To become a successful landlord, it’s essential that you enrich your knowledge and expand your horizons. Reading is a great way to do this since experts make all the mistakes and spill all the secrets for you. Flip through some of these must-read landlord books to become a smarter, better landlord.
For the DIY Landlord
This is an excellent resource for any landlord, offering a comprehensive DIY guide to managing a rental property. The book is written with the average landlords in mind — those that own single-family homes, condos, and multi-unit (less than four) properties. You’ll be able to keep your day job and simultaneously manage your property with ease with the helpful advice in this book. “Every Landlord’s Guide to Managing Property” focuses on everyday skills the do-it-yourself landlord needs, including property oversight and maintenance, effective communication with tenants, and general management.
A wide range of topics is covered, ensuring that you’ll receive guidance for all the ins and outs of the rental business. The best part is all the easy-to-follow how-to guides for marketing your property; handling maintenance, from snow removal to toilet clogs to painting; screening and dealing with tenant issues like late rent payments, pet problems, clutter, unauthorized occupants, and other conflicts; tracking income and expenses for filing taxes and completing Schedule E; hiring and working with outside contractors, lawyers, and other help; and anything else you can think of. Additionally, since the book is produced by NOLO, there are tons of other books in the series that serve as add-on resources, such as, “Every Landlord’s Legal Guide” and “Every Landlord’s Tax Deduction Guide.” It’s like seeing a lawyer without dealing with all the legal fees.
For the Lazy Landlord
Whether you’re thinking about being a landlord or you’re already collecting rent, you need to be well-informed. The Book on Managing Rental Properties is the fundamental guide for understanding the rental business and being an efficient landlord. It’s thorough, concise, and a fun read; best of all, it is innovative and up-to-date, detailing all of the latest changes and updates to renting. A lot of the popular books out there are form the 90s or early 2000s and don’t offer a full explanation of lots of rules and regulations.
This book is all about straightforward processes and systems. The step-by-step guides and bonus materials, like landlord form templates and important documents, are increasingly helpful — especially for newbie landlords. With this book, you’ll be able to learn how to maximize profit, minimize stress, and actually enjoy what you’re doing. Landlording doesn’t have to mean maintenance calls at odd hours of the night or chasing down tenants for rent. If you do it right, it’ll be a be easy, fun, and lucrative.
For the New Investor
When making a real estate investment, there are so many variables you need to take into account. Buying your first rental property can be a daunting task, but with the book Buy It, Rent It, Profit! you’ll be sure to make an investment worthy of your time, money, and effort. The author, Bryan Chavis, a landlord with over two decades of experience, will guide you through the entire process, from choosing the best rental property, to finding your first tenant. You’ll also learn how to protect your investment and adapt to the ever-changing real estate market, all while picking up pro tips that’ll help you in the future.
This book is considered a “modern classic” by many, with its efficient systems for attracting quality tenants, negotiating lease agreements, collecting rent, financing a mortgage, and managing the property overall. There is also a unique workbook section that includes streamlined forms to use for leases, evictions, property evaluations, and more. It really has everything you need to become a smart, profitable, and professional landlord or property manager.
The Classic “Bible”
Known as the landlording “Bible” since its first edition in 1975, this book is a definite must-read for landlord veterans and novices alike. It has been updated throughout the years, and the latest 2010 edition features all of the basic principles needed to succeed at managing a rental property and many tips to avoid problems with tenants and collect rent efficiently. You can also find some guides on making simple repairs in a property and other ways to save money. The back of the book has lots of sample forms as well. There is a lot of traditional advice in here that, and the book doesn’t really touch on many of the technological advancements in the real estate business, but it does provide solid advice for pretty much any situation.
The Easy Read
For an all-inclusive guide to passive income and property management, look no further than Landlording on Autopilot: A Simple, No-Brainer System for Higher Profits and Fewer Headaches. This is a book that will definitely save your skin in the future, helping you create a rock-solid lease that will protect you and your property. It is very well-written and engaging and is organized in a way that is easy to follow and enjoyable. The author, Mike Butler, used to manage 75 units while still maintaining a full-time job.
This book isn’t riddled with mundane theory — it contains concrete evidence and specific information related to real experiences in the rental business. Each chapter covers a different clause for a lease agreement and why it’s essential that it be included. He mentions how he’s suffered the consequences for not including them in the past and gives you free samples of forms online. Butler also offers creative techniques for approaching all kinds of issues and situations. Not only does he tell you what to do, he tells you what not to do as well. The main goal of the book is to help you save time and achieve all the success without the stress!
Other Books to Consider
Be Your Own Handyman
Dealing with maintenance requests is a major part of being a landlord. Doing some basic repairs around your property is a great way to save money in the long run. This Black & Decker guide is perfect for helping you conquer DIY projects around the home, whether they be big or small. It also contains useful information on evaluating the severity of certain issues. The guide will help you decide whether you can try to fix the problem yourself or call a professional. Hundreds of illustrations and photos, along with in-depth, instructional text, make this book a wonderful reference for anybody, regardless of their handiness skill.
Discover the Power of Persuasion
As a landlord, you are bound to deal with all kinds of people in every kind of mood. For this reason, it’s very important that you learn how to communicate with others and make tenants feel like they’ve been heard. At the end of the day, you need to make sure your tenants are happy and compliant — to do this, you must build a strong landlord-tenant relationship. The book Just Listen is a guide to seamless persuasion. If you happen to encounter a dispute with one of your tenants, handling the situation carefully is of utmost importance. You should always remain professional and respectful, while also enforcing the terms of the lease. Some people are more difficult to deal with than others, but no matter who you are dealing with, if you follow the advice in Just Listen, you’ll be sure to get through to them.
Get Down to Business
Landlords are entrepreneurs, and in order to be successful, you have to think like one. The Entrepreneur Mind outlines 100 Essential Beliefs, Characteristics, and Habits of Elite Entrepreneurs to help you and your business flourish. This information is organized into seven sectors: Strategy, Education, People, Finance, Marketing and Sales, Leadership, and Motivation. All of these areas are crucial to being a landlord and a variety of benefit for the future of your business.
Your mindset can be the defining feature of your success, so if you change your perspective, you’ll start to see your rental property thrive. The book is incredibly inspiring, entertaining, thoughtful, and useful; it explores all aspects of the business world and tells you how to conquer it. Written with a fresh sense of clarity and commonsense, the lessons in this book turn complex concepts into simple applications and help you expand your mind.