- Shopping Bag ( 0 items )
From the Publisher"...But if you know nothing about finding, buying and sellingproperty or little about finance...author Gary Eldred is your guy."(Miami Herald, October 8, 2003)
Gary W. Eldred, in his Make Money With Condominiums andTownhouses, differs from those get-rich-quick types who implythat all it takes to be a landlord-tycoon is creative financing andchutzpah.
Real estate can be rewarding, but you have to do your homework.Lots of it. This is where Eldred - a Realtor who has taught atStanford University and the University of Illinois and co-wrote thethorough Investing in Real Estate with Andrew McLean - comesin.
How do you choose the right condo or town house? The due diligenceyou have to exercise is considerable. When you are negotiating tobuy a unit, the seller has to show you legal and financialdocuments about the homeowner's association. Read them closely. Ahomeowner's association that is in financial trouble is more likelyto levy special assessments on homeowners to cover deficits or payfor maintenance or repairs.
Other questions: Does the association carry enough insurance? Is itsuing or being sued? (Guess who'll pay the legal bills.) Know thatsellers and Realtors must disclose any serious defects of aproperty that they are aware of.
Does a condo development have too many renters? That could harmproperty values. How do you evaluate unit location, density, size(measurement errors happen frequently), livability, security,parking, amenities and so forth? If your eyes glaze over at all thedetail Eldred provides, you may not be cut out to be a real estateinvestor.
Why invest in condos and town houses? Because in many areas,single-family homes have become too expensive relative to therental income they can bring.
Eldred gives a good overview of what you need to know before youplunge into the exciting (but perilous) world. Read Make MoneyWith Condominiums in conjunction with his earlier book,Investing in Real Estate, for more insight into how to findbargains and obtain financing from less-known channels. (USATODAY, October 20, 2003)