Setting Up a Surveillance Networkandlt;BRandgt;andlt;BRandgt;Making Tenants Feel at Homeandlt;BRandgt;andlt;BRandgt;Raising the Rentsandlt;BRandgt;andlt;BRandgt;Reward the Good Tenantsandlt;BRandgt;andlt;BRandgt;The Rent Belongs to the Landlordandlt;BRandgt;andlt;BRandgt;NINE : GETTING RID OF BAD TENANTSandlt;BRandgt;andlt;BRandgt;Alternatives to Evictionandlt;BRandgt;andlt;BRandgt;Paying Bad Tenants to Leaveandlt;BRandgt;andlt;BRandgt;We Play for Keepsandlt;BRandgt;andlt;BRandgt;TEN : KEEPING THE GOOD TENANTSandlt;BRandgt;andlt;BRandgt;Good Tenants Become Buyersandlt;BRandgt;andlt;BRandgt;Lease Options for Good Tenantsandlt;BRandgt;andlt;BRandgt;First Right of Refusal Optionsandlt;BRandgt;andlt;BRandgt;Performance Optionsandlt;BRandgt;andlt;BRandgt;A Happy Tenant Is a Solid Tenantandlt;BRandgt;andlt;BRandgt;ELEVEN : PROPERTY MAINTENANCEandlt;BRandgt;andlt;BRandgt;Hassle-Free Maintenanceandlt;BRandgt;andlt;BRandgt;Heading Off Problemsandlt;BRandgt;andlt;BRandgt;TWELVE : CUTTING EXPENSESandlt;BRandgt;andlt;BRandgt;A Dollar Saved Times One Hundred Properties Adds Upandlt;BRandgt;andlt;BRandgt;Two Garbage Cans Aren't Better Than Oneandlt;BRandgt;andlt;BRandgt;Lights Can Eat Up Your Profitsandlt;BRandgt;andlt;BRandgt;Training a Handymanandlt;BRandgt;andlt;BRandgt;Eliminate All Expenses That Will Increaseandlt;BRandgt;andlt;BRandgt;Cut Expenses Before You Buy the Propertyandlt;BRandgt;andlt;BRandgt;Ask for a Moratorium on Paymentsandlt;BRandgt;andlt;BRandgt;Tie the Payments to the Property's Performanceandlt;BRandgt;andlt;BRandgt;Have the Seller Carry a Graduated-Payment Loanandlt;BRandgt;andlt;BRandgt;Get an Adjustable-Rate Loanandlt;BRandgt;andlt;BRandgt;Get the Seller to Carry a Loan with Interest-Only Paymentsandlt;BRandgt;andlt;BRandgt;Put a Backdoor Clause in All Your Notesandlt;BRandgt;andlt;BRandgt;Have the Seller Carry a Note with No Paymentsandlt;BRandgt;andlt;BRandgt;THIRTEEN : BOOKKEEPINGandlt;BRandgt;andlt;BRandgt;Getting Your Money Comes Firstandlt;BRandgt;andlt;BRandgt;Automatic Rent Transfersandlt;BRandgt;andlt;BRandgt;A Simple Systemandlt;BRandgt;andlt;BRandgt;The Property Cardandlt;BRandgt;andlt;BRandgt;The Ledger Cardandlt;BRandgt;andlt;BRandgt;Property Codesandlt;BRandgt;andlt;BRandgt;Using the Systemandlt;BRandgt;andlt;BRandgt;Expense Codesandlt;BRandgt;andlt;BRandgt;FOURTEEN : HOW TO SAVE MONEY ON TAXESandlt;BRandgt;andlt;BRandgt;Buy Right to Pay Taxes Rightandlt;BRandgt;andlt;BRandgt;Investment Strategies Changeandlt;BRandgt;andlt;BRandgt;Prepare for Maximum Depreciationandlt;BRandgt;andlt;BRandgt;Land-to-Improvements Ratioandlt;BRandgt;andlt;BRandgt;Finding Replacement Costsandlt;BRandgt;andlt;BRandgt;Working with an Appraiserandlt;BRandgt;andlt;BRandgt;Personal Property Depreciationandlt;BRandgt;andlt;BRandgt;Taking Risksandlt;BRandgt;andlt;BRandgt;The Old Tax Lawandlt;BRandgt;andlt;BRandgt;The New Tax Lawandlt;BRandgt;andlt;BRandgt;Depreciationandlt;BRandgt;andlt;BRandgt;Capital Gainsandlt;BRandgt;andlt;BRandgt;Passive Lossesandlt;BRandgt;andlt;BRandgt;Rehabilitation Tax Creditsandlt;BRandgt;andlt;BRandgt;Neutralizing Negative Cash Flowandlt;BRandgt;andlt;BRandgt;Real Lossesandlt;BRandgt;andlt;BRandgt;Employ Others, Not Yourselfandlt;BRandgt;andlt;BRandgt;Repairs, Not Improvementsandlt;BRandgt;andlt;BRandgt;Tax-Deductible Managementandlt;BRandgt;andlt;BRandgt;More Shelterandlt;BRandgt;andlt;BRandgt;FIFTEEN : TRACKING YOUR PROPERTIESandlt;BRandgt;andlt;BRandgt;Buying the Futureandlt;BRandgt;andlt;BRandgt;Watch Your Houses Carefullyandlt;BRandgt;andlt;BRandgt;Listen to Tenantsandlt;BRandgt;andlt;BRandgt;Cut Your Lossesandlt;BRandgt;andlt;BRandgt;Five-Year Planandlt;BRandgt;andlt;BRandgt;SIXTEEN : PUTTING IT ON AUTOMATIC PILOTandlt;BRandgt;andlt;BRandgt;Good Cash Buyers Are Hard to Findandlt;BRandgt;andlt;BRandgt;Refinancingandlt;BRandgt;andlt;BRandgt;Selling Paperandlt;BRandgt;andlt;BRandgt;Why Carry Paper?andlt;BRandgt;andlt;BRandgt;A Word of Cautionandlt;BRandgt;andlt;BRandgt;Creative Financing Is Not Just for Buyersandlt;BRandgt;andlt;BRandgt;Imputed Interestandlt;BRandgt;andlt;BRandgt;Lease Optionsandlt;BRandgt;andlt;BRandgt;The Option Feeandlt;BRandgt;andlt;BRandgt;The Increased Rent-Lease Optionandlt;BRandgt;andlt;BRandgt;The Decreased Rent-Lease Optionandlt;BRandgt;andlt;BRandgt;Limited Partnershipsandlt;BRandgt;andlt;BRandgt;SEVENTEEN : EQUITY SHARING: A MANAGEMENT TOOL FOR THE '80S AND BEYONDandlt;BRandgt;andlt;BRandgt;Owner Occupants Make Better Tenantsandlt;BRandgt;andlt;BRandgt;Three Ways to Use Equity Sharingandlt;BRandgt;andlt;BRandgt;Appealing to Existing Tenantsandlt;BRandgt;andlt;BRandgt;Advertising for Equity-Share Tenantsandlt;BRandgt;andlt;BRandgt;Advertising for Equity-Share Home Buyersandlt;BRandgt;andlt;BRandgt;Advertising for Equity-Share Investorsandlt;BRandgt;andlt;BRandgt;Choosing an Equity-Share Partnerandlt;BRandgt;andlt;BRandgt;How Long Will You Share the Equity?andlt;BRandgt;andlt;BRandgt;First Right of Refusalandlt;BRandgt;andlt;BRandgt;How Do You Divide the Equity?andlt;BRandgt;andlt;BRandgt;Ask for a Down Paymentandlt;BRandgt;andlt;BRandgt;What If Your Co-Owner Defaults?andlt;BRandgt;andlt;BRandgt;The Equity-Share Wraparoundandlt;BRandgt;andlt;BRandgt;The Equity-Share Performance Optionandlt;BRandgt;andlt;BRandgt;Equity-Share Managementandlt;BRandgt;andlt;BRandgt;EIGHTEEN : PREPARING YOUR PROPERTY FOR SALEandlt;BRandgt;andlt;BRandgt;Investors Are the Worst Buyersandlt;BRandgt;andlt;BRandgt;Get the Best Possible Deal When You Sellandlt;BRandgt;andlt;BRandgt;Locationandlt;BRandgt;andlt;BRandgt;What Will Improvements Costandlt;BRandgt;andlt;BRandgt;Comparable Pricesandlt;BRandgt;andlt;BRandgt;Spic-and-Span Sellsandlt;BRandgt;andlt;BRandgt;Selling "As Is" andlt;BRandgt;andlt;BRandgt;Roofingandlt;BRandgt;andlt;BRandgt;Plan Sales Carefullyandlt;BRandgt;andlt;BRandgt;Stay Flexibleandlt;BRandgt;andlt;BRandgt;NINETEEN : DEALING WITH REAL ESTATE AGENTSandlt;BRandgt;andlt;BRandgt;Agents Use Multiple-Listings Servicesandlt;BRandgt;andlt;BRandgt;The Listing Agreementandlt;BRandgt;andlt;BRandgt;Open Listingsandlt;BRandgt;andlt;BRandgt;Exclusive Agency Listingsandlt;BRandgt;andlt;BRandgt;Exclusive Listingsandlt;BRandgt;andlt;BRandgt;Exclusive Right to Sell -- Multiple Listingsandlt;BRandgt;andlt;BRandgt;Discount Brokersandlt;BRandgt;andlt;BRandgt;The Agent Must Work for His/Her Moneyandlt;BRandgt;andlt;BRandgt;What Your Agent Can (and Can't) Do for Youandlt;BRandgt;andlt;BRandgt;The Agent Handles Advertisingandlt;BRandgt;andlt;BRandgt;How Many Other Agents Does Your Agent Know?andlt;BRandgt;andlt;BRandgt;Let Your Agent Be Your Guideandlt;BRandgt;andlt;BRandgt;Finding an Agentandlt;BRandgt;andlt;BRandgt;Open Housesandlt;BRandgt;andlt;BRandgt;Newspaper Adsandlt;BRandgt;andlt;BRandgt;How Not to Choose an Agentandlt;BRandgt;andlt;BRandgt;TWENTY : SELLING PROPERTY YOURSELFandlt;BRandgt;andlt;BRandgt;Keep Your Ads Brief but Effectiveandlt;BRandgt;andlt;BRandgt;Emotions Sell Housesandlt;BRandgt;andlt;BRandgt;Cooperating with Agentsandlt;BRandgt;andlt;BRandgt;AFTERWORD : Now, Go Out and Do It!andlt;BRandgt;andlt;BRandgt;INDEX