1 Minute to Rental Property Riches Review Pt2

Welcome to part two of my review of 1 Minute to Rental Property Riches

If you haven't read the first part of the review, you can find it HERE

I'd like to report an error on my part and DEMAND a refund. I originally posted that the book cost $47 and I think I actually paid $49. Then I find that it's being sold at a discount right here on Biggerpockets(you can find the link HERE) So I DEMAND a refund. 

Just kidding on the refund, it's my fault for not checking right here on BP at the store for awesome deals before I ordered it off of Amazon.com. If you were thinking before that $47 wasn't a bad price then I urge you to head over to the BiggerPockets store and place your order for it today. 

Let's get into my part two of the review. I'm not going to go with tradition and summarize or recap the first part, if you didn't read it, click on the link above and do so now. 

I must say I enjoyed the second part of the book. I'm breaking it up into three parts so bare with me. The second part was a little more helpful and not to generic or vague as the first part was. I don't disagree with what was included in the first part as I understand that if you are new to REI, it would've been helpful to you. 

MikeOH goes into some more depth about the process of renting out in the second part. He goes over various things like credit checks, background checks and even some good stuff about being the 'landlord' NOT the owner. One thing I wish he would do is when he mentions about criminal background checks and other things related to 'screening' the tenant is he mentions these things that need to be done but does not recommend a company. He does say to 'google' these things which is fine. The biggest issue I have is he is obviously putting himself out there an experienced landlord, I think it would be helpful if he is not going to recommend specific companies he uses for these 'screenings' that he at least gives you a guideline to choosing a good or great screening company. This way a reader, while doing his research and looking for a good screening company will have some knowledge about what makes a good screening company. 

I think he does a great job at describing the differences and benefits of collecting the rent personally rather than remotely. One thing that keeps coming into my mind is that I'm not sure I would want to do as much work as it seems to be needed. I remember hearing phrases like you should be able to step away from your business and it not only runs without you but grows without you. Be a business owner, not self employed. I know his objection to that will be that these things are what 'gurus' push and to successfully run a rental property business you need to be hands on. 

I keep thinking while I read his book that if I had as many rental properties as he appears to have(I don't think he's mentioned exactly how many properties(doors) he has) and I believe the book was actually written back in '06, that it might be better to create a property management company to not only run/manage his properties but also other landlords in his area. I think he would be the perfect owner of a property management company because he obviously knows his stuff as a landlord and I'm sure he has plenty of friends that understand his knowledge and experience that wouldn't mind paying his company 10% to manage their properties. 

Maybe he might comment here or write his own blog responding to that. 

He of course is known for his lack of compassion towards his tenants and I can tell you that I don't blame him one bit and he does a great job talking about the eviction process and not exactly how to evict, that obviously is different across the country. He does tell you how it is done in his neck of the woods and goes into some other great things that I won't mention here but I can tell you that just the little section he speaks about evictions, there are some great nuggets there that make the book worth its price. 

The last part of this portion of the review I'd like to talk about some funny stuff. MikeOH goes into some true stories about past experiences. One of them is called 'Crazy Daisy' which is hilarious to say the least but it does go to show you(once you read it you will understand) that even a visually normal tenant applicant can be a nut case to say the least. The story about Randy wasn't something you would expect either. and Even better is the story about the Nurse and how Gayle ended being replaced by Lisa. The nice thing is besides the laughs out loud is he tells you these particular stories for a reason. At the end of the stories he tells you the lessons learned which if you are new or seasoned, you can appreciate. 

One more thing. I learned how to speak 'Tenantese' today. You will have to read the book to be able to understand this statement: I haven't been in trouble for over 6 years  or even this statement: I'm sorry. There won't be any more problems

I will say I enjoyed this part of the book much more than the first part. I think mainly because the first part is maybe geared toward a new(er) investor and it serves it's purpose for that matter. I have skimmed through the rest of the book without actually reading it and checked the table of contents and know that I'm coming up on Apartment buildings and Complexes as well as his contracts and worksheets that he includes. I think my next and final review will briefly mention the apartment buildings and will focus more on the contracts and forms that are included.

Again, I will say I've enjoyed the book so far but I'm still not giving it a thumbs up or down until I fully read the book and absorb the info to give a fair review. 

Until next time.