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
MIKE BUTLER created his own custom system that allows his rental business to consistently get paid over 100% of his rents every month with less work and more profit and income. He is the founder of WealthBuilding247.com and the creator of the Investor Books Pro System with Tenant Tracking (The Only Complete System For Real Estate Using QuickBooks PRO (R)), a powerful software bookkeeping system for real estate investors.