From the author of the real estate investment bible Buy It, Rent It, Profit! comes a fresh guide to teach new and aspiring landlords how to go from managing a single rental property to successfully managing a large rental portfolio.
In his first book, real estate expert Bryan Chavis created the ultimate how-to guide for buying and managing rental properties, with practical, realistic ways to build lasting, long-term wealth. Now, he takes his acclaimed program one step further.
The Landlord Entrepreneur shifts the focus from dealing exclusively with residential real estate to building a dynamic property management business. By following the step-by-step instructions in this new guide, anyone can create a fully functioning, professional property management company in only ten days. With Chavis’s modern take on real estate, you will learn the five phases of property management and the skills needed to successfully move through them—as well as the hacks and tricks to build your profitable business from the ground up.
Full of smart, practical business advice, The Landlord Entrepreneur is the only guide you need to become a successful property manager in today’s real estate market.
It was okay/I liked it. - 2.5, with a round up to a 3.
This is my second reading adventure with author Bryan Chavis, with Buy It, Rent It, Profit!, being the first. His initial 2009 publication is by far a superior resource for folks interested in learning more about this topic. The Landlord Entrepreneur (2017) really dulls in comparison, and I actually hade a moment of do-not-finish temptation towards the beginning of the book.
I am however, thankful that I stuck it out. The biggest lesson learned/takeaway for me in this book is the extensive coverage on having a well thought out Business Plan (BP). This book really expands on this topic with great depth.
If you haven't read his first book, drop this one and pick that one up first. Minus the BP content, this book offers very little comparison.
Housing is one of the last things people go without which is why this is a must read for every investor.
Nuggets of Truth:
Verifiable rental history Do you produce as promised when promised? A good accountant will save you more money then they cost Look into rent guarantee insurances Your deposit goes hard on x date
5 phases of real estate Acquisition Implementation Stabilization Growth Exit Strategy
Rentometor.com GPI gross potential income VAC vacancy loss "collection loss of non payment" Egi effective gross income OI other income Inspect what you expect cash on cash return value add Proforma income equals perceived future value Buildings don't pay rent people do
At times during this book I found myself hoping this guy wasn't some slumlord (or encouraging them). He does share detailed insights into the mind of the property manager. For example, he confirmed my suspicion that the "lease renewal fee" was just a naked money grab, not adding much value for the tenant. However, I realize that Mr. Chavis did not create the game, merely plays it and plays it well. The book does come off a bit self-serving especially in the latter half, but it does provide useful information for both those looking for real estate investment income and renters trying to understand the process #notanad
If you like reading lists, this book is for you. Bryan presents common-sense topics across a number of different facets of real estate. A boring read but does cover the basics well.