Landlording on Autopilot: A Simple, No-Brainer System for Higher Profits and Fewer Headaches Info

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Reviews for Landlording on Autopilot: A Simple, No-Brainer System for Higher Profits and Fewer Headaches:

1

Jan 03, 2011

Wow! Talk about a poorly titled book. This isn't about auto-piloting your land-lording. It's about micromanaging every tiny detail about land-lording, down to the color of key rings. And it's not about land-lording without using a property management company. It's about starting your own property management company.

The casual home owner who needs to rent out their property with minimal time commitment should not expect much from this ridiculous book.

Also editing was much needed. Chapters that Wow! Talk about a poorly titled book. This isn't about auto-piloting your land-lording. It's about micromanaging every tiny detail about land-lording, down to the color of key rings. And it's not about land-lording without using a property management company. It's about starting your own property management company.

The casual home owner who needs to rent out their property with minimal time commitment should not expect much from this ridiculous book.

Also editing was much needed. Chapters that meander, stories that don't fit the topic and illustrations that seem out of place. Not organized at all. Includes questionable ethics and pejorative language toward the poor. (And incomplete passive sentences.) ...more
1

Jun 05, 2017

This book is garbage. Ridiculous concepts with horrible logic and argument for said concepts. Way too many anecdotes full of superfluous background. Chapters and Chapters of stupid investing mistake stories (honestly, so dumb I barely believe them). The book started off okay, with teaching depreciation, but fell into this repetitive story-transition-story format. I didn't walk away learning much. It's mostly useless information with too many specifics in market and stupidity to copy, emulate, or This book is garbage. Ridiculous concepts with horrible logic and argument for said concepts. Way too many anecdotes full of superfluous background. Chapters and Chapters of stupid investing mistake stories (honestly, so dumb I barely believe them). The book started off okay, with teaching depreciation, but fell into this repetitive story-transition-story format. I didn't walk away learning much. It's mostly useless information with too many specifics in market and stupidity to copy, emulate, or try.
This book is very much single family geared. There's not that much landlording in single family anyways so it's naturally an autopilot investing strategy. He is very bias to single family homes, which is fine, but he bashes any other investment which I thought was a little childish. His points are not strong/convincing and his voice here is obnoxious.
Full of stupid cliche phrases like "School of Hard Knocks" driven into the ground; this book was so hard to read. Good points came in at around p.57.
A lot of the systems and material is also antiquated. There is a lot of reliance on "pagers" which are no longer around; this book does not age well at all.
The voicing was a bit TOO casual. Early on he sounds unsure about his expertise. He made question his authority more than once. Makes me question his authority (see p. 10). Another
"I might be using the wrong official term here"- Why are you writing a book if you don't know the terms?! Why can you not properly research what the official term is? Then, on p. 38, in the middle of asserting an idea, he says"I'm not an expert on this stuff..."- Well, geez, can someone direct me to the experts because you don't sound sure about what you're talking about?!
I also don't like his view of tenants. On page 2 he encourage landlords to lie about being the owner to tenants (This is another reason why landlords have bad reputations). His language and the way he calls tenants "employees" is very condescending in my opinion; he asks as though they are pests or something...
The only positive thing I have to say about this book is that there are sample application forms in the back of the book. This whole book basically just gets around to the point of having the proper documentation when going into a tenant-landlord relationship.


Notes:
"I screwed up often during the first half of my investing career because I didn't have a clue about my final objective." (p.1).
Investor-a person who purchases income-producing assets (usually with the expectation of holding them for a long time) and considers safety of principal to be of primary importance (p.5).

*The true path to financial independence involves ownership of real estate (p.6).
*If the IRS says you lost money through depreciation for the year, this means you pay no income tax (p.10). "In fact, if you have a job and have had money withheld from your paycheck for income tax, odds are that you will get all your withholding refunded to you."

When you sell your home, the depreciation you benefited from over the years will be added to taxable income (p.11)

Earned income is getting paid for something you do. Buy, fix up, and sell are things you do and may be flagged as earned income (p.14).

"If you are just getting started and have zero properties, don't worry about having all your entities laid out properly...Keep in mind that this entity's profit will be flagged as earned income, not passive income" (p.16)

Rent a Post Office box and never disclose your home (p.31).

Section 8 is a HUD subsidized housing program for low income families (p.33).

In operating rental properties, the quality of your property parallels the quality of your tenant (p.48).

Document messages you receive from your tenants. "I strongly recommend one of those phone message pads from Office Depot or Staples with the carbon-less copy that remains in the spiral-bound book. Take the original and place it in your tenant's file folder. Save them and write the dates on the front cover of the book (p.59).

*Make sure the Equal Housing Opportunity notice is plastered all over your forms. Put it on your application, rental agreement, move-in, and move-out forms (p.61).
The American's with Disabilities Act (ADA) says you must allow tenants to make these changes at their expense providing they return your unit to its original condition.

Don't advertise the number of properties you own or talk about your success, especially to tenants and others who might envy you (p.65).

Place flyers in the neighborhood of your rental: Grocery stores, coin-operated laundries, restaurants, apartment community parking lot, church bulletin board, hardware stores (71)
Give the folks who visit your web site the opportunity to fill out some kind of form that will alolow you to call them back (75).

On your tenant application ask "What is your attorney's name?"
Having this question on your application is powerful. Regardless of if they have an answer (ideally, they won't), it reminds applicants of the severity of a lease and any pending lawsuits (103).

Emergency contact(s) includes the phrase "including nonpayment of rent."
"Nonpayment of rent is an emergency to me and I'm letting applicants know my definition an emergency (107).

Consider that some applicants may be illiterate, and embarrassed about it, so allow them to leave the property with the application (113).

"Use a digital camera and photograph the applicants and their valid photo ID" (identity theft precaution) (114).

Do not worry about seeing blank spaces in the rental application. Do not write on the original in any way, shape, or form. It may be evidence to support your decision later; an incomplete application is one of the reasons you can disqualify an applicant (115).

Have a simple procedure for processing applications. You must document the date and time the application was submitted. "At the bottom of the back of our rental application is a blank to write in the date and time the application was submitted" (117). Additionally, when processing applications, take your Application Worksheet and old it vertically in half to create a column to document, in chronological order, the activities you perform in processing the application (118):
Feb 25, 11:30am, credit report
11:40am, phoned previous landlord

**If you insist on disqualifying an applicant for whatever reason, never do it over the phone or in person. Always do it in writing so you have proper documentation (118)

The previous landlord, not the current landlord, is your most powerful reference (121). Ask these questions (122):
Did they pay their rent on time?
Did you receive any complaints?
Did they damage your property?
Would you rent to them again?

When applicants have bad credit, use compensating factors to justifiably qualify them (123). Ex:
-"We have ways to help you get qualified. For example, you might be able to double your deposit."
-Provide a good credit cosigner
-Ask for a FULL YEAR paid in advance.

**Dirty people are not a protected class and this should be properly noted on your application (124).

Have a Bonus "All-Star Plan" offering rent discounts including free rent when they've been with you for three years (127).

If you do not train your tenants they will perform and behave based entirely on what they have been conditioned or brainwashed into believing about acceptable tenant behavior (130). Talk to your tentants about:
-Paying rent on time and how important this should be
-Responsibilities and duties of being a resident in an apartment community detailing such things as building rules and respect for fellow residents.
-Explaining to tenants the life of the property and the life of things in a home, for example, storm doors should last 10 years or 15 years, not 3 months.
-Tenant must complete a maintenance repair requests or work order requests

Useful Life
Carpet should last 10 years +. If stained or damaged and it is less than 10 years old, then you are responsible for replacement cost of new carpet (132). Have a written section and be clear about what repairs they are responsible for (135).

Once you have selected your tenant through the application, create a file folder for them. On the tab of the file folder, write the following: Your Rental Property Street Name, Unit #, and Tenant Last Name (alphabetical order). Your file folder should contain everything you have collected since your first meeting: your key sign-out form, if you use it; a photocopy or digital photo of the tenants' IDs; the rental application and all the papers involved with processing it; and the documents in a new tenant package (139). Have you New Tenant Office Checklist in your tenant's file folder (140).
The purpose of the move-in inspection form is to properly document the condition of the property at the time the tenant moves in. It's secondary purpose is to protect the interest of both the landlord and the tenant. It's also, in some states, a requirement with existing damages or items in need of repair and cost to be listed as well.
For houses residential rental property constructed prior to 1978, the Environmental Protection Agency (EPA) requires you, the landlord, to give tenants the EPA publication: "Protect Your Family from Lead in Your Home" before they rent your property. You are also required to give them this pamphlet again if you ever do any repairs to their unit or a common area that disturb a painted surface of more than 2 square feet (142).

If you have an inherited tenant, you can agree to terminate and kill the existing agreement effective on a specific date. You both can enter into your rental agreement with a new effective date (Not applicable if there is a government program like Section 8 involved) (146).

Don't accept partial payments once the eviction process has started (150).

When there is trouble in your units and a tenant confidentially lets you know, thank them for letting you know. Don't involve them in the matter further (151). Never ask your tenants who give this information to help you by putting them out front as your source for information about the suspected illegal activity (152).

Many large apartment communities offer free rent or discounted rent to a police offer who will live in their apartment community (154).

"Where can you 'buy' money? Home equity line, signature loans, or even credit cards will allow you to 'buy rent' in single digit interest rates and 'sell the money' at 15% or more (170).

"If you have hardwood floors, it is 'by far' , more economical to sand and refinish them than to do the replace-carpet routine." (171)
Don't use vinyl sheet floor covering; use vinyl tiles. When the flooring gets damaged from scooting fridges, chairs with no protectors, etc. you simply replace the damaged tiles (172).

Consider getting your own key-cutting machine and learning how to re-key locks. If the tenant gets locked out or loses a key, you can sell the tenant another key (173-174).

Use solid oak cabinets in both kitchen and bathroom vanities. Solid oak cabinets wear better, last longer. (175).
Install a wall-mounted sink or a cheap pedestal sink. This allows for easy access to the plumbing stuff in the future; it also prevents the tenant from throwing stuff underneath your sink that might knock supply lines and drain lines loose, causing leaks.

Avoid having your spouse as your part time office person, otherwise, you can't leave town together (190). ...more
5

Sep 28, 2018

This is a must read for landlords. As an ex-cop and veteran landlord, the author writes with a slightly snarky call-it-as-he-sees-it style, which can definitely come off to many as distasteful at best. But if you can ignore his tone, you will gain much from his book. Using very specific systems and forms, the author has turned his method into a formula which is repeatable for any landlord. But even if you don't use any of his forms or methods, there is still much to glean, for veteran landlords, This is a must read for landlords. As an ex-cop and veteran landlord, the author writes with a slightly snarky call-it-as-he-sees-it style, which can definitely come off to many as distasteful at best. But if you can ignore his tone, you will gain much from his book. Using very specific systems and forms, the author has turned his method into a formula which is repeatable for any landlord. But even if you don't use any of his forms or methods, there is still much to glean, for veteran landlords, including the WHY as well as the HOW. For owners looking to make just a few tweaks to their current system or those who are just starting out, Mike's book is chock full of resources. Those who want more can sign up online e for both free and paid resources. If you rent property, you should add this book to your library. ...more
1

Mar 15, 2017

Didn't appreciate the author's use of slang nor tone of voice.
4

May 01, 2008

okay, since we've been landlording for a couple of years before we read really ANYTHING! this book was very helpful. It addresses a few of the problems we have had, and probably wouldn't have had if we had read it. Save yourself some $$.
4

Apr 10, 2008

This was an eye opening read for me. I have always wanted to get into the real estate business, and this is a great book to help anyone get started. Wonderful ideas!
4

Aug 27, 2018

Landlording on auto pilot lot's of resources in here to assist you as you build your empire.

Nuggets of Truth:

Shoot for the moon if you fall short your not a loser your just a star
Investor books pro
I battle hood rats
Everyone of us has to pay the piper eventually just make sure you can cash the checks
Bus bench
When your successful you don't just have everything you need, you have everything you want
HQS Housing qualifications standards Sec 8
Depreciation
Bills due rent late lights out
Operate out of Landlording on auto pilot lot's of resources in here to assist you as you build your empire.

Nuggets of Truth:

Shoot for the moon if you fall short your not a loser your just a star
Investor books pro
I battle hood rats
Everyone of us has to pay the piper eventually just make sure you can cash the checks
Bus bench
When your successful you don't just have everything you need, you have everything you want
HQS Housing qualifications standards Sec 8
Depreciation
Bills due rent late lights out
Operate out of a sense of duty and logic
Schedule e
Can you tell the folks what it's like to rent a home from my company
Chow great dane pit bulls akita wolf hybrids rot wilers doberman pincher husky
There are 10 species of dogs forbidden because of insurance company regulations
Tenant chargeable damages
Liability free position
Good bad credit and bad bad credit
The cash they flash might be the money the currently owe their land lord
You must have a favorable credit history
You must have a favorable rental history
The life cycle of a tenant
Is that your subconscious rationalization to convince yourself poor is beautiful
Be who you are but amplify it
I'm a high paid slave trading hours for dollars
Turn words into cash
Health wealth and the time to enjoy it
If you had to start again would you buy your own business from you?
I prefer cash in one place ...my pocket
It's one thing to make money and it's another to make money and operate on your own terms
People fail because of broken focus

...more
3

May 22, 2019

A general guide to tenant and property management. The writer is a retired cop from Kentucky who talks and acts like it. This is good, because it makes him easy to read, but also it's pretty obvious he thinks all his tenants are completely stupid. He is probably not wrong, but that's not the impression I'd want to give them. Organization is all over the place, but focus is mostly on how to deal with tenants. He also seems to know Schaub, who writes a pretty good book.
1

Mar 01, 2019

Awful writing and truly awful ideas. Perhaps, if you want to enjoy the literary equivalent of an infomercial, youll find this book useful. Im disappointed to admit I bought this book on a recommendation from an online acquaintance and that is surely not a mistake Ill repeat. Save your money and your time and buy any other book about being a landlord. Awful writing and truly awful ideas. Perhaps, if you want to enjoy the literary equivalent of an infomercial, you’ll find this book useful. I’m disappointed to admit I bought this book on a recommendation from an online acquaintance and that is surely not a mistake I’ll repeat. Save your money and your time and buy any other book about being a landlord. ...more
3

May 14, 2019

Interesting book with lots of good tips and suggestions. However, the book is written more from the perspective a a person making a living with many real estate properties to manage rather than the investor with one or even two properties. However, I learned some new things that should prove useful in the future.
2

Feb 06, 2018

I don't think this book delivers on it's promise, nor do I particularly like the author's tone. I can also say that I think his ideas for tenant restrictions are ridiculous and I would find it insulting as a potential tenant.
4

Aug 11, 2018

Very informative and well written. The author writes in plain English with plenty of examples to explain the trickier concepts. Highly recommend.
5

Mar 19, 2018

Great actionable advice whether youve been a landlord for one year or twenty years. Great actionable advice whether you’ve been a landlord for one year or twenty years. ...more

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