{"product_id":"investing-in-real-estate-isbn-9781118172971","title":"Investing in Real Estate","description":"\u003cp\u003e\u003cb\u003eThe bestselling guide to real estate, newly revised for today’s investors\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMore than ever, investing in property today will set you on track to conquer financial uncertainty and build your long-term net worth. \u003ci\u003eInvesting in Real Estate, Seventh Edition\u003c\/i\u003e offers dozens of experience- proven methods to convert these challenging times into the best of times. \u003c\/p\u003e\u003cp\u003eWhether you want to \u003cb\u003efix and sell or buy, improve, and hold,\u003c\/b\u003e market savvy real estate investor Gary W. Eldred shows you how to achieve your goals. He provides time-tested ways to grow a profitable portfolio and shows you how property investing can deliver twenty-two sources of financial return. You’ll learn how to negotiate like a pro, read market trends, and choose from multiple possibilities to finance your properties. This timely new edition also includes: \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eHistorical context to emphasize how bargain prices and near record low interest rates now combine to offer unprecedented potential for short- and long-term profits\u003c\/li\u003e \u003cli\u003e Successfully navigate and meet today’s loan underwriting standards \u003c\/li\u003e\n\u003cli\u003e How to obtain discounted property prices from banks, underwater owners, and government agencies \u003c\/li\u003e \u003cli\u003e How to value properties accurately—and, when necessary, intelligently challenge poorly prepared lender appraisals \u003c\/li\u003e \u003cli\u003eEffective techniques to acquire REOs and short sales on favorable terms within reasonable time frames \u003c\/li\u003e \u003cli\u003e How to market and manage your properties to outperform other investors\u003c\/li\u003e \u003cli\u003e  And much more!\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003eJoin the pros who are profiting from today’s market. All you need is the knowledge edge provided by \u003ci\u003eInvesting in Real Estate, Seventh Edition\u003c\/i\u003e—the most favored and reliable guide to gaining the rewards that real estate offers. \u003c\/p\u003e\u003cp\u003eAcknowledgments xix\u003c\/p\u003e \u003cp\u003ePrologue: Invest in Property Now xxi\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Achieve a Prosperous Future: 22 Ways You Can Earn Profits with Property 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e22 Sources of Profit from Investment Property 2\u003c\/p\u003e \u003cp\u003eWill the Property Experience Price Gains from Appreciation? 2\u003c\/p\u003e \u003cp\u003eWill You Gain Price Increases from Inflation? 4\u003c\/p\u003e \u003cp\u003eEarn Good Returns from Cash Flows 5\u003c\/p\u003e \u003cp\u003eMagnify Your Equity Gains with Leverage 5\u003c\/p\u003e \u003cp\u003eMagnify Returns from Cash Flows with Leverage 6\u003c\/p\u003e \u003cp\u003eBuild Wealth through Mortgage Payoff 7\u003c\/p\u003e \u003cp\u003eOver Time, Returns from Rents Go Up 7\u003c\/p\u003e \u003cp\u003eRefinance to Lift Your Cash Flows 9\u003c\/p\u003e \u003cp\u003eRefinance to Pocket Cash 10\u003c\/p\u003e \u003cp\u003eBuy at a Below-Market Price 11\u003c\/p\u003e \u003cp\u003eSell at an Above-Market-Value Price 11\u003c\/p\u003e \u003cp\u003eCreate Property Value through Smarter Management 12\u003c\/p\u003e \u003cp\u003eCreate Value with a Savvy Market Strategy 12\u003c\/p\u003e \u003cp\u003eCreate Value: Improve the Location 13\u003c\/p\u003e \u003cp\u003eConvert from Unit Rentals to Unit Ownership 13\u003c\/p\u003e \u003cp\u003eSubdivide Your Bundle of Property Rights 14\u003c\/p\u003e \u003cp\u003eSubdivide the Physical Property (or Space within a Property) 15\u003c\/p\u003e \u003cp\u003eCreate Plottage (or Assemblage) Value 16\u003c\/p\u003e \u003cp\u003eObtain Development or Redevelopment Rights 16\u003c\/p\u003e \u003cp\u003eDiversify Away from Financial Assets 18\u003c\/p\u003e \u003cp\u003eIs Property Your Best Investment Choice? 18\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Opm: Borrow Smart, Raise Cash, Build Equity 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Birth of “Nothing Down” 22\u003c\/p\u003e \u003cp\u003eShould You Invest with Little or No Cash or Credit? 23\u003c\/p\u003e \u003cp\u003eWhat’s Wrong with “No Cash, No Credit, No Problem”? 23\u003c\/p\u003e \u003cp\u003eLeverage: Pros and Cons 26\u003c\/p\u003e \u003cp\u003eWhat Are Your Risk-Return Objectives? 32\u003c\/p\u003e \u003cp\u003eMaximize Leverage with Owner-Occupancy Financing 33\u003c\/p\u003e \u003cp\u003eOwner-Occupied Buying Strategies 34\u003c\/p\u003e \u003cp\u003eCurrent Homeowners, Too, Can Use This Method 34\u003c\/p\u003e \u003cp\u003eWhy One Year? 34\u003c\/p\u003e \u003cp\u003eWhere Can You Find High-LTV Owner-Occupied Mortgages? 35\u003c\/p\u003e \u003cp\u003eWhat Are the Loan Limits? 35\u003c\/p\u003e \u003cp\u003eHigh Leverage for Investor-Owner Financing 37\u003c\/p\u003e \u003cp\u003eHigh Leverage versus Low (or No) Down Payment 37\u003c\/p\u003e \u003cp\u003eCreative Finance Revisited 37\u003c\/p\u003e \u003cp\u003eAre High-Leverage Creative-Finance Purchases Readily Available? 45\u003c\/p\u003e \u003cp\u003eBuild Confi dence with Lenders, Investors, Sellers, and Sales Agents 46\u003c\/p\u003e \u003cp\u003eCredit Scores and Credit Record 48\u003c\/p\u003e \u003cp\u003eCapacity (Monthly Income) 48\u003c\/p\u003e \u003cp\u003eCash Reserves and Source of Down Payment 50\u003c\/p\u003e \u003cp\u003eCollateral 51\u003c\/p\u003e \u003cp\u003eLoan-to-Value Ratios 51\u003c\/p\u003e \u003cp\u003eRecourse to Other Assets or Income 52\u003c\/p\u003e \u003cp\u003eCharacter 53\u003c\/p\u003e \u003cp\u003eCompetence and Experience 54\u003c\/p\u003e \u003cp\u003eCompensating Factors 54\u003c\/p\u003e \u003cp\u003eAutomated Underwriting (AUS) 55\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Appraisal: Ins And Outs Of Market Value 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Is Market Value? 58\u003c\/p\u003e \u003cp\u003eSales Price Doesn’t Necessarily Equal Market Value 59\u003c\/p\u003e \u003cp\u003eUnderwriting Rules Determine the Value in LTV 59\u003c\/p\u003e \u003cp\u003eHow to Estimate Market Value 60\u003c\/p\u003e \u003cp\u003eProperty Description 61\u003c\/p\u003e \u003cp\u003eIdentify the Subject Property 68\u003c\/p\u003e \u003cp\u003eNeighborhood 68\u003c\/p\u003e \u003cp\u003eSite (Lot) Characteristics 69\u003c\/p\u003e \u003cp\u003eImprovements 70\u003c\/p\u003e \u003cp\u003eThe Cost Approach 71\u003c\/p\u003e \u003cp\u003eCalculate Cost to Build New 71\u003c\/p\u003e \u003cp\u003eDeduct Depreciation 72\u003c\/p\u003e \u003cp\u003eLot Value 73\u003c\/p\u003e \u003cp\u003eEstimate Market Value (Cost Approach) 73\u003c\/p\u003e \u003cp\u003eThe Comparable Sales Approach 75\u003c\/p\u003e \u003cp\u003eSelect Comparable Properties 75\u003c\/p\u003e \u003cp\u003eApproximate Value Range—Subject Property 76\u003c\/p\u003e \u003cp\u003eAdjust for Differences 76\u003c\/p\u003e \u003cp\u003eExplain the Adjustments 77\u003c\/p\u003e \u003cp\u003eThe GRM Income Approach 78\u003c\/p\u003e \u003cp\u003eIncome Capitalization 80\u003c\/p\u003e \u003cp\u003eNet Operating Income 80\u003c\/p\u003e \u003cp\u003eEstimate Capitalization Rates (R) 83\u003c\/p\u003e \u003cp\u003eCompare Cap Rates 84\u003c\/p\u003e \u003cp\u003eRelative Prices: The Paradox of Risk and Appreciation (Depreciation) 85\u003c\/p\u003e \u003cp\u003eValuation Methods: Summing Up 86\u003c\/p\u003e \u003cp\u003eAppraisal Limiting Conditions 87\u003c\/p\u003e \u003cp\u003eValuation versus Investment Analysis 87\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Maximize Cash Flows and Grow Your Equity 89\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWill the Property Yield Good Cash Flows? 89\u003c\/p\u003e \u003cp\u003eArrange Alternative Terms of Financing 91\u003c\/p\u003e \u003cp\u003eDecrease (or Increase) Your Down Payment 92\u003c\/p\u003e \u003cp\u003eBuy at a Bargain Price 94\u003c\/p\u003e \u003cp\u003eShould You Ever Pay More than Market Value for a Property? 95\u003c\/p\u003e \u003cp\u003eThe Debt Coverage Ratio 97\u003c\/p\u003e \u003cp\u003eNumbers Change, Principles Remain 97\u003c\/p\u003e \u003cp\u003eWill the Property Yield Profi table Increases in Price? 98\u003c\/p\u003e \u003cp\u003eLow-Involvement versus High-Involvement Investing 99\u003c\/p\u003e \u003cp\u003eCompare Relative Prices of Neighborhoods (Cities) 100\u003c\/p\u003e \u003cp\u003eUndervalued Neighborhoods and Cities 101\u003c\/p\u003e \u003cp\u003eBeverly Hills versus Watts (South Central Los Angeles) 101\u003c\/p\u003e \u003cp\u003eDemographics 103\u003c\/p\u003e \u003cp\u003eAccessibility (Convenience) 103\u003c\/p\u003e \u003cp\u003eImproved (Increased) Transportation Routes 104\u003c\/p\u003e \u003cp\u003eJobs and Economic Base 104\u003c\/p\u003e \u003cp\u003eTaxes, Services, and Fiscal Solvency 105\u003c\/p\u003e \u003cp\u003eNew Construction, Renovation, and Remodeling 106\u003c\/p\u003e \u003cp\u003eLand-Use Laws 106\u003c\/p\u003e \u003cp\u003ePride of Place 107\u003c\/p\u003e \u003cp\u003eSales and Rental Trends 107\u003c\/p\u003e \u003cp\u003eSumming Up 109\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Pay Less Than Market Value 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Properties Sell for Less (or More) than Market Value 112\u003c\/p\u003e \u003cp\u003eOwners in Distress 113\u003c\/p\u003e \u003cp\u003eThe Grass-Is-Greener Sellers 114\u003c\/p\u003e \u003cp\u003eStage-of-Life Sellers 115\u003c\/p\u003e \u003cp\u003eSeller Ignorance 116\u003c\/p\u003e \u003cp\u003ePrepare Screening Criteria 117\u003c\/p\u003e \u003cp\u003eBargain Sellers 118\u003c\/p\u003e \u003cp\u003eNetworking\/Get the Word Out\/Social Media 118\u003c\/p\u003e \u003cp\u003eNewspapers and Other Publications 119\u003c\/p\u003e \u003cp\u003eCold Call Owners 119\u003c\/p\u003e \u003cp\u003eAgent Services 121\u003c\/p\u003e \u003cp\u003eInternet Listings 124\u003c\/p\u003e \u003cp\u003eSeller Disclosures 124\u003c\/p\u003e \u003cp\u003eThe Disclosure Revolution 125\u003c\/p\u003e \u003cp\u003eIncome Properties 126\u003c\/p\u003e \u003cp\u003eSummary 126\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Profit with Foreclosures 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Foreclosure Process 128\u003c\/p\u003e \u003cp\u003eLender Tries to Resolve Problem 128\u003c\/p\u003e \u003cp\u003eFiling Legal Notice 128\u003c\/p\u003e \u003cp\u003eThe Foreclosure Sale 129\u003c\/p\u003e \u003cp\u003eREOs 129\u003c\/p\u003e \u003cp\u003eBuy Preforeclosures from Distressed Owners 130\u003c\/p\u003e \u003cp\u003eApproach Owners with Empathy 131\u003c\/p\u003e \u003cp\u003eThe Difficulties of Dealing Profitably with Owners in Default 131\u003c\/p\u003e \u003cp\u003ePrequalify Homeowners and Properties 134\u003c\/p\u003e \u003cp\u003eFinding Homeowners in Default (Prefiling) 135\u003c\/p\u003e \u003cp\u003eNetworking 135\u003c\/p\u003e \u003cp\u003eMortgage Collections Personnel 135\u003c\/p\u003e \u003cp\u003eDrive Neighborhoods 136\u003c\/p\u003e \u003cp\u003eFind Homeowners (Postfiling) 136\u003c\/p\u003e \u003cp\u003eCultivate a Relationship with Property Owners 137\u003c\/p\u003e \u003cp\u003eTwo More Issues 137\u003c\/p\u003e \u003cp\u003eVacant Houses 139\u003c\/p\u003e \u003cp\u003eSatisfy Lenders and Lien Holders 140\u003c\/p\u003e \u003cp\u003eAll Parties Are Better Off 141\u003c\/p\u003e \u003cp\u003eWin by Losing Less 142\u003c\/p\u003e \u003cp\u003eProfi t from the Foreclosure Auction 142\u003c\/p\u003e \u003cp\u003eWhy Foreclosures Sell for Less than Market Value 143\u003c\/p\u003e \u003cp\u003eMake the Adverse Sales Efforts Work for You 144\u003c\/p\u003e \u003cp\u003eHow to Arrange Financing 145\u003c\/p\u003e \u003cp\u003eThe Foreclosure Sale: Summing Up 146\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Profit from Reos and other Bargain Sales 147\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSad for Sellers and Builders, Bargains for You 147\u003c\/p\u003e \u003cp\u003eHow to Find REOs 148\u003c\/p\u003e \u003cp\u003eFollow Up with Lenders after Foreclosure Sales 148\u003c\/p\u003e \u003cp\u003eLocate Specialty Realtors 149\u003c\/p\u003e \u003cp\u003eHUD Homes and Other HUD Properties 150\u003c\/p\u003e \u003cp\u003eHomeowners versus Investors 151\u003c\/p\u003e \u003cp\u003eAs-Is Condition 151\u003c\/p\u003e \u003cp\u003ePotential Conflict of Interest 152\u003c\/p\u003e \u003cp\u003eBuyer Incentives 153\u003c\/p\u003e \u003cp\u003eThe Bid Package 153\u003c\/p\u003e \u003cp\u003eDepartment of Veterans Affairs (REOs) 153\u003c\/p\u003e \u003cp\u003eBig Advantages for Investors 154\u003c\/p\u003e \u003cp\u003eFannie Mae and Freddie Mac REOs 155\u003c\/p\u003e \u003cp\u003eAgent Listings 156\u003c\/p\u003e \u003cp\u003eInvestors Invited 156\u003c\/p\u003e \u003cp\u003eFederal Government Auctions 157\u003c\/p\u003e \u003cp\u003eBuy from Foreclosure Speculators 157\u003c\/p\u003e \u003cp\u003eProbate and Estate Sales 158\u003c\/p\u003e \u003cp\u003eProbate 158\u003c\/p\u003e \u003cp\u003eEstate Sales 158\u003c\/p\u003e \u003cp\u003ePrivate Auctions 159\u003c\/p\u003e \u003cp\u003eHow to Find Auctions 160\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Profit by Creating Value 163\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFix, Sell, Profit! 163\u003c\/p\u003e \u003cp\u003eYour Fixer-Upper Search 164\u003c\/p\u003e \u003cp\u003eThe Browns Create Value in a Down Market 165\u003c\/p\u003e \u003cp\u003eResearch, Research, Research 166\u003c\/p\u003e \u003cp\u003eImprovement Possibilities 167\u003c\/p\u003e \u003cp\u003eDeep Clean the Property 167\u003c\/p\u003e \u003cp\u003eAdd Pizzazz with Color Schemes, Decorating Patterns, and Fixtures 168\u003c\/p\u003e \u003cp\u003eCreate Usable Space 168\u003c\/p\u003e \u003cp\u003eCreate a View 169\u003c\/p\u003e \u003cp\u003eCapitalize on Owner Nearsightedness 170\u003c\/p\u003e \u003cp\u003eEliminate a Negative View 170\u003c\/p\u003e \u003cp\u003eEnhance the Unit’s Natural Light 171\u003c\/p\u003e \u003cp\u003eReduce Noise 171\u003c\/p\u003e \u003cp\u003eRequired Repairs and Improvements 172\u003c\/p\u003e \u003cp\u003ePlumbing 172\u003c\/p\u003e \u003cp\u003eElectrical System 172\u003c\/p\u003e \u003cp\u003eHeating and Air Conditioning 173\u003c\/p\u003e \u003cp\u003eWindows 173\u003c\/p\u003e \u003cp\u003eAppliances 173\u003c\/p\u003e \u003cp\u003eWalls and Ceilings 173\u003c\/p\u003e \u003cp\u003eDoors and Locks 174\u003c\/p\u003e \u003cp\u003eLandscaping 174\u003c\/p\u003e \u003cp\u003eStorage Areas 174\u003c\/p\u003e \u003cp\u003eClean Well 174\u003c\/p\u003e \u003cp\u003eSafety and Health 175\u003c\/p\u003e \u003cp\u003eRoofs 175\u003c\/p\u003e \u003cp\u003eImprovements and Alterations 175\u003c\/p\u003e \u003cp\u003eYou Can Improve Everything about a Property—Including Its Location 175\u003c\/p\u003e \u003cp\u003eSouth Beach: From Derelicts to Fashion Models 176\u003c\/p\u003e \u003cp\u003eCommunity Action and Community Spirit Make a Difference 177\u003c\/p\u003e \u003cp\u003eNeighborhoods Offer Potential 177\u003c\/p\u003e \u003cp\u003eWhat Types of Improvements Pay the Greatest Returns? 178\u003c\/p\u003e \u003cp\u003eHow Much Should You Budget for Improvements? 179\u003c\/p\u003e \u003cp\u003eBeware of Overimprovement 179\u003c\/p\u003e \u003cp\u003eOther Benefits 180\u003c\/p\u003e \u003cp\u003eNo-No Improvements? 180\u003c\/p\u003e \u003cp\u003eBudgeting for Resale Profits 181\u003c\/p\u003e \u003cp\u003eEstimate the Sales Price First 181\u003c\/p\u003e \u003cp\u003eEstimate Costs 181\u003c\/p\u003e \u003cp\u003eFuture Sales Price – (Costs + Profi t) = Maximum Acquisition Price 182\u003c\/p\u003e \u003cp\u003eComply with Laws and Regulations 183\u003c\/p\u003e \u003cp\u003eShould You Buy a Fixer-Upper? 184\u003c\/p\u003e \u003cp\u003eToo Little Time? 184\u003c\/p\u003e \u003cp\u003ePut Your Creativity to Work 185\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 More Techniques to Profit With Property 187\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLease Options 187\u003c\/p\u003e \u003cp\u003eHere’s How Lease Options Work 188\u003c\/p\u003e \u003cp\u003eBenefits to Tenant-Buyers (an Eager Market) 188\u003c\/p\u003e \u003cp\u003eBenefits to Investor-Sellers 190\u003c\/p\u003e \u003cp\u003eThe Lease Option Sandwich 191\u003c\/p\u003e \u003cp\u003eHow to Find Lease Option Buyers and Sellers 192\u003c\/p\u003e \u003cp\u003eA Creative Beginning with Lease Options (for Investors) 192\u003c\/p\u003e \u003cp\u003eLease Purchase Agreements 193\u003c\/p\u003e \u003cp\u003e\u003ci\u003eSeems\u003c\/i\u003e More Defi nite 193\u003c\/p\u003e \u003cp\u003eAmount of the Earnest Money (Option) Deposit 194\u003c\/p\u003e \u003cp\u003eContingency Clauses 194\u003c\/p\u003e \u003cp\u003eConversions 194\u003c\/p\u003e \u003cp\u003eCondominium Conversion 195\u003c\/p\u003e \u003cp\u003eConvert Apartments to Office Space 196\u003c\/p\u003e \u003cp\u003eTenants in Common 197\u003c\/p\u003e \u003cp\u003eMaster Leases 198\u003c\/p\u003e \u003cp\u003eAssignments: Flipping Purchase Contracts 200\u003c\/p\u003e \u003cp\u003eSummary 202\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Negotiate a Win-Win Purchase Agreement 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWin-Win Principles 204\u003c\/p\u003e \u003cp\u003eThe Purchase Contract 207\u003c\/p\u003e \u003cp\u003eNames of the Parties 208\u003c\/p\u003e \u003cp\u003eSite Description 208\u003c\/p\u003e \u003cp\u003eBuilding Description 208\u003c\/p\u003e \u003cp\u003ePersonal Property 209\u003c\/p\u003e \u003cp\u003ePrice and Financing 210\u003c\/p\u003e \u003cp\u003eEarnest Money Deposit 210\u003c\/p\u003e \u003cp\u003eQuality of Title 211\u003c\/p\u003e \u003cp\u003eProperty Condition 212\u003c\/p\u003e \u003cp\u003ePreclosing Property Damage (Casualty Clause) 212\u003c\/p\u003e \u003cp\u003eClosing (Settlement) Costs 213\u003c\/p\u003e \u003cp\u003eClosing and Possession Dates 214\u003c\/p\u003e \u003cp\u003eLeases 214\u003c\/p\u003e \u003cp\u003eContingency Clauses 216\u003c\/p\u003e \u003cp\u003eAssignment and Inspection 217\u003c\/p\u003e \u003cp\u003ePublic Records 217\u003c\/p\u003e \u003cp\u003eSystems and Appliances 218\u003c\/p\u003e \u003cp\u003eEnvironmental Hazards 218\u003c\/p\u003e \u003cp\u003eNo Representations 218\u003c\/p\u003e \u003cp\u003eDefault Clause 219\u003c\/p\u003e \u003cp\u003eSummary 221\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Strategic Management Builds Equity 225\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe 10:1 Rule (More or Less) 225\u003c\/p\u003e \u003cp\u003eThink First 226\u003c\/p\u003e \u003cp\u003eKnow Yourself 227\u003c\/p\u003e \u003cp\u003eKnow Your Finances 228\u003c\/p\u003e \u003cp\u003eKnow Your Capabilities 228\u003c\/p\u003e \u003cp\u003eSmart Strategic Decisions 229\u003c\/p\u003e \u003cp\u003eTailor Strategy to Local Markets 229\u003c\/p\u003e \u003cp\u003eCraig Wilson’s Profi t-Boosting Market Strategy 229\u003c\/p\u003e \u003cp\u003eHow Craig Wilson Used Market Information to Enhance Profitability 232\u003c\/p\u003e \u003cp\u003eResults 236\u003c\/p\u003e \u003cp\u003eCut Operating Expenses 236\u003c\/p\u003e \u003cp\u003eEnergy Audits 237\u003c\/p\u003e \u003cp\u003eProperty Insurance 237\u003c\/p\u003e \u003cp\u003eMaintenance and Repair Costs 240\u003c\/p\u003e \u003cp\u003eProperty Taxes and Income Taxes 241\u003c\/p\u003e \u003cp\u003eAdd Value: Closing Words 241\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Develop the Best Lease 243\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Mythical Standard Lease 243\u003c\/p\u003e \u003cp\u003eYour Market Strategy 243\u003c\/p\u003e \u003cp\u003eSearch for Competitive Advantage 245\u003c\/p\u003e \u003cp\u003eCraft Your Rental Agreement 246\u003c\/p\u003e \u003cp\u003eNames and Signatures 246\u003c\/p\u003e \u003cp\u003eJoint and Several Liability 247\u003c\/p\u003e \u003cp\u003eGuests 247\u003c\/p\u003e \u003cp\u003eLength of Tenancy 247\u003c\/p\u003e \u003cp\u003eHoldover Tenants (Mutual Agreement) 248\u003c\/p\u003e \u003cp\u003eHoldover Tenants (without Permission) 248\u003c\/p\u003e \u003cp\u003eProperty Description 248\u003c\/p\u003e \u003cp\u003eInventory and Describe Personal Property 249\u003c\/p\u003e \u003cp\u003eRental Amounts 249\u003c\/p\u003e \u003cp\u003eLate Fees and Discounts 250\u003c\/p\u003e \u003cp\u003eMultiple Late Payments 250\u003c\/p\u003e \u003cp\u003eBounced Check Fees and Termination 250\u003c\/p\u003e \u003cp\u003eTenant “Improvements” 251\u003c\/p\u003e \u003cp\u003eOwner Access 251\u003c\/p\u003e \u003cp\u003eQuiet Enjoyment 251\u003c\/p\u003e \u003cp\u003eNoxious Odors 252\u003c\/p\u003e \u003cp\u003eDisturbing External Influences 252\u003c\/p\u003e \u003cp\u003eTenant Insurance 253\u003c\/p\u003e \u003cp\u003eSublet and Assignment 253\u003c\/p\u003e \u003cp\u003ePets 253\u003c\/p\u003e \u003cp\u003eSecurity Deposits 254\u003c\/p\u003e \u003cp\u003eYard Care 255\u003c\/p\u003e \u003cp\u003eParking, Number, and Type of Vehicles 256\u003c\/p\u003e \u003cp\u003eRepairs 256\u003c\/p\u003e \u003cp\u003eRoaches, Fleas, Ants 257\u003c\/p\u003e \u003cp\u003eNeat and Clean 257\u003c\/p\u003e \u003cp\u003eRules and Regulations 257\u003c\/p\u003e \u003cp\u003eWear and Tear 257\u003c\/p\u003e \u003cp\u003eLawful Use of Premises 258\u003c\/p\u003e \u003cp\u003eNotice 258\u003c\/p\u003e \u003cp\u003eFailure to Deliver 258\u003c\/p\u003e \u003cp\u003eUtilities, Property Taxes, Association Fees 259\u003c\/p\u003e \u003cp\u003eLiquid-Filled Furniture 259\u003c\/p\u003e \u003cp\u003eAbandonment of Property 260\u003c\/p\u003e \u003cp\u003eNonwaivers 260\u003c\/p\u003e \u003cp\u003eBreach of Lease (or House Rules) 260\u003c\/p\u003e \u003cp\u003eNo Representations (Full Agreement) 261\u003c\/p\u003e \u003cp\u003eArbitration 261\u003c\/p\u003e \u003cp\u003eAttorney Fees (Who Pays?) 261\u003c\/p\u003e \u003cp\u003eWritten Notice to Remedy 263\u003c\/p\u003e \u003cp\u003eTenants’ Rights Laws 263\u003c\/p\u003e \u003cp\u003eTenant Selection 263\u003c\/p\u003e \u003cp\u003eProperty Operations 265\u003c\/p\u003e \u003cp\u003eEvictions 265\u003c\/p\u003e \u003cp\u003eLandlording: Pros and Cons 266\u003c\/p\u003e \u003cp\u003ePossibilities, Not Probabilities 266\u003c\/p\u003e \u003cp\u003eProfessional Property Managers 266\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Create Promotions That Sell 269\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDesign a Winning Value Proposition 269\u003c\/p\u003e \u003cp\u003eYet Generic Prevails 269\u003c\/p\u003e \u003cp\u003eUSP versus WVP 270\u003c\/p\u003e \u003cp\u003eCraft Your Selling Message 272\u003c\/p\u003e \u003cp\u003eUse a Grabber Headline or Lead 273\u003c\/p\u003e \u003cp\u003eReinforce and Elaborate 273\u003c\/p\u003e \u003cp\u003eAdd Hot Buttons 273\u003c\/p\u003e \u003cp\u003eEstablish Credibility 274\u003c\/p\u003e \u003cp\u003eCompare to Substitutes 274\u003c\/p\u003e \u003cp\u003eEvoke Emotional Appeal 274\u003c\/p\u003e \u003cp\u003eReduce Perceived Risks 274\u003c\/p\u003e \u003cp\u003eMake It Easy for Prospects to Respond 275\u003c\/p\u003e \u003cp\u003eFollow Up with Your Prospects 276\u003c\/p\u003e \u003cp\u003eReach Potential Buyers 277\u003c\/p\u003e \u003cp\u003eFor Sale Signs 277\u003c\/p\u003e \u003cp\u003eFlyers and Brochures 277\u003c\/p\u003e \u003cp\u003eNetworking (Word of Mouth) 278\u003c\/p\u003e \u003cp\u003eWebsites and Links 279\u003c\/p\u003e \u003cp\u003eSales Agents 279\u003c\/p\u003e \u003cp\u003eShould You Employ a Realty Agent? 279\u003c\/p\u003e \u003cp\u003eServices to Sellers 279\u003c\/p\u003e \u003cp\u003eServices to Buyers 280\u003c\/p\u003e \u003cp\u003eCo-Op Sales 282\u003c\/p\u003e \u003cp\u003eListing Contracts 282\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Pay Less Tax 285\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Risks of Change and Complexity 285\u003c\/p\u003e \u003cp\u003eHomeowner Tax Savings 286\u003c\/p\u003e \u003cp\u003eCapital Gains without Taxes 286\u003c\/p\u003e \u003cp\u003eRules for Vacation Homes 287\u003c\/p\u003e \u003cp\u003eMortgage Interest Deductions 288\u003c\/p\u003e \u003cp\u003eCredit Card Interest 288\u003c\/p\u003e \u003cp\u003eRules for Your Home Offi ce 289\u003c\/p\u003e \u003cp\u003eDepreciation Expense 289\u003c\/p\u003e \u003cp\u003eLand Value Is Not Depreciable 289\u003c\/p\u003e \u003cp\u003eLand Values Vary Widely 290\u003c\/p\u003e \u003cp\u003eAfter-Tax Cash Flows 290\u003c\/p\u003e \u003cp\u003ePassive Loss Rules 292\u003c\/p\u003e \u003cp\u003eTaxpayers in the Real Property Business (No Passive Loss Rules) 292\u003c\/p\u003e \u003cp\u003eAlternative Minimum Tax 293\u003c\/p\u003e \u003cp\u003eCapital Gains 293\u003c\/p\u003e \u003cp\u003eA Simplified Example 293\u003c\/p\u003e \u003cp\u003eThe Installment Sale 294\u003c\/p\u003e \u003cp\u003eWhat’s the Bottom Line for Sellers? 295\u003c\/p\u003e \u003cp\u003eImplications for Buyers 295\u003c\/p\u003e \u003cp\u003eTax-Free Exchanges 296\u003c\/p\u003e \u003cp\u003eExchanges Don’t Necessarily Involve Two-Way Trades 296\u003c\/p\u003e \u003cp\u003eThe Three-Party Exchange 296\u003c\/p\u003e \u003cp\u003eExchanges Are Complex but Easy 297\u003c\/p\u003e \u003cp\u003eAre Tax-Free Exchanges Really Tax Free? 298\u003c\/p\u003e \u003cp\u003eSection 1031 Exchange Rules 299\u003c\/p\u003e \u003cp\u003eReporting Rental Income and Deductions 300\u003c\/p\u003e \u003cp\u003eTax Credits 301\u003c\/p\u003e \u003cp\u003eComplexity, Tax Returns, and Audits 303\u003c\/p\u003e \u003cp\u003eUse a Tax Pro 305\u003c\/p\u003e \u003cp\u003eProperty Taxes 306\u003c\/p\u003e \u003cp\u003eSummary 308\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 More Ideas for Profitable Investing 311\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOut-of-Area Investing 312\u003c\/p\u003e \u003cp\u003eReasons to Invest Elsewhere 312\u003c\/p\u003e \u003cp\u003eWhat about Property Management? 313\u003c\/p\u003e \u003cp\u003eTenant-Assisted Management 314\u003c\/p\u003e \u003cp\u003eProperty Management Companies 314\u003c\/p\u003e \u003cp\u003eEmerging Growth Areas 314\u003c\/p\u003e \u003cp\u003eThe Creative Class 314\u003c\/p\u003e \u003cp\u003eImplications for Investing in Real Estate 315\u003c\/p\u003e \u003cp\u003eRight Place, Right Time 315\u003c\/p\u003e \u003cp\u003eEmerging Retirement and Second-Home Areas 316\u003c\/p\u003e \u003cp\u003eWhich Cities and Areas? 316\u003c\/p\u003e \u003cp\u003eIncome Investing 317\u003c\/p\u003e \u003cp\u003eOut-of-Area Caveats 317\u003c\/p\u003e \u003cp\u003eCommercial Properties 318\u003c\/p\u003e \u003cp\u003eLow Effort Management 319\u003c\/p\u003e \u003cp\u003eThe Upside and Downside 319\u003c\/p\u003e \u003cp\u003eOpportunity for High Reward 320\u003c\/p\u003e \u003cp\u003eCommercial Leases Create (or Destroy) Value 320\u003c\/p\u003e \u003cp\u003eTriple Net (NNN) 322\u003c\/p\u003e \u003cp\u003eSelf-Storage 323\u003c\/p\u003e \u003cp\u003eMobile Home Parks 325\u003c\/p\u003e \u003cp\u003eProfitable Possibilities with Zoning 327\u003c\/p\u003e \u003cp\u003eTax Liens and Tax Deeds 327\u003c\/p\u003e \u003cp\u003eLocalities Differ 328\u003c\/p\u003e \u003cp\u003eAre Tax Liens and Tax Deeds an Easy Way to Make Big Profits? 328\u003c\/p\u003e \u003cp\u003eDiscounted Paper 328\u003c\/p\u003e \u003cp\u003eWhat Is Discounted Paper? 329\u003c\/p\u003e \u003cp\u003eHere’s How the Loan Sale Works 329\u003c\/p\u003e \u003cp\u003eSell the Note at a Premium 330\u003c\/p\u003e \u003cp\u003eDelinquent and Nonperforming Loans 330\u003c\/p\u003e \u003cp\u003eDue Diligence Issues 331\u003c\/p\u003e \u003cp\u003eShould You Form an LLC? 332\u003c\/p\u003e \u003cp\u003eDifferent Strokes for Different Folks 332\u003c\/p\u003e \u003cp\u003eCourt Rulings 332\u003c\/p\u003e \u003cp\u003eOne Size Doesn’t Fit All 332\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 Opportunity\u003c\/b\u003e \u003cb\u003e\u003ci\u003eFor\u003c\/i\u003e\u003c\/b\u003e \u003cb\u003eA Lifetime 335\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUSA: Right Time, Right Price, Right Place 335\u003c\/p\u003e \u003cp\u003ePersonal Opportunity 336\u003c\/p\u003e \u003cp\u003eIndex 339\u003c\/p\u003e \u003cp\u003e\u003cb\u003eGARY W. ELDRED, PhD\u003c\/b\u003e is the bestselling author of \u003ci\u003eThe Beginner’s Guide to Real Estate Investing, The 106 Common Mistakes Homebuyers Make (and How to Avoid Them), Trump University Real Estate 101,\u003c\/i\u003e and many others. He is a leading real estate authority whose Fortune 500 clients have included Wells Fargo, Georgia- Pacific, and Century 21. He frequently speaks at national investment conferences and has served on the graduate business faculty at Stanford University, the University of Illinois, and the University of Virginia.\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eThe bestselling guide to real estate, newly revised for today’s investors\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMore than ever, investing in property today will set you on track to conquer financial uncertainty and build your long-term net worth. \u003ci\u003eInvesting in Real Estate, Seventh Edition\u003c\/i\u003e offers dozens of experience- proven methods to convert these challenging times into the best of times. \u003c\/p\u003e\u003cp\u003eWhether you want to \u003cb\u003efix and sell or buy, improve, and hold,\u003c\/b\u003e market savvy real estate investor Gary W. Eldred shows you how to achieve your goals. He provides time-tested ways to grow a profitable portfolio and shows you how property investing can deliver twenty-two sources of financial return. You’ll learn how to negotiate like a pro, read market trends, and choose from multiple possibilities to finance your properties. This timely new edition also includes: \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003eHistorical context to emphasize how bargain prices and near record low interest rates now combine to offer unprecedented potential for short- and long-term profits\u003c\/li\u003e \u003cli\u003e Successfully navigate and meet today’s loan underwriting standards \u003c\/li\u003e\n\u003cli\u003e How to obtain discounted property prices from banks, underwater owners, and government agencies \u003c\/li\u003e \u003cli\u003e How to value properties accurately—and, when necessary, intelligently challenge poorly prepared lender appraisals \u003c\/li\u003e \u003cli\u003eEffective techniques to acquire REOs and short sales on favorable terms within reasonable time frames \u003c\/li\u003e \u003cli\u003e How to market and manage your properties to outperform other investors\u003c\/li\u003e \u003cli\u003e  And much more!\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003eJoin the pros who are profiting from today’s market. All you need is the knowledge edge provided by \u003ci\u003eInvesting in Real Estate, Seventh Edition\u003c\/i\u003e—the most favored and reliable guide to gaining the rewards that real estate offers.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989473935589,"sku":"NP9781118172971","price":24.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118172971.jpg?v=1761784245","url":"https:\/\/k12savings.com\/products\/investing-in-real-estate-isbn-9781118172971","provider":"K12savings","version":"1.0","type":"link"}