You'll need to wear many hats in the business of property management: advertiser/promoter (in seeking tenants), host (in showing your property), handyman (in keeping up with and arranging repairs), bookkeeper (in maintaining records), and even counselor (in dealing with tenants and their problems). But Property Management For Dummies will help you maintain your sense of humor -- and your sanity -- as you deal with these challenges and more.
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.
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