The Beginner's Guide to Real Estate Investing

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  • Edition: 2nd
  • Format: Paperback
  • Copyright: 2008-03-03
  • Publisher: Wiley
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Start making money today ---with the ultimate guide for first-time investors No matter what the market does, real estate stilloffers plenty of moneymaking opportunities. In thisnew edition of The Beginner's Guide to RealEstate Investing, Gary W. Eldred presents the toolsand knowledge new investors need to get started profitably. Packed with smart moneymakingstrategies and real-life stories from successfulinvestors, this edition also covers the latestinformation on financing, foreclosures, cash flow, and much more. You'll not only master the basics ofinvesting, but also discover specialized techniques that the pros rely on to grow their long-term wealth. Concise yet comprehensive, this practical guide shows you how to: Find great deals on properties with big potential Get started with low- or no-down payment financing Utilize creative financing options and otherpeople's money Buy low-cost foreclosures and REOs Make value-adding improvements to any property Craft winning offers and negotiate like a pro Manage rental properties hassle-free Flip investment properties for fast profit In addition, Eldred shows you how to tailor yourinvestment strategy to make money almost anywhere, in any type of market. With proven tech-niques, timeless principles, and totally up-to-dateinformation, The Beginner's Guide to Real EstateInvesting, Second Edition is the perfect place to start building a prosperous future --- today.

Author Biography

Gary W. Eldred, PhD, has investedsuccessfully in real estate for morethan twenty-five years and has servedon the graduate business school faculty at Stanford University and the University of Virginia. He cohosts a nationally broadcastradio show on investing and frequentlymakes presentations at seminars throughoutNorth America. He is also the author of106 Mortgage Secrets All Borrowers Must Learn—But Lenders Don't Tell and Trump University Real Estate 101, both from Wiley.

Table of Contents

About This Bookp. xi
Mindset + Knowledge = Wealthp. 1
Start Nowp. 3
Just Say No to Excusesp. 3
You Must Believe It to See Itp. 7
Set Goals Nowp. 12
Multiple Paths to Building Wealthp. 19
Appreciation in Market Valuesp. 19
Inflationp. 21
Cash Flowsp. 24
Mortgage Payoff (Amortization)p. 24
Buy at a Bargain Pricep. 25
Create Value with Property Improvementsp. 26
Improve the Neighborhood and the Neighborsp. 27
Convert the Usep. 28
Manage and Market Your Properties More Profitablyp. 30
Protect Your Profits from the IRS (Tax Shelter)p. 30
Discounted Notes, Tax Liens, Tax Deeds, and Realty Stocksp. 34
How to Raise Moneyp. 37
Strengthen Your Credit Powerp. 39
Consistency: Fast Track or Flakep. 39
Character Countsp. 40
Credit Scores Count Mostp. 42
Summing Upp. 51
How to Invest Using Little (or None) of Your Own Cashp. 52
Why Low-Cash Deals Magnify Your Returnsp. 52
Minimize Your Down Payment with Owner-Occupant Financingp. 56
Don't Overlook FHAp. 59
Discover FHA's Best Kept Secret: The 203(k) Programp. 62
Too Many Vets Pass Up VA Loansp. 63
Even Fannie and Freddie Accept Little- or Nothing-Down Loansp. 65
Summing Upp. 66
Avoid Banks, Seek Seller Financingp. 68
How to Persuade the Sellersp. 69
What Type of Seller Financing?p. 71
Try a Contract-for-Deedp. 74
Assume a Low-Interest-Rate Mortgagep. 77
"Assume" a Nonassumable Mortgagep. 80
Five More Techniques to Finance Your Investmentsp. 84
Wraparounds Benefit Buyers and Sellersp. 84
Lease Optionsp. 85
Lease-Purchase Agreementsp. 91
Master-Lease an Apartment Buildingp. 92
How to Come Up with the Cash to Closep. 96
Cash Out Some of Your Current Home's Equityp. 96
Bring in Partnersp. 97
Second Mortgagesp. 99
Personal Savingsp. 100
Sell Unnecessary Assetsp. 100
Easy Money-Hard Termsp. 101
Use Credit Cardsp. 105
Personal Loansp. 105
Sweat Equity (Creating Value through Improvements)p. 105
Eliminate Your Down Payment with Pledged Collateralp. 106
Student Loansp. 107
Use Creative Financep. 107
Here's How to Qualityp. 109
Be Wary of Prequalifying (and Preapproval)p. 109
You Can Make Your Qualifying Ratios Look Betterp. 111
The Application Itself Contains Many Clues to Your Integrityp. 121
No Preset Qualifying Income Applies to Commercial Propertiesp. 122
How to Invest for Maximum Gainp. 127
Twenty-Seven Ways to Find or Create Below-Market Dealsp. 129
Why Properties Sell for Less (or More) than Their Market Valuep. 129
Don't Dilly-Dally with Due Diligencep. 135
How to Find Bargain Sellersp. 137
Make Money with Foreclosures and REOsp. 143
The Stages of Foreclosurep. 143
Approach Owners with Empathy: Step Onep. 145
Some Investors Profit from the Foreclosure Auction: Step Twop. 148
The Benefits of Buying REOs: Step Threep. 151
More Sources of Bargainsp. 156
Federal Government Auctionsp. 156
Sheriff Salesp. 157
Buy from Foreclosure Speculatorsp. 157
Probate and Estate Salesp. 157
Private Auctionsp. 159
Short Sale Bargainsp. 162
Run Numbers Like a Prop. 169
Monitor the Construction Cyclep. 170
How to Profit from the Construction Cyclep. 170
Per-Unit Measuresp. 173
Gross Rent Multipliers (GRMs)p. 175
Capitalized Valuep. 176
Cash Flow Returnsp. 181
Create Your Own Appreciationp. 183
Greatly Increase the Value of Your Investment Propertyp. 184
Search for Competitive Advantagep. 185
First, Verify Actual Rent Collections, Not Merely Rental Ratesp. 186
Talk with Tenantsp. 187
Set Your Rents with Market Savvyp. 188
Your Apartment Checklistp. 189
Give the Interior a Martha Stewart Makeoverp. 190
Safety, Security, and Conveniencep. 193
Rightsize the Roomsp. 194
Create More Storagep. 195
Check Noise Levelsp. 197
Overall Livabilityp. 198
Twenty-One More Ways to Push Up the Value of Your Propertiesp. 199
Create Strikingly Attractive Curb Appealp. 199
Collect More than Rentp. 202
Convert a Garage, Attic, or Basementp. 203
Create an Accessory Apartmentp. 204
Create a Special Purpose Usep. 205
Change the Use of a Propertyp. 205
Cut Operating Expensesp. 208
Gentrification and Other Value Playsp. 210
Onward and Upward to Build Wealthp. 217
Win What You Want through Negotiationp. 219
How to Define Win-Winp. 219
Know Thyselfp. 222
Know the Property and Neighborhoodp. 222
Know the Sellersp. 223
Establish Favorable Benchmarksp. 225
Tit for Tatp. 226
Get Seller Concessions Earlyp. 226
Come Ready to Buyp. 227
Ask for More than You Expectp. 227
Establish Credibilityp. 228
Never Offer to Split the Differencep. 229
List Your BATNAsp. 230
Negotiate for Yourselfp. 231
Leave Something on the Tablep. 233
Write Your Purchase Offerp. 235
No Single Contract Formp. 235
Draft Clauses with Understandingp. 236
Summing Upp. 246
Craft Your Lease to Increase Profitsp. 247
Achieve Competitive Advantagep. 247
Craft Your Rental Agreementp. 248
Landlording: Pros and Consp. 260
The 12 Secrets of Successful Landlordingp. 262
The Good Newsp. 262
Hired Management versus Self-Managementp. 263
Before You Buy, Verify, Verify, Verifyp. 267
Prepare the Property for Rentalp. 269
Craft a Winning Value Propositionp. 270
Attract Topflight Tenantsp. 271
Set Up a Flawless Move-In Policyp. 275
Retain Topflight Residentsp. 276
Strong Market? Raise Rentsp. 277
Prepare for Special Problemsp. 279
Maintain the Propertyp. 280
Process Move-Outs Smoothlyp. 280
Persistently Seek Ways to Increase Your Cash Flowp. 282
Keep Trading Upp. 283
Internet Appendixp. 285
Indexp. 291
Table of Contents provided by Ingram. All Rights Reserved.

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