Start Small, Profit Big in Real Estate: Fixer Jay's 2-Year Plan for Building Wealth - Starting from Scratch Fixer Jay's 2-Year Plan for Building Wealth - Starting from Scratch

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ISBN: 9780071443807 | 0071443800
Cover: Paperback
Copyright: 12/28/2004

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From theBusinessWeekbestselling author ofInvesting in Fixer-Uppers--a plan for building a real estate empire with little or no money down"Fixer Jay" DeCima, the acknowledged king of fixer-uppers, delivers a much-anticipated guide to realizing financial independence through real estate investing. Written in DeCima's trademark folksy style,Start Small, Profit Big in Real Estateprovides a complete two-year plan for making it big in real estate starting with little or no money of your own. You'll learn how to: Scout out properties with the highest return Calculate the payoff versus the effort involved in any real estate investment Find motivated sellers who will finance your properties Use leveraging and compounding to utmost advantage Negotiate with sellers and win every time Make big bucks with rental properties

Introduction

xiii

A Stable and Predictable Future If You Stay Focused

A Wealth-Building Plan for the Whole Family

xvi

Profits in a Short Period of Time and Personal Freedom

xvii

An Expert's View of the Future

xviii

Part 1. Planning to Make Money

(78)

Achieving Financial Independence

(12)

Jay Earns 17 Times More Than a Real Estate Agent

(1)

Selecting the Right Property

(2)

How to Double the Value in 24 Months

(1)

How Long Will It Take, and How Much Can I Make?

(1)

Investing in Real Estate Is Like Kissing Frogs

(1)

A Business with Real Estate Assets

(2)

Ways to Earn Cash When You Start

(1)

Achieve Any Financial Goal You Set

(3)

Early Planning Pays

(13)

Choose Your Teachers Carefully

(1)

Never Try to Milk a Steer

(1)

Know Your Destination and Vehicle

(2)

A Simple Plan---Reasonable and Profitable

(2)

How Much Risk Is Too Much?

(1)

Always Invest Where Demand Is Highest

(1)

The Best Odds for Your Success

(1)

When You're Ready to Buy

(1)

A Good Plan Requires Action

(2)

Building Success One Brick at a Time

(14)

Beware Future Value, High Potential, and Pride of Ownership

(1)

Don't Let Big Mortgage Payments Rob Your Profits

(1)

Become an Expert to Stay on Top

(4)

There Is No Substitute for Cash Flow

(1)

Four Sources of Real Estate Profits

(6)

Magic Ingredients for a Moneymaking Plan

(9)

No Cash Down Means No Profits

(1)

The Poor Investor's Plan for Profits

(3)

Ruth B: A Case for Buying Rental Units and Keeping Them

(1)

Real Estate Requires Your Total Concentration

(1)

Keep It Simple

(1)

Biggest Profits Come from Small, Affordable, Multi-Unit Properties

(2)

12 Benefits to Being a Housing Entrepreneur

(11)

1. Monthly Cash Flow

(1)

2. You Can Work at Home

(1)

3. Maximum Tax Savings

(1)

4. Low Start-Up Costs

(1)

5. Forced Savings Plan

(1)

6. No Expensive Tools

(1)

7. Use of Leverage

(1)

8. Limited Personal Risk

(1)

9. No License Required

(1)

10. Creating Long-Term Annuities

(1)

11. Rents Never Stop

(1)

12. Automatic Retirement Nest Egg

(2)

You Can't Hit a Bird with a Buffalo Gun: Common Mistakes First-Timers Make

(5)

Jack-of-All-Trades, Master of None

(1)

Forget Sellers Who Can't Make You a Good Deal

(2)

Don't Fiddle with Sellers Who Have No Equity

(1)

An Opportunity You Shouldn't Pass Up: Taking Over Existing Mortgages

(2)

Planning Your Profits at the Kitchen Table

(12)

The Advantage of Being Your Own Boss

(2)

Three Ways to Bring Home Dollars

(1)

Steady Cash Flow Pays the Bills

(1)

Selling Cycles: Catching the Perfect Wave

(1)

Property Sales: Lump-Sum Cash vs. Monthly Payments

(1)

All Borrowing Is Not the Same

(2)

How to Get Paid When You Buy the Property

(1)

Trading Soggy Paper for Hard Dollars

(3)

Part 2. Buying Your First Investment Houses

(62)

Properties with All the Right Things Wrong

(7)

Getting Started

(1)

What Kind of Property Might You Expect to Purchase Without a Cash Down Payment?

(1)

What Kinds of Sellers Are Likely to Own the Types of Property Described?

(1)

Leper Properties Make the Most Money

(2)

Underperforming Properties Are Best Value

(1)

Keep a Clear View of the Big Picture

(2)

Property Selection Determines Your Profits

(10)

Know Who Your Customer Will Be Before You Buy

(1)

Smart People Often Do the Stupidest Things

(2)

Seminars Provide an Opportunity to Learn

(1)

My Hillcrest Cottages: How Solving Problems Pays Well

(3)

Understanding Where Discounts Come From

(1)

Positioning Counts for Everything

(1)

A Method for Extracting the Profits

(1)

Pencils and Yellow-Pad Accounting

(1)

The Soap Factory Houses: A Virtual Gold Mine

(5)

High Rent-to-Value Ratio Produces Gold

(1)

Profits Come from Monthly Cash Flow

100

(1)

Houses Are the Vehicle to an End

101

(1)

Well-Financed Houses Are Very Low Risk

102

(1)

The Riley Street Houses: How to Earn $429,000 in Nine Years, Moonlighting

103

(15)

I Always Read the Classifieds

104

(1)

Big Benefits of Seller Financing

105

(1)

Making a Telephone Contact

106

(1)

Draw a Sketch Showing Apartments and/or Houses

107

(1)

Structuring Your Written Offer to Purchase

108

(1)

Finalization of the Offer

109

(1)

Rent-to-Value Factor of the Riley Street Houses

110

(1)

Fix-Up Costs Itemized Estimate

111

(2)

Always Determine How You'll Make a Profit

113

(2)

Selling Out After Nine Years

115

(1)

Riley Houses Are Good but Not Exceptional

116

(1)

10 Key Ingredients That Make the Riley Street Houses a Good Deal

117

(1)

How to Negotiate with Great Results

118

(9)

Develop the Right Skills

119

(1)

Columbo's Techniques Are Very Persuasive

120

(2)

The Three Most Important Items You'll Ever Negotiate

122

(1)

Negotiating Is Much Easier with Facts

123

(1)

Always Allow the Seller to Participate

123

(1)

Verify the Actual Expenses

124

(1)

No One Reports Too Much Income to the IRS

125

(1)

No One Manages and Repairs for Free

125

(2)

Turning Motivated Sellers into Bankers

127

(14)

Seller Financing: It's the Best Your Money Can Buy

128

(1)

Customize to Fit the Deal

128

(1)

Five Reasons Seller Financing Is Best

129

(7)

Buying Properties with Multiple Loans

136

(3)

The Many Faces of Profit-Making

139

(2)

Part 3. Becoming Wealthy---Staying Wealthy

141

(76)

Silent Wealth-Builders: Compounding, Leverage, and Control

143

(8)

Appreciation---It's the Icing on the Cake

144

(1)

Playing the Appreciation Game

145

(1)

Tax Shelter Benefits Add to Annual Compounding

146

(1)

Leverage Is How the Rich Get Richer

146

(1)

Full Control Builds Wealth Faster

147

(2)

Danger of All-in-One-Basket Investing

149

(2)

Oliver Street: Jay's Fast-Track Investment Model

151

(21)

Jay's Top 10 Moneymaker Benefits

152

(1)

Oliver Street---a Near Perfect Model

153

(1)

Oliver Street Required Fast Action

154

(1)

Benefit 1: Buying for Substantial Discounts

155

(1)

Benefit 2: Adding Value for Quick Income

156

(1)

Benefit 3: Seller Carryback Financing

157

(2)

Benefit 4: Lemonade Down Payments

159

(1)

Benefit 5: Buying Back Mortgage Debt

160

(2)

Benefit 6: Leasing Houses with Option to Purchase

162

(3)

Benefit 7: Increasing the Cash Flow with Half Sales

165

(1)

Benefit 8: Cash Flow from City Hall

166

(1)

Benefit 9: Aggressive Tax Sheltering

167

(2)

Benefit 10: Selling for Top Price and Interest Income

169

(1)

Earn Big Dollars with Carryback Financing

170

(2)

When You Need a Helping Hand

172

(16)

Different Strokes for Different Folks

173

(1)

Handyman--Jack- or Jill-of-All-Trades

173

(1)

Finding Good Help

174

(2)

Keeping Good Help Once You've Found It

176

(1)

Paydays and Record Keeping--a Simple Task

176

(1)

Hiring Is Easy--the Rules Are Complicated

177

(1)

Independent Contractors: Who Is and Who Isn't

178

(1)

Learning to Tell Ducks from Swans

179

(1)

Knowing the Difference Can Save Your Bacon

179

(1)

Who Needs a License Anyway?

180

(1)

The Separate Entity Test

181

(1)

The Common Legal Factors

182

(6)

Managing Your Property and Your Tenants

188

(20)

Educate Yourself Before Jumping In

189

(2)

It's the Tenants Who Make You Rich

191

(1)

Acquiring the Deeds and Keeping the Benefits

192

(2)

My Top Wealth-Building Skill: Landlording

194

(1)

A Good Plan Prevents Vacancies and Avoids Risk

195

(1)

Common Pitfalls of Management

196

(1)

Rent Collection Should Never Be a Game

197

(2)

Know the Law

199

(1)

The Application Form: What to Ask

200

(1)

Qualify Your Tenants Before Showing Them Your Property

201

(1)

Use Memos to Enforce Rules

202

(2)

Repairs and Service

204

(1)

Comply with Habitability Laws

205

(1)

Develop Good Paperwork

205

(1)

Split Payments for Struggling Tenants

205

(1)

Interim Tenants Maintain Cash Flow

206

(1)

Treat Tenants Fairly

206

(1)

Landlording Is a Business

207

(1)

Selling Your Property: Your ``Pajama Money'' Retirement Plan

208

(9)

Cash Sales Don't Bring Highest Profits

209

(1)

Seller Financing Seldom Involves an Appraiser

210

(1)

How I Sell for Top Dollar and a Bit Extra

211

(1)

Installment Sales Stall Taxes

212

(1)

Wraparounds Provide Safety and Profits

213

(2)

Tailoring Your Carryback Note to Your Buyer

215

(2)

Appendix A. Rental and Contractor's Agreements

217

(9)

Rental Agreement

218

(5)

Independent Contractor's Agreement

223

(3)

Appendix B. Oliver Street Property Documents

226

(5)

Jay's 7-Unit Property on Oliver Street

227

(1)

Income Property Analysis Form

228

(2)

Typical Gross Rent Multiplier (GRM) Chart

230

(1)

Appendix C. Resources for Real Estate Investors

231

(4)

Newsletters

231

(2)

Books for Real Estate Investors

233

(1)

Real Estate Seminars and Workshops

234

(1)

Index

235

(13)

About the Author

248

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Start Small, Profit Big in Real Estate: Fixer Jay's 2-Year Plan for Building Wealth - Starting from Scratch Fixer Jay's 2-Year Plan for Building Wealth - Starting from Scratch

Summary

Author Biography

Table of Contents

Supplemental Materials