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5 Magic Paths to Making a Fortune in Real Estate

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A new and revised edition of the commonsense guide to real estate richesMore and more people are discovering that real estate inve... Weiterlesen
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Beschreibung

A new and revised edition of the commonsense guide to real estate riches
More and more people are discovering that real estate investing is a safe and affordable way to increase their cash flow and build lasting wealth. If you want to achieve financial freedom, then look no further. 5 Magic Paths to Making a Fortune in Real Estate reveals the proven real estate investment strategies that many of today's millionaires used to make their fortunes. In fact, you don't even need a lot of money to start investing and start putting cash in your pocket today!
Real estate expert James Lumley offers simple, straightforward explanations of the most common and lucrative approaches to property investment--including fixer-uppers, lease/options, wholesales, buy-and-hold, and single-and multifamily rentals. You'll understand all the basics of real estate and learn to use these five strategies to make a killing in any economy. Packed with new information--including sections on the IRS's simplified tax exchange rules and the capital gains exclusion--5 Magic Paths to Making a Fortune in Real Estate will show you how to:
* Find foreclosed, repossessed, or condemned properties
* Research the markets and perform valuations
* Determine what you can safely afford
* Negotiate with sellers and buyers
* Find the best financing terms, including seller financing
* Price and perform money-making repairs
* Work with agents and contractors
* And much more!

JAMES E. A. LUMLEY is a real estate broker with more than thirty-five years of experience as a real estate salesperson, consultant, and educator. He is also the author of How to Get a Mortgage in 24 Hours and Challenge Your Taxes, both from Wiley.

Autorentext
JAMES E. A. LUMLEY is a real estate broker with more than thirty-five years of experience as a real estate salesperson, consultant, and educator. He is also the author of How to Get a Mortgage in 24 Hours and Challenge Your Taxes, both from Wiley.

Klappentext
A new and revised edition of the commonsense guide to real estate riches

More and more people are discovering that real estate investing is a safe and affordable way to increase their cash flow and build lasting wealth. If you want to achieve financial freedom, then look no further. 5 Magic Paths to Making a Fortune in Real Estate reveals the proven real estate investment strategies that many of today's millionaires used to make their fortunes. In fact, you don't even need a lot of money to start investing and start putting cash in your pocket today!

Real estate expert James Lumley offers simple, straightforward explanations of the most common and lucrative approaches to property investmentincluding fixer-uppers, lease/options, wholesales, buy-and-hold, and single-and multifamily rentals. You'll understand all the basics of real estate and learn to use these five strategies to make a killing in any economy. Packed with new informationincluding sections on the IRS's simplified tax exchange rules and the capital gains exclusion5 Magic Paths to Making a Fortune in Real Estate will show you how to:

  • Find foreclosed, repossessed, or condemned properties
  • Research the markets and perform valuations
  • Determine what you can safely afford
  • Negotiate with sellers and buyers
  • Find the best financing terms, including seller financing
  • Price and perform money-making repairs
  • Work with agents and contractors
  • And much more!


Zusammenfassung
A new and revised edition of the commonsense guide to real estate riches

More and more people are discovering that real estate investing is a safe and affordable way to increase their cash flow and build lasting wealth. If you want to achieve financial freedom, then look no further. 5 Magic Paths to Making a Fortune in Real Estate reveals the proven real estate investment strategies that many of today's millionaires used to make their fortunes. In fact, you don't even need a lot of money to start investing and start putting cash in your pocket today!

Real estate expert James Lumley offers simple, straightforward explanations of the most common and lucrative approaches to property investment--including fixer-uppers, lease/options, wholesales, buy-and-hold, and single-and multifamily rentals. You'll understand all the basics of real estate and learn to use these five strategies to make a killing in any economy. Packed with new information--including sections on the IRS's simplified tax exchange rules and the capital gains exclusion--5 Magic Paths to Making a Fortune in Real Estate will show you how to:
* Find foreclosed, repossessed, or condemned properties
* Research the markets and perform valuations
* Determine what you can safely afford
* Negotiate with sellers and buyers
* Find the best financing terms, including seller financing
* Price and perform money-making repairs
* Work with agents and contractors
* And much more!

Inhalt

Preface xiii

Acknowledgments xv

Introduction xvii

Introduction to the Second Edition xxi

CHAPTER 1 Five Magic Paths to Making a Fortune in Real Estate 1

The Five Magic Ways to Wealth 1

Now It's Time to Make Real Money 5

Guidelines for Getting Started 6

Combine Techniques to Ensure Success 6

Before You Roll Up Your Sleeves 7

Take Some Measurements of Your Market 8

Magic Paths FAQs 9

CHAPTER 2 Making Money with Fixer-Uppers 12

The Fix-Up-and-Sell Strategy 12

Buying a Fixer-Upper 13

Seek Fixer-Uppers in All Price Levels 15

You May Wish to Live in Your Investment 16

Eight-Point Checklist for Making Money with Fixer-Uppers 17

Some Bargaining Ideas 19

Rehabbing: Frequently Asked Questions 20

CHAPTER 3 Finding the Fixer-Upper Bargain 25

Mining for Gold: Target a Neighborhood 25

Find Sellers with Neglected Properties 27

Screen the Seller's MotivationUsing the Telephone to Advantage 28

Ways to Find Sellers 30

Don't Overlook Out-of-State Owners 33

You're Ready to Meet the Seller at the Property 33

Seek Houses through MLS or the Internet 34

Get Agents to Bird Dog Property for You 37

Have a Contact System for Agents and Prospects 37

When You're Offered a Group of Houses 38

It's All about Prospecting 39

CHAPTER 4 Finding Foreclosed, Repossessed, or Condemned Property 40

The Perils and Rewards of Buying at Foreclosure 40

Finding Properties before Actual Foreclosure 42

Step In and Negotiate before the Foreclosure 43

Solving the Problems of a Homeowner Facing Foreclosure 43

Taking Over a Qualifying Foreclosure 44

Getting Started with Your First Auction Foreclosure 45

Deciding Whether a Deal Is Good 46

Some Reminders on Foreclosures 48

When the IRS Has a Lien on Property Being Foreclosed 48

Get Acquainted with Auction Procedure 49

Getting an REO from the Bank 50

Use Your Repair Estimate to Drive the Price Down 51

Find Condemned Houses in Respectable Neighborhoods 54

CHAPTER 5 Repairs That Make You the Most Money 57

Start by Getting Accurate Estimates 58

Four Broad Areas of Repairs 58

Six Major Areas of Inspection and Repair 59

From Preliminary Outline to Finalized List 60

A First Priority: Arranging Time for the Repair Estimation 64

Early Inspections Avoid Problems Later 64

Typical Repairs You May Encounter 65

What Repairs to Avoid 66

Always Solve Code Violations 66

Getting to Know the Bricks and Mortar, or, The More You Know, the More You'll Earn 67

Special Problem of Dealing with a Cracked Foundation 69

Another Common Rehab Problem: Fire Damage 72

Six-Point Checklist for Fixing Up 72

CHAPTER 6 Valuing Properties Is the Key to Profits 74

Judging the After Repairs Value 74

Repair Costs Lead to Finding Value 75

Getting Started in Valuing Houses 76

You Start by Finding Comparable Properties with Recent Sales 77

Doing a Mini-Appraisal 78

What to Consider in Determining Value 79

Making Adjustments to Equalize Value 80

Features to Adjust in the Mini-Appraisal 83

Pricing Adjustments Accurately Improves with Experience 85

Make Sure Comparable Sales Are Arm's-Length Transactions 85

Neighborhood Prices Tend to Cluster 86

CHAPTER 7 Negotiate to Get Your Offers Accepted 87

How Much Profit Do You Take? 87

How to Determine Maximum Offer Price 89

Now That You Know Your Limit, Where Do You Start? 91

Use Repair Costs to Convince the Seller 94

Be Ready to Walk Away If No Solution 97

Make Offers on a Regular Basis 97

Seven-Point Strategy to Get Your Offers Approved 98

Always Use Contingent on Financing Clause 101

CHAPTER 8 Wholesale Property for Steady Gains 103

What Are the Basics of Wholesaling, or Flipping, a Property? 103

Getting Started with Wholesaling 104

Advice for a Newbie! 107

Searching for a Property to Flip 108

To Whom Do You Wholesale? 109

Run an Ad to Attract Investor-Buyers 110

Make Sure Your Wholesale Buyers Have Cash or Credit Line 110

Finding Cash Buyers for Wholesale Property 111

It's All about Establishing Relationships 112

Why a 3% to 8% Profit in Wholesaling Fixer-Uppers? 113

Contract Provisions for Wholesaling 113

Using Two Contracts to Separate Seller and Buyer 115

Problems and Solutions in Wholesaling 116

CHAPTER 9 Financing I:Working through Conventional Lenders 119

The Differences between Home and Investment...

Produktinformationen

Titel: 5 Magic Paths to Making a Fortune in Real Estate
Autor:
EAN: 9780471666974
ISBN: 978-0-471-66697-4
Digitaler Kopierschutz: Adobe-DRM
Format: E-Book (pdf)
Herausgeber: Wiley
Genre: Allgemeines, Lexika
Anzahl Seiten: 336
Veröffentlichung: 12.05.2004
Jahr: 2004
Auflage: 2. Aufl.
Untertitel: Englisch
Dateigrösse: 1.3 MB