The Beginner's Guide to Real Estate Investing
by Gary W. Eldred ( )Format: Paperback
Pub. Date: 2004-04-01
Publisher(s): WILEY
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Summary
Everything you need to know to begin acquiring properties--now!No matter what obstacles you think you face, real estate still offers you multiple money making opportunities. In The Beginner's Guide to Real Estate Investing, successful investor and author Gary Eldred presents the tools and knowledge new investors need to get started. This no-hype guide presents case studies of people just like you-regular people who used these simple, smart strategies to earn big returns. You'll not only gain the basics of real estate investing, but also a vault full of specialized techniques that the pros rely on to grow their long-term wealth. Concise yet comprehensive, this practical guide shows you how to: Find below-market deals Invest using little or none of your own cash Use low or no down payment seller financing Find creative ways to finance your investments Make money with foreclosures and REOs Increase the value of an investment property Negotiate a winning purchase offer Manage rentals hassle free Flip properties for fast profit In addition, Eldred shows you how to tailor your investment strategy to make money in any place in any type of market. With proven techniques and timeless principles, The Beginner's Guide to Real Estate Investing is the prime resource you need to start building a prosperous future-today.
Author Biography
GARY W. ELDRED, PhD, began acquiring investment real estate while still an undergraduate college student. Since then he has been involved in more than one hundred deals. He has been invited to teach his proven techniques at top-ranked colleges–including Stanford University, the University of Virginia, and the University of Illinois–and at investment seminars throughout the U.S. and Canada. He is also the author of Wiley’s Make Money series and the coauthor of the long-standing bestseller Investing in Real Estate.
Table of Contents
| Why This Book? | p. xi |
| Mindset + Knowledge = Wealth | p. 1 |
| Get Started Now | p. 3 |
| Just Say No to Excuses | p. 3 |
| You Must Believe It to See It | p. 7 |
| Set Goals Now | p. 12 |
| Multiple Paths to Building Wealth | p. 19 |
| Appreciation in Market Values | p. 19 |
| Inflation | p. 21 |
| Cash Flows | p. 23 |
| Mortgage Payoff (Amortization) | p. 24 |
| Buy Below Market Value | p. 25 |
| Create Value with Property Improvements | p. 25 |
| Improve the Neighbors and Neighborhood | p. 26 |
| Convert the Use | p. 27 |
| Manage and Market Your Properties More Profitably | p. 29 |
| Protect Your Profits from the IRS (Tax Shelter) | p. 29 |
| Discounted Notes, Tax Liens, Tax Deeds, and Realty Stocks | p. 32 |
| How to Raise the Money | p. 35 |
| Strengthen Your Credit Power | p. 37 |
| Consistency: Fast Track or Flake | p. 37 |
| Character Counts | p. 38 |
| Credit Scores Count Most | p. 40 |
| Summing Up | p. 49 |
| How to Invest Using Little (or None) of Your Own Cash | p. 50 |
| Why Low-Cash Deals Magnify Your Returns | p. 50 |
| Minimize Your Down Payment with Owner-Occupant Financing | p. 54 |
| Don't Overlook FHA | p. 57 |
| Discover FHA's Best Kept Secret: The 203(k) Program | p. 59 |
| Too Many Vets Pass Up VA Loans | p. 62 |
| Even Fannie and Freddie Accept Little- or Nothing-Down Loans | p. 63 |
| Summing Up | p. 64 |
| Forget the Banks, Seek Out Seller Financing | p. 66 |
| Sellers Can Nearly Always Beat the Banks at Their Own Game, But You Must Do More than Ask | p. 67 |
| Mortgage (Trust Deed) | p. 70 |
| Try a Contract-for-Deed | p. 73 |
| Assume a Low-Interest-Rate Mortgage | p. 76 |
| "Assume" a Nonassumable Mortgage | p. 79 |
| Five More Techniques to Finance Your Investments | p. 83 |
| Wraparounds Benefit Buyers and Sellers | p. 83 |
| Lease Options | p. 84 |
| The Lease-Option Sandwich | p. 90 |
| Lease-Purchase Agreements | p. 91 |
| Master-Lease an Apartment Building | p. 93 |
| How to Come Up with the Money to Close | p. 96 |
| Cash Out Some of Your Current Home's Equity | p. 96 |
| Bring in Partners | p. 97 |
| Second Mortgages | p. 99 |
| Personal Savings | p. 100 |
| Sell Unnecessary Assets | p. 100 |
| Down-Payment Assistance | p. 101 |
| Easy Money--Hard Terms | p. 101 |
| Use Credit Cards | p. 105 |
| Personal Loans | p. 106 |
| Sweat Equity (Creating Value through Renovations) | p. 106 |
| Eliminate Your Down Payment with Pledged Collateral | p. 106 |
| Student Loans | p. 108 |
| Use More Creative Finance | p. 108 |
| Here's How to Qualify | p. 110 |
| Be Wary of Prequalifying (and Preapproval) | p. 110 |
| You Can Make Your Qualifying Ratios Look Better | p. 112 |
| The Application Itself Contains Many Clues to Your Integrity | p. 122 |
| No Rigid Borrowing Limits Apply to Commercial Properties | p. 123 |
| How to Invest for Maximum Gain | p. 127 |
| Twenty-Seven Ways to Find or Create Below-Market Deals | p. 129 |
| Why Properties Sell for Less (or More) than Their Market Value | p. 129 |
| Don't Dilly-Dally with Due Diligence | p. 135 |
| How to Find Bargain Sellers | p. 137 |
| Make Money with Foreclosures and REOs | p. 143 |
| The Stages of Foreclosure | p. 143 |
| Approach Owners with Empathy: Step One | p. 145 |
| Some Investors Do Profit from the Foreclosure Auction: Step Two | p. 148 |
| The Benefits of Buying REOs: Step Three | p. 151 |
| More Sources of Bargains | p. 156 |
| Federal Government Auctions | p. 156 |
| Sheriff Sales | p. 157 |
| Buy from Foreclosure Speculators | p. 157 |
| Probate and Estate Sales | p. 157 |
| Private Auctions | p. 159 |
| Short Sale Bargains | p. 162 |
| Run Numbers Like a Pro | p. 170 |
| Follow the Construction Cycle | p. 171 |
| How to Profit from the Construction Cycle | p. 171 |
| Per-Unit Measures | p. 174 |
| Gross Rent Multipliers (GRMs) | p. 176 |
| Capitalized Value | p. 177 |
| Cash Flow Returns | p. 182 |
| Don't Settle for Market Rates of Appreciation: Create Value | p. 184 |
| How You Can Greatly Increase the Value of Your Investment Property | p. 185 |
| Search for Competitive Advantage | p. 186 |
| First, Verify Actual Rent Collections, Not Merely Rental Rates | p. 187 |
| Talk with Tenants | p. 188 |
| Set Your Rents with Market Savvy | p. 189 |
| Your Apartment Checklist | p. 190 |
| Give the Interior a Martha Stewart Makeover | p. 192 |
| Safety, Security, and Convenience | p. 194 |
| Rightsize the Rooms | p. 195 |
| Create More Storage | p. 196 |
| Check Noise Levels | p. 198 |
| Overall Livability | p. 199 |
| Twenty-One More Ways to Boost the Value of Your Properties | p. 200 |
| Create Strikingly Attractive Curb Appeal | p. 200 |
| Collect More than Rent | p. 203 |
| Convert a Garage, Attic, or Basement | p. 204 |
| Create an Accessory Apartment | p. 206 |
| Create a Special Purpose Use | p. 206 |
| Change the Use of a Property | p. 207 |
| Cut Operating Expenses | p. 209 |
| Gentrification and Other Value Plays | p. 211 |
| Onward and Upward to Building Wealth | p. 219 |
| Win What You Want through Negotiation | p. 221 |
| How to Define Win-Win | p. 221 |
| Know Thyself | p. 224 |
| Know the Property and Neighborhood | p. 224 |
| Know the Sellers | p. 225 |
| Establish Favorable Benchmarks | p. 227 |
| Tit for Tat | p. 228 |
| Get Seller Concessions Early | p. 228 |
| Come Ready to Buy | p. 228 |
| Ask for More than You Expect | p. 229 |
| Establish Credibility | p. 230 |
| Never Offer to Split the Difference | p. 231 |
| List Your BATNAs | p. 232 |
| Negotiate for Yourself | p. 233 |
| Leave Something on the Table | p. 235 |
| How to Write Your Purchase Offer | p. 236 |
| No Single Contract Form | p. 236 |
| Make Sure You Draft These Clauses with Care and Understanding | p. 237 |
| Summing Up | p. 247 |
| Craft Your Lease to Increase Profits | p. 248 |
| Achieve Competitive Advantage | p. 248 |
| Craft Your Rental Agreement | p. 249 |
| Landlording: Pros and Cons | p. 261 |
| The 12 Secrets of Successful Landlording | p. 263 |
| The Good News | p. 263 |
| Hired Management versus Self-Management | p. 265 |
| Before You Buy, Verify, Verify, Verify | p. 269 |
| Prepare the Property for Rental | p. 270 |
| Craft a Winning Value Proposition | p. 271 |
| Attract Topflight Tenants | p. 273 |
| Create a Flawless Move-In | p. 276 |
| Retain Topflight Residents | p. 277 |
| When the Market Supports It, Raise Rents | p. 279 |
| Anticipate and Prepare for Special Problems | p. 280 |
| Maintain the Property | p. 282 |
| Process Move-Outs Smoothly | p. 282 |
| Persistently Find Ways to Increase Your Cash Flow | p. 283 |
| Keep Trading Up | p. 284 |
| Internet Appendix | p. 287 |
| Index | p. 293 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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