Investing in Fixer-Uppers, Revised Edition: A Complete Guide to Buying Low, Fixing Smart, Adding Value, and Selling (or Renting) High

Name: Investing in Fixer-Uppers, Revised Edition: A Complete Guide to Buying Low, Fixing Smart, Adding Value, and Selling (or Renting) High
Brand: McGraw Hill LLC
Price: 51.99 EUR
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Jay P. DeCima(Autor*in)

McGraw Hill LLC (Verlag)

1. Auflage

Erschienen am 28. November 2023

336 Seiten

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978-1-265-44541-6 (ISBN)

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Inhalt

Intro
Cover
Title Page
Copyright Page
Contents
Kudos for Fixer Jay
Introduction
Acknowledgments
PART I FROM HANDYMAN TO FINANCIAL INDEPENDENCE
CHAPTER 1 Discover the Millionaire Inside Yourself
How to Remedy a Burping Sink
Lots of Early-Morning Shoppers Just Like Me
A Handyman Without a Cause
It Takes Vision to See Value in a Pigsty
Consider Risk Versus Potential Reward
Making a Million from Your Hobby
The Family That Works Together
CHAPTER 2 Two Years to Financial Independence
Earning the Most Money for Your Time
Spend Your Time Working on the Right Property
Fixin' 22 Cottages Produces Grocery Money
Choosing the Right Vehicle
Houses Are Not Really Investment Properties
Career Changers and Job Quitters, Listen Up
Hybrid Investing-the Best of Both Worlds
The Sale That Set Me Free
CHAPTER 3 Why Don't You Do This Stuff for Money?
Run-Down Properties Come with Motivated Sellers
The Magic of Leverage
Run-Down Properties Give You a Jump-Start
Buyers and Sellers Can Negotiate Terms
Good Deals Must Be Created
Specialization Is the Quickest Path to Success
Falling Victim to Fool's Gold
Continuing Education Is an Absolute Must
When Is the Right Time to Invest?
Beware of the Prophets of Doom
CHAPTER 4 How to Get Started Investing in Fixer-Uppers
Getting Started Ranks First
Continuing Education Is an Absolute Must
Specialization Is the Quickest Way to Learn This Job
Real Estate Investors Must Think Like Business Folks
Jay's Formula for Making Money in Real Estate
Investing My Way-Four Basic Ingredients
It's Important to Position Yourself to Make Money
If You're Short on Knowledge or Money, an "Adding-Value" Strategy Is a Perfect Opportunity
Looking for Mr. Right, Not Mr. Perfect
Selecting a Property That's Right
Finding Sellers Who Truly Want to Sell
Don't Be Stopped by Lack of Cash
Don't Buy Until You Know How Much to Pay
Spreading the Risk
Diversifying Later Is the Best Strategy
The Best Odds for Your Success
10 Must-Dos That Will Speed Up Your Success
CHAPTER 5 Specialize to Speed Up Your Income
Planning Is How You Get Rich
Early Sacrifice Pays Off
Moneymaking Properties Are Not Scarce
Profits Are the Goal-Not Structures
Seller Problems-the Best Profit-Makers
Hamilton Street-the Good Houses
Chasin' Down an Eight-Unit Gold Mine
Low Rents Guarantee Cash Flow
Dealing with Ring-Savvy Sellers
Safety Is a Major Concern
Nothing to Lose Can Spell Disaster for the Seller
Jay's Two-fer-One Plan Seals the Deal
Using What You Have to Get More
CHAPTER 6 Finding the Right Properties and a Motivated Seller
The House Detective Approach
Before You Invest, Do Your Homework-Obtain a Property Profile
The Four Basic Methods of Finding and Buying Fixers
Finding Sellers Who Truly Need to Sell
The Most Common Reasons That Motivate Sellers
You Can Ease the Pain for Motivated Sellers
Key Factors for Making a Bargain Purchase
Beware of Overfinanced Property
Look for Owners with Equity
Avoid Deals Like HUD, FHA, and VA Foreclosures
It Pays to Be Snoopy
What to Do When You Find the Right Property
Equity and Profits Are Greater with Larger Properties
The Courage to Look Where Others Don't: Nontraditional Properties
Break Ranks with the Typical Buyer
CHAPTER 7 The Price Is Determined by Income and Location
Complex Formulas Are Not Necessary
What Are Gross Rent Multipliers, and Why Are They Important?
Selecting the Right Location
Five Common Locations and Their Investment Potential
How to Calculate What You Should Pay
Jay's Super-Simple Profit Strategy: Up the Rents and Improve the GRM
Real Estate Prices Go Up and Down
Rely on Cash Flow, Not Speculation About the Future
Overpaying-the Deadliest Investor Sin
Investing Long Term for Future Growth
CHAPTER 8 Thoroughly Analyze the Deal Before Making an Offer
Study the Numbers and Keep It Simple
Unit Cost and Rent-to-Value Ratios: How to Determine if a Property Will Be Profitable
Jay's Income Property Analysis Form
The Basis for Negotiating a Purchase
The Most Controversial Expenses
Always Get a Second Opinion
CHAPTER 9 Negotiating Deals That Earn Big Profits
Real Profits Don't Come from Playing Games
Develop the Right Approach
Winning Over the Seller Leads to Winning Negotiations
Don't Play Games if You Want Real Benefits
The Three Most Important Buyer Objectives
Your Chief Negotiating Tool
It's Always Best to Let the Seller Participate
Verify the Actual Expenses
Favorite Concessions for Buyers to Ask For
Typical Negotiations Work Like This
Successful Negotiations Put Money in Your Pocket
CHAPTER 10 Good Realty Agents Don't Cost You Money-They Help You Make It
How to Find an Agent Who's Right for You
Five Important Benefits an Agent Provides
No-No's to Avoid if You Expect Loyalty
Your Real Estate Agent Can Help You Build Wealth
CHAPTER 11 Jay's Moneymaker Foo-Foo Fix-Up Strategy: What to Fix and What to Leave Alone
Don't Fix Things That Don't Pay You Back
Most Buyers and Renters Lack Vision
What You See Counts for Everything
My Two-Part Fix-Up Strategy
What You See Is the Foo-Foo
The Foo-Foo Cover-Up Strategy Exposed
Sizzle Fix-Ups Offer the Biggest Profits
Houses with All the Right Things Wrong
The Fix-Up Revolution-Made to Fit and Ready to Use
How to Estimate What the Job Will Cost
Knowing What to Fix
Recovering Fix-Up Costs
Keep Your Eye on the Ball
CHAPTER 12 The Ingredients of a Super Deal : The Hillcrest Cottages
Creating Equity with Very Little Cash
Hillcrest Cottages-a Million Dollar Problem
Knowing the Real Reason for Selling Is a Big Advantage
Hillcrest Purchase: Zero Cash Down
The Hillcrest Cottages Transaction
Fixing Up Hillcrest Cottages
Selling the Fixed-Up Hillcrest Cottages
Removing the Risk from a "No-Down" Sale
PART II CREATIVE TECHNIQUES AND FINANCING
CHAPTER 13 Where Do All the Profits Come From?
Playing the Appreciation Game
The Magic of Compounding
Four Ingredients That Produce Profits
Leverage Lets You Soar with the Eagles
Not Everything Can Be Measured in Dollars
Brain Compounding Can Increase Your Wealth
Don't Walk Away from Your Gold Mine
CHAPTER 14 Investing with Others: Small Partnerships
Why Would Anyone Want a Partnership?
Partnerships Must Be Based on Mutual Needs
Looking for Partners: The Selection Process
How to Find a Money Partner
Jay's 60/40 Rule for Investing with a Money Partner
A Simple A-B Partnership Plan
Alternative Partnership Plan: Option to Purchase
A Tenants-in-Common Partnership
A Partnership Design Is Negotiable
The Partnership Promise: A Co-Ownership Agreement
Never Invest Without a Written Agreement
Finding Money When You Don't Have Any
A Sample Co-Ownership Agreement
CHAPTER 15 Jay's 90/10 Money Partner Plan for Cash-Poor Investors
How the 90/10 Plan Works
For Just 10 Percent Cash, I Receive 50 Percent Profit
High Returns and Buying Power Are Keys to the Plan
Contributions Are Equal for Both Investors
The Main Street Apartments: An Ideal 90/10 Partnership
Give More of Yourself Than You Expect in Return
CHAPTER 16 The Making of a Million Dollar Property
1. Five or More Detached Units
2. Run-Down, Older, Semi-Ugly-Looking Units
3. Safe, Nonslum Neighborhood
4. Mostly Occupied with Renters
5. Properties with Multiple Private Mortgages
6. Below-Market Rents
7. Good Isolation Factor
8. A Property with the Right Things Wrong
9. Nonconforming Zoning-Fish in Wrong Pond
10. Out-of-Town Owners
11. Signs of Unruly, Disruptive Tenants
12. Motivated Sellers Mean Big Discounts
CHAPTER 17 The Haywood Houses: A Textbook Fixer-Upper
Classified Ads Can Sometimes Lead to the Gold Mine
Find What You're Looking for and Act Quickly
Fixing People Problems Is Worth Big Bucks
Flexible Sellers Provide High-Profit Opportunities
Good Financing Sets the Stage for Big Profits
Looking for Loans in All the Wrong Places
Fixer Skills Turn Ugly Duckling into Beautiful Swan
To Make Big Money You Need a Profit Plan
The End of a Very Profitable Season and a Great Suntan
Waiting for "Mr. Good Buyer"
CHAPTER 18 Jay's Money Stretcher Techniques
The Only Limits Are Your Imagination
Saving Money at Closing Time
Trades of Some Kind Are Always Possible
Run-Down Properties and Distressed Sellers
You Don't Dance with Real Estate-You Dance with People
Givin' Away Braggin' Rights for Better Terms
Overcoming Buyer's Remorse
The Last Down Payment You'll Ever Pay
Large Equities Are Like Money in the Bank
CHAPTER 19 Creative Financing Without Banks
Closing Escrow Without a Lender
Agents Don't Care Much for Seller Financing
There's Safety Dealing with Sellers
Financing Can Make You Rich-Just Like Equity
For Buying and Selling, Financing Is Important
Sellers Want to Look You in the Eye
Seller Financing Is Always Personal
Creative Offers Mean You Must Create Them
A Property with All the Right Things Wrong
Buying Property Based on Its Current Income
Overestimating Your Ability to Pay the Mortgage
Keep the Mortgage Payment Fixed in Your Mind
When and How Much
Achieving Positive Leverage Is a Must
Negotiating the Interest Rate Is Often Better Than Fighting over Price
How Agents Can Help You with Sellers
Sellers Must Feel Comfortable with You
Understanding the Seller's Plans
Jay's Alternative Financing Plan
CHAPTER 20 Buying Back Mortgage Debt for Bonus Profits
Setting the Stage for Discount Profits
Look for Property with Private Mortgages
Most Sellers Would Rather Have Cash
When and How to Talk About Discounting the Mortgage
Jay's Red Mustang Strategy
Where Your Negotiating Skills Will Earn the Biggest Profit
Timing Is Critical: Buy Back the Mortgage After Purchasing the Property
Factors That Motivate Sellers to Give Discounts
The Top Reasons Why Mortgage Holders Sell for Discounts
Finding the Right Mortgages Is Well Worth the Search
A Note-Buying Strategy Requires Detective Work
Jay's Christmas Letter Generates Year-Round Profits
Value, Like Beauty, Is in the Eye of the Note Holder
Investors Need a Healthy Financial Diet
CHAPTER 21 Seller Financing Gives the Buyer Total Control
Control Determines Winners and Losers
Seller Financing Is Never Out of Style
Benefits Have Different Values
High Probability of Buying Back My Debt
Why Terms Are More Important Than Price
Creativity Flourishes with People
Leasing with an Option Is Backdoor Financing
Education Is the Key to Creativity
Traditional Financing Limits Opportunity
The Shelving Equity Technique
Good Deals Require Preparation
Property Selection Is the Key
Multiple Units and Seller Financing Go Together
CHAPTER 22 Carrybacks and Wraps When It's Time to Sell
Arranging Your Financial Affairs
Cash Sales Don't Net the Highest Profits
Installment Sales Fetch Higher Prices
Selling for Top Price and Interest Income
Selling Requires Smart Planning
Wraparounds Provide Safety and Profits
Retiring Sellers Must Be Concerned with Safety
Sleep Better with Additional Collateral
Using What You Have to Get What You Want
Key Benefits of Using Wraparounds
CHAPTER 23 Millionaire Magic-Buy, Fix, and Hold
Flipping Is Today's New Gold Rush
Keep Your Chickens and Collect the Eggs
My Million-Dollar Keeper
Nurturing Six Little Houses
Becoming a Financial Arranger for Life
Collecting Rents Builds Wealthy Investors
Adding Up the Money
CHAPTER 24 Testimony from a Successful Career Changer
Fulfilling a Lifetime Dream
Sandstone Highway-Creating My Own Monopoly Game with Real Money
Good Deals Aren't Found-They're Created
Specialization Moves You into the Fast Lane
Was I Successful? You Be the Judge
Fairmont Way Property
Fairmont Way Property Keeps on Giving
The Right Properties Provide Maximum Benefits
Closing Words from Fixer Jay
The Wealth-Building Opportunity of a Lifetime
APPENDIX A Income Property Analysis Form
APPENDIX B Typical Property Sketch
APPENDIX C Offer-to-Purchase Letter
APPENDIX D Gross Rent Multiplier Chart-Jay's Town
APPENDIX E Property Inspection Sheet
APPENDIX F Seminars and Educational Study Courses
Index

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