The Part-Time Real Estate Investor: How to Generate Huge Profits While Keeping Your Day Job

Overview

Fortune Magazine states, 97 out of 100 self-made millionaires made their fortunes through Real Estate Investing, and the next 10 years will be a Golden Era for the informed Real Estate Investor. If you are saying to yourself that sounds great but I can not quit my job and begin investing full time. This new book is for you! You will learn how to become a skilled professional Real Estate Investor who can generate thousands, and yes, even millions of dollars, in your spare time. Unlike starting a retail business ...

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Overview

Fortune Magazine states, 97 out of 100 self-made millionaires made their fortunes through Real Estate Investing, and the next 10 years will be a Golden Era for the informed Real Estate Investor. If you are saying to yourself that sounds great but I can not quit my job and begin investing full time. This new book is for you! You will learn how to become a skilled professional Real Estate Investor who can generate thousands, and yes, even millions of dollars, in your spare time. Unlike starting a retail business where you need to be there every day, you can work a full-time job and invest in real estate on the side, and reap huge profits. The key is time.

The real estate investing business is a perfect part-time business because real estate is a business where the assets appreciate and cash flow is generated even when you are absent. This book will give you the information and advice necessary to buy, finance, and successfully manage a small number of positive cash flow producing properties in your spare time. Investing in real estate is one of the safest and smartest investments you can make.

Real estate appreciates at a rate far greater than the rate of inflation, builds equity, provides a steady return on investment, provides cash flow, and can offer substantial tax benefits. With the sound guidance in this book you will be able to retire comfortably and EARLY!

A sampling of what’s covered in this encyclopedic book includes: how to find below-market deals, investing with little or no down payment, seller financing, foreclosures and REOs, investment property, negotiating, purchase offers, managing rental property, flipping, auctions, tax sales, financing, mortgage terms, agents, cash flow, inspections, contracts, tenants, lease agreements, insurance, taxes and accounting, escrow, essential mathematical calculations, sample forms, development, taxation, and exchange rules.

Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president’s garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice.  Every book has resources, contact information, and web sites of the products or companies discussed.

This Atlantic Publishing eBook was professionally written, edited, fact checked, proofed and designed. The print version of this book is 288 pages and you receive exactly the same content. Over the years our books have won dozens of book awards for content, cover design and interior design including the prestigious Benjamin Franklin award for excellence in publishing. We are proud of the high quality of our books and hope you will enjoy this eBook version.

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Product Details

  • ISBN-13: 9780910627023
  • Publisher: Atlantic Publishing Group Inc.
  • Publication date: 2/24/2007
  • Pages: 288
  • Product dimensions: 6.00 (w) x 8.90 (h) x 0.80 (d)

Table of Contents


Dedication     12
Foreword     13
Anyone Can be a Millionaire
Introduction     17
Why is it a Good Investment?     18
Uncle Sam Loves Homeowners     19
Philosophy of Real Estate Investing     20
Foreign Markets     21
Let's Start Making Money!     22
Finding Your Strategy     23
Some Statistics     23
Is Wealth Only for Other People?     24
The Myth of Security     25
Think Like a Person of Wealth     26
Failure is Not a Bad Thing     27
Real Estate as a Business     29
Looking the Part     29
Set Up a Home Office     31
Goals and Milestones     32
No Man is an Island-How to Get Others to Help You     33
Become a Real Estate Expert     34
Get Rich Quick     37
The "Get Rich Quick" Mentality     37
Due Diligence     38
What's Possible     38
What's Not Possible     39
What's Not Very Bloody Likely     40
Real Estate Myths     41
Is There a Real Estate Bubble?     42
The Markets     45
High-Value Deals, and Why They're Not Always a Good Idea     45
Bread and Butter Properties     47
The Best and Worst Cities for Real Estate Investment     48
Why Slow Growth Communities are Better Investments     49
Who's Going to Buy?     49
Buying Your First Home     53
Buying a Home to Occupy     53
First Investment     54
First Deal Profits     56
Common First Deal Mistakes     59
Bad Credit     61
You Can Buy with Bad Credit, but Should You?     62
Improving Your Credit     63
Partners     63
Subprime Lenders     64
Alternative Financing     65
Bad Credit is Less Relevant if You're Buying a House Nobody Wants     66
Specific Strategies
Land Contract and Lease Purchases     69
Buying on Land Contract     69
Selling on Land Contract     72
The Lease Purchase     74
Buying Investment Property With No Money Down     77
Land Contractor "Wraparound Mortgage"     78
Lease Purchase     79
Subject-To     79
Leverage Credit Cards     80
Leverage Existing Equity in Other Homes     81
Two Mortgages (80-20)     81
Ask for the Best Deal     82
Foreclosures and REO Properties     83
Why are there Foreclosures?     83
The Foreclosure Process     84
Pennies on the Dollar     85
How to Find Foreclosures and REOs     86
Cash, Cash, and Cash     87
How Much to Bid?     88
Playing the Good Guy     91
The Foreclosure Scenario     92
Here Comes the Man in the Tall White Hat     92
Pre-Foreclosure     93
Finding the Deals     93
What the Homeowner Wants From You     94
Variations on the "Good Guy" Deal     95
Buying a House with Multiple Existing Liens     96
The Fixer-Upper Opportunity     99
What is a Fixer-Upper?     101
An Ugly House in a Good Neighborhood or an Ugly House in an Ugly Neighborhood     102
Fixer-Uppers are Easy to Buy with Bad Credit     103
Fixer-Uppers Give you More Negotiating Power     104
Doing the Fixing     104
HUD Homes     107
What HUD Does     108
WYSIWYG (What You See is What You Get)     108
Red Tape and Bureaucracy     109
A Good Source of "Fixer" Property Deals     111
Tax Sales     113
A Tax Lien Certificate     114
The Process     116
You Win Either Way     117
Why Do County Governments Do This?     118
Blighted Areas and Vacant Properties     119
A Word About Security     121
My Neighborhood     121
"We Buy Ugly Houses"     123
Evaluating the Property     123
Indirect Real Estate Investments     129
REITs     129
Buying Private Mortgage Contracts     131
Selling Purchase Contracts     132
Negotiating Tactics     135
Look for Concessions     136
Negotiate from a Position of Power     136
Understand the Other Guy's Needs     137
Who Has the Most Flexibility?     138
Always Be Willing to Walk Away     139
"Subject To" Clause     141
Selling on "Subject-to"     142
Subject-To Versus Land Contract     143
What Does the Bank Think?     143
Why Would a Seller Enter Into a Subject-To Contract?     144
What Can You Do With the Property Once You Have It?      145
The Quit Claim Deed     146
Know What You Are Getting Into     146
Other Types of Creative Financing     149
The Fallacy of "Own It Free and Clear"     150
Cash Back At Closing     151
Selling At Above Market     152
The Nuts and Bolts
Conventional Mortgages     159
Credit Rating     159
Mortgage Rates     161
Adjustable and Fixed     162
Bad Credit Conventional Mortgages     163
Equity and Mortgages     164
Mortgage Brokers     164
Titles and Paperwork     167
What Does the Lender Want You to Have?     168
Private Mortgage Insurance     169
Staying on the Right Side of the Law     170
What is a Mortgage?     171
Rental and Lease Agreements     172
For Sale by Owner     175
Selling it Yourself     176
Buying FSBOs as Opposed to Listed Properties     177
Working with a Real Estate Agent     179
Being a Real Estate Agent Yourself     180
Getting the Most Out of Your Taxes     185
Capital Gains Tax     186
Capital Gains Tax Exclusion      187
Tax Credits     188
Depreciation     189
Deductions     190
Passive Losses     190
Improving Your Property's Value     191
Landscaping     191
Thorough Cleaning     192
Don't Be Afraid of a Property that Needs Work     193
Good Problems and Bad Problems     193
Mold     195
Don't Go Overboard     196
Pre-Purchase Inspection     199
A Few Things to Look For     200
Hiring an Inspector     201
Estimating the Property's Value     202
Seller Disclosures     203
Investigate Intangibles     203
More is Better: Snowballing Your Real Estate Investments     207
Leverage Your Investment     208
Always Be Open to New Deals     210
When is the Right Time to Start?     211
Getting in Over Your Head     213
The Part-Time Strategy     215
Will There Be a Housing Crash?     215
Tips and Techniques     217
Agent Prospecting and FSBOs     218
Work with the Money People     218
The Balloon Payment     219
Buying and Selling Land Contracts     220
Finding Money: Partners Versus Investors     221
Congratulations, You're a Real Estate Tycoon!     223
The Top Ten Rules     223
Glossary     225
Author Biography     285
Index     286
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Sort by: Showing all of 9 Customer Reviews
  • Anonymous

    Posted December 21, 2007

    Motivational and Insightful

    The Part-Time Real Estate Investor: How to Generate Huge Profits While Keeping Your Day Job, by Dan W. Blacharski, is a wonderful and inspiring book that is presented with humor, information and insight for the average American that is struggling, but that dreams of something better for their life. Blacharski begins the work by focusing on his own credit-worthy shortcomings in an entertaining method that millions of people can relate to and that serves to lay a foundation for the belief that anyone with the commitment to changing their life can do so through knowledge. That knowledge, in Blacharski¿s book, relates to the real estate market and how the acquisition of property can progressively provide a source of income for people that will lead to financial security and stability. This is not a guide that suggests that the reader will be rich overnight, but instead a guide that uses facts to support all of the information that is provided and that offers a step-by-step manner of approaching the topic. The writing is not only filled with the first hand knowledge of the author, it is engaging and inspiring. In a world in which most people are told that they have to accept whatever socioeconomic barriers that confront them, Blacharski is capable of opening his reader¿s eyes to the possibility that there is another path that can be taken and that, with a little determination and knowledge, anyone can do it.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted September 28, 2007

    A reviewer

    I've read and reviewed a number of 'how to make millions investing in real estate' type of books, and I didn't think I'd ever need to read another one, since they are mostly the same (in varying degrees of quality). However, I was attracted to the Part-Time Real Estate Investor precisely because of the humility of its title -- it seeks to help real people achieve real income from real estate while keeping their feet planted solidly on the ground. Since I know the realities of the current real-estate market precludes the possibility of doing it full time (at least from my starting position), I decided to take a gamble on this book, and I wasn't disappointed. As with any 'how-to' real-estate investment book, the Part-Time Real Estate Investor covers a lot of ground, and thus is skimpy on the details in some areas. Fortunately though, this book focuses on some areas that are ignored by the pie-in-the-sky type of investment books. For example, it spends ample time on subjects like 'Buying Your First Home,' buying a home with bad credit, 'Land Contract and Lease Purchases,' etc. The bad credit chapter was particularly informative, I thought, as it examines whether or not you should buy a home with below-average credit, given the higher interest rates you'll incur. Most books are simply rah-rah for homebuying (and selling), but this one is more sensitive to individual's situations. There is no ONE book that will tell you everything you need to know about being a real-estate investor, but this one is a good place to start, particularly for people with realistic and modest goals. Others, like those from the Rich Dad series or by author William Bronchick, are also helpful, especially from a psychological perspective. But this book contains some of the best pure information of any I've read. I would advise others in my shoes to grab this book as well as two others I recently reviewed, Inspect Before You Buy (by Charlie Rose) and Your Real Estate Closing Explained Simply (by Michelle Blain), which go into those two areas in greater depth than this book is able to. No ONE book will teach you all you need to know, but these three books as a set come pretty close!

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted November 12, 2007

    Real Estate investor life time book

    It is always easy to write a review on a book that appeals to you right from the beginning. And these words are heartfelt. Of course, to see whether this book is good or bad, in any sense, we have to read it. So pluck up your spirits and open it! Once you have done it, it is almost impossible to put the book down. To better understand how the money world works you do not have to spend years of research and live your life in secret labs. Simply go out for it. Money world is around you, maybe even in your neighborhood. That is what Dan W. Blacharski, the author of the book, tries to explain. But do not get discouraged thinking that the author is going to give a lecture ¿ one of the many on `How to Get Rich in a Fortnight¿ we can attend any time in any city of the country. That is quite another story. The majority of people out there think starting their own business is a risk and even a waste of time. Let them think so. I am sure we are not this kind of men. Yes, there are some obstacles on your way to good money and even wealth. But they are nothing comparing with what you will get. Dan W. Blacharski gives compact and precise information on how the whole business works. Unlike the lecturers and tutors in a college, the author opens you the doors to the core of real estate business and quite clearly states that `there really are no secrets in real estate wealth building¿. The book is perfectly designed. The chapters consist of subtitles, which give you direct information on how this or that method/trick works or does not work. Then there are lots of myths of the trade that help you escape the reefs of the business. PART-TIME REAL ESTATE INVESTOR TIP is a common insertion where the author either summarizes the ideas of the chapter or provides examples of real estate routine work. Such notions as creative financing, REIT, tax deduction, promotion of homeownership are not just labels ¿ they are thoroughly explored and clearly explained by the author. A friend of mine, who is a teacher, said when she finished the book, ¿Well, this book sounds like Zero Conditional!¿ I could not have expressed myself better. Real estate investors get to be rich by learning from their mistakes, and by not giving up after the first failure. Paraphrasing Margaret Thatcher¿s famous words, I want to say that you have to sell/buy a house more than one to get rich. And frankly, that seems not a very hard work to do¿

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted November 13, 2007

    No Nonsense In This Book!

    Not only was this an enjoyable read, but also intriguing. I have always wondered how it would be to dabble in real estate. The Part-Time Real Estate Investor lets you see into this world, and actually see yourself in it. Mr. Blacharski gives all the detail a reader needs to jump in and invest in that first property. He outlines how to proceed slowly at first and become knowledgeable about your properties. Then take it to the next level to build a real estate portfolio. The information in this book will give you the confidence to delve into investing for yourself. This book not only gives you solid advice and strategy, but also discusses and dispels many of the get rich quick schemes that have been so popular of late. You can not get something for nothing and the author explains exactly how the ¿no money down¿ schemes work. There are lots of easy to follow financial examples that demonstrate how to figure profits, expenses, closing costs and the like. When he talks about doing things that are risky, because nothing in this world is secure, it really hit¿s the mark with me. This book goes into detail about the confusing real estate world. It¿s really a no nonsense guide to real estate investing. I would recommend this book to anyone - really! This may very well change your life.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted January 9, 2008

    A Long and Winding Road

    You gotta love a guy who opens a book about part-time real estate investing with the information that he hasn¿t ¿had a real job in 15 years.¿ Dan W. Blacharski then proceeds to explain in exhaustive detail how you, in 15 years 'perhaps less', can write the same sentence. Among the many things you¿ll learn from reading The Part-Time Real Estate Investor: How to Generate Huge Profits While Keeping Your Day Job is the fact that while the shortest distance between the two points 'idea and success' isn¿t really all that long, the actual path can be long and winding and you should, first and foremost, prepare yourself for a less than instantaneous journey. ¿There may well come a point when you will be working only a few hours a day and taking in millions,¿ he writes, ¿but that point is not today. It will take a lot of hard work to get there.¿ You will also learn that in many ways, bankers and real estate agents are not going to be your best friends in this investment endeavor of yours. In fact, Blacharski will explain, they will often be at odds with your goals. Real estate agents earn commissions from the sale of a home and are likely, therefore, to view alternative methods of purchasing real estate with considerable skepticism. Banks are in business to make money. They are not in the business of making you money, so like the real estate agents, they will tend to view any creative financing ideas with the same sort of skepticism. Alternative methods of purchasing real estate and creative financing ideas are the backbone of the method's' that Blacharski details in the book. He walks you through it all, clearly and concisely, detailing all of the alternatives and creative financing arrangements that are available and desirable to the potential, part-time real estate investor. What seems clear is that many of the people who¿ve trod this path 'i.e., those who¿ve made initial investments and parlayed the profits into millions' did so by using some combination of the techniques outlined in this book. What is not so clear is whether you, dear reader, will be able to do the same thing, especially if the plan actually entails maintaining a full-time `day job¿ while you explore the possibilities inherent in real estate investment. To his credit, Blacharski makes no claim, offers no guarantee and doesn¿t climb on a media soapbox claiming that you¿re going to be a success through the simple application of the principles he outlines. He tells you upfront that it¿s going to be hard work and in many cases, will involve failure. He recommends that you absorb such failure and soldier on, using each instance of failure as a lesson learned, not to be repeated. If there¿s a concern about how this information is laid out for you, it¿s that it has a tendency to come at you like a comfortable shower, which is all well and good, as long as you don¿t have to pay strict attention to and retain a specific memory for each drop of water that lands on you. It¿s just a lot to absorb in a single setting, or two even, or even the amount of time it would normally take you to read a book. Without a photogenic memory, you¿re going to have to go back and re-visit the concepts and specific details of each situation in order to effectively utilize the strategies and tactics that Blacharski has outlined in this book. Some of it, of course, will come with experience, but even initial experiences with this investment route will need to be supported by a strong knowledge base that can¿t realistically be learned simply by reading the book. This is not necessarily a bad thing. The devil, as we all know, is in the details, which, no matter how clearly Blacharski outlines them 'and he does do that', will still be your responsibility to execute. Bearing this in mind and being aware that this book is a blueprint, not the finished `building¿ of wealth that you, as a potential part-time real estate investor, are seeking, the 290 pages of clearly articula

    0 out of 1 people found this review helpful.

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  • Anonymous

    Posted September 28, 2007

    Real estate investing the common sense way!

    I found it an incredibly hard book to put down. The author offers a solid, common sense approach to investing in real estate. Essentially blows away the get rich quick schemes touted by many popular real estate investment books and seminars today. The author discussed at length, the many different types of real estate investing and what works better given certain situations. He also listed types of contacts to make and how to get investments leads. The information provided gave sound advice that was realistic in scope and ideas. The case studies and bonus tips sprinkled throughout the book add an extra measure of ¿you-can-do-it-too.¿ Even includes an exhaustive glossary listing of real estate and investment need-to-know terminology and definitions. This is definitely a very informative and necessary book to read before and while embarking on the journey of real estate investment. Avoid the pricy seminars and read this book first.

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  • Anonymous

    Posted March 20, 2007

    Wonderful book, full of useful information

    With only knowing the very basics of real estate and being interested in learning more about ¿flipping¿ houses, this book was wonderful. Dan covers everything from figuring out how to handle all the paperwork to each step of the process from looking for houses, to selling or renting them. Dan covers the whole process in great detail focusing on almost every possible situation and telling you how to use it to your advantage or how to get out of a tough spot. He gives plenty of resources and examples by using other¿s stories as well as his own experiences. He uses these to explain the important points of investing in real estate and to make sure that the reader understands the real estate and banking lingo. I borrowed this book from a friend, now I will definitely have to go out and get a copy for myself. This book would be great for people of all ages and financial status. He has a way to ¿dummy down¿ all the fancy terms and phrases and puts them in a light where anyone can understand them. He also covers all sorts of options to cover any situation no matter the financial status. I think the thing I liked the most besides all the info in a format that is easy to understand and access is that he tells you the truth. When you should and should not use a certain strategy, he doesn¿t sugar coat anything at all like most sales people do.

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  • Anonymous

    Posted March 20, 2007

    Great book for first time investors

    With this book, Dan Blacharski has done a terrific job of de-mystifying the world of real estate ¿flipping¿ and investment strategies. An easy read, his nearly 300 page manuscript is chock full of useful tips for the first time investor. The glossary of real estate terms in the back of the book is not only helpful, but necessary in order to navigate the often tricky world of realty contracts and laws. Mr. Blancharski shows how an initial investment of only $10,000 can pay off in millions in the long term, and how it¿s possible to invest without any seed money at all. At the same time he warns about how over-extending yourself can lead to financial disaster, especially for those who want to ¿get rich quick¿. I can¿t wait for my husband and I to buy our first property.

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  • Anonymous

    Posted March 12, 2007

    Great foundation book ¿ read this one first

    This book explains everything you¿d need to know to start investing in residential properties. It includes explanations and suggestions from the very basics of starting your own business including how to update your wardrobe and set up a home office as well as delving in depth into the real estate procedures, policies, and terms required to succeed. Unlike many books I¿ve read on real estate investing, this one is easy to read since it is written in a conversational, personal tone (almost like having your own mentor). I especially liked that for most of the concepts explained, he provided examples with actual dollar amounts to help illustrate the ideas. From a technical perspective, this book provides a solid overview of how to buy with little or no money down, how to buy a foreclosed house, how HUD works, the advantages and disadvantages of the ¿fixer-upper¿, and the risks and potential gains of abandoned/vacant properties. It also is a good introduction to how real estate taxes work and tips for maximizing your profit. The ¿Tips and Techniques¿ section provides good insight and the index makes this not book one you¿ll want to hang onto. If you were only going to buy one book about real estate investing, this would be the one.

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