Profitable Real Estate Investing

by Woodson, R. Dodge

ISBN13: 9780793131808

ISBN10: 0793131804

Format: Paperback

Pub. Date: 1999-05-01

Publisher(s): Real Estate Education Co

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Summary

Focused primarily on residential real estate investing, Woodson delivers a step-by-step plan, in a conversational tone, for the novice investor to become involved successfully in real estate purchases, fix-ups, sales, and rentals. Tried and true investment and assessment techniques developed by the author through years of experience will allow readers to clearly understand and potentially reduce the risks of any real estate investment.

Author Biography

Roger Woodson is a respected real estate professional and highly regarded professional writer with more than 20 years' experience as a real estate investor. He is licensed as a designated broker and owns Expert Realty Services, a buyer's broker agency and real estate consulting firm. In addition, Mr. Woodson has extensive experience as a homebuilder, remodeling contractor, land developer, and property manager. He is also the author of Complete Guide to Buying Your First Home (Betterway).

Preface	p. xi
Why Invest in Real Estate?	p. 1
Real Estate Values Have Withstood the Tests of Time	p. 1
Real Estate Investments Grow by Compound Value	p. 5
Real Estate Is an Excellent Hedge against Inflation	p. 6
Use Existing Real Estate to Finance Your Purchase	p. 8
Build Wealth for Retirement	p. 10
Creating a Diversified Portfolio	p. 13
Developing an Investment Strategy	p. 14
Explore Your Financial Needs	p. 15
Selecting Your First Properties	p. 17
Mixing and Matching for Diversity	p. 20
Should You Be a Real Estate Investor?	p. 23
Is Real Estate Right for You?	p. 24
What Are Your Goals?	p. 26
How Much Effort Will You Invest?	p. 29
What Is Your Personality Profile?	p. 31
Becoming an Astute Investor	p. 32
Short-Term Money Makers	p. 35
Property Types That Can Earn Big Money	p. 35
Finding Quick-Flip Deals	p. 37
How Much Risk Will You Accept?	p. 40
"Fast" Is a Relative Term	p. 41
Earn while You Learn	p. 42
Midterm Keepers	p. 43
Making a Commitment to Hold onto Real Estate	p. 44
Three-Year Plan	p. 46
Five-Year Plan	p. 47
Seven-Year Plan	p. 48
Evaluating a Midterm Keeper's Potential	p. 49
Buy It--Retire with It	p. 53
Why Invest in Keepers?	p. 54
How to Recognize a Keeper	p. 54
Finding Hidden Treasurer	p. 56
Negotiating the Purchase of Prime Properties	p. 58
Take Baby Steps When Buying Keepers	p. 60
You Can Invest on a Shoestring	p. 63
No Money Down: An Investor's Dream	p. 64
Using Money without Spending It	p. 66
Making a Low Down Payment	p. 67
When an Owner Finances the Sale	p. 69
Leaving the Closing with Money in Your Pocket	p. 70
Forming Partnerships to Conserve Capital	p. 71
Highly Leveraged Deals	p. 73
Investing in Detached Single-Family Homes	p. 75
Houses Can Be Great Places to Live	p. 76
Advantages to Buying Single-Family Homes	p. 77
Houses Can Generate Negative Cash Flow	p. 78
Establishing Rent-to-Buy Programs	p. 80
Pros and Cons of Managing Detached Homes	p. 81
Use Your Own Home as a Springboard to Success	p. 82
Condos and Co-Ops as Investment Property	p. 85
what's the Difference?	p. 86
Condos and Co-ops vs. Other Forms of Ownership	p. 86
Condos and Co-ops: Not a Good Place to Start	p. 91
Investing in Duplexes	p. 93
Advantages to Owning Duplexes	p. 94
Living Next Door to Your Tenants	p. 96
Moving up the Real Estate Ladder	p. 98
Duplexes Sell Like Hotcakes	p. 99
Three-Unit and Four-Unit Buildings: Ideal First Investments	p. 101
Pros and Cons of Triplexes and Quads	p. 102
Buy It Like a House	p. 104
Seeking Positive Cash Flow	p. 106
Less Risk with Small Rental Properties	p. 108
Small Rental Properties Are Serious Investments	p. 108
Five-Unit and Ten-Unit Buildings	p. 111
The Big Leagues: Pros and Cons	p. 112
Large Rental Properties Mean Serious Money	p. 114
Creative Financing Options	p. 115
Bigger Buildings, Bigger Risk?	p. 116
Moving up to Large Rental Properties	p. 117
Fixer-Uppers Can Be Gold Mines	p. 119
Working with Your Own Hands	p. 121
To Be or Not to Be a General Contractor	p. 122
Finding Fixer-Uppers with Outstanding Potential	p. 124
Financing Rundown Property	p. 126
Cost Overruns Ruin Projects	p. 128
Selling in the Dust	p. 129
Making Money with Conversion Properties	p. 131
Looking beneath the Surface	p. 132
Do Your Homework	p. 133
Having the Vision to See a Project Through	p. 135
Sell It or Lease It?	p. 136
One of the Biggest Money Makers	p. 138
Cost-Effective Building Improvements	p. 141
Increasing the Return on an Investment	p. 142
Defining the Term	p. 142
When You Make the Wrong Improvements	p. 144
Special Improvement Programs	p. 146
Undertaking Cosmetic Improvements	p. 147
Major Remodeling Can Be Risky	p. 148
Building Relationships with Real Estate Brokers	p. 151
Should You Work with a Broker?	p. 152
Role of Real Estate Brokers	p. 155
Hooking up with the Right Brokers	p. 157
Buying from a Seller's Broker	p. 158
The Reality of a Purchase	p. 159
You Can Be Your Own Broker	p. 161
If You Go It Alone in the Real Estate Jungle	p. 162
Perfecting Your Skills as a Real Estate Investor	p. 164
Running Your Own Property Searches	p. 165
Closing on a Real Estate Deal	p. 167
Selling Your Own Properties	p. 168
Site Visits and Inspections	p. 171
Take an Active Role in Property Inspections	p. 172
Valuable Property Inspection Tools	p. 173
Tip-Offs to Troubled Buildings	p. 174
Potential Maintenance and Structural Problems	p. 175
Outdoor Features Affect a Building's Value	p. 177
Problems Equal Negotiating Power	p. 178
Assessing Potential Investments	p. 181
Narrowing the Field of Potential Properties	p. 182
Demographic Studies: Do You Need Them?	p. 183
Crunching a Property's Numbers	p. 184
Talk to Real Estate Players	p. 186
Using Historical Data to Make Buying Decisions	p. 187
Building Inspections--A Wise Investment	p. 189
Bringing in Experts to Inspect a Property	p. 190
Hire a Reputable Inspection Firm	p. 191
Types of Property Inspectors: Specialists vs. Generalists	p. 193
How to Read Inspection Reports	p. 194
Using Inspection Reports as Bargaining Chips	p. 195
Before You Close on a Property	p. 196
Financing	p. 199
The Two Most Common Types of Financing: Fixed-Rate and Adjustable-Rate	p. 200
Other Types of Financing Available	p. 204
Structuring Financing for Various Property Types	p. 207
Buyer-Friendly Financing	p. 211
Consider Creating a Partnership	p. 212
Using Financing to Control Expenses	p. 214
Managing Properties--Without Headaches	p. 215
Management Firms: The Easy Way Out	p. 215
The Do-It-Yourself Approach to Management	p. 217
Finding New Tenants	p. 218
Keeping Good Tenants	p. 221
Insurance--A Cost of Doing Business	p. 223
Maintain Good Records	p. 226
Glossary	p. 227
Resources	p. 237
Index	p. 243
Table of Contents provided by Syndetics. All Rights Reserved.