PDF Download Rich Dad's Advisors: The ABC's of Property Management: What You Need to Know to Maximize Your Money Now, by Ken McElroy
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Rich Dad's Advisors: The ABC's of Property Management: What You Need to Know to Maximize Your Money Now, by Ken McElroy
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So you've made your real estate investment, now the question is: How are you going to make it successful? Maximize its potential? MMake it grow? One word: management. Hundreds of thousands know bestselling author Ken McElroy as a real estate investment tycoon. in his new book, he reveals the key to his success, exceptional property management, and teaches you its most important principles, showing you how to fundamentally succed where others fail.
THE ABC'S OF PROPERTY MANAGEMENT tells readers:
- How to decide when to manage your property and when to hire someone to do it
- How to implement the right systems and structures for your investment
- How to manage and maximize cash flow
- What to expect: a month in the life of an owner-manager
- How to find the right property manager (and avoid the wrong ones)
- How to assemble a superior management team.
- Sales Rank: #193331 in Books
- Published on: 2008-09-12
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .50" w x 6.00" l, .45 pounds
- Binding: Paperback
- 176 pages
Review
"In this evenhanded, informative, and practical primer on managing rental property, McElroy covers everything from setting reasonable rent to determining true costs vs. true earings. Dave Mallow who's read several other titles in this series, delivers another solid performace..."—Library Journal
About the Author
Ken McElroy is co-partner of MC Companies and has over 20 years of experience in multifamily asset/property management, development, project/construction management, investment analysis, acquisitions, business development, and client relations. He is the real estate advisor to Robert Kiyosaki and the Rich Dad organization. McElroy is also the bestselling author of The ABC's of Real Estate Investing and The Advanced Guide to Real Estate Investing.
Most helpful customer reviews
30 of 31 people found the following review helpful.
Another solid read by Ken MeElroy
By Brian Borawski
[...]
Ken McElroy should be a familiar name if you've kept up with the Rich Dad Advisor's series of books. The The ABC's of Property Management is McElroy's third book about real estate investing but this one is somewhat unique because it tackles a topic that hasn't been covered much in any other real estate book and that's property management.
The book is split into three sections. In addition, you get the usual foreward by Robert Kiyosaki himself. One of the more humorous sections of the book is the introduction because it details an account of what can happen when properties go bad.
Section one deals with whether you should hire a property manager or manage the property yourself and this chapter is over half of the book. One underlying premise of the section is that if you've never managed a property, it's a lot tougher,and more importantly, much more time consuming then most people think. The final chapter of this section has a ton of good information and it details a month in the life of a property manager. Things will go wrong folks and if you're not prepared to deal with the problems yourself, then it's probably going to be money out of your pocket.
Section two discusses how to find a good property manager. You get to read about the types of management companies as well as some of the things you'll want to look for, at least system wise, when looking at a property manager.
Section three is the shortest section and it discusses how to hire a good property manager. Here, McElroy takes you through a three tiered system of evaluating a property manager.
Overall, it's a solid read but there's two knocks. The first is that it's geared more towards bigger properties. The "month in the life of a property manager" deals with an eight unit complex and some of the examples consist of big, multi-unit properties. While this isn't neccesarily a bad thing, there's only some information on single family homes so buyer beware. The other knock is, for $17, you're basically getting a 120 page book. There's some sample forms in the back that add about 20 more pages but it's not really meaty. I'd give it a "B" rating, so it's basically something worth picking up if you're really interested in the subject, but not a book I'd consider mandatory reading.
10 of 10 people found the following review helpful.
Property Management...
By Trevor J. Flannigan
The book of the week was The ABC's of Property Management by Ken McElroy. This is another book from of the Rich Dad series, a series that I am a huge fan of. It's not the first book I've read by McElroy either. He is a great writer and gives all types of great information about the real estate sector. This book was clearly about property management and I found it very helpful.
I think the most helpful aspect of this book is that it opens your eyes up to the work that goes into property management. It's a big decision whether or not to manage your property yourself or have someone else do it. The largest incentive to self-managing is decreasing expenses and thus increasing cash flow. However, when you dive deeper into self-managing, you could potentially do more damage and cost yourself more money in the long-run due to lack of experience and know-how.
There are several things that could cost you money in the long-run by self-managing. It could be legal fees because you didn't follow the right protocol when evicting someone. It could be maintenance fees because you tried to fix something yourself and didn't have the skills or didn't keep up with preventative maintenance like you should have. And maybe worst of all, it could be the cost of physical vacancy because you don't have the resources to get the right tenant into an apartment within a reasonable amount of time.
Property management is a full-time job for people for a big reason- it's a lot of work! One of my favorite investments is cash flowing real estate, but it is important to know when your abilities cease to be effective and where a professional management company should step in and help out. But don't get me wrong, I don't think that property management isn't something that can be done alone. It all depends on the size of the property and your time-constraints. If you have invested in a duplex and you live a few miles away from it, it would make sense to self-manage it. And I think it's really good experience for anybody going into real estate investing. However, if you have a 30-unit apartment building a couple miles away you'll have to really think about the pros and cons of self-managing. If you are like me and have a full-time job it would be very difficult to manage it effectively without exhausting yourself completely in the process.
McElroy has a great system for researching a property management company in the book. It has 3 levels of research that I will summarize real quick. Level 1 you will search the internet for the companies and get yourself a good list with any background information you can dig up on them. Then with Level 2 you can visit the companies. Take a look around their operation, ask about their staffing, maintenance connections, and the accounting program they are using and, lastly, ask for a list of the properties they already oversee. Secret shop these properties and look for cleanliness of the property, effectiveness of local management, availability of rental resources... depending on the property, you may have more things to investigate like a clubhouse, a pool, mailboxes, etc. Then with Level 3 you take your data to your team and ask what they think. They could be your lawyers, friends in property management, accountant, anyone that may have some insight on your big decision.
A really great resource for real estate is at Ken McElroy's website at [...]. It has all types of great sample forms that help give the scope of property management.
I recommend this book to anyone that is going into real estate investing. It has all kinds of signature Rich Dad tips that all help to maximize your cash flow. As always, if you have any questions on the book don't hesitate to ask. I would be more than happy to help anyone that wants it.
9 of 10 people found the following review helpful.
It's the ABC's
By Remrie Arrie
The author, Ken McElroy (Mack-Uh-Roy), is a highly renowned commercial real estate investor and founder of his property management company striving to become the biggest in the south-west. He is a Rich Dad Advisor for Robert T. Kioysaki and the rest of the Rich Dad team, as well as an author and coach for students of the Rich Dad company. He is a frequent attendee of The Real Estate Guys Radio Show events such as the Summit at Sea, and as described by other real estate investors; a life long learner.
As much as that bio raves about him, it echos an even louder message that raves about the professional quality of who you choose to learn from.
With that said... Remember it is the ABC's after all, and being an audio book, that's likely a very good thing. It's not overbearing with numbers, but it takes a few loops of the audio book to wrap your head around the numbers. However the benefit of that is you will be training yourself on how to listen effectively to conversations with acronyms, percentages, numbers, and dollars, which you wouldn't be able to follow without training your mind to listen.
With that said, the audio book is functional within its' own right as an audio book in ways a paper print isn't.
The print version will have spreadsheets that will help you see these things for yourself, but both with and without is good as you are in the learning stages and need to learn to visualize financial statements and cash flow when one is not provided.
The case studies are great examples of (sadly) common stories that any professional investor will likely experience, the realities of the industry, and it makes a great note to demand the reader/listener to think of their time in terms of dollars which I discover not a lot of people do.
As such you may self manage a property to save money, and you may, until you factor in your own hourly wage if you got paid even minimum wage to do the work, and you will find you may have spent hundreds or even thousands of dollars more than if you delegated the work.
This will be a great introductory for anyone who has not managed more than a couple properties themselves. Take note of the pitfalls of each case scenario and avoid them to the best of your ability. What is more prevalent in the message of this book is, it's not as important to avoid the problem all together provided you know how to get out of the situation ASAP and know not to make that mistake again.
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