Retire Rich from Real Estate

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Retire Rich from Real Estate Pub. Date: 12/1/2007 Publisher: Sourcebooks, Incorporated

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Overview

Retire Rich from Real Estate teaches readers how to buy real estate that will build wealth over time and secure their retirement. It provides specific information on such matters as how to choose prime investors based on demographics; choose properties best for long-term investing; evaluate operating expenses and calculate cash flows; and, manage properties.

If you are worried about securing your financial future and are thinking about buying your first rental property, then this book is for you. By applying the simple techniques that Retire Rich from Real Estate teaches, you will ensure that you make the right decisions and guarantee that your investing experience will build wealth and secure your retirement.

Product Details

ISBN-13: 9781572486461
Publisher: Sourcebooks, Incorporated
Publication date: 12/1/2007
Pages: 272
Product dimensions: 15.10 (w) x 8.50 (h) x 0.90 (d)

Meet the Author

Marc W. Andersen and his wife have been actively buying, renovating, building and managing rental property over the last 20 years. He holds a BA from Virginia Tech and a PhD from the University of Virginia. He provides a heavily researched book coupled with real life experience. He and his wife live in Raleigh, NC.

Introduction     xiii
To Buy or Not to Buy     1
The Benefits-Making Money Takes Time
Cash Flow
Appreciation
Leverage
Amortization
Tax Advantages
Time is Money
Just the Facts-The POMS Survey
The Costs-You Must Be Committed
The POMS in Perspective-Why Buy At All?
Summary
Demographics 101     13
Who Are Your Tenants and Where Do They Live?
Future Demand for Rental Housing
The Shortage of Affordable Housing
Summary
Looking for Properties     21
Working with Realtors and the MLS
Working with a Buyer's Agent
Newspaper Ads
Driving Around
Tax Records and Mailings
Using Seller's Agents
Real Estate Investment Clubs
Summary
The Preferred Property Types     31
Single-Family Homes
Multifamily Dwellings
Townhomes, Condominiums, and Mobile Homes
Student Rentals
Rooming Houses
Building Styles
Single-Level, Two-Story, Side-by-Side, and Over-Under Flats
Utilities, Bathrooms, and Parking
Converting Single-Family to Multifamily
New Construction
Modular Housing
Summary
Choosing a Location     53
The Fundamentals
Cash Flow versus Location
Choosing Location Using GRMs
GRM Summary
Suburban Sprawl
Main Street or Dead-End Streets?
Student Housing
Appreciation and Growth Trends
Investing in High-Priced Markets
Summary
Determining Cash Flow     73
Myth versus Reality
Determining Operating Expenses
Calculating Cash Flow
Effect of Interest Rates on Cash Flow
GRMs to Predict CashFlow
Cash Flow Calculators
Determine the Market Rents
Appreciation Makes Up for Negative Cash Flow
Summary
Valuing Property     89
Methods for Valuing Property
The Comparative Sales Approach
The Capitalization Rate Approach-"Cap Rates"
Stated Cap Rates
Understanding Cap Rates
Cap Rates and Short-Term Financing
Future Trends
Using GRMs to Predict Value
Replacement Cost Approach
Putting it All Together
The Final Check-Is the Property Likely to Appreciate?
Real Estate Bubbles
Summary
Financing Your Investment     113
Fixed-Rate, Adjustable-Rate, and Interest-Only Loans
Understanding Amortization
The Five Rules of Financing Your Properties
The Low Down on No-Down Deals
Cash-Out Refinancing
Financing for a Fixer-Upper
Money Back at Closing
Owners versus Non-Owner Occupied Financing
Commercial Financing
Summary
Making the Offer and Taking Over     129
Pre-Offer Inspections
Make-Ready Cost Estimates
Be Prepared to Walk
Offer to Purchase Forms
The Offer
Disclosure Forms
Earnest Money
Be Careful of Contract Exclusions
Closing the Deal
Final Due Diligence and Taking Over
Post-Offer Inspections
The Tenants
Identifying Opportunities and Avoiding Problem Properties
Summary
Advertising and Renting     145
"For Rent" Signs
Using a Realtor
Internet Advertising
Student Rentals
Advertise at Market Rent
Rent Concessions and Keeping Tenants
Summary
Managing Your Investments     153
Should I Manage Myself?
Screening Tenants
Prior References
Problem Tenants
Pets
The Right Lease
Enforce It
The Three Rules of Lease Enforcement
Repairs and Maintenance
Handling Minor Repairs
Painting
Bigger Jobs
What is Really Necessary?
Appliances: Used or New?
Landscaping
Renting to Students
Students and Leases
Summary
Insurance     175
Property and Casualty Insurance
Policy Deductibles
Personal Property
General Liability Insurance
Business Owners Package
Reducing the Risks of Lawsuits
Mold
Claims Histories and the CLUE Report
Summary
Taxes and Rental Property     187
Historical Overview
Passive and Non-Passive Income and Losses
The {dollar}25,000 Exclusion Rule
Depreciation
Repairs and Improvements
Other Expenses
Schedule E
Lose the Paper and Calculator
Summary
Selling Your Property     203
Preparing for the Sale
Selling as Owner-Occupied Dwellings
Selling as Investment Properties
Pricing, FSBOs, and Realtors
Depreciation Recapture
Determining your Taxable Gain
1031 Tax Exchanges
Summary
Bookkeeping and Computers     213
Organizing
One Bank Account
Financial Computer Programs
Summary
Glossary     219
Total Operating Expenses     235
Maintenance, Repairs, and Reserves     237
Typical Computer-Generated Cash Flow (Report for Duplex)     243
Inspection Report     245
Maintenance Cost as a Percentage of Income     249
Notes      250
Index     253

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