Description
Book SynopsisSimplify Your Landlord Experience with Smart Strategies and Smarter Tools
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 Mike for his insights. This book is a MUST-READ for any current or future landlord.
-Brandon Turner, BiggerPockets.com
Landlording on Autopilot is the property investor's guide to doing it all with less stress and higher profits. As a full-time undercover police detective, author Mike Butler developed his proven, simple system for managing hundreds of rentals on the side; in this book, he shares his methods to help you transition your rentals from a headache into a fun, problem-free source of consistent higher profits and income. Whether you're looking for your first rental property, or just looking for a better way to manage the ones you have, this book shows you his strategies, mind-set, to
Table of Contents
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
