The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Intelligent Buy & Hold Real Estate Investing!

The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Intelligent Buy & Hold Real Estate Investing!

by Brandon Richard Turner

Paperback

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Product Details

ISBN-13: 9780990711797
Publisher: BiggerPockets Publishing
Publication date: 10/28/2015
Pages: 341
Sales rank: 17,655
Product dimensions: 5.90(w) x 8.90(h) x 0.80(d)

About the Author

Brandon Turner is an active real estate investor, focusing on both rental properties and house flipping. When he's not getting dirty in a house, he's the co-host of The BiggerPockets Podcast, one of the top business podcasts on the planet. Brandon is also the author of three top-selling real estate books and regularly writes for Entrepreneur.com and Forbes.com. Brandon, his wife Heather, and their daughter Rosie, reside in Grays Harbor County, Washington State. Contact him on Instagram @beardybrandon. -Co-host of the BiggerPockets real estate podcast -Seasoned real estate investor -Over a decade of experience buying, rehabbing, and managing rental properties

Table of Contents

Prologue 1

What Do You Want? 2

About Me 3

About This Book 5

Chapter 1 Why I Love Rental Properties 7

Why Do I Love Rental Properties So Much? 8

The Four Wealth Generators 11

How Much Money Does One Need to Invest in Rental Properties? 16

What About Reserves? 19

Top Five Difficulties of Rental Property Investing 20

But I Don't Want to Fix Toilets at 2:00AM! 22

Why Do So Many Rental Property Owners Fail? 23

Quitting (or Not Quitting) Your job Through Rental Properties 27

Should You Quit? 27

Wrapping it Up 32

Chapter 2 The Five Keys to Rental Property Success 33

1 Think the Right Thoughts 33

2 Study the Right Source 37

3 Picking the Right Plan 43

4 Acquire the Right Asset 48

5 Manage the Right Metrics 48

Wrapping it Up 49

Chapter 3 Four Sample Plans 51

Plan 1: How to Make $1,000,000 Through Rental Properties 52

Plan 2: Building Wealth Through Single-Family Homes 58

House Hacking 63

How to Make $100,000 Per Year Using the BRRRR Strategy 66

Wrapping it Up 71

Chapter 4 The Ten Members of Your Real Estate Team 73

1 Spouse 74

2 Mentor/Accountability Partner 77

3 Real Estate Agent 79

4 Lender(s) 85

5 Contractors and Handymen 86

6 Bookkeeper 91

7 CPA 91

8 Lawyer 92

9 Insurance Agent 93

10 Property Manager 93

Chapter 5 Analyzing a Rental Property 97

How to Analyze a Rental Property 98

What About the Rules of Thumb? 107

123 Main Street Analysis 111

Wrapping it Up 120

Chapter 6 Investing While Living in an Expensive Area 121

Are You Looking for Homes on Sale? 122

Is the Price Relative? 123

What Is Working in Your Area? 124

Long-Distance Rental Property Investing 125

Wrapping It Up 131

Chapter 7 Types of Rental Properties 133

Single-Family Homes 134

Multifamily Real Estate 137

Condos 141

Townhomes 142

REOs/Foteclosures 142

Fixer-Uppers 143

Five Questions to Ask Before Investing in a Fixer-Upper 147

Commercial Real Estate 149

Wrapping II Up 149

Chapter 8 Location, location, location! 151

Neighborhood Classes 152

Crime 155

Drugs 156

Schools 156

Jobs Versus Unemployment 157

Population Growth 157

Housing Starts and Building Permits 158

Transportation 158

Proximity to Local Businesses 158

Price-to-Rent Ratio 159

Vacancy Races 160

Property Tax and Insurance Rates 162

Wrapping it Up 163

Chapter 9 How to Find Rental Properties 165

1 The MLS 166

2 Direct Mail Marketing for Deals 170

3 Driving for Dollars 172

4 Eviction Records 172

5 BiggerPockets Marketplace 173

6 Craigslist 173

7 Wholesalers 175

8 Passion 175

Wrapping it Up 176

Chapter 10 Which Properties Make the Best Rentals? 177

Bedrooms 178

Age 178

Garage 179

Utilities 179

Lawn 179

Parking 180

Location 180

8 Problems I Look for When Shopping for Rental Properties 180

Three Problems I Avoid When Shopping for a Rental Property 189

Wrapping It Up 190

Chapter 11 Submitting Your Offer 191

How to Make an Offer 192

The Earnest Money Deposit 195

What Should the Offer Include? 198

How Much Should You Offer? 199

16 Tips for Getting Your Offer Accepted 201

Wrapping It Up 205

Chapter 12 Real Estate Negotiation 207

The Negotiation Process 208

When to Negotiate 211

13 Tips for Successful Negotiation 211

Wrapping it Up 216

Chapter 13 Financing Your Rental Property 217

All Cash 218

Conventional Loans 222

Portfolio Lenders 227

Private Lenders 229

Other Creative Methods 235

Wrapping it Up 242

Chapter 14 How to Get a Loan Approved, Guaranteed 243

Understanding How a Loan Works 244

The 12-Digit Code You Need to Get Your Loan Approved 246

Wrapping it Up 252

Chapter 15 The Due Diligence Process 253

What Is Due Diligence? 254

Document Inspection 257

Wrapping it Up 264

Chapter 16 Getting Ready to Close 265

Order Insurance 266

Setting Up Your Bank Accounts 268

Preparing Bookkeeping 270

Do I Need an LLC? 271

The Problems with an LLC 273

Final Walk-Through of the Property 276

Plan the Rehab 276

Wrapping It Up 277

Chapter 17 Managing Your Rentals (Part I) 279

Self-Management Versus Property Management 280

Business or Hobby: Getting in the Right Mindset 284

Getting a Property Ready to Rent 287

Five Ways to Find Great Tenants 288

Accepting Phone Calls 291

Showing the Property to Tenants 291

The Application Process 292

The Move-In Condition Report 299

Wrapping It Up 303

Chapter 18 Managing Your Rentals (Part II) 305

Maintenance and Repairs 306

Dealing with Difficult Tenants 311

If You Are Unhappy, Your System Is Broken 319

Chapter 19 Exit Strategies and 1031 Exchanges 321

Hold Forever 322

Seller Financing 322

Cash Out 323

The 1031 Exchange 323

1031 Exchange Rules 326

How a 1031 Exchange Can Make You Millions 331

Wrapping it Up 334

Chapter 20 Final Thoughts 335

The Five Success Principles of Rental Ownership 335

Will You Take Action? 339

Which kind of person are you? 339

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The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Intelligent Buy & Hold Real Estate Investing! 5 out of 5 based on 0 ratings. 1 reviews.
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