[eBook Code] Landlording on AutoPilot (eBook Code, 2nd)

ACKNOWLEDGMENTS xvii

ABOUT THE AUTHOR xix

INTRODUCTION: How I Owned and Operated 75 Rental Properties While Working My Full-Time Job as an Undercover Police Detective (BEFORE Hiring a 5-Hour-a-Week Office Person) xxi

SECTION I YOU MUST HAVE THE RIGHT MINDSET FIRST

CHAPTER 1 Why Residential Rental Properties? 3

Real Estate Investing 101: The Basics 5

Do It Safely—Keep Your Job! 6

Rule 1—Etch This in Stone 7

CHAPTER 2 The Life Cycle of a Tenant from A to Z 11

Point A 11

Point Z 11

A Few Landlording Ground Rules 14

Do Some Research on Your State’s Fair Housing Law 20

Fair Housing Laws and ADA, Both Federal and Local 22

ADA—Americans with Disabilities Act 23

CHAPTER 3 Before You Turn on Your Smartphone: Real Estate Investing Is NOT FIRE, Ready, Aim! 25

Beginner Basics of Autopilot Landlording 26

CHAPTER 4 Never, Never Call Yourself a “Landlord” 31

Stupid Move on My Part 32

My Tenants Already Know Me as Their “Landlord”! 35

CHAPTER 5 Are Tenants Your “Customers”? 39

Why the 1960s TV Show Leave It to Beaver Is Important 40

Your Rental Application Becomes a “Job Application!” 41

What about the Holiday Season? 43

Your Benefit from the Annual Holiday Bash 45

SECTION II BEFORE YOU GIVE KEYS TO YOUR NEW RESIDENT

CHAPTER 6 Never Show a Vacant Unit Again! 49

But Mike, What If They Trash My Rental or Steal Stuff? 50

How Can I See a Vista Rental Home? 51

Old School: Submitting the Application Is Your First Critical Step 53

CHAPTER 7 A Rental Application Is Your Crystal Ball 57

Your Rental Application Process Is by Far the MOST Important Link in Your Rental Business 57

Your Rental Application 60

Here Comes the Big Boom 61

The Rental Application Form 62

Why You Can Apply This Very Simple System to Everything You Do in Your Rental Business 69

CHAPTER 8 Never Disqualifying an Applicant Keeps You Safe 81

If You NEVER Disqualify an Applicant…You Will Reduce Your Odds of a Discrimination Complaint 82

CHAPTER 9 Why March 31st Is a Wonderful Day! 85

CHAPTER 10 Your Digital Cookie-Cutter Move-In Process 87

Always Remember Your Residents Cause Their Own Problems 87

CHAPTER 11 Transforming Your Rentals into Tanks and CA$H COW$: “Quality of Your Property Parallels the Quality of Your Tenant” 95

Energy Efficiency 95

Plumbing and HVAC 96

Floor Coverings 97

SECTION III GO 100% DIGITAL AFTER THEY MOVE IN

CHAPTER 12 How to Consistently Get Paid Over 100% of Your Rents Every Month 103

Failing to Plan Is Planning to Fail 104

Proven Systems Are Time Savers, Money Makers, and Good CYA Programs 104

How Do You Treat Your Real Estate Investing…as a Hobby or a Business? 105

Work SMARTER, Not Harder! 106

“It Doesn’t Cost You Anything to Ask a Question” 107

Payment Plans and Payment Plan Form 109

CHAPTER 13 You Really CAN Teach Pigs to Sing 113

CORRESPONDENCE Is Now 100% Digital 118

CHAPTER 14 Digital Work Orders and Repair Requests 121

CHAPTER 15 Removing Bad Apples 125

The Challenge 126

Barney Fife: “Nip It in the Bud” 126

CHAPTER 16 Mike’s Move-Out System Makes You Money 133

Do Not Balk at the Idea of a Referral Fee 139

SECTION IV MASTER THESE TO MAXIMIZE YOUR INCOME AND PROFITS

CHAPTER 17 MARKETING Makes It Happen, Not Advertising 145

Referrals 145

Business Cards 146

Website 150

Other Things to Include in Your Website 155

Yard Signs 158

YOUR BIG PICTURE for Marketing 166

CHAPTER 18 PERSONAL SAFETY Is a MUST in Today’s World 169

Real-World Tragedies 169

PERSONAL SAFETY IS a MUST in Today’s World 170

LIFE IS TOO SHORT! 175

CHAPTER 19 Laws, Laws, and More Laws—Oh My! 177

Security Deposits 179

What’s the METHOD TO THIS MADNESS? 180

HATS We Wear 181

The Ultimate ICING on the Cake! 181

What Can You Do? 182

School of Hard Knocks 183

CHAPTER 20 Your New “Pain-in-the-Butt” Business Partner 187

HUD’s Section 8 Program: BEWARE! 190

CHAPTER 21 Insurance and Environmental Concerns: Rule 1: Always Make Your Resident(s) Buy Renter’s Insurance BEFORE You Give Them Keys! 195

CHAPTER 22 Biggest Mistakes of Investors 205

CHAPTER 23 The Hidden TAX BENEFITS: Especially If You’ve Got a Job 211

Here Comes My TSUNAMI! (A Good Thing) 211

So How Does DEPRECIATION Affect Me as an Investor? 213

What’s the Catch with This Depreciation? 214

EARNED INCOME versus PASSIVE INCOME 218

In Summary, The Big Picture, The Simple “Cut to the Chase” 219

CHAPTER 24 What’s Best: Houses, Duplexes, Trailers, Apartments, Commercial, or Dirt? 221

Single-Family Houses 221

Duplexes and Houses Chopped into Units 224

MultiFamily—Apartments 225

Mobile Home Parks 230

Commercial Property 232

Dirt 233

Self-Storage 234

Marinas, RV Parks, and More 234

Winner 235

APPENDIX A Recommended Resources for Your Business 237

APPENDIX B FORMS and More FORMS 245

INDEX 249