Building Wealth One House at a Time: Making it Big on Little Deals: Making it Big on Little Deals [NOOK Book]

Overview

“John Schaub is the only real estate guru I know who has survived and prospered for 30 years in this wild and wooly market.”-Mark Skousen, Ph.D., Adjunct Professor of Economics, Columbia University, and Editor, Forecast and Strategies





The key in owning investment real estate is buying good houses in good neighborhoods. By learning to buy...

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Building Wealth One House at a Time: Making it Big on Little Deals: Making it Big on Little Deals

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Overview

“John Schaub is the only real estate guru I know who has survived and prospered for 30 years in this wild and wooly market.”-Mark Skousen, Ph.D., Adjunct Professor of Economics, Columbia University, and Editor, Forecast and Strategies





The key in owning investment real estate is buying good houses in good neighborhoods. By learning to buy at wholesale prices, fund your down payment, and attract tenants that will pay off your loans and improve your property value, you can immediately begin to increase your wealth. In Building Wealth One House at a Time, real estate expert John Schaub shows you how to







  • Accumulate a million dollars in free and clear high quality houses that will provide cash flow for life

  • Be Your own boss, set your own hours, and have both financial and personal freedom

  • Buy the right houses on the right terms, and then rent them to good tenants who will pay off your debt





Building Wealth One House at a Time will have you ready to buy the right house, resell in a hurry for guaranteed profits, and create financial independence on your own terms.

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Editorial Reviews

Real Estate Weekly
REAL ESTATE BOOK REVIEW

EXPERT REVEALS HOW TO GET STARTED AND PROFIT BY INVESTING IN RENTAL HOUSES

By Robert J. Bruss

BUILDING WEALTH ONE HOUSE AT A TIME, By John W. Schaub (McGraw-Hill, New York), 2005, $18.95, 225 pages

The reason Building Wealth One House at a Time by John W. Schaub makes such profitable reading is it is written by an expert who shares his more than 30 years of success experiences so you don't have to make the few mistakes he made. This is such an important new book, it should be read two or three times to fully benefit from Schaub's wise insights.

For example, he explains why single family rental houses make the best investments, both from cash flow and market appreciation viewpoints. Another gem Schaub shares is to avoid obtaining bank mortgages when acquiring houses for investment. "I have never borrowed money from a bank to buy a property," he discloses. Then he shows how to get financing from sellers and other sources.

This is a "must read" book for every serious real estate investor. Written in easy-to-understand style, it explains how the author has been a full-time investor for 32 years, raised a family from rental house income, and has lived in the home of his dreams for the last 24 years. Schaub shares why he rented where he lived for nine years to save money for rental house investing while getting started.

The author explains why investing in houses is safer and more profitable than other investments. "A major advantage of investing in several houses rather than one big apartment or office building is that you can diversify by investing in different price ranges. By owning both less expensive and more expensive houses, you can have the safety of the lower-priced houses and the upside potential of the higher-priced ones."

Schaub recommends buying houses close to where you live. He admits to once owning properties in 10 states. But he says that was a mistake because it's too difficult keeping them rented and handling repairs by long distance. Today, he only owns property near his home.

With average annual market value appreciation of 5 percent, the author explains how anyone can become very wealthy because it's the tenants who buy the houses for the investor.

He spends considerable time showing how to select quality tenants who will stay many years. Next, the author shows how to manage those tenants so they won't bother the owner. "I have had to evict only six tenants in 30 years," the author adds.

Schaub reveals how to find and acquire rental houses with nothing down. He explains how he taught these techniques to Robert G. Allen, a former student of Schaub's seminar "Making It Big on Little Deals," who went on to write the best selling book "Nothing Down" based on those methods.

"Not all houses are created equal. Some houses will appreciate more; some will produce more cash flow because they will attract better tenants; and others will require more maintenance and have higher expenses," Schaub reports.

He recommends staying away from slum and very low income neighborhoods. Then he shows why investing in higher priced homes is usually more profitable than acquiring middle-income homes.

As for rising mortgage interest rates, Schaub welcomes them. "As the economy changes, you will borrow at different interest rates. When rates are the highest, you will make your best buys," he explains.

The author emphasizes his top nine sources for finding investment houses at bargain prices, often with bargain-rate seller finance terms also. He suggests buying at least one house per year. "In a normal market, 90 percent of the houses for sale are not opportunities. You are trying to identify that one seller in 10 who might have a reason to make you a good deal," he notes.

The book includes key questions to ask sellers or their realty agents on the phone before even looking at their house. Additionally, Schaub's "seller's motivation scale" shows how to spot a motivated seller who is likely to make a good deal.

The chapter about knowing how to pay for rental houses is especially valuable. The author shares his checklists, including his 10-10-10 rule, which is making no more than a 10 percent down payment, paying no more than 10 percent interest (for an especially good deal), and buying at least 10 percent belong market value.

Chapter topics include How Buying One House at a Time Can Make You Wealthy; Buying the Right House; Finding Good Deals; Making the Offer; Borrowing to Increase Your Profits; Understanding and Using Real Estate Contracts; Secrets of Professional Negotiators; Buying and Selling with Agents; Buying and Selling Houses to Produce Cash Flow Now; Selling on Lease-Options to Generate the Largest Profits; Finding and Buying Preforeclosures and Foreclosures; and Eight Steps to Quitting Your Day Job.

The book concludes with a chapter about helping others build wealth, one house at a time, to eliminate poverty housing. Schaub explains why he has been active locally with Habitat for Humanity for many years; he is now on Habitat's international board of directors. This is one of the very few real estate books which cannot be recommended too highly. On my scale of one to 10, it rates an off-the-chart 12.

Associated Press
The New York Post

IF you’re a home buyer, contracts can be one of the most difficult things understand. One source to understand.

One source of great tips is actually an investment book, John Schaub’s "Building Wealth One House at a Time," coming out this month from McGraw-Hill.

Here are five of our favorite tips from the book:

1. Offer to close quickly.

You can cut your down payment this way, Schuab notes. While this won’t work on a New York City co-op, it might on a house. "The only reason to make a large down payment is to convince the seller that you are a serious buyer," Schaub writes. "You can get the seller’s attention with less money by making an offer that closes in a week."

2. Take whatever time you need to read the contract.

If you’ve spent dozens of hours finding a good deal, why blow it by skipping a potentially important clause in the contract?

3. If an inspection reveals problems, the buyer can make repairs; but it will be faster for the seller to give the buyer a financial credit toward those repairs.

4. Keep the contract the sellers filled out.

If you have a choice of copies, you want the one they’ve written on. Schaub notes "it would be hard for them to claim that they did not understand the contract if they actually filled it out."

5. Never go to court to enforce a contract.

If the sellers back out, you can stick it to them, but you shouldn’t, Schaub says. "It is easier and more profitable," he writes "to find another good deal."

Associated Press Staff
The New York Post

IF you’re a home buyer, contracts can be one of the most difficult things understand. One source to understand.

One source of great tips is actually an investment book, John Schaub’s "Building Wealth One House at a Time," coming out this month from McGraw-Hill.

Here are five of our favorite tips from the book:

1. Offer to close quickly.

You can cut your down payment this way, Schuab notes. While this won’t work on a New York City co-op, it might on a house. "The only reason to make a large down payment is to convince the seller that you are a serious buyer," Schaub writes. "You can get the seller’s attention with less money by making an offer that closes in a week."

2. Take whatever time you need to read the contract.

If you’ve spent dozens of hours finding a good deal, why blow it by skipping a potentially important clause in the contract?

3. If an inspection reveals problems, the buyer can make repairs; but it will be faster for the seller to give the buyer a financial credit toward those repairs.

4. Keep the contract the sellers filled out.

If you have a choice of copies, you want the one they’ve written on. Schaub notes "it would be hard for them to claim that they did not understand the contract if they actually filled it out."

5. Never go to court to enforce a contract.

If the sellers back out, you can stick it to them, but you shouldn’t, Schaub says. "It is easier and more profitable," he writes "to find another good deal."

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Product Details

  • ISBN-13: 9780071466493
  • Publisher: McGraw-Hill Education
  • Publication date: 12/31/2004
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 272
  • Sales rank: 228,407
  • File size: 2 MB

Meet the Author

John W. Schaub is a nationally recognized real estate investing expert. He teaches his program for buying and managing single-family houses through seminars and home-study courses and writes the newsletter Strategies and Solutions.

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Table of Contents

1 How buying one house at a time can make you wealthy 1
2 Buying the right house 16
3 Finding good deals 27
4 Knowing how you are going to pay for a house before you make an offer 35
5 Making the offer 54
6 Borrowing to increase your profits 64
7 Understanding and using real estate contracts 83
8 Secrets of professional negotiators 95
9 Buying and selling with agents 108
10 Buying and selling houses to produce cash flow - now 115
11 Selling on lease/options to generate the largest profits 124
12 Finding and buying preforeclosures and foreclosures 133
13 Attracting and training long-term, low-maintenance tenants 146
14 Knowing when to sell and how to sell 170
15 Eight steps to quitting your day job 176
16 How to own the house of your dreams free and clear 187
17 Take charge of your retirement income 200
18 Getting your houses free and clear 205
19 Buying and owning out-of-town property 212
20 Making it big on little deals 219
21 Habitat for Humanity : helping others build wealth, one house at a time 223
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Sort by: Showing all of 4 Customer Reviews
  • Anonymous

    Posted April 9, 2005

    Great real estate book

    Excellent book. As a seasoned investor with over 25 houses and having read over 15 real estate books in the last two years, this was the best. The principles in this book can easily be applied to the normal person wanting to buy 1 house a year...or 1 a month. If you want to go from working for someone else... to working for yourself, buy this book. If you are just starting out or want to learn more, this is definately the book to read. Good 'practical' sense approach to creating wealth.

    1 out of 1 people found this review helpful.

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