Investing in Real Estate

ISBN-10: 1118172973

ISBN-13: 9781118172971

Edition: 7th 2012

Authors: Gary W. Eldred

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To explore and illustrate contemporary and evolving market conditions and investment opportunities, this newly revised edition will include the following: 1.  Provide historical/cyclical context to emphasize the unprecedented combination of bargain pricing and near record low interest rates now available in most cities. 2. Show how to meet and exceed today's changed loan underwriting standards. (Yes, loans are widely available-but readers/would-be investors must learn how to navigate the maze). 3.  Discuss effective ways to successfully negotiate below-market prices with banks, distressed owners/mortgagors, and government agencies (HUD, FHA, Fannie, Freddie, etc.) 4. Reveal methods that will make sure your appraisal comes in at the value you want/need for loan approval. 5. Explain how to legally and ethically use easier/low down payment, owner-occupied financing to acquire investment properties. 6. Guide readers through the new procedures and processes used to acquire REOs (relatively) quickly and on favorable terms as well as illustrate how to structure and complete short sales on favorable terms.7. How to find motivated sellers and/or market properties through social media. 8. Capitalize on the low CD rate environment to persuade sellers to offer OWC property financing-indeed, a large and growing number of sellers need no persuasion. OWC financing is being offered by tens of thousands of sellers already. 9. Learn how to acquire properties through buying debt, subject-to agreements, and loan assumptions. (Yes, they are still available when you know where to look).10. Discuss why today's prices (contrary to media mis-statements and err-prone commentators) are sure to increase substantially and how to identify the properties and locations that will experience the highest rates of appreciation.In addition to the above (and many other) revisions that are especially crafted to address the new opportunities and challenges that will exist for the next several years, this 7th edition will achieve elevated standards for clarity, application, and time-tested investment principles and practices (p&p which were often forgotten or ignored during the boom years).
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Book details

List price: $28.95
Edition: 7th
Copyright year: 2012
Publisher: John Wiley & Sons, Incorporated
Publication date: 3/6/2012
Binding: Paperback
Pages: 384
Size: 5.80" wide x 8.80" long x 0.80" tall
Weight: 1.276
Language: English

Prologue: Invest in Property Now
Achieve A Prosperous Future: 22 Ways You Can Earn Profits With Property
22 Sources of Profit from Investment Property
Will the Property Experience Price Gains from Appreciation?
Will You Gain Price Increases from Inflation?
Earn Good Returns from Cash Flows
Magnify Your Equity Gains with Leverage
Magnify Returns from Cash Flows with Leverage
Build Wealth through Mortgage Payoff
Over Time, Returns from Rents Go Up
Refinance to Lift Your Cash Flows
Refinance to Pocket Cash
Buy at a Below-Market Price
Sell at an Above-Market-Value Price
Create Property Value through Smarter Management
Create Value with a Savvy Market Strategy
Create Value: Improve the Location
Convert from Unit Rentals to Unit Ownership
Subdivide Your Bundle of Property Rights
Subdivide the Physical Property (or Space within a Property)
Create Plottage (or Assemblage) Value
Obtain Development or Redevelopment Rights
Diversify Away from Financial Assets
Is Property Your Best Investment Choice?
Opm: Borrow Smart, Raise Cash, Build Equity
The Birth of "Nothing Down"
Should You Invest with Little or No Cash or Credit?
What's Wrong with "No Cash, No Credit, No Problem"?
Leverage: Pros and Cons
What Are Your Risk-Return Objectives?
Maximize Leverage with Owner-Occupancy Financing
Owner-Occupied Buying Strategies
Current Homeowners, Too, Can Use This Method
Why One Year?
Where Can You Find High-LTV Owner-Occupied Mortgages?
What Are the Loan Limits?
High Leverage for Investor-Owner Financing
High Leverage versus Low (or No) Down Payment
Creative Finance Revisited
Are High-Leverage Creative-Finance Purchases Readily Available?
Build Confi dence with Lenders, Investors, Sellers, and Sales Agents
Credit Scores and Credit Record
Capacity (Monthly Income)
Cash Reserves and Source of Down Payment
Loan-to-Value Ratios
Recourse to Other Assets or Income
Competence and Experience
Compensating Factors
Automated Underwriting (AUS)
Appraisal: Ins And Outs Of Market Value
What Is Market Value?
Sales Price Doesn't Necessarily Equal Market Value
Underwriting Rules Determine the Value in LTV
How to Estimate Market Value
Property Description
Identify the Subject Property
Site (Lot) Characteristics
The Cost Approach
Calculate Cost to Build New
Deduct Depreciation
Lot Value
Estimate Market Value (Cost Approach)
The Comparable Sales Approach
Select Comparable Properties
Approximate Value Range-Subject Property
Adjust for Differences
Explain the Adjustments
The GRM Income Approach
Income Capitalization
Net Operating Income
Estimate Capitalization Rates (R)
Compare Cap Rates
Relative Prices: The Paradox of Risk and Appreciation (Depreciation)
Valuation Methods: Summing Up
Appraisal Limiting Conditions
Valuation versus Investment Analysis
Maximize Cash Flows And Grow Your Equity
Will the Property Yield Good Cash Flows?
Arrange Alternative Terms of Financing
Decrease (or Increase) Your Down Payment
Buy at a Bargain Price
Should You Ever Pay More than Market Value for a Property?
The Debt Coverage Ratio
Numbers Change, Principles Remain
Will the Property Yield Profi table Increases in Price?
Low-Involvement versus High-Involvement Investing
Compare Relative Prices of Neighborhoods (Cities)
Undervalued Neighborhoods and Cities
Beverly Hills versus Watts (South Central Los Angeles)
Accessibility (Convenience)
Improved (Increased) Transportation Routes
Jobs and Economic Base
Taxes, Services, and Fiscal Solvency
New Construction, Renovation, and Remodeling
Land-Use Laws
Pride of Place
Sales and Rental Trends
Summing Up
Pay Less Than Market Value
Why Properties Sell for Less (or More) than Market Value
Owners in Distress
The Grass-Is-Greener Sellers
Stage-of-Life Sellers
Seller Ignorance
Prepare Screening Criteria
Bargain Sellers
Networking/Get the Word Out/Social Media
Newspapers and Other Publications
Cold Call Owners
Agent Services
Internet Listings
Seller Disclosures
The Disclosure Revolution
Income Properties
Profit With Foreclosures
The Foreclosure Process
Lender Tries to Resolve Problem
Filing Legal Notice
The Foreclosure Sale
Buy Preforeclosures from Distressed Owners
Approach Owners with Empathy
The Difficulties of Dealing Profitably with Owners in Default
Prequalify Homeowners and Properties
Finding Homeowners in Default (Prefiling)
Mortgage Collections Personnel
Drive Neighborhoods
Find Homeowners (Postfiling)
Cultivate a Relationship with Property Owners
Two More Issues
Vacant Houses
Satisfy Lenders and Lien Holders
All Parties Are Better Off
Win by Losing Less
Profi t from the Foreclosure Auction
Why Foreclosures Sell for Less than Market Value
Make the Adverse Sales Efforts Work for You
How to Arrange Financing
The Foreclosure Sale: Summing Up
Profit From Reos And Other Bargain Sales
Sad for Sellers and Builders, Bargains for You
How to Find REOs
Follow Up with Lenders after Foreclosure Sales
Locate Specialty Realtors
HUD Homes and Other HUD Properties
Homeowners versus Investors
As-Is Condition
Potential Conflict of Interest
Buyer Incentives
The Bid Package
Department of Veterans Affairs (REOs)
Big Advantages for Investors
Fannie Mae and Freddie Mac REOs
Agent Listings
Investors Invited
Federal Government Auctions
Buy from Foreclosure Speculators
Probate and Estate Sales
Estate Sales
Private Auctions
How to Find Auctions
Profit By Creating Value
Fix, Sell, Profit!
Your Fixer-Upper Search
The Browns Create Value in a Down Market
Research, Research, Research
Improvement Possibilities
Deep Clean the Property
Add Pizzazz with Color Schemes, Decorating Patterns, and Fixtures
Create Usable Space
Create a View
Capitalize on Owner Nearsightedness
Eliminate a Negative View
Enhance the Unit's Natural Light
Reduce Noise
Required Repairs and Improvements
Electrical System
Heating and Air Conditioning
Walls and Ceilings
Doors and Locks
Storage Areas
Clean Well
Safety and Health
Improvements and Alterations
You Can Improve Everything about a Property-Including Its Location
South Beach: From Derelicts to Fashion Models
Community Action and Community Spirit Make a Difference
Neighborhoods Offer Potential
What Types of Improvements Pay the Greatest Returns?
How Much Should You Budget for Improvements?
Beware of Overimprovement
Other Benefits
No-No Improvements?
Budgeting for Resale Profits
Estimate the Sales Price First
Estimate Costs
Future Sales Price - (Costs + Profi t) = Maximum Acquisition Price
Comply with Laws and Regulations
Should You Buy a Fixer-Upper?
Too Little Time?
Put Your Creativity to Work
More Techniques To Profit With Property
Lease Options
Here's How Lease Options Work
Benefits to Tenant-Buyers (an Eager Market)
Benefits to Investor-Sellers
The Lease Option Sandwich
How to Find Lease Option Buyers and Sellers
A Creative Beginning with Lease Options (for Investors)
Lease Purchase Agreements
Seems More Defi nite
Amount of the Earnest Money (Option) Deposit
Contingency Clauses
Condominium Conversion
Convert Apartments to Office Space
Tenants in Common
Master Leases
Assignments: Flipping Purchase Contracts
Negotiate A Win-Win Purchase Agreement
Win-Win Principles
The Purchase Contract
Names of the Parties
Site Description
Building Description
Personal Property
Price and Financing
Earnest Money Deposit
Quality of Title
Property Condition
Preclosing Property Damage (Casualty Clause)
Closing (Settlement) Costs
Closing and Possession Dates
Contingency Clauses
Assignment and Inspection
Public Records
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