Landlording on Auto-Pilot: A Simple, No-Brainer System for Higher Profits and Fewer Headaches
by Mike Butler
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Book Summary Information
Author: Mike ButlerEdition: Paperback
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2006-08-11
ISBN: 047178978X
Number of pages: 242
Publisher: Wiley
Book Reviews of Landlording on Auto-Pilot: A Simple, No-Brainer System for Higher Profits and Fewer Headaches
Book Review: very little substance
Summary: 2 Stars
This book was a big disappointment and I am not sure how it got so many positive reviews. I could tell from the beginning that the author was not that intelligent and that the book was not well written and catered to a blue collar, non-educated audience. Still, I gave the author the benefit of the doubt and kept reading hoping to find some morsel of time saving advice as I have 5 kids and 4 rental properties and a very busy life. The book discusses much in generalities and more than half the book talks about problems with rentals and does not give any solutions to the problems outlined.
I will give one example of the stupidity in this book: It says that everything in a rental should last at least 5 years so that your tenant should have to be responsible for repairs for the first 5 years of his tenancy. Duh, did it occur to the writer that my rental may have a well functioning 10 year old washing machine that might konk out the first year my tenant moves in? Does he mean to imply that I should replace everything that is functioning well so that I can then tell the tenant it is your fault it broke. This is just absurd. Another bad advice he gives is to let prospective tenants check out a key and go see the property themselves so as to save time. Although this may indeed save time you are losing in two ways by doing this: 1) You are losing a valuable opportunity to meet the tenants in person before you process the application and see what kind of people they are 2) you are losing a valuable opportunity to sell the benefits of your property. I frequently can alleviate concerns my tenants have and anwer questions that will make them more likely to take my rental. For example, you can tell them the neighborhood is safe, or that there is a great park across the street if you see they have kids, or can point out that the new deck is maintenance and splinter free. You are losing a great opportunity to gain a tenant.
Lastly, whatever is of value in this book could probably be condensed into one chapter instead of all the hype and no real suggestions. I must add that the author also ignores completely using real estate agents to get tenants or look for properties. Although it can sometimes be costly, it is certainly better than having a rental vacant for 6 months. This option should at least be mentioned in all his long talk about ways to get tenants.
I am a graduate of Yale Law School and take my advice, this book is written catering to a very low level audience. The author throws fancy words around to make himself seem sophisticated instead of actually giving a shred of real information.
P.S. Two things I have found of GREAT help are:1)Quicken Rental Property Manager which is a software to keep track of rental expenses and income (very easy to use and well worth the cost, I think it even has a money back guarantee) and 2) Nolo's "Every Landlord's Tax Deduction Guide" by Stephen Fishman which is ESSENTIAL and excellent for any landlord.
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