The Beginner's Guide to Real Estate Investing

Start making money today ---with the ultimate guide for first-time investors No matter what the market does, real estate stilloffers plenty of moneymaking opportunities. In thisnew edition of The Beginner's Guide to RealEstate Investing, Gary W. Eldred presents the toolsand knowledge new investors need to get started profitably. Packed with smart moneymakingstrategies and real-life stories from successfulinvestors, this edition also covers the latestinformation on financing, foreclosures, cash flow, and much more. You'll not only master the basics ofinvesting, but also discover specialized techniques that the pros rely on to grow their long-term wealth. Concise yet comprehensive, this practical guide shows you how to: Find great deals on properties with big potential Get started with low- or no-down payment financing Utilize creative financing options and otherpeople's money Buy low-cost foreclosures and REOs Make value-adding improvements to any property Craft winning offers and negotiate like a pro Manage rental properties hassle-free Flip investment properties for fast profit In addition, Eldred shows you how to tailor yourinvestment strategy to make money almost anywhere, in any type of market. With proven tech-niques, timeless principles, and totally up-to-dateinformation, The Beginner's Guide to Real EstateInvesting, Second Edition is the perfect place to start building a prosperous future --- today.

Gary W. Eldred, PhD, has investedsuccessfully in real estate for morethan twenty-five years and has servedon the graduate business school faculty at Stanford University and the University of Virginia. He cohosts a nationally broadcastradio show on investing and frequentlymakes presentations at seminars throughoutNorth America. He is also the author of106 Mortgage Secrets All Borrowers Must Learn—But Lenders Don't Tell and Trump University Real Estate 101, both from Wiley.

About This Book	p. xi
Mindset + Knowledge = Wealth	p. 1
Start Now	p. 3
Just Say No to Excuses	p. 3
You Must Believe It to See It	p. 7
Set Goals Now	p. 12
Multiple Paths to Building Wealth	p. 19
Appreciation in Market Values	p. 19
Inflation	p. 21
Cash Flows	p. 24
Mortgage Payoff (Amortization)	p. 24
Buy at a Bargain Price	p. 25
Create Value with Property Improvements	p. 26
Improve the Neighborhood and the Neighbors	p. 27
Convert the Use	p. 28
Manage and Market Your Properties More Profitably	p. 30
Protect Your Profits from the IRS (Tax Shelter)	p. 30
Discounted Notes, Tax Liens, Tax Deeds, and Realty Stocks	p. 34
How to Raise Money	p. 37
Strengthen Your Credit Power	p. 39
Consistency: Fast Track or Flake	p. 39
Character Counts	p. 40
Credit Scores Count Most	p. 42
Summing Up	p. 51
How to Invest Using Little (or None) of Your Own Cash	p. 52
Why Low-Cash Deals Magnify Your Returns	p. 52
Minimize Your Down Payment with Owner-Occupant Financing	p. 56
Don't Overlook FHA	p. 59
Discover FHA's Best Kept Secret: The 203(k) Program	p. 62
Too Many Vets Pass Up VA Loans	p. 63
Even Fannie and Freddie Accept Little- or Nothing-Down Loans	p. 65
Summing Up	p. 66
Avoid Banks, Seek Seller Financing	p. 68
How to Persuade the Sellers	p. 69
What Type of Seller Financing?	p. 71
Try a Contract-for-Deed	p. 74
Assume a Low-Interest-Rate Mortgage	p. 77
"Assume" a Nonassumable Mortgage	p. 80
Five More Techniques to Finance Your Investments	p. 84
Wraparounds Benefit Buyers and Sellers	p. 84
Lease Options	p. 85
Lease-Purchase Agreements	p. 91
Master-Lease an Apartment Building	p. 92
How to Come Up with the Cash to Close	p. 96
Cash Out Some of Your Current Home's Equity	p. 96
Bring in Partners	p. 97
Second Mortgages	p. 99
Personal Savings	p. 100
Sell Unnecessary Assets	p. 100
Easy Money-Hard Terms	p. 101
Use Credit Cards	p. 105
Personal Loans	p. 105
Sweat Equity (Creating Value through Improvements)	p. 105
Eliminate Your Down Payment with Pledged Collateral	p. 106
Student Loans	p. 107
Use Creative Finance	p. 107
Here's How to Quality	p. 109
Be Wary of Prequalifying (and Preapproval)	p. 109
You Can Make Your Qualifying Ratios Look Better	p. 111
The Application Itself Contains Many Clues to Your Integrity	p. 121
No Preset Qualifying Income Applies to Commercial Properties	p. 122
How to Invest for Maximum Gain	p. 127
Twenty-Seven Ways to Find or Create Below-Market Deals	p. 129
Why Properties Sell for Less (or More) than Their Market Value	p. 129
Don't Dilly-Dally with Due Diligence	p. 135
How to Find Bargain Sellers	p. 137
Make Money with Foreclosures and REOs	p. 143
The Stages of Foreclosure	p. 143
Approach Owners with Empathy: Step One	p. 145
Some Investors Profit from the Foreclosure Auction: Step Two	p. 148
The Benefits of Buying REOs: Step Three	p. 151
More Sources of Bargains	p. 156
Federal Government Auctions	p. 156
Sheriff Sales	p. 157
Buy from Foreclosure Speculators	p. 157
Probate and Estate Sales	p. 157
Private Auctions	p. 159
Short Sale Bargains	p. 162
Run Numbers Like a Pro	p. 169
Monitor the Construction Cycle	p. 170
How to Profit from the Construction Cycle	p. 170
Per-Unit Measures	p. 173
Gross Rent Multipliers (GRMs)	p. 175
Capitalized Value	p. 176
Cash Flow Returns	p. 181
Create Your Own Appreciation	p. 183
Greatly Increase the Value of Your Investment Property	p. 184
Search for Competitive Advantage	p. 185
First, Verify Actual Rent Collections, Not Merely Rental Rates	p. 186
Talk with Tenants	p. 187
Set Your Rents with Market Savvy	p. 188
Your Apartment Checklist	p. 189
Give the Interior a Martha Stewart Makeover	p. 190
Safety, Security, and Convenience	p. 193
Rightsize the Rooms	p. 194
Create More Storage	p. 195
Check Noise Levels	p. 197
Overall Livability	p. 198
Twenty-One More Ways to Push Up the Value of Your Properties	p. 199
Create Strikingly Attractive Curb Appeal	p. 199
Collect More than Rent	p. 202
Convert a Garage, Attic, or Basement	p. 203
Create an Accessory Apartment	p. 204
Create a Special Purpose Use	p. 205
Change the Use of a Property	p. 205
Cut Operating Expenses	p. 208
Gentrification and Other Value Plays	p. 210
Onward and Upward to Build Wealth	p. 217
Win What You Want through Negotiation	p. 219
How to Define Win-Win	p. 219
Know Thyself	p. 222
Know the Property and Neighborhood	p. 222
Know the Sellers	p. 223
Establish Favorable Benchmarks	p. 225
Tit for Tat	p. 226
Get Seller Concessions Early	p. 226
Come Ready to Buy	p. 227
Ask for More than You Expect	p. 227
Establish Credibility	p. 228
Never Offer to Split the Difference	p. 229
List Your BATNAs	p. 230
Negotiate for Yourself	p. 231
Leave Something on the Table	p. 233
Write Your Purchase Offer	p. 235
No Single Contract Form	p. 235
Draft Clauses with Understanding	p. 236
Summing Up	p. 246
Craft Your Lease to Increase Profits	p. 247
Achieve Competitive Advantage	p. 247
Craft Your Rental Agreement	p. 248
Landlording: Pros and Cons	p. 260
The 12 Secrets of Successful Landlording	p. 262
The Good News	p. 262
Hired Management versus Self-Management	p. 263
Before You Buy, Verify, Verify, Verify	p. 267
Prepare the Property for Rental	p. 269
Craft a Winning Value Proposition	p. 270
Attract Topflight Tenants	p. 271
Set Up a Flawless Move-In Policy	p. 275
Retain Topflight Residents	p. 276
Strong Market? Raise Rents	p. 277
Prepare for Special Problems	p. 279
Maintain the Property	p. 280
Process Move-Outs Smoothly	p. 280
Persistently Seek Ways to Increase Your Cash Flow	p. 282
Keep Trading Up	p. 283
Internet Appendix	p. 285
Index	p. 291
Table of Contents provided by Ingram. All Rights Reserved.

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The Beginner's Guide to Real Estate Investing

Summary

Author Biography

Table of Contents

Supplemental Materials