Real Estate Millions in Any Market

by Eilers, Terry

• ISBN13: 9780471667612
• ISBN10: 0471667617
• eBook ISBN(s): 9780471686996
• Edition: 1st
• Format: Paperback
• Copyright: 2004-08-26
• Publisher: WILEY
• More Book Details

Summary

Real Estate Millions in Any Market will teach you the most innovative techniques you can use-in any market condition or geographic area-to create a fortune buying or selling real estate with little or no money down. Real Estate Millions in Any Market will show you how to: * Find bargain properties in any market * Develop instant equity with no cash out of pocket * Create instant cash flow with no-down purchases * Uncover the fallacies of low-down investments It will also give you the tools you need to succeed, including: * 12 fail-safe techniques for successful negotiating * 10 creative low- and no-down buying techniques * The letters and dialogues of no-down strategy buying * How to structure your own Success Strategy This book specifically identifies and explains the revolutionary resources that are available to assist buyers and sellers in obtaining substantial profits, while debunking many of the myths and schemes that have given low-down investing a questionable reputation. Filled with practical advice and proven techniques, Real Estate Millions in Any Market is critical reading for anyone interested in getting into real estate investing.

Author Biography

TERRY EILERS is a nationally known real estate expert, bestselling author, and seminar instructor who has taught nearly 1,000,000 buyers, sellers, real estate licensees, and marketing professionals worldwide. He has over thirty years’ experience in the real estate industry as a buyer, seller, investor, developer, lender, agent, broker, and instructor.

Table of Contents

ACKNOWLEDGMENTS	xi
INTRODUCTION	xiii
PART I AN OVERVIEW OF YOUR WEALTH-BUILDING PROCESS
CHAPTER 1 Identify Exactly What You Want to Achieve	3	(12)
Turning Dreams into Reality,	3	(4)
You Decide What You Will Achieve,	4	(3)
Goals-The Most Valuable Building Blocks,	7	(4)
Daily Action Goals,	10	(1)
Short-Term Achievement Goals,	10	(1)
Long-Term Success Goals,	10	(1)
Time-Your Most Valuable Asset,	11	(4)
Managing Your Time,	12	(11)
Preparation,	12	(1)
Actions,	13	(2)
CHAPTER 2 Taking Inventory of Your Personal Resources	15	(16)
Where Is Your Starting Line?,	15	(1)
The Basic Action Plan,	16	(1)
Believe You Can Before You Do It,	17	(2)
You Can Make Deals with What You Have-or Don't Have,	19	(2)
It Does Not Take Your Money to Make Money,	21	(1)
There are Professionals Available to Help You-Use Them!,	22	(1)
Putting Your Investment Team Together,	23	(8)
Real Estate Brokers and Agents,	24	(1)
Title Companies and Escrow Agents,	25	(1)
Banking Relationships,	25	(1)
Attorneys,	26	(1)
Insurance Agents,	27	(1)
Accountants,	28	(1)
Professional Management Companies,	28	(1)
The Other Professionals,	29	(2)
CHAPTER 3 The Basic Education-What You Really Need to Know	31	(28)
It All Seems So Complicated,	31	(1)
Real Estate-Quick and Easy,	32	(1)
Technology-The New World of Information Availability,	33	(1)
Outsmarting the So-Called-Experts,	34	(2)
The Most Important Component,	36	(1)
Identifying and Qualifying Sellers,	37	(3)
Basic Real Estate Terminology,	40	(19)
PART II THE COMPONENTS NECESSARY FOR IMMEDIATE AND LONG-TERM REAL ESTATE WEALTH
CHAPTER 4 How You Make It All work	59	(10)
The Benefits You Will Achieve Through Real Estate Investment,	59	(1)
Is There Risk Involved?,	60	(4)
Can You Save Your Way to Wealth?,	64	(2)
What It Takes to Be Successful in Today's Market,	66	(3)
CHAPTER 5 Establishing Yourself as a Professional Investor	69	(12)
Getting Organized,	69	(1)
A Place to Work and Make Calls,	70	(4)
Date Book or Planner,	71	(1)
Telephone,	71	(1)
Mobile or Cell Phone,	72	(1)
Computer and the Internet,	72	(2)
How You Will Represent Yourself?,	74	(5)
Business Cards,	75	(2)
Flyers and Brochures,	77	(2)
Web Site,	79	(1)
It Is a Numbers Game,	79	(2)
CHAPTER 6 Analyzing the Marketplaces	81	(36)
What Is the Process?,	81	(3)
Finding the Best Areas, Neighborhoods, and Properties,	84	(2)
What Are the Most Common Mistakes?,	86	(1)
Making the Right Choices,	87	(1)
Tracking Your Research-Developing and Using a Property Search Log,	88	(1)
Your Property Search Binder-The Layout and What Is Included,	88	(3)
Finding the Areas,	91	(1)
The Internet,	92	(20)
Do You Have Adequate Internet Service?,	92	(1)
How You Search Is Up to You,	93	(1)
General Information-City and Area Comparisons,	94	(1)
Sterling's Best Places,	94	(1)
Other Information Sources,	95	(1)
Chambers of Commerce and City Sites,	95	(4)
Some Other Great Sources for Information,	99	(1)
Population Connection,	100	(1)
The Internet Site That Has Changed the Real Estate World,	100	(2)
What About the Schools or Other Demographics?,	102	(10)
Making Personal First-Time Contacts,	112	(2)
What About Unique Properties?,	114	(3)
CHAPTER 7 Understanding Comparable Values Before You Begin the Property and Seller Searches	117	(14)
What is Most Important?,	117	(1)
The Factors of Comparable Values and Comparable Sale Pricing,	118	(2)
How to Learn Proper Comparable Sale Pricing,	120	(1)
Common Fallacies of Comparable Pricing,	120	(1)
How Properties Are Compared,	121	(1)
Real Estate Brokers and Agents and Title Companies,	121	(2)
Understanding the Nuances of Pricing,	123	(3)
What About Using Appraisals?,	126	(3)
Your Pricing Will Be Based on Inspections and Comps,	129	(2)
CHAPTER 8 Using Income to Value Investment Properties	131	(14)
Get Rid of the Emotion-Now!,	131	(1)
Valuation Methods Used by Appraisers,	132	(1)
The Two Most Used Valuation Methods in Detail,	133	(3)
Comparable Sales Analysis-Multi-unit,	133	(1)
Net Income Analysis Approach,	134	(2)
Analyzing Cash Flow,	136	(7)
Income,	136	(2)
Debt Service,	138	(1)
Expenses,	138	(3)
Cash Flow,	141	(2)
Getting Caught Up in Analysis,	143	(2)
CHAPTER 9 Finding Great Bargain Properties Using Traditional Methods	145	(16)
What Success Levels to Expect,	146	(1)
Classified Buyer's Newspaper Advertising,	147	(2)
Ads Placed by Sellers,	149	(1)
The Words of the Flexible, Accommodating Seller,	149	(2)
Public Notices,	151	(1)
Real Estate Brokers and Agents,	151	(2)
Go with the Broker-You Want to Do What?,	153	(1)
Buyer's Brokers and Agents,	154	(2)
Transaction Brokers,	156	(1)
Referrals from Friends, Relatives, and Associates,	156	(1)
Direct Buyer Telephone and Mail Contacts,	157	(1)
For-Sale-by-Owner Signs,	157	(2)
Bird-Dog Referrals,	159	(1)
Other Partner Investors,	160	(1)
CHAPTER 10 How to Maximize Your Use of Internet Investment Opportunities and Other Information	161	(36)
Saving Time Every Way Possible,	161	(6)
Search Engines,	167	(1)
Finding Listed Properties,	168	(1)
Properties to Purchase,	169	(1)
An Example Search,	169	(15)
Yahoo.com,	184	(4)
Individual Broker Web Sites,	188	(1)
Example Broker Sites,	189	(3)
Finding For-Sale-by-Owner Properties,	192	(1)
For-Sale-by-Owner Sites,	193	(2)
Information and Specialty Sites,	195	(1)
Foreclosures,	195	(1)
Making the Web Your First Stop,	196	(1)
CHAPTER 11 Successful Negotiation Techniques-How to Create Win-Win Transactions	197	(24)
Important Factors to Remember When Negotiating,	197	(2)
The First Impression Is the Most Important,	199	(1)
Identifying the Most Important Topics of Negotiation,	200	(1)
Educate the Seller,	201	(1)
The 12 Rules for Proper Negotiation-Memorize Them,	202	(12)
Other Important Factors Pertaining to Negotiation,	214	(1)
Using a Negotiation Checklist,	215	(1)
Making the Offer-The Climax of the Negotiation Process,	216	(2)
The Sections of the Purchase Agreement in Detail,	218	(3)
CHAPTER 12 Viewing and Inspecting Properties	221	(28)
Where Do You Start?,	221	(1)
Let's Look at Location,	222	(1)
Overall Condition of the Property and Structures,	223	(1)
Inspecting Potential Investment Properties,	224	(1)
Each Inspection Step in Detail,	225	(24)
Step 1-Cursory View,	225	(1)
Step 2-Investment Inspection,	226	(1)
Step 3-Your Own Professional Inspection,	227	(5)
Getting Down to the Nitty-Gritty,	228	(1)
Walls and Doors,	229	(1)
Floors and Baseboards,	229	(1)
Windows,	230
Window Coverings,	223	(8)
Ceilings,	231	(1)
Lighting and Electrical System,	231	(1)
Going Through the Individual Rooms,	232	(3)
Kitchen,	233	(1)
Living, Family, Bonus, and Play Rooms,	234	(1)
Bathrooms,	234	(1)
Bedrooms,	235	(1)
Closets,	235	(1)
Laundry Areas,	236	(1)
Staircases,	236	(1)
Fireplaces, Inserts, and Wood Stoves,	237	(1)
Shelves, Bookcases, and Drawers,	237	(1)
Heating and Cooling Units,	238	(1)
Basements and Attics,	238	(1)
Soundproofing and Insulation,	239	(1)
Odor,	239	(1)
Porches, Decks, Patios, and Exterior Entryways,	240	(1)
Garage,	241	(1)
Pools and Spas,	241	(1)
Saunas and Steam Rooms,	242	(1)
Structure Exteriors,	242	(1)
Roof,	243	(1)
Yards,	244	(1)
Warranties and Guarantees,	244	(1)
What Repairs Must Be Made?,	244	(1)
Sweat Equity,	245	(1)
Understanding Seller Disclosure,	245	(2)
The Seller Disclosure Statement,	247	(1)
Proper Inspections Can Save You a Bundle,	247	(2)
CHAPTER 13 Four Favorite Creative Low-Down or No-Down Investment Techniques for Any Market	249	(24)
Learning to Think Creatively,	249	(1)
Misunderstandings and Fallacies about No-Down or Low-Down Investing,	250	(2)
The Most Important Rule in Creative Investment! Learn It! Never Break It!,	252	(1)
Four Favorite Low-Down, No-Down Techniques,	253	(20)
Favorite No. 1: The Quick Fix: to Rent, Own, or Sell,	254	(4)
Favorite No. 2: Buying Properties with Multiple Parcels,	258	(3)
Favorite No. 3: Subject-to Transactions or Assumptions-In and Out in a Hurry,	261	(10)
Favorite No. 4: Broker/Agent Participation, 266 Second-Nature Creativity,	271	(2)
CHAPTER 14 Six More Creative, Seller Participation Low-Down or No-Down Investment Techniques	273	(30)
Every Day Is Different-But Every Deal Is the Same,	273	(29)
Favorite No. 5: Short-Term Seller Desiring High, Above-Market Interest,	274	(3)
Favorite No. 6: Seller-Carry Note Sold for Cash,	277	(5)
What Made This Deal Work?,	282	(1)
Favorite No. 7: Low Price, High Appraisal, and Refinance,	282	(4)
What Made This Deal Work?,	285	(1)
Favorite No. 8: Equity Participation with Seller,	286	(4)
What Made This Deal Work?,	290	(1)
Favorite No. 9: The Wraparound-Seller Receives Interest on Bank's Money,	290	(8)
What Made This Deal Work?,	298	(1)
Favorite No. 10: Generating Ongoing Income and Long-Term Wealth,	298	(4)
Working the Properties and Types of Deals That Suit You,	302	(1)
CHAPTER 15 Closing the Transaction	303	(8)
You Have the Deal-Now Get It Closed,	303	(2)
Some Considerations During the Closing Process,	305	(3)
Final Closing/Escrow Considerations,	308	(1)
Transfer of Funds,	308	(1)
Closing Costs,	309	(1)
Real Estate Settlement Procedures Act,	309	(1)
After the Closing,	309	(1)
Closing Is an Art-Become a Proficient Artist,	310	(1)
CHAPTER 16 Property Management The Simple Approach	311	(14)
Keep It Plain and Simple,	311	(2)
Finding Renters or Lessors,	313	(1)
Working with Credit Reporting Agencies,	314	(2)
Preparing Rental Agreements and Leases,	316	(1)
What Should Be Covered in the Rental or Lease Agreement?,	317	(1)
The 10 Commandments of Property Management,	317	(6)
Management Is Simple and Easy If You Stay On Top of It,	323	(2)
CHAPTER 17 Institutional Lending-General Information	325	(6)
What Lenders Are Looking For in a Borrower,	326	(1)
Fixed-Rate versus Adjustable-Rate Mortgages,	327	(4)
BONUS CHAPTER Letters and Dialogues for Successful Contacts	331	(8)
Contact Letters,	331	(1)
General Contact Letter,	332	(2)
Foreclosure Letters,	332	(1)
Letter 1,	332	(1)
Letter 2,	332	(1)
Letter 3,	333	(1)
Distressed Property Letters,	333	(10)
Letter 1,	333	(1)
Letter 2,	333	(1)
Letter 3,	333	(1)
Collecting Information from the Seller-Use a Checklist,	334	(1)
Seller Dialog Checklist-Phone or in Person,	334	(2)
It Is a Numbers Game,	336	(3)
PART III CREATING YOUR OWN PLAN FOR SUCCESS
CHAPTER 18 Structuring a Personal Strategy	339	(12)
Two Examples of Successful Personal Action Plans,	343	(5)
More Income-Longer-Term Wealth Building,	343	(2)
Quick Wealth Building-I Don't Need the Income,	345	(3)
Planning Your Future Success,	348
APPENDIX
APPENDIX A Real Estate Purchase Agreement	351	(4)
APPENDIX B Addendums to Real Estate Purchase Agreement	355	(6)
APPENDIX C Counteroffer	361	(2)
APPENDIX D Property Inspection Form	363	(6)
APPENDIX E Seller Disclosure Statement	369	(10)
APPENDIX F Cost Analysis of Property Reconditioning	379	(2)
INDEX	381