Classics of Landlord Lit

Classics of Landlord Lit

 

You know the moment, singing along in the car, and the jarring moment when the DJ says the anthem from your youth is now "classic" rock (or worse an "oldie"). I also have been reading landlording literature and landlording long enough that I now have some classic favorites.

 

A common forum prompt on BP is the new or prospective landlord asking where to start and which books to read at the outset. I have chimed in a few times with some version of the classic starting points, but wanted to put it here for reference to make it easy to find for all.

 

New landlords might start with these and work forward to more current and newer releases. Even continuing landlords can benefit from these references, pulling a few ideas from each. This is just partial list (and only on landlording and related buy and hold strategies) and you can add your favorites in the comments.

 

Landlording (Leigh Robinson). Around for 40 years now and in the 12th edition, this iconic yellow landlording book is a true classic. It has a retro feel but it is still relevant and a good place for the budding landlord to start (and with 375,000 copies sold, it is in most libraries or available for a few bucks used in past editions). Robinson's book has witty drawings, insights, and helped debunk some notions of the landlord as villain (as depicted on the cover), showing us as rational, thoughtful and even humorous business people. His catch word and subtitle says is all: "A Handymanual for Scrupulous Landlords and Landladies Who Do It Themselves".

 

Nolo Law Guides for Landlords (various authors and titles). The landlord-tenant relationship is a highly regulated one, so one of the key goals of any landlord is meeting the legal requirements of their state. However, the complexity and cost of complying with the requirements can be a challenge. For every routine question and the basic forms, many small landlords probably can't afford to use a lawyer at today's hourly rates. Enter the many books of Nolo Press designed to help landlords. They pair lawyers with professional writers for a winning combination. Their empowerment of landlords, especially in the Every Landlord's series, has moved beyond law to cover tax, tenant selection and other issues (disclosure: I authored a recent title in the series).

 

Buy and Hold Forever (David Schumacher, Ph.D.). This classic has some key lessons. Dr. Schumacher was a cerebral appraiser who brought us the lessons of a long term focused real estate investor and landlord, and most of all as strategist, one able to see the big picture. In post war era Southern California, he saw the demographic and economic factors that were driving up Southern California and coastal real estate. Any landlord would do well to read any edition of this book early on to think about the ultimate long game. You may also pay more attention to housing, demographic and economic data of your area (or one you are thinking of investing in). There are also many great anecdotes and stories. In an era of late night get rich quick infomercials, it is refreshing to see a forever strategy that has proven the author right in spades (especially in the right locations that he favors).

 

 

Investing in Fixxer Uppers (Jay P. Decima). While not an oldie per se (my edition is 2003), I like this book as a classic for its versatility and creativity. It is a cross over hit (like rock and country) as Decima brings us at least a three (or four) pronged strategy to target ugly ducklings to fix up, but then often rent (rather than flip) and hold them, and later often selling them via owner financing, or even paying them off in creative ways (often via owner financing), or tapping the equity to invest in more properties. I especially like his approach as a part time landlord and phone company worker for a couple of decades (few successful strategies are quit your day job ones, especially at the outset, in my opinion). The stories and strategies are easy to read, simple, and the book can expand your range of ideas and possibilities (he buys properties with cars or boats, for example!) When I drive along the highway and see a forlorn multiplex surrounded by tumbleweeds, I think about Fixxer Jay's strategies, putting in a white picket fences, running off the bikers, and creating a productive money tree.

 

Above all, keep reading and expanding your lanldord IQ with these and other classics and more current hits on the charts; even the newer outlets and mediums, like podcasts, BP forums, and blogs are a new era for lanldord education and development allowing up to the minute currency and a multiplicity of ideas and authors.