Landlording on AutoPilot. A Simple, No-Brainer System for Higher Profits, Less Work and More Fun (Do It All from Your Smartphone or Tablet!), 2nd Edition

  • ID: 4427394
  • Book
  • 288 Pages
  • John Wiley and Sons Ltd
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"Without Landlording on AutoPilot, I doubt I would have ever succeeded with rental properties. Mike′s book guided my business every step of the way, and I owe a huge debt to his insights. This book is a MUST–READ for any current or future landlord."
Brandon Turner, Author of Rental Property Investing and Co–host of The BiggerPockets.com Podcast

When Mike Butler was a fulltime undercover police detective, he created a side business for managing hundreds of rentals. In this book, you will discover his simple and highly effective approach to rental management. Butler gives you the tools needed to transform your headache–inducing rentals into problem–free sources of income.

Butler walks you through his winning process beginning with the first step of screening a tenant through the move–out inspection when the tenant leaves. He then shows how to crank it up a notch and get more than 100% of the rents. Best of all, you can download a complete set of forms for the Landlording On AutoPilot system from the author′s website.

Landlording on AutoPilot explores Butler′s fascinating and invaluable real–life experience as a property investor and landlord. He details the highly efficient techniques, streamlined systems, and necessary resources that created his rental property empire an empire that Butler runs from his smartphone, tablet, and laptop. No matter if you are renting penthouse properties or Section 8 housing, Butler′s foolproof system can help you become the happiest and most profitable landlord in town.

"Thanks so much. I′ve been following Mike since the first edition of Landlording on AutoPilot and attribute most all of our success to his insights and techniques. New landlords MUST buy a copy if they want to have any hope for success in real estate investing." Charlie, Charter Properties of Texas

"If you manage real estate, you need to read this book. Mike is the real deal and you will learn ways to manage that will make you money and improve your life." John Schaub, Author of Building Wealth One House At A Time

"I′ve been representing real estate investors and investing myself for over 25 years. I read TONS of books and attend every seminar I can find. Mike′s method is simply the best on the market, PERIOD. I recommend Mike′s book to all my new clients and it′s on my MUST RE–READ list every year." Harry Borders, attorney

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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

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