Market Research

So, I checked out a book from the library on how to be an awesome landlord. Don't judge me. If I knew the secret, I would have my own book, or I would be rolling in my millions (which--according to Bliz and Diamond Jim--I am not).

However, what I found out in this case, is I am approaching the whole landlord thing incorrectly. And, more to the point, I really should write a book. The book I checked out was chock-full of eye-bleeding cliches and mind-numbing writing. I was astonished to find out the book in question is not self-published, but instead a big-named publishing house actually put their name on it.

Here's a few paraphrased excerpts:

• Don't ever advertise a vacant rental where a requirement for renting is sexual favors. According to the author, that is "discrimination."
• Deadbeats are bad. And deadbeat tenants are smarter than landlords.
• Run credit checks.
• Rent to rich people with money.
• Use a good smelling soap when cleaning your vacant rental.
• Keep the living room carpet clean (presumably while the rental is vacant).
• Don't let the tenant paint without the landlord's permission (Though the author didn't really cover how a landlord is supposed to stop this from happening.).

In Chapter 12, the author also says he is "frequently asked", "How can I be assured that when I buy, own and manage my investment property that there will be sufficient income from the rent to cover the costs of operation, maintenance, repair, insurance, taxes and of course the mortgage payment?"

The answer was something along the lines of, if you do it right, the costs will be covered and the property will pretty much manage itself. Good to know.