The Complete Guide to Investing in Rental Properties

( 4 )

Overview

Maximize profits in the single-family and multi-unit rental market

You probably know that small rental properties are among the safest, most affordable, and most profitable investments around. With the a little help, however, you can minimize both your investment and your costs and send your profits straight through the roof!

In this comprehensive handbook, real estate investing expert Steve Berges reveals the secrets that have made him one of ...

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The Complete Guide to Investing in Rental Properties

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Overview

Maximize profits in the single-family and multi-unit rental market

You probably know that small rental properties are among the safest, most affordable, and most profitable investments around. With the a little help, however, you can minimize both your investment and your costs and send your profits straight through the roof!

In this comprehensive handbook, real estate investing expert Steve Berges reveals the secrets that have made him one of the most successful entrepreneurs in the field. He shows you all of the indispensable tricks of the trade, explains why they are so important, and connects them to other essential steps for super-profitable investing. Arming you with his Five Golden Rules for Success, Steve Berges also shows you how to:

  • Select a house and negotiate the best price and terms
  • Perform a comprehensive financial analysis to maximize value
  • Secure financing and prepare for your closing
  • Find qualified tenants and draft favorable lease agreements
  • Reduce operating costs, increase rents, and improve profitability
  • Avoid the little-known pitfalls of real estate investing

With Steve Berges' expert guidance and no-nonsense advice, you can maximize your investment, minimize your time and effort, and make the most of every foray into the real estate market.

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Product Details

  • ISBN-13: 9780071436823
  • Publisher: McGraw-Hill Professional Publishing
  • Publication date: 4/16/2004
  • Edition number: 1
  • Pages: 288
  • Sales rank: 489,529
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.66 (d)

Meet the Author

Steve Berges is a real estate investment professional with over 25 years of experience. As Principal of Symphony Homes, he is an active investor specializing in creating value through various real estate mechanisms, including single family houses, multifamily apartment complexes, and the development and construction of single family and condominium housing communities. Berges holds an MBA degree in finance and marketing from Rice University. He is also the author of The Complete Guide to Buying and Selling Apartment Buildings and The Complete Guide to Flipping Properties.

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Table of Contents

Section 1 How to Buy Rental Properties the Smart Way
1 Real Estate for the Smart Investor 3
Historical Performance 4
Four Ways to Benefit from Owning Real Estate 5
Economic Housing Outlook for the Coming Decade 7
The Lever and the Fulcrum 10
The Magic of Compound Interest 18
How to Build a $10 Million Retirement Portfolio 21
2 Selecting Great Rental Houses for the Smart Investor 26
How to Choose the Right Location 27
How to Choose the Right Type of House 28
Physical Condition: Inspecting Is Key 30
How to Determine the Best Price Range for Your Area 35
3 Eight Ways to Locate Rental Houses for the Smart Investor 37
Classified Advertisements 38
Real Estate Magazines 39
Internet Searches 40
Billboards and Signs 41
Real Estate Agents 42
Scouts 45
Professional Affiliations 47
FSBOs 48
4 Financial Analysis of Rental Properties 52
Traditional Valuation Methods 54
How Much Rent to Charge Your Tenants 60
How to Analyze Your Rental House Investment 63
Test I Comparable Sales Analysis 67
Test II Cash-Flow Analysis 70
5 Financing Your Rental Property 80
Financing Terms and Conditions 80
Additional Financing Considerations 91
Loan Documentation Checklist 98
Six Smart Ways to Finance Your Rental Property 101
6 Real Estate Sales Forms and Closing Documents 113
Real Estate Sales Forms 113
Residential Sales Contract 114
Property Condition Disclosure 124
Third-Party Financing Addendum 125
Loan-Assumption Addendum 125
Seller-Financing Addendum 126
Notice of Termination 127
Closing Documents 127
Title Report 128
Settlement Statement 129
Deed 130
Promissory Note 131
Section 2 How to Manage Rental Properties the Smart Way
7 How to Find, Qualify, and Keep Good Tenants 135
How to Find Good Tenants 137
Signage 138
Classified Ads 140
Referrals 142
Locator Service 144
How to Qualify Good Tenants 146
How to Keep Good Tenants 149
The Golden Rule 150
Visibility Adds Value 151
Concentric Circles 153
8 Lease Agreements for the Smart Investor 158
Residential Lease Agreement 160
9 Eight Smart Ways to Increase Rents by Making These Improvements 171
Good First Impressions 172
Landscaper's Delight 174
Fancy Fencing 175
Room to Stow 176
Room with a View 177
Flattering Floors 178
Lighting the Way 180
Clean Kitchens 180
10 How to Decrease Expenses the Smart Way 183
Pass the Buck 184
Hire the Handyman 185
Utilize Utilities 186
A Taxing Matter 187
Dialing for Dollars 188
Management 101 190
11 How to Manage Tenants the Smart Way 193
Your Role as a Manager 193
How to Collect Rents when They Are Due 195
When and How to Raise Rents 198
How Much to Raise Rents 200
Section 3 How to Sell Rental Houses the Smart Way
12 Five Smart Ways to Enhance Your Rental House's Marketability 205
Begin with the End in Mind 206
Maximize Your Exposure 207
Sell What the Buyer Wants 211
Price Your House to Sell 214
Sweeten the Pot 215
13 Six Smart Ways to Negotiate for the Best Price and Terms 217
Psychology 101 218
Market Knowledge Is Key 221
The Trial Balloon 222
The Blame Game 224
Put It in Writing 227
The Chess Player 229
14 Five Golden Rules for Success 233
The Five Laws of Gold 235
The First Law of Gold 237
The Second Law of Gold 241
The Third Law of Gold 242
The Fourth Law of Gold 243
The Fifth Law of Gold 243
Afterword 246
Glossary 247
Index 270
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Customer Reviews

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Sort by: Showing all of 4 Customer Reviews
  • Posted August 3, 2010

    Disappointing - This book is an intro to investing in real esate, not for 'smart' investors as advertised.

    In the summary overview of the book it is described as 'intended for people already considered to be smart in investing in real estate'. While this book has good information, it is intended for people who are NEW to investing in real estate. Anyone who considers themselves 'smart' already knows 95% of what is in the book. The book re-inforces some commom sense business practices so it is not useless to someone 'smart' in their approach ot investing in real estate, but very disappointing for anyone who has experience with real estate.

    If you have had some success purchasing and managing real estate, but looking to increase your knowledge of the business this book is not for you. Only get this book if you need to learn what is involved in a sales contract, basic negociation, or the golden rule.

    Another interesting bit from the book was the author's belief that he was 'more convinced than ever that there is no real estate bubble.'

    3 out of 3 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 6, 2009

    Plain talk, useful information.

    A very user-friendly guide. Well-researched and an easy read. Contains an accurate, useful financial model to determine if the property is a good investment.

    2 out of 2 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted October 13, 2010

    No text was provided for this review.

  • Anonymous

    Posted April 11, 2013

    No text was provided for this review.

Sort by: Showing all of 4 Customer Reviews

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