The Everything Real Estate Investing Book

by Wickell, Janet

• ISBN13: 9781593371319
• ISBN10: 1593371314
• Format: Paperback
• Copyright: 2004-10-30
• Publisher: Adams Media Corp

Summary

Readers learn how to: - Identify investment opportunities- Understand the risks and benefits of buying and selling- Consider tax and financial issues- Deal with capital gains and losses- Recognize the best time to refinance

Table of Contents

Top Ten Ways to Prepare for a Hal-Estate Investment Career	x
Introduction	xi
1 Getting Started	1	(12)
Is Real-Estate Investing Right for You?	2	(1)
Consider Where You Fit In	2	(3)
Analyze Your Real-Estate Market	5	(2)
Finding Your First Investment	7	(2)
Give Yourself Some Time	9	(4)
2 Residential Properties	13	(14)
Single-Family Homes	14	(3)
Multifamily Dwellings	17	(2)
Tackling a Residential Development	19	(2)
Restrictive Covenants	21	(1)
Easements and Rights-of-Way	22	(2)
Boundary Surveys	24	(3)
3 Commercial and Industrial Properties	27	(12)
Apartment Buildings	28	(2)
Office Buildings	30	(2)
Retail Buildings	32	(2)
Industrial Possibilities	34	(1)
Land Development	35	(3)
Finding Expert Advice	38	(1)
4 Working with Real-Estate Agents	39	(12)
How Can an Agent Help?	40	(1)
Working with a Seller's Agent	41	(2)
Working with a Buyer's Agent	43	(2)
Working with a Dual Agent	45	(1)
Other Agency Arrangements	45	(1)
Finding the Right Agent	46	(1)
Working with Multiple Agents	47	(1)
Getting the Most from Your Agents	48	(3)
5 Real-Estate Finance	51	(18)
How Will You Pay for Your Purchase?	52	(1)
Important Lending Terms	53	(2)
Working with a Mortgage Broker	55	(1)
Primary Mortgage Market	56	(1)
Secondary Mortgage Market	57	(2)
Underwriting Guidelines	59	(1)
Insured, Guaranteed, and Conventional Loans	60	(1)
Fixed-Rate Loans	61	(1)
Adjustable-Rate Mortgages (ARMs)	62	(2)
Financing Ideas for Investment Properties	64	(1)
Seller Financing Options	65	(4)
6 Your Credit Reports and Credit Scores	69	(14)
Credit-Reporting Agencies	70	(1)
What's on Your Credit Reports?	70	(2)
Your Credit Scores	72	(4)
Checking Your Credit Reports	76	(2)
Cleaning up Errors and Negative Items	78	(2)
Improving Your Credit Scores	80	(3)
7 Determining Value	83	(12)
Fair Market Value	84	(1)
Real-Estate Appraisals	85	(3)
Hiring an Appraiser	88	(1)
Dealing with a Low Appraisal	89	(1)
Appraisal Limitations	90	(1)
Comparative Market Analysis	91	(1)
Hands-On Evaluation of Comparables	91	(4)
8 Disclosures and Inspections	95	(12)
Residential Property Disclosures	96	(2)
Commercial Property Disclosure	98	(1)
The Purpose of the Inspection	99	(1)
Finding a Qualified Home Inspector	100	(1)
Conduct Inspections on Time	101	(2)
Facts About Home Warranties	103	(4)
9 Getting a Grip on Environmental Hazards	107	(10)
Federal Lead-Based Paint Laws	108	(1)
Radon and Its Effects on Health	109	(1)
Radon Testing Methods	109	(2)
Lowering Radon Gas Levels	111	(1)
Mold and Mildew	112	(2)
Asbestos in Residential Structures	114	(1)
Underground Storage Tanks	115	(2)
10 From Contract to Closing	117	(14)
Making an Offer to Purchase	118	(1)
Contract Contingencies	119	(4)
It Comes with the Property	123	(1)
How Long Does It Take to Close?	124	(1)
It's Important to Negotiate	125	(2)
Who Pays for What	127	(1)
Making It to Closing	128	(1)
The Final Walk-Through	129	(2)
11 Settlement and Transfer of Title	131	(16)
Federal Settlement Disclosures and Requirements	132	(2)
Closing Costs Charged by Lenders	134	(1)
Prepaid Expenses and Escrow Account Funding	135	(2)
Other Common Closing Costs	137	(4)
Title Examinations and Title Insurance	141	(1)
Transferring the Property	142	(2)
Types of Ownership	144	(3)
12 Investing in Distressed Properties	147	(10)
Browse the Real-Estate Market	148	(1)
Cosmetic Updates Versus Major Repairs	149	(1)
Changing Your Perspective	150	(2)
If the Numbers Make Sense	152	(2)
Flipping Properties	154	(3)
13 Foreclosures and Foreclosure Auctions	157	(12)
Property Is Security	158	(1)
Avoiding Foreclosure	159	(3)
Investing in Fore-closed Properties	162	(2)
Debts Associated with the Property	164	(2)
Buying Real Estate at Tax Sales	166	(1)
Other Types of Auctions	167	(2)
14 Buying REOs and Pre-Foreclosures	169	(12)
Buying a HUD Foreclosure	170	(2)
VA Foreclosures	172	(1)
Fannie Mae and Freddie Mac	173	(1)
Pre-Foreclosures, Owners at Risk	174	(1)
Approaching At-Risk Owners	175	(1)
Establishing the Right Price	176	(2)
Developing Your Reputation	178	(3)
15 Vacation Homes and Time-Shares	181	(12)
Consider Purchasing a Vacation Home	182	(1)
Financing Your Purchase	183	(1)
The Time-Share Option	184	(1)
Costs Associated with a Time-Share	185	(1)
Dealing with a Developer	186	(2)
Buying a Resale Property	188	(1)
Exchanges and Rentals	189	(1)
Selling a Time-Share	190	(3)
16 Being a Landlord for Your Properties	193	(12)
The Fair Housing Act	194	(2)
Section 8 Housing	196	(1)
Finding Good Ten-ants	196	(1)
Leasing Options	197	(1)
The Residential Lease	198	(1)
Common Lease Provisions	199	(3)
Do You Need Help?	202	(3)
17 Like-Kind Exchanges and REITs	205	(12)
Like-Kind Exchange Basics	206	(2)
The Qualified Intermediary	208	(1)
Get the Paperwork Right the First Time	209	(1)
Purchasing the Replacement Property	210	(1)
Buying First, Selling Later	211	(1)
Not Always the Best Solution	212	(1)
What Is a REIT?	212	(1)
Types of REITs	213	(1)
How REITs Work	214	(3)
18 Getting a Property Ready for Sale	217	(8)
Updates That Bring Results	218	(1)
Curb Appeal Is Essential	218	(2)
Interior Face-Lifts	220	(1)
Perks and Extras	221	(2)
Final Preparations	223	(2)
19 For Sale by Owner (FSBO)	225	(16)
Dealing with Buyers	226	(2)
How Much Space Are You Selling?	228	(6)
First Marketing Steps	234	(1)
Writing Your Ads	235	(2)
Get Your Disclosures Ready	237	(1)
Showing the Property	238	(3)
20 Selling with a Real-Estate agent	241	(14)
Choosing an Agent and Agency	242	(2)
Types of Listing Contracts	244	(2)
Filling Out the Listing Contract	246	(3)
Determine the Listing Price	249	(1)
Your Duties to Your Agent	250	(2)
Can You Offer Extras?	252	(1)
When the Offer Comes In	253	(2)
21 Taxes and Record-Keeping	255	(7)
Keep Track of Your Expenses	256	(1)
Depreciation Basics	257	(1)
What's the Basis?	258	(1)
A Few Words About Taxes	258	(2)
Finding an Accountant	260	(2)
Appendix A Glossary of Terms	262	(6)
Appendix B Monthly Payment Estimator	268	(18)
Appendix C Additional Resources	286	(7)
Index	293