The xVA Challenge
Discover how Mike Butler managed 75 rental properties while working full-time as a police detective–before he hired any part-time help For many investors, landlording is a pain, but not for those who use Mike Butler's Landlording on Autopilot system. It's a simple, proven method for managing rental properties in your spare time–without the headaches. Mike Butler developed this system while he worked full time as a police officer. Before long, he was buying and managing dozens of properties–and consistently bringing in more than 100% of his rents. Includes free customizable, downloadable forms! Butler shares all the vital techniques of autopilot landlording: * Screening and finding great tenants you can trust * Training tenants to do your landlording work for you * Increasing your cash flow with a simple push-button management system * Using little-known tax breaks available to full-time or part-time landlords * Easily complying with landlording regulations and legal stuff you might not think of * Identifying the most profitable types of properties * Marketing and advertising your properties at little or no cost * Utilizing powerful, ready-to-use landlording forms * Getting rid of bad tenants quickly, safely, and cheaply when buying properties * Using creative tactics to consistently bring in more than 100% of the rent Once you've learned Mike Butler's system, you'll make more money in less time with less effort. Today, Mike Butler is retired from the police force and enjoys more than $1 million a year from his rental properties. Using the techniques and strategies of Landlording on Autopilot will help you achieve your dreams.
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This edition first published 2015
© 2015 John Wiley & Sons, Ltd
First edition published 2009, second edition published 2012 by John Wiley & Sons, Ltd
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ISBN 978-1-119-10941-9 (hbk) ISBN 978-1-119-10943-3 (ebk)
ISBN 978-1-119-10942-6 (ebk) ISBN 978-1-119-10944-0 (ebk)
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To Sylvia, Mimsie, Stella, Cara, Eliza-Joy, Stevie, Peach, Jim, Ginnie, George and Christy
Lists of Spreadsheets
One of the key features of the first and second editions of this book was the accompanying spreadsheets that were prepared to allow the reader to gain some simple insight into some of the quantitative aspects discussed. Many of these examples have been used for training courses and have therefore evolved to be quite intuitive and user-friendly.
The spreadsheets can be downloaded freely from Jon Gregory's website, www.cvacentral.com, under the counterparty risk section. New examples may be added over time.
Lists of Appendices
The following is a list of Appendices that contain additional mathematical detail. TheseAppendices can be downloaded freely from www.cvacentral.com.
Acknowledgements
The first edition of this book focused on counterparty credit risk and was written in 2009, during the aftermath of the global financial crisis. Since then, the subject matter has necessarily broadened to give more attention to aspects such as funding, collateral and capital. It has been less than three years since the second edition was finished and again, the subject has changed dramatically. Indeed, as before, this is much more than a new edition because most of the content has been rewritten and expanded with several new chapters. I hope this will be a comprehensive reference for the subject we now generally refer to as xVA.
As with the last edition, I have saved space by putting mathematical appendices together with the accompanying spreadsheets on my personal website at www.cvacentral. com. Since many do not study this material in depth, this has proved to be a reasonable compromise for most readers.
I have also made use of a number of survey results and I am grateful to Solum Financial and Deloitte for allowing me to reproduce these results. I am also grateful to IBM and Markit who have provided calculation examples. These will all be mentioned in the text.
Finally, I would like to thank the following people for feedback on this and earlier editions of the book: Manuel Ballester, Ronnie Barnes, Raymond Cheng, Vladimir Cheremisin, Michael Clayton, Daniel Dickler, Wei-Ming Feng, Julia Fernald, Piero Foscari, Teddy Fredaigues, Dimitrios Giannoulis, Arthur Guerin, Kale Kakhiani, Henry Kwon, David Mengle, Ivan Pomarico, Hans-Werner Pfaff, Erik van Raaij, Guilherme Sanches, Neil Schofield, Florent Serre, Masum Shaikh, Ana Sousa, Richard Stratford, Carlos Sterling, Hidetoshi Tanimura, Todd Tauzer, Nick Vause, Frederic Vrins and Valter Yoshida.
