Buy Low, Rent Smart, Sell High: Real Estate Investing for the Long Run

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Overview

Listed as one of 11 helpful resources for real estate investing by Forbes magazine.

Facing a volatile stock market, many people have turned to real estate as a way to invest their hard-earned money. While many investors opt to buy property and then sell it quickly, other investors choose to hold onto their property for a longer period of time to realize a greater return on their investment. Real estate experts Scott Frank and Andy Heller have developed a proven and diversified program for real estate investing that incorporates both approaches and enables investors to take control of their financial futures and build wealth over time.

Their new book, Buy...

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More About This Book

Overview

Listed as one of 11 helpful resources for real estate investing by Forbes magazine.

Facing a volatile stock market, many people have turned to real estate as a way to invest their hard-earned money. While many investors opt to buy property and then sell it quickly, other investors choose to hold onto their property for a longer period of time to realize a greater return on their investment. Real estate experts Scott Frank and Andy Heller have developed a proven and diversified program for real estate investing that incorporates both approaches and enables investors to take control of their financial futures and build wealth over time.

Their new book, Buy Low, Rent Smart, Sell High: Real Estate Investing for the Long Run outlines a win-win-win program, one where average people can reap significant financial rewards by investing in real estate.

  • Win One: Buying Low - The investors first win occurs by purchasing real estate at a 10-20 percent discount by seeking out motivated buyers and avoiding paying agent commissions. The book reveals the secret to buying foreclosed homes with clean titles from banks and mortgage companies.
  • Win Two: Renting Smart - The property is rented through a lease/purchase agreement. Not only does the investor get a down payment from the lease/purchasee, but he or she also receives monthly rent that usually exceeds the monthly mortgage payment. Also, the lease/purchasee takes on the maintenance and repair responsibilities and tends to be a better tenant in return for their special lease/purchase terms. In addition, as the owner of the property, the investor is able to receive tax write-offs.
  • Win Three: Selling High - The final win results when the lease/purchasee exercises his or her right to purchase the property. The owner has realized the benefits of owning the property and has sold it to the lease/purchasee without agent commissions. If the lease/purchasee decides not to exercise his or right, the investor still wins because he or she can either extend the lease purchase agreement and increase the purchase price (based on property appreciation) or enter into another lease/purchase agreement with a new tenant and begin the cycle of wins all over.

What People Are Saying

Bob Bruss
"On my scale of one to 10, this outstanding book rates a solid 10."
—Nationally Syndicated Columnist
Ilyce Glink
"What I like about the book is that [the authors] take a reasonable approach toward investment property."
—Tribune Media Services

Product Details

  • ISBN-13: 9780793177561
  • Publisher: Kaplan Publishing
  • Publication date: 10/1/2003
  • Pages: 244
  • Sales rank: 336,900
  • Product dimensions: 0.51 (w) x 7.50 (h) x 9.25 (d)

Table of Contents

Acknowledgments ix
Introduction: We've Made Good Money and So Can You xi
1. Making Your First Million Dollars 1
Other Real Estate Investment Programs 1
Our Real Estate Investing Program 2
Illustrative Examples 4
Our Philosophy 9
2. Getting Started 13
The Three Essentials 13
Part-Time versus Full-Time 16
Finding Your First Property 17
Lease/Purchasing Your First Property 17
Marketing Your First Property 19
Finding Good Lease/Purchasers 20
Our Philosophy 21
3. Our Story, Goals, and Niche 23
A Brief History of Our Partnership 23
Our Goals 25
Our Niche 27
Our Philosophy 30
4. Setting up Your Real Estate Team 31
Attorney 31
Accountant 32
Insurance Agent 32
Financing Sources 33
Property Sources 34
Contractors/Repair People 36
Our Philosophy 37
5. Money for Purchasing Your Homes 39
Cash versus Financing 39
Money Needed When Purchasing a Home 40
Cash on Hand 42
Loan Financing Options 42
Three-Phase Evolution for Using Money Wisely 47
Our Philosophy 49
6. Finding Good Homes 51
Distressed Properties That Go Back to Lenders 51
Single-Family Homes in Middle-Income Neighborhoods 53
What to Look For in an Investment Home 54
The Potential Investment Home Checklist 55
Valuing the Property 57
Ugly and Awful Homes--Often Great Purchases 59
Working Your Real Estate Network 62
Avoid Taking Advantage of Distressed Families 66
Foreclosure Sales on the Courthouse Steps 67
Our Philosophy 68
7. Making Offers and Negotiating Purchases 69
Understanding Key Price Points 69
The Negotiating Process 75
Leveraging Relationships with REO Agents 77
Our Philosophy 80
8. The Real Estate Purchase Contract 81
Understanding Key Provisions 81
Buyer Protection Clauses 83
The Cover Letter 88
Our Philosophy 89
9. Fixing up Your Homes 91
Our Approach to Repairs and Improvements 91
Impact of Home Improvements on the Neighborhood 98
Protecting the Home's Value 98
Our Philosophy 99
10. Our Lease/Purchase Program 101
Why Lease/Purchase? 101
Six Profit Sources 102
Our Lease/Purchase Program versus Others 103
Same Property, Different Terms 109
Our Philosophy 110
11. Marketing Your Homes 111
The Lease/Purchase Terms 111
Three Marketing Tools 113
Voice-Mail Message 117
Timing for Homes Needing Major Repairs 119
Our Philosophy 120
12. Finding the Right Lease/Purchasers 121
What the Right Lease/Purchasers Look Like 121
Responding to Inquiries 122
Showing the Home 129
The Application Process 130
Final Steps in the Selection Process 131
Our Philosophy 137
13. The Lease/Purchase Contract 139
The Lease Agreement--Key Points 140
Option to Purchase Agreement--Key Points 147
Our Philosophy 149
14. Managing Lease/Purchase Relationships 153
Separating Business from Personal Relationships 153
Establishing and Maintaining Rapport 155
The Little Extras 158
The Saved Money Letter 158
Handling Late Payments 158
The Dispossessory and Eviction 161
Dealing with Lease/Purchaser Problems 164
When Good Lease/Purchasers Can't Buy on Time 166
The Lease/Purchase Extension Amendment 167
Need for Flexibility 169
Our Philosophy 170
15. Selling Your Homes 171
A Key Component to Generating Real Estate Wealth 171
The Lease/Purchase Sale 172
The Straight Sale 173
Our Philosophy 178
Conclusion: Final Thoughts 179
Appendix 181
Index 209

Customer Reviews

Average Rating 4.5
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Sort by: Showing all of 4 Customer Reviews

  • Anonymous

    Posted June 27, 2004

    Good Beginning

    This book is a good beginning for a real estate investor. They reveal their mistakes, how they corrected and developed a plan that worked for them. You may not want to follow their plan exactly, but you have a starting point after reading the book.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted February 20, 2004

    This was a good book to read.

    I thought that this book was very informative, although it did not actual fit my need. It was good for anyone who interested in becoming involved in their property. But, altogether it was very educational. I don't have any quarrels with the author

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted December 4, 2003

    Great read!

    Scott and Andy have put together a great real estate investing program. The book covers everything you would need to know in nice easy to read steps. This is a must have book for those who are interested in real estate investing.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted September 16, 2003

    A 'Must Read' for Real Estate Investors!

    Kudos to Heller and Frank for a practical guide to profitable and socially responsible real estate investing! As a novice real estate investor, I found Heller and Frank's book the most useful of all guides I have read on the subject. In addition to providing a practical step-by-step program for maximizing profits, their method also makes it possible for people who have in the past been unable to buy homes do so. The tools provided through the book (sample contracts, residential rental agreement, option to purchase agreement, and more) were also very helpful...I'd highly recommend this book to anyone thinking about investing or to those investors who are seeking to maximize their profits.

    1 out of 1 people found this review helpful.

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