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| Introduction: How to Start | |
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| Develop Your Analytical Abilities | |
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| Develop an Entrepreneurial Spirit | |
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| Uncommon, Yet Essential | |
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| Entrepreneurs Create Value for Themselves and Their Customers (a.k.a. Tenants | |
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| Market Savvy: Systematic Strategic Thinking | |
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| Profit with Commercial and Multifamily Properties | |
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| Advantages of Commercial and Multifamily Properties | |
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| Cost of Acquisition | |
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| Cash Flows Relative to Price | |
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| Search Time | |
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| Management | |
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| Trade Up Tax Free | |
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| Owner Will Carry Financing (OWC | |
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| Create Value | |
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| Summing Up | |
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| Craft Your Market Strategy | |
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| It All Depends | |
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| A Strategy of Your Own | |
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| PVP: The One Constant Rule | |
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| The DUST Strategic Framework: Questions to Answer | |
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| Entrepreneur Objectives: Know Thyself | |
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| Talents, Inclinations, and Resources | |
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| Assess Your Finances | |
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| Frame Your Due Diligence | |
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| Identify and Fully Describe the Physical Property | |
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| Understand Your Bundle of Rights and Restrictions | |
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| Where Should You Invest? | |
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| Time Period | |
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| Where's the Local Economy Headed? | |
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| Economic Base Matters Greatly | |
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| Alamo, California | |
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| Authors Neglect Economic Base | |
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| Benefit from the Lessons Learned | |
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| Where to Get Data | |
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| Will the Population Grow? | |
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| Enclaves of Existing and Potential Growth | |
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| Find Out the Actual Numbers | |
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| Beware of False Negatives | |
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| Is the Number of Jobs Increasing? | |
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| What Was the San Diego Connection? | |
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| Forecasting Recovery | |
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| Cost of Running a Business | |
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| Businesses and Employment Migrate to Lower-Cost Cities, States, and Countries | |
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| Cost of Living for Employees | |
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| Quality of Life (QOL | |
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| Quality of Life Also Attracts Wealth | |
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| Community Attitudes and Actions | |
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| Entrepreneurial Spirit | |
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| Concluding Remarks | |
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| Outperform the Competition | |
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| The Competitive Battle | |
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| Four Good Reasons to Inventory, Inspesct, and Critically Review Competitors | |
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| Where to Invest | |
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| Market Information Gives You Negotiating Power and Confidence | |
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| Searching for a Preferred Value Proposition (PVP | |
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| Constructing Your Financial Pro Formas | |
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| Identify Your Competitors | |
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| Quickly Adapt to Change | |
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| When Markets Tighten | |
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| More Practical Implications | |
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| What to Look For: The Location | |
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| Aesthetics | |
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| School Districts | |
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| Property Taxes and Services | |
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| Crime Rates | |
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| Accessibility | |
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| Trendiness | |
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| Public Transportation | |
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| Who Are the Residents and Recent Homebuyers and Tenants? | |
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| Site Features | |
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| The Exterior of the Building | |
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| “Play the Tenant” | |
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| Inspect the Interiors of Competing Units | |
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| Aesthetics: How Does the Unit Look, Feel, and Sound? | |
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| Livability: Unit Size, Room Count, and Floor Plan | |
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| Energy Costs | |
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| The Rental Process | |
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| Choose the Best Target Market | |
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| How to Create a PVP | |
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| Diversity Rules | |
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| Demographic Differences | |
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| Psychographic Differences | |
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| Avoid Standard Labels, Picture Your Actual Renters | |
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| Hitting the Bull's Eye | |
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| Find Unique and Intense Needs | |
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| Bull's Eye Lease Assessment | |
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| Throw Away Standard Operating Procedures | |
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| How Do You Identify the Wow (PVP) Features for Your Tenants? | |
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| Informal Conversations | |
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| Pay Attention | |
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| Talk with Insiders and Experts | |
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| Use Questionnaires | |
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| Focus Groups | |
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| Anticipate and Adapt to Change | |
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| The Age Wave | |
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| Echo Boomers | |
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| Local Trends and Changes | |
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| Is the Property a Good Deal? | |
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| How Much Would It Cost to Construct the Property Today? | |
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| The Construction Cycle | |
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| Implications for Investors | |
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| Local (Regional) Recessions | |
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| Per Unit Measures | |
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| Per APartment Unit | |
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| Per Square Foot (P.S.F.) Measures | |
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| Price Per Front Foot | |
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| Gross Rent Multipliers (GRMs | |
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| Capitalized Value | |
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| Estimate Market Value | |
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| Anticipate the Future; Pay for the Present | |
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| Cash-on-Cash Return | |
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| Growth in Equity | |
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| Don't Settle for Low Rates of Appreciation | |
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| Collect More Rents | |
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| Never Accept Average | |
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| Stand Out and Stand Above | |
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| A Strategy of Your Own | |
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| Verify Current Rent Collections | |
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| Examine All Leases and Rental Applications | |
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| Interpreting the Rental Information | |
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| Rent Collections, Not Rental Rates | |
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| Talk with Tenants | |
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| Your Competitive Market Analysis | |
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| Set Your Rents with Market Savvy | |
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| The Myth of “Market” Rent Levels | |
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| Rent Levels and Vacancy Rates | |
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| The Myth of the “Market” Vacancy Rate | |
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| Think Rent Range, Not Rent Rate | |
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| Raise Rents without Substantially Improving the Building | |
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| Confirm Your Suspicions | |
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| Why Owners Underprice Their Units | |
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| Investor Opportunities with Stage-of-Life Sellers | |
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| How High Can You Go? | |
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| Selective Increases | |
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| Dealing with Current Tenants | |
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| Can You Boost Your Rent Collections by Lowering Rents? | |
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| An Extreme Example of Overpricing and Market Ignorance | |
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| A Purchase <st1:place w:st="on">Opportunity</st1:place> | |
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| Time-Sensitive Rental Markets | |
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| Build Equity Fast with Sharp Interiors | |
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| The Entrepreneurial. Imperative | |
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| Too Many Investors | |
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| Too Few Sellers | |
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| Not Words of Discouragement | |
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| Your Target Market | |
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| Visualize Your Tenants | |
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| Your Suggestion Box | |
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| Figuring Payback | |
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| Fast Buck versus the Last Buck | |
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| Set Your Budget for Improvements | |
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| The Sum Effect | |
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| The Interior of the Units | |
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| Sharpen the Aesthetics | |
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| Special Touches | |
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| Safety, Security, and Functionality | |
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| Rightsizing Room Count/Room Size | |
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| Create More Storage | |
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| Check Noise Levels | |
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| Overall Livability of the Unit | |
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| Generate More Income | |
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| Your Building Sends an Advertising Message | |
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| Clean Up the Grounds | |
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| Yard Care and Landscaping | |
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| Sidewalks, Walkways, and Parking Areas | |
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| Fences, Lampposts, and Mailboxes | |
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| The Exterior of the Building | |
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| Name Your Building | |
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| Signage | |
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| Curb Appeal: Summing Up | |
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| Collect More than Rent | |
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| Laundry | |
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| Parking | |
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| Build Storage Lockers | |
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| Cable/Satellite | |
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| Add Other Amenities or Services | |
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| More Creative Ways to Make Money | |
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| Tailor Your Lease Agreements | |
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| Competitive Advantage | |
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| What Terms Might You Negotiate? | |
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| Should You Furnish Your APartments? | |
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| All Price Levels | |
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| High Payback | |
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| Warning: Don't Pay a Premium Price for Furnished APartment Buildings | |
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| Improve the Neighborhood | |
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| Become a Neighborhood Entrepreneur | |
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| The Huge Payback | |
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| Conclusion: Investing in Action: The Bayside APartments | |
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| Enterpreneurial Strategy | |
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| Real Estate Entrepreneurs Outperform All Other Investors | |
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| Only Investors Perform | |
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| Entrepreneurial Real Estate Investors Perform Best of All | |
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| Index Not Included | |