Secrets of a Millionaire Real Estate Investor

by Robert Shemin

• ISBN13: 9780793137053
• ISBN10: 0793137055
• Format: Paperback
• Copyright: 2000-06-22
• Publisher: Kaplan Publishing

Summary

Thinking of making a killing in real estate investing? Dont be misled by the one size fits all infomercials and seminars that promise instant riches. According to lawyer-MBA-turned-real- estate-investor Robert Shemin, it is possible to legitimately amass substantial wealth, help people, and have fun doing it. Given the right tools, nearly anyone can make money investing in real estate. Shemin's goal is to provide novice and seasoned investors with tools that he has used to amass a real estate portfolio worth millions of dollars.

Table of Contents

Acknowledgments	xi
Introduction: Your Foundation for Financial Independence	xiii
Real Estate Can Make You a Millionaire	xiv
If It Works Once, Why Not Do It Again?	xv
Turning Properties into Profits	1	(28)
Buying and Flipping	2	(4)
Is Buying and Flipping Fraudulent?	5	(1)
Buying, Rehabbing, and Selling	6	(1)
Buying and Holding as a Landlord	7	(2)
More Ways to Make Money in Real Estate	9	(9)
Lease-Optioning	10	(2)
Sandwich Leasing	12	(1)
Mortgage Brokering	13	(1)
Tax Certificates Brokering	14	(1)
Private Money Brokering	15	(1)
Becoming a Real Estate Agent	16	(1)
Consulting	17	(1)
Managing Property	17	(1)
Forming a Maintenance Company	18	(2)
Use Creative Selling to Buy and Create Paper	19	(1)
Setting Your Goals and Making Your Plan	20	(3)
Take a Financial Snapshot	22	(1)
Assess Your Personality	23	(1)
Determine How Much Money and Time You Have to Invest	23	(1)
Robert's Rules for Ethical Real Estate Investing	23	(6)
Ten Ways to Find Profitable Properties	29	(27)
Local Newspapers	31	(1)
Driving for Dollars	32	(2)
Foreclosures	34	(5)
Deed of Trust or Mortgage State?	37	(1)
Public Records Can Be Your Gold Mine	38	(1)
Auctions	39	(3)
Estate Sales	42	(1)
Tax Sales	42	(1)
Bird Dogs	43	(2)
Advertising	45	(4)
Promote Yourself	45	(1)
Use Direct Mail to Spread the Word	46	(1)
Pass Out and Post Flyers	47	(1)
Offer a Free Educational Seminar	48	(1)
Real Estate Agents	49	(1)
Real Estate Investment Associations	50	(1)
Network	50	(6)
Use Letters and Phone Calls to Locate Sellers and Buyers	53	(3)
Analyzing Properties	56	(13)
What Is a Good Deal?	58	(1)
Decide Where to Concentrate Your Efforts	59	(1)
How to Analyze Properties	60	(9)
Confirm the Property's Value	60	(1)
Determine If the Property Will Sell	61	(1)
Inspect the Property Carefully	62	(1)
Check the Utilities	62	(1)
Check Zoning Laws	63	(1)
Research the Title	63	(3)
Confirm Your Assumptions with Agents and Lenders	66	(1)
Review Profit and Loss Statements	66	(1)
Run a Cash Flow Projection	66	(1)
Explore Financing Options	66	(1)
Consider Who Will Buy the Property	67	(1)
Stick to Your Guns	67	(2)
Financing Deals	69	(19)
Bank Financing	71	(6)
Design a Successful Financing Package	73	(2)
Types of Mortgages	75	(2)
Working with Private Investors	77	(2)
Seller Financing	79	(4)
Assumable Loans and Mortgages	80	(2)
Wraparound Mortgages	82	(1)
Contract for Deed	83	(1)
Other Options for Borrowing Money	83	(2)
No Money Down-Difficult, Yet Possible	85	(3)
Controlling, Holding, and Protecting Real Estate	88	(25)
How to Negotiate a Contract and Control Property	89	(9)
``Weasel'' Clauses: The Key to Reducing Risk	94	(2)
More Important Points about Contracts	96	(1)
Don't Allow Your Contract to Be Shopped	97	(1)
File Your Contract to Protect Your Claim	97	(1)
How to Hold a Property	98	(9)
Sole Proprietorship	99	(1)
Corporations	99	(2)
General Partnership	101	(1)
Limited Partnership	102	(1)
Limited Liability Company	102	(1)
Land Trusts	103	(4)
How to Protect a Property	107	(6)
Title Insurance	107	(2)
Liability and Property and Casualty Insurance	109	(4)
How to Sell a Property	113	(18)
Preparing a Property for Sale	114	(4)
Don't Overspend!	117	(1)
Finding and Working with Contractors	118	(4)
Identifying and Attracting Potential Buyers	122	(6)
The Postcard Strategy	124	(2)
Follow Up on Prospects	126	(1)
Open Houses	126	(2)
Once You Find a Buyer	128	(3)
Offer Creative Financing Alternatives	130	(1)
The Landlord Opportunity: Buying, Holding, and Renting Property	131	(15)
How to Be the Best Landlord	132	(8)
Attract Responsible Tenants	132	(3)
Retain Responsible Tenants	135	(4)
Collect Delinquent Rent and Evict Tenants for Nonpayment	139	(1)
Use Lease-Optioning to Benefit You and Your Tenants	140	(2)
Lease-Optioning and the Landlord Challenge	142	(1)
Set Policies and procedures	142	(4)
Policies and Procedures for Contractors	144	(2)
Section 8 Housing: A Profitable Strategy	146	(13)
Section 8 Housing Questions and Answers	148	(6)
Minimum Housing Quality Standards	154	(3)
Procedures for Filing Claims	157	(1)
Working with Contractors on Section 8 Housing	158	(1)
Succeeding in Real Estate	159	(8)
Four-Week Action Plan for Launching a Real Estate Business	159	(4)
Week One	160	(1)
Week Two	160	(2)
Week Three	162	(1)
Week Four	162	(1)
Set Up a Prospecting System	163	(1)
Be Patient-and Don't Be Afraid to Lose	164	(1)
Organize Your Papers	164	(3)
Set Up Bookkeeping and Recordkeeping Systems	165	(2)
Appendix A Analyzing a Property	167	(16)
Property Information Worksheet	168	(1)
Home Inspection Checklist	169	(11)
Rehab Worksheet	180	(2)
Property Acquisition Worksheet	182	(1)
Appendix B Financial Forms	183	(7)
Loan Qualification Worksheet	184	(1)
Sample Loan Request	185	(1)
Sample Project Description	186	(3)
Description of Other Real Estate Owned	189	(1)
Appendix C Contracts, Deeds, and Other Legal Forms	190	(29)
Contract of Sale	191	(2)
Contract to Purchase Real Estate	193	(1)
Option to Purchase Real Estate	194	(1)
Option to Purchase Real Estate	194	(2)
Agreement for Deed	196	(3)
Land Trust	199	(9)
Land Installment Contract	208	(4)
Promissory Note	212	(2)
Quitclaim Deed	214	(1)
Warranty Deed to Trustee	215	(2)
Disclosure Form	217	(1)
Notice of Foreclosure Sample Form	218	(1)
Appendix D Forms for Landlords	219	(17)
Rental Unit Preparation	220	(1)
Management Move-In Checklist	221	(1)
Vacancy Makeover Checklist	222	(1)
Rental Application	223	(1)
Lease-Option Prospect Qualify Form	224	(1)
Lease Agreement	225	(8)
Security Deposit Policy	233	(1)
Maintenance Guarantee	234	(1)
Maintenance Request	235	(1)
Appendix E Contractor Policies and Procedures	236	(5)
Contractor Policies and Procedures	237	(4)
Index	241