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Table of Contents Dedication 3 Acknowledgments 3 Foreword 3 Introduction: The Steps to Long-Term Wealth 3 What This Guide Will Help You Do 3 What This Guide Will Not Help You Do 3 Special Note from the Author 3 THREE PREPARATORY STEPS 3 Step #1¿Develop the Right Mindset 3 Business Mindset 3 Goal-Directed Mindset 3 People-Centered Mindset 3 Team Member Mindset 3 Lifetime Customer Mindset 3 Challenge-Prepared Mindset 3 Step #2¿Identify Your Landlording Success Team 3 Family Members 3 Trusted Advisors 3 Residents 3 Step #3¿Study What You MUST Know to Survive 3 Landlord-Tenant State Laws 3 Security Deposit Guidelines 3 Rules of Eviction 3 Fair Housing Act 3 Fair Credit Reporting Act 3 Lead-based Paint Disclosure 3 Disability Discrimination and Service Animals 3 Section 8 Housing 3 Local Laws and Requirements 3 Other Areas Worthy of Study 3 Management Transition: Taking Over as a New Manager 3 Most Common and Costly Management Mistakes 3 SEVEN ACTION STEPS 3 Step #4¿Fill a Vacancy with the Ideal Resident 3 I. Know Your Market¿Do Your Homework 3 II. Prepare Your Property 3 III. Reduce Turnover Time 3 IV. Reaching Target Markets 3 V. Test Marketing and Advertising Strategies 3 VI. Marketing Help from Others 3 VII. Utilize Marketing Tools 3 VIII. Show the Property 3 IX. Follow Up 3 CHECKLIST 3 Step #5¿Screen Out Problem Residents 3 I. Set Up Screening and Selection Procedures 3 Step #6¿Conduct New Resident Orientation 3 I. Address Potential Problems Before They Occur 3 II. Walk-through with Property Condition Checklist 3 III. Introduce Win-Win Moneymaking Management Policies 3 IV. Perform Preventive Communication¿Clauses Addressing Common Problems 3 V. Schedule Continuing Resident Orientation 3 VI. Month-to-Month Agreement Versus Fixed-Term Lease 3 Step #7¿Get Your Money 3 I. Drop the Amateur Landlord Approach 3 II. Request Automatic Payments 3 III. Offer Incentives for Traditional Payment Methods 3 IV. Remind Residents of Their Obligations 3 V. Provide Alternative Ways for Paying 3 VI. Take Action When Residents Miss a Payment 3 VII. Deal With Payments: Late / Bounces / Not Signed / Stolen 3 VIII. Go After Payments Due Even After Resident Leaves 3 10 Reasons Why to NOT Feel Guilty about Collections and Evictions 3 CHECKLIST 3 Step #8¿Maximize Your Cash Flow 3 I. Educate Residents About Benefits of Leasing 3 II. Offer Custom Rental Home Packages 3 III. Systematically Remind Residents That They Can Rent More 3 IV. Help Residents Buy Beyond Their Housing Needs 3 VI. Review Leasing Terms 3 VII. Negotiate for Additional Income 3 VIII. Implement Cost-saving Management and Maintenance Practices 3 IX. Uncover Hidden Cash Flow Thieves 3 X. Increase Property Value 3 Step #9¿Keep Residents Long After Their First Anniversary 3 I. Communicate Starting on Day One 3 II. Tailor What You Offer 3 III. Plug Your Residents into Your Property 3 IV. Offer Loyalty Programs to Reward Long-term Residents 3 V. Remember Residents Throughout the Year 3 VI. Plan Ahead for Repairs and Service 3 VII. Go the Extra Mile 3 VIII. Anticipate and Avoid Vacancies 3 IX. Raise Rents without Scaring Good Residents Away 3 X. Conduct Exit Interviews 3 Step #10¿End All Relationships on a ¿Profitable¿ Note 3 I. Help Residents Get Back More Than Their Deposits 3 II. Leave Door Open for Good Renters to Return 3 III. Transition Renters into Homebuyers 3 APPENDIX 3 Essential Rental Forms 3 Rental Application / Future Homebuyer 3 Sample Notice of Denial for Housing 3 Sample Rental Agreement 3 Sample Co-Signer Agreement 3 Sample Property Condition Checklist 3 Mr. Landlord¿s Mini-Glossary 3 Resources 3 Books 3 Websites 3 About the Author 3 Special Free Offer for Buyers of this Guide! 3 Index 3
Library of Congress Subject Headings for this publication:
Real estate management.
Rental housing -- Management.
Landlord and tenant.