The Beginner's Guide to Real Estate Investing [NOOK Book]


No matter what the market does, real estate still offers plenty of moneymaking opportunities. In this new edition of The Beginner's Guide to Real Estate Investing, Gary W. Eldred presents the tools and knowledge new investors need to get started profitably. Packed with smart moneymaking strategies and real-life stories from successful investors, this edition also covers the latest information on financing, foreclosures, cash flow, and much more. You'll not only master the basics of investing, but also discover ...
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The Beginner's Guide to Real Estate Investing

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No matter what the market does, real estate still offers plenty of moneymaking opportunities. In this new edition of The Beginner's Guide to Real Estate Investing, Gary W. Eldred presents the tools and knowledge new investors need to get started profitably. Packed with smart moneymaking strategies and real-life stories from successful investors, this edition also covers the latest information on financing, foreclosures, cash flow, and much more. You'll not only master the basics of investing, but also discover specialized techniques that the pros rely on to grow their long-term wealth. Concise yet comprehensive, this practical guide shows you how to: Find great deals on properties with big potential, Get started with low- or no-down payment financing, Utilize creative financing options and other people's money, Buy low-cost foreclosures and REOs, Make value-adding improvements to any property, Craft winning offers and negotiate like a pro, Manage rental properties hassle-free, Flip investment properties for fast profit.

In addition, Eldred shows you how to tailor your investment strategy to make money almost anywhere, in any type of market. With proven techniques, timeless principles, and totally up-to-date information, The Beginner's Guide to Real Estate Investing, Second Edition is the perfect place to start building a prosperous future - today.

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Product Details

  • ISBN-13: 9781300460657
  • Publisher:
  • Publication date: 1/16/2013
  • Sold by: LULU PRESS
  • Format: eBook
  • Sales rank: 743,482
  • File size: 2 MB

Meet the Author

Gary W. Eldred, PhD, has investedsuccessfully in real estate for morethan twenty-five years and has servedon the graduate business school faculty at Stanford University and the University of Virginia. He cohosts a nationally broadcastradio show on investing and frequentlymakes presentations at seminars throughoutNorth America. He is also the author of106 Mortgage Secrets All Borrowers Must Learn—But Lenders Don't Tell and Trump University Real Estate 101, both from Wiley.

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Table of Contents

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