Straightforward and practical tips are delivered in an updated primer for the novice real-estate investor, with information on the necessary concepts everyone should know and advice on everything from avoiding common mistakes to altering buying plans to fit changing markets. Original. Start making money today ---with the ultimate guide for first-time investors No matter what the market does, real estate stilloffers plenty of moneymaking opportunities. In thisnew edition of The Beginner's Guide to RealEstate Investing, Gary W. Eldred presents the toolsand knowledge new investors need to get started profitably. About This Book
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PART ONE: MINDSET + KNOWLEDGE = WEALTH
1(36)
Start Now
3(9)
Just Say No to Excuses
3(4)
You Must Believe It to See It
7(5)
Set Goals Now
12(25)
Multiple Paths to Building Wealth
19(1)
Appreciation in Market Values
19(2)
Inflation
21(3)
Cash Flows
24(1)
Mortgage Payoff (Amortization)
24(1)
Buy at a Bargain Price
25(1)
Create Value with Property Improvements
26(1)
Improve the Neighborhood and the Neighbors
27(1)
Convert the Use
28(2)
Manage and Market Your Properties More Profitably
30(1)
Protect Your Profits from the IRS (Tax Shelter)
30(4)
Discounted Notes, Tax Liens, Tax Deeds, and Realty Stocks
34(3)
PART TWO: HOW TO RAISE MONEY
37(90)
Strengthen Your Credit Power
39(13)
Consistency: Fast Track or Flake
39(1)
Character Counts
40(2)
Credit Scores Count Most
42(9)
Summing Up
51(1)
How to Invest Using Little (or None) of Your Own Cash
52(16)
Why Low-Cash Deals Magnify Your Returns
52(4)
Minimize Your Down Payment with Owner-Occupant Financing
56(3)
Don't Overlook FHA
59(3)
Discover FHA's Best Kept Secret: The 203 (k) Program
62(1)
Too Many Vets Pass Up VA Loans
63(2)
Even Fannie and Freddie Accept Little- or Nothing-Down Loans
65(1)
Summing Up
66(2)
Avoid Banks, Seek Seller Financing
68(16)
How to Persuade the Sellers
69(2)
What Type of Seller Financing?
71(3)
Try a Contract-for-Deed
74(3)
Assume a Low-Interest-Rate Mortgage
77(3)
``Assume'' a Nonassumable Mortgage
80(4)
Five More Techniques to Finance Your Investments
84(12)
Wraparounds Benefit Buyers and Sellers
84(1)
Lease Options
85(6)
Lease-Purchase Agreements
91(1)
Master-Lease an Apartment Building
92(4)
How to Come Up with the Cash to Close
96(13)
Cash Out Some of Your Current Home's Equity
96(1)
Bring in Partners
97(2)
Second Mortgages
99(1)
Personal Savings
100(1)
Sell Unnecessary Assets
100(1)
Easy Money---Hard Terms
101(4)
Use Credit Cards
105(1)
Personal Loans
105(1)
Sweat Equity (Creating Value through Improvements)
105(1)
Eliminate Your Down Payment with Pledged Collateral
106(1)
Student Loans
107(1)
Use Creative Finance
107(2)
Here's How to Qualify
109(18)
Be Wary of Prequalifying (and Preapproval)
109(2)
You Can Make Your Qualifying Ratios Look Better
111(10)
The Application Itself Contains Many Clues to Your Integrity
121(1)
No Preset Qualifying Income Applies to Commercial Properties
122(5)
PART THREE: HOW TO INVEST FOR MAXIMUM GAIN
127(90)
Twenty-Seven Ways to Find or Create Below-Market Deals
129(14)
Why Properties Sell for Less (or More) than Their Market Value
129(6)
Don't Dilly-Dally with Due Diligence
135(2)
How to Find Bargain Sellers
137(6)
Make Money with Foreclosures and REOs
143(13)
The Stages of Foreclosure
143(2)
Approach Owners with Empathy: Step One
145(3)
Some Investors Profit from the Foreclosure Auction: Step Two
148(3)
The Benefits of Buying REOs: Step Three
151(5)
More Sources of Bargains
156(13)
Federal Government Auctions
156(1)
Sheriff Sales
157(1)
Buy from Foreclosure Speculators
157(1)
Probate and Estate Sales
157(2)
Private Auctions
159(3)
Short Sale Bargains
162(7)
Run Numbers Like a Pro
169(15)
Monitor the Construction Cycle
170(1)
How to Profit from the Construction Cycle
170(3)
Per-Unit Measures
173(2)
Gross Rent Multipliers (GRMs)
175(1)
Capitalized Value
176(5)
Cash Flow Returns
181(2)
Create Your Own Appreciation
183(1)
Greatly Increase the Value of Your Investment Property
184(15)
Search for Competitive Advantage
185(1)
First, Verify Actual Rent Collections, Not Merely Rental Rates
186(1)
Talk with Tenants
187(1)
Set Your Rents with Market Savvy
188(1)
Your Apartment Checklist
189(1)
Give the Interior a Martha Stewart Makeover
190(3)
Safety, Security, and Convenience
193(1)
Rightsize the Rooms
194(1)
Create More Storage
195(2)
Check Noise Levels
197(1)
Overall Livability
198(1)
Twenty-One More Ways to Push Up the Value of Your Properties
199(18)
Create Strikingly Attractive Curb Appeal
199(3)
Collect More than Rent
202(1)
Convert a Garage, Attic, or Basement
203(1)
Create an Accessory Apartment
204(1)
Create a Special Purpose Use
205(1)
Change the Use of a Property
205(3)
Cut Operating Expenses
208(2)
Gentrification and Other Value Plays
210(7)
PART FOUR: ONWARD AND UPWARD TO BUILD WEALTH
217(68)
Win What You Want through Negotiation
219(16)
How to Define Win-Win
219(3)
Know Thyself
222(1)
Know the Property and Neighborhood
222(1)
Know the Sellers
223(2)
Establish Favorable Benchmarks
225(1)
Tit for Tat
226(1)
Get Seller Concessions Early
226(1)
Come Ready to Buy
227(1)
Ask for More than You Expect
227(1)
Establish Credibility
228(1)
Never Offer to Split the Difference
229(1)
List Your BATNAs
230(1)
Negotiate for Yourself
231(2)
Leave Something on the Table
233(2)
Write Your Purchase Offer
235(12)
No Single Contract Form
235(1)
Draft Clauses with Understanding
236(10)
Summing Up
246(1)
Craft Your Lease to Increase Profits
247(15)
Achieve Competitive Advantage
247(1)
Craft Your Rental Agreement
248(12)
Landlording: Pros and Cons
260(2)
The 12 Secrets of Successful Landlording
262(23)
The Good News
262(1)
Hired Management versus Self-Management
263(4)
Before You Buy, Verify, Verify, Verify
267(2)
Prepare the Property for Rental
269(1)
Craft a Winning Value Proposition
270(1)
Attract Topflight Tenants
271(4)
Set Up a Flawless Move-In Policy
275(1)
Retain Topflight Residents
276(1)
Strong Market? Raise Rents
277(2)
Prepare for Special Problems
279(1)
Maintain the Property
280(1)
Process Move-Outs Smoothly
280(2)
Persistently Seek Ways to Increase Your Cash Flow
282(1)
Keep Trading Up
283(2)
Internet Appendix
285(6)
Index
291
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