How to Buy Your First Rental... | Buy

A Blueprint for Buying Your First Rental Property! Confused by the hundreds of real estate books? Worried that real estate's a hassle? Want to learn a surefire way to buy rental properties? Then How to Buy Your First Rental Property and Beyond is for you! Rental properties can build a growing stream of income and significant wealth'¦if done right! This book will show you how to: - Run a successful rental property business on your terms and reach your financial goals and dreams'¦faster! - Find the best properties, at the best price, and work with real estate agents the smart way! - Easily evaluate properties. Find the ones that can make you money and not take your money! - Find the right financing! - Negotiate offers to get what you want! This book gives you a practical, "step-by-step" plan you can use to successfully buy your first rental property and beyond. It provides a "common sense" approach to help you "do it right the first time!"

Introduction

Rental Property Ownership: What it is and What it Isn't

Investment or Business?

Features and Benefits of being a rental property owner

Leverage

Income

Capital Appreciation

Tax Advantages

Management

What do You Want?

Consider what you are about to embark on, and define your business goals

How much time is this business going to take?

Real Estate Agents: Love 'Em or Leave 'Em

One ``Bad Agent'' Story

Another potentially ``Bad Agent'' Story

OK... Here's a ``Good Agent'' Story

There are Properties Everywhere, But Where Do I Look?

Defining your target area

How to efficiently find properties in your target area

The Realtor.Com® Site

Local papers/online

Driving the neighborhood

Flyers

Types of properties that make good income-producing rentals

Two Common Sense Ways to Evaluate a Property: The ``30-Second Quickie'' and the ``All-Nighter''

Important ``Survival'' Terms

Gross Scheduled Income

Gross Operating Income

Operating Expenses

Net Operating Income (aka NOI)

Capitalization Rate, or ``cap rate''

Cash Flow

Taxable Income

The Evaluation...Should I buy this property or not?

The All-Nighter (Cash Flow Worksheet)

Potential Rental Income

Expenses

Putting it all together

The 30-Second Quickie

What if I love the property and the numbers just-don't seem to work? (or worse yet, NEVER seem to work for any property you evaluate)

Mortgate Rate Table

Cash Flow Worksheet (aka The All-Nighter)

Making an Offer and What to Do When One Gets Accepted!

What you want and what you need, think P.A.T.---Price, Amenities, Terms

Price

Amenities

Terms

Sample Letter of Interest to Owner Occupant

Holly Ave

Financing Your Business

Seller Financing

Loan Assumption

Your Local Bank

Your Brokerage Firm

Home Equity and H.E.L.O.C.

Other Investors

Mortgage Brokers

Other Lenders

Conventional vs. Adjustable

COFI ARMS (Cost of Funds Index Adjustable Rate Mortgage)

Useful Websites

The ``How'' of Landlording

The Internal Revenue Service

Property Management and Legal Issues

Rental Property Software

Real Estate Investor Associations

How to Get Information Faster Than Your Competition and Have Your Real Estate Agent Asking You for Advice

Useful and favorite websites that provide valuable information

What to Do Your First Year to Make the Other Years Easier

Reading

Tradesmen

Local Officials

Home Inspection

What to Look for During a House Inspection

Prospecting

Tenant Reporting Service

Recordkeeping and Accountants

Attorney

Financial Planner/Advisor

Just a parting, real-life example of my first year with my first property...

What is included with this book?

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.