Resources
In this appendix, we share some resources we hope you’ll find useful, such as books and magazines to further your knowledge, professional real estate associations, and lots more information to help you stay up-to-date and successful in your investment property adventure.
Residential Property Management Software
As you grow your investment portfolio by purchasing additional properties, and as your rent starts to increase, you’ll probably find it difficult to keep track of your property and tenant details without a good software system. Digital software is available online, or on the “cloud,” to help you. You pay a monthly fee to use the software, based on the number of properties you have in the system. The online version is regularly backed up, always up-to-date, and protected by security firewalls to prevent viruses and hackers from accessing or corrupting your data.
Property management software has four basic elements:
When evaluating which software is best for you, think about what features you need most because some software is stronger in some areas than others. Also, if you use other software programs, be sure you can download from those programs and use the data in your property management program. For example, if you keep your numbers in QuickBooks, will you be able to download your data directly into QuickBooks, or do you need to export them into an Excel spreadsheet and then upload them into QuickBooks? Or are the accounting reports and details in the property management software complete enough for your needs?
Many rental owners and managers use the following software products. Listing them here doesn’t mean we endorse the products, but we feel key features of each can help you become a successful landlord.
These are just a few of the products available. Compare the features and cost structures of the software to determine which is right for you.
Aaxsys
aaxsys.com
Buildium
buildium.com
The Landlord Report/Pro
mdansby.com
PROMAS Property Management Solutions
promas.com
The Property Manager
softwareforlandlords.com
PropertyBoss
propertyboss.com
Propertyware
propertyware.com
Rent Manager
rentmanager.com
RenTec
rentecdirect.com
T-ReX Global
trexglobal.com
Turnover Manager
turnovermanager.com
Yardi
yardi.com
National Real Estate Organizations
Joining a national real estate organization is invaluable to achieving real estate investor success. The right organization keeps you informed on new trends in the industry, tracks pending legislation that could positively and negatively affect your progress, connects you with valuable vendors, and provides educational activities and networking events. Organizations are only as good as the time you choose to participate in them—either in person or by reading their information—so join only if you plan to take advantage of what they have to offer.
American Apartment Owners Association
american-apartment-owners-association.org
Building Owners and Managers Association International
www.boma.org
Building Owners and Managers Institute
bomi.org
Institute of Real Estate Management
irem.org
National Apartment Association
naahq.org
National Association of Home Builders
nahb.org
National Association of Realtors
realtor.org
National Association of Residential Property Managers
narpm.org
National Multi Housing Council
nmhc.org
Following are some other books that can help you achieve your real estate success.
Abudi, Gina, and Brandon Toropov. The Complete Idiot’s Guide to Best Practices for Small Business. Indianapolis: Alpha Books, 2011.
Corcoran, Barbara. Shark Tales: How I Turned $1,000 into a Billion Dollar Business. New York: Portfolio Trade, 2011.
Dempsey, Bobbi, and Todd Beitler. The Complete Idiot’s Guide to Buying Foreclosures, Second Edition. Indianapolis: Alpha Books, 2008.
Fishman, Stephen, JD. Every Landlord’s Tax Deduction Guide. Berkeley: Nolo Press, 2012.
Grensing-Pophal, Lin, MA, SPHR, PCM. The Complete Idiot’s Guide to Strategic Planning. Indianapolis: Alpha Books, 2011.
Moran, Gwen, and Sue Johnson. The Complete Idiot’s Guide to Business Plans Plus. Indianapolis: Alpha Books, 2011.
Richmond, Peter. The Complete Idiot’s Guide to Buying a Home. Indianapolis: Alpha Books, 2010.
Rosen, Keith, MCC. The Complete Idiot’s Guide to Closing the Sale. Indianapolis: Alpha Books, 2007.
Smith, Kimberly. The Corporate Housing Handbook. Denver: CreateSpace Publishing, 2013.
Magazines and Other Publications
Multihousing Professional
multihousingpro.com
National Real Estate Investor
nreionline.com
Personal Real Estate Investor Magazine
personalrealestateinvestormag.com
Realty411 Magazine
realty411guide.com
UNITS Magazine
naahq.org/read/units-magazine
Real Estate Educational Forums
BiggerPockets
biggerpockets.com
Real Estate Investor (REI) Expo
reiexpo.com
Real Estate Websites
Additional Resources
Federal Trade Commission Complaint Assistant
ftccomplaintassistant.gov
Find Property Owner
findpropertyowner.com
Internet Crime Complaint Center
ic3.gov