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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:
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.
| 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 |
cthej
Posted August 3, 2010
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 NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Mom_Etc
Posted July 6, 2009
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 NoThank you for your feedback. Report this reviewThank you, this review has been flagged.Anonymous
Posted October 13, 2010
No text was provided for this review.
Anonymous
Posted April 11, 2013
No text was provided for this review.
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 ...