Landlording vs Managing Rentals

[Joseph Greene]

Good day community. So I've just received a pre-approval for a home and am looking for a duplex as I am a bit nervous about considering a larger multi-unit. 

I do not know anything about landlording or managing real estate or tenants so I thought it would be a good idea to learn :-) That being said, does anybody have any experience or preference on reading either Brandon Turner's The Book on Managing Rental Properties and/or Mike Butler's Landlording On Autopilot? 

Amazon has both books ranked with 5-star reviews from 87% and 85% of purchasers respectively, so it's not a question of 'which book is better', I don't believe. I plan to purchase both books, but as a completely 'wet behind the ears' beginner, I'm wondering if the community can help me answer this 'burning' question: Which book might be a better use of my time first? 

I have read Brandon's No and Low Money Down book, listened to his podcasts and he obviously has a gift for breaking down complex concepts into simple to understand layman's (sp?) terms. 

Any constructive feedback would be greatly appreciated! Thanks!

[Jon Reed]

Hey Joseph! For a new beginner you should buy both books and read through them in a week. Once you finish reading those two books then I would recommend getting some time with a good real estate attorney to start creating a lease agreement that will work best for your city. Every state, county, and city will have little differences on what they allow in a lease agreement (such as can you with hold a carpet cleaning fee from a deposit and how can late fees be structured).

Ohh! and keep reading 1 book a week about managing or real estate!

I have been in property management for over 10 years now ranging from 150+ luxury apartments to low income apartments and now single family homes.... There are a few simple tips that have made my experiences great (10 years with zero evictions... pretty stoked about that *knock on wood*).

1. Treat your tenants with respect and gratitude. I view tenants as doing an amazing service for me and my family by supporting us financially, not that I am giving them the privilege of a place to leave.

2. Be transparent that you are just a person not a corporate machine. Tenants will be less likely to act irresponsible if they know that they are renting from another person trying to be successful instead of "Envision Real Estate, LLC".

3. Do not be in a rush to get a tenant!... it is hard to not jump at that first person who has the cash and wants to move in... wait for the tenant that is the most qualified (but also be aware that you are following the equal housing guidelines)

4. It is cheaper to pay/entice a tenant to leave than evict them :)