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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!
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.
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:
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 S...