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

by Dan W Blacharski

Overview

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.

Product Details

ISBN-13:	9781601384553
Publisher:	Atlantic Publishing Group
Publication date:	01/12/2007
Sold by:	Barnes & Noble
Format:	eBook
Pages:	288
File size:	1 MB

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