Get 5 Magic Paths to Making a Fortune in Real Estate PDF

By James E. A. Lumley

ISBN-10: 0471548251

ISBN-13: 9780471548256

A brand new and revised variation of the common-sense consultant to actual property richesMore and extra everyone is researching that actual property making an investment is a secure and cheap method to elevate their money move and construct lasting wealth. in order to in attaining monetary freedom, then glance no extra. five Magic Paths to creating a Fortune in actual property finds the confirmed actual property funding concepts that a lot of ultra-modern millionaires used to make their fortunes. in truth, you do not even want a lot of cash to begin making an investment and begin placing profit your pocket today!Real property specialist James Lumley deals easy, trouble-free factors of the commonest and profitable techniques to estate investment--including fixer-uppers, lease/options, wholesales, buy-and-hold, and single-and multifamily leases. you are going to comprehend all of the fundamentals of genuine property and discover ways to use those 5 techniques to make a killing in any economic system. choked with new information--including sections at the IRS's simplified tax alternate ideas and the capital profits exclusion--5 Magic Paths to creating a Fortune in genuine property will exhibit you the way to:* locate foreclosed, repossessed, or condemned houses* learn the markets and practice valuations* make certain what you could thoroughly manage to pay for* Negotiate with and dealers* locate the simplest financing phrases, together with vendor financing* rate and practice money-making maintenance* paintings with brokers and contractors* and lots more and plenty extra!

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Although the final answers lie in your inspection, the seller’s answers will give you a sense of how a resident (a very subjective one) sees it. Bear in mind that at this stage you’re just collecting information. Your questions prepare you to move forward with or reject the deal. 30 Finding the Fixer-Upper Bargain Develop your own approach. But the best style is to have no style at all. You never want to seem like a professional who is going to take advantage of people. You want to find good deals, but at the same time you don’t want to deceive someone.

Make a detailed list of needed repairs. Are they due to the owner’s negligence or because of its age? Are there obsolescent features? The work may be as simple as general cleaning and repainting or as extreme as reroofing and upgrading kitchen and bathrooms or adding a dormer. The point here is that you need to have a good idea of what to expect—you don’t want any unpleasant surprises, so be thorough. Third, estimate repair costs. Investigate the cost of whatever needs to be done. Do this by expanding on your inspection list—determine 18 Making Money with Fixer-Uppers what must be done, what is required by the local building inspector, and what you should do to make the property more marketable.

First, the idea is to beat the ups and downs of the economic cycle. We, as investors, do that by getting in and out quickly. Second, because the property we wish to buy needs some work, many retail home buyers will not compete with us on price because they often choose a home that needs little or no work. This leads to our being able to buy our target properties at advantageous prices. Third, as long as we can determine what needs to be done and know what we can sell the property for when it’s fixed up, we can lock in our profits.

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5 Magic Paths to Making a Fortune in Real Estate by James E. A. Lumley


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