Buy Low, Rent Smart, Sell High: Real Estate Investing for the Long Run

Buy Low, Rent Smart, Sell High: Real Estate Investing for the Long Run


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Buy Low, Rent Smart, Sell High: Real Estate Investing for the Long Run by Scott Frank, Andy Heller

Listed as one of 11 helpful resources for real estate investing by Forbes magazine.

Facing a volatile stock market, many people have turned to real estate as a way to invest their hard-earned money. While many investors opt to buy property and then sell it quickly, other investors choose to hold onto their property for a longer period of time to realize a greater return on their investment. Real estate experts Scott Frank and Andy Heller have developed a proven and diversified program for real estate investing that incorporates both approaches and enables investors to take control of their financial futures and build wealth over time.

Their new book, Buy Low, Rent Smart, Sell High: Real Estate Investing for the Long Run outlines a win-win-win program, one where average people can reap significant financial rewards by investing in real estate.

  • Win One: Buying Low - The investors first win occurs by purchasing real estate at a 10-20 percent discount by seeking out motivated buyers and avoiding paying agent commissions. The book reveals the secret to buying foreclosed homes with clean titles from banks and mortgage companies.
  • Win Two: Renting Smart - The property is rented through a lease/purchase agreement. Not only does the investor get a down payment from the lease/purchasee, but he or she also receives monthly rent that usually exceeds the monthly mortgage payment. Also, the lease/purchasee takes on the maintenance and repair responsibilities and tends to be a better tenant in return for their special lease/purchase terms. In addition, as the owner of the property, the investor is able to receive tax write-offs.
  • Win Three: Selling High - The final win results when the lease/purchasee exercises his or her right to purchase the property. The owner has realized the benefits of owning the property and has sold it to the lease/purchasee without agent commissions. If the lease/purchasee decides not to exercise his or right, the investor still wins because he or she can either extend the lease purchase agreement and increase the purchase price (based on property appreciation) or enter into another lease/purchase agreement with a new tenant and begin the cycle of wins all over.

Product Details

ISBN-13: 9780793177561
Publisher: Kaplan Publishing
Publication date: 10/01/2003
Pages: 244
Product dimensions: 0.51(w) x 7.50(h) x 9.25(d)

Table of Contents

Introduction: We've Made Good Money and So Can Youxi
1.Making Your First Million Dollars1
Other Real Estate Investment Programs1
Our Real Estate Investing Program2
Illustrative Examples4
Our Philosophy9
2.Getting Started13
The Three Essentials13
Part-Time versus Full-Time16
Finding Your First Property17
Lease/Purchasing Your First Property17
Marketing Your First Property19
Finding Good Lease/Purchasers20
Our Philosophy21
3.Our Story, Goals, and Niche23
A Brief History of Our Partnership23
Our Goals25
Our Niche27
Our Philosophy30
4.Setting up Your Real Estate Team31
Insurance Agent32
Financing Sources33
Property Sources34
Contractors/Repair People36
Our Philosophy37
5.Money for Purchasing Your Homes39
Cash versus Financing39
Money Needed When Purchasing a Home40
Cash on Hand42
Loan Financing Options42
Three-Phase Evolution for Using Money Wisely47
Our Philosophy49
6.Finding Good Homes51
Distressed Properties That Go Back to Lenders51
Single-Family Homes in Middle-Income Neighborhoods53
What to Look For in an Investment Home54
The Potential Investment Home Checklist55
Valuing the Property57
Ugly and Awful Homes--Often Great Purchases59
Working Your Real Estate Network62
Avoid Taking Advantage of Distressed Families66
Foreclosure Sales on the Courthouse Steps67
Our Philosophy68
7.Making Offers and Negotiating Purchases69
Understanding Key Price Points69
The Negotiating Process75
Leveraging Relationships with REO Agents77
Our Philosophy80
8.The Real Estate Purchase Contract81
Understanding Key Provisions81
Buyer Protection Clauses83
The Cover Letter88
Our Philosophy89
9.Fixing up Your Homes91
Our Approach to Repairs and Improvements91
Impact of Home Improvements on the Neighborhood98
Protecting the Home's Value98
Our Philosophy99
10.Our Lease/Purchase Program101
Why Lease/Purchase?101
Six Profit Sources102
Our Lease/Purchase Program versus Others103
Same Property, Different Terms109
Our Philosophy110
11.Marketing Your Homes111
The Lease/Purchase Terms111
Three Marketing Tools113
Voice-Mail Message117
Timing for Homes Needing Major Repairs119
Our Philosophy120
12.Finding the Right Lease/Purchasers121
What the Right Lease/Purchasers Look Like121
Responding to Inquiries122
Showing the Home129
The Application Process130
Final Steps in the Selection Process131
Our Philosophy137
13.The Lease/Purchase Contract139
The Lease Agreement--Key Points140
Option to Purchase Agreement--Key Points147
Our Philosophy149
14.Managing Lease/Purchase Relationships153
Separating Business from Personal Relationships153
Establishing and Maintaining Rapport155
The Little Extras158
The Saved Money Letter158
Handling Late Payments158
The Dispossessory and Eviction161
Dealing with Lease/Purchaser Problems164
When Good Lease/Purchasers Can't Buy on Time166
The Lease/Purchase Extension Amendment167
Need for Flexibility169
Our Philosophy170
15.Selling Your Homes171
A Key Component to Generating Real Estate Wealth171
The Lease/Purchase Sale172
The Straight Sale173
Our Philosophy178
Conclusion: Final Thoughts179

What People are Saying About This

Ilyce Glink

"What I like about the book is that [the authors] take a reasonable approach toward investment property."
Tribune Media Services

Bob Bruss

"On my scale of one to 10, this outstanding book rates a solid 10."
Nationally Syndicated Columnist

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