A Real How-To Book

When I opt to change professions, I am going to write a book on real estate investing. Yes, I know there are real estate investing books out there. But the ones I have seen tend to gloss over the parts that really need much more explanation.

I have yet to see a real estate investing book or seminar that really goes into the true essence of being a landlord. All the books out there currently talk about real estate as a stream of income. As a long term investment. As a way to convert cash to an asset.

Whatever.

The books (and seminars) don't talk about when the economy tanks. If your tenants can't pay the rent because they have been laid off, it becomes your problem--whether is should be your problem or not.

The books don't talk about when the market goes down what happens then. If you wish to keep your credit score intact, you have to suffer through the idiots who whine about how their electricity bill and the rent are due the same day.

The books don't tell you what you are supposed to do when someone trashes your house. Yes, there is insurance. How much do you re-fix up the house? Really nice to attract a good quality tenant? Or just enough to attract the kind of person who will vandalize your home next time around?

The books don't tell you where you can find a crystal ball that will accurately predict if the house next door to you will eventually turn into a flop house, thus negating your ability to attract a quality tenant to your house?

The books don't tell you where you can find a good plumber/electrician/roofer who doesn't see dollar signs in their eyes when you call the to fix the broken gizmo and they find out you are a landlord. Because, aren't landlords rich?

My book will cover this. And more. Of course, nobody who read the book would probably want to be an investor at that point anyway. My book will not cover what to do when the tenant calls at 2 a.m. because the toilet overflowed. Because no tenant calls at 2 a.m. with an overflowing toilet.

As a real estate agent, I refuse to work with first time investors who are pumped because they spent the weekend prior at a a real estate investment seminar. Or worse, one who has read the latest it-is-easy-to-invest-in-real-estate-and-be-rich-next-week book. These first time investors are going to learn what the seminars and books don't really go into. And, when things do inevitably happen, I don't want them blaming me, the agent, for their school of hard knocks.