Multi family property management books

3 Replies

Originally posted by @Russell Brazil :

@Nate Bartow I dont have a book suggestion....but for maximizing profits...consider adding coin op laundry.

 Thanks Russell,

I already have coin operated laundry. I am having more trouble keeping the properties rented even in a decent area with professional management. Looking to gear up my knowledge to oversee the PM.

Hi Nate,

There are lots of books that can help. You might get a tip or two from each.. Here are some ideas just for starters (though it may depend if you are 4 units, 40 or 400)...

I won't put full cite in interest of brevity.

Landlording (Leigh Robinson) is a classic and in the umpteenth edition. Lots of chestnuts here even if dated... not a bad starting point.

Property Management For Dummies (I know how it sounds) was actually a pleasant surprise. Look up the author, Griswold, and you will see he is legit in terms of experience, owning a management company, degrees, expert witness, etc... The paperback will have more forms than the e-book.

I garnered a few tips even from older or niche books like Jay P. DeCima's (mostly on Fixxer Uppers but he has related tips and practices); The Property Management Tool Kit (Bierne); Streetwise Landlording (Weiss & Baldwin); Investing in Duplexes, Triplexes and Quads (Loftis)...R. Dodge Woodson has a dated one profitably managing properties;as does Greg Perry; Jorgensen's New No Nonsense Landlord was well reviewed but more for smaller investors. Robert Irwin has many titles, though mostly for smaller investors. Nolo is good for the legal side (and some management; disclosure: authored one of those). 

That is just reading from my shelf some and does not even get into the larger, commercial "property management genre" which is good too but lacks some of the granular detail you miss from the landlording genre.. I think you start with basics--like screening tenants, showings, leases, communications, maintenance (as these are what impacts profits long term)....then the stuff on cap rates and finance formulas and such is fine later.

Best,

Michael L. Boyer