Have you been thinking of investing in real estate? Perhaps planning to become a landlord? Then you will want to read Idiotís Guides: Making Money with Rental Properties by Kimberly Smith and Lisa Iannucci.
This book covers a range of topics to consider when investing in rental property. One topic I really liked was the section covering property managers. These individuals and companies can make your rental experience run much more smoothly. They can screen prospective tenants and handle repairs and maintenance. The book lists questions to ask managers you are considering. It details the jobs and functions that a property manager can perform for you. One thing I learned was how a property manager will keep you informed of any new laws that could affect your investment.
Another thing I learned from this book is that a landlord is limited to the minor repairs he can do. Electrical work or plumbing requires a professional to be hired. Let me clarify. You can fix your own electrical and plumbing in your own personal house that you reside in. But with a rental you cannot. This is for safety reasons. To be honest you would want that professional. It protects you from liability.
One example of this protection is insuring that plumber/electrician is bonded and insured. Why? That way you will not be liable if something goes missing in the rental. Let's say one of your tenants complains that a $10,000 diamond ring has disappeared after recent plumbing work. You would be liable for the loss if the professional wasn't bonded and insured. Otherwise you are fine.
The book has a wealth of other information regarding the legalities of choosing tenants, proper tenant relations, and how to carry out evictions. You learn the importance of insurance and the various types of insurance you will want to consider.
The authors do a great job of explaining everything in plain language. The book is set up so that you can read straight through or jump to a section that interests you. It gives a clear overview of a complex topic. I like that it is written by authors who have experience in renting property.
I would recommend Idiotís Guides: Making Money with Rental Properties to anyone considering renting property. A beginner will find lots of information here. The book tends to point out the difficulties encountered in rental property. But I think that is a benefit. It pays to know the bad with the good before you get stuck in an investment that may not be easy to sell.
Are you all ready an experienced landlord? This book would be a good refresher to read. It would be a good book to have on your reference shelf for future needs.
I borrowed this book from my local library.
This book is available on Amazon.com Kindle Edition:
Idiot's Guides: Making Money with Rental Properties