The Complete Guide to Investing in Duplexes, Triplexes, Fourplexes, and Mobile Homes: What Smart Investors Need to Know Explained Simply
It is no secret that investing in real estate can significantly boost one’s income. Many people begin by investing in single-family residential properties and work their way up to commercial properties, such as duplexes, triplexes, and quads. However, moving from one to the other may seem like a big leap. This new book, The Complete Guide to Investing in Duplexes, Triplexes, Fourplexes, and Mobile Homes, will make the transition effortless, as it explains everything you need to know in easy...
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It is no secret that investing in real estate can significantly boost one’s income. Many people begin by investing in single-family residential properties and work their way up to commercial properties, such as duplexes, triplexes, and quads. However, moving from one to the other may seem like a big leap. This new book, The Complete Guide to Investing in Duplexes, Triplexes, Fourplexes, and Mobile Homes, will make the transition effortless, as it explains everything you need to know in easy to understand language and points out dozens of hints and suggestions.By reading this new, extensively researched book, you will become knowledgeable in all areas of commercial real estate investing, including cash flow, appreciation, tax benefits, equity buildup and leveraging, due diligence, gross rental income, vacancy loss, operating expenses, debt service, zoning, triple net leases, and contracts. You also will learn about the potential gains and losses, the consequences, loans, proven techniques, effective strategies, advantages and disadvantages of direct and indirect investing, and asset management techniques.In addition, you will discover how to buy with no money down, how to get cash back at closing, how to eliminate your risk, how to decide whether to buy or hold, how to keep good tenants, how to determine and compare property value, how to structure deals, how to limit your personal liability, how to inspect a building, how to take out a mortgage, how to secure financing, how to negotiate, how to read economic cycles, how to avoid the common mistakes, and how to decipher tax issues. You will be prepared for restrictions pertaining to children, pets, parking, vehicles, boats, music, maintenance, club memberships, recreation facility leases, use of recreational facilities, and common areas.Whether you are a new investor looking to get started or a seasoned veteran looking to enhance your portfolio, The Complete Guide to Investing in Duplexes, Triplexes, Fourplexes, and Mobile Homes will provide you will all the information you need to accomplish your investment goals.
Introduction 11How to Use This Book 13Study, Reflect, and Act 14Part I Real Estate As An Investment 17Chapter 1 Why Real Estate Beats Other Investments 19Investing in Real Estate Means Owning Your Own Business 22Benefits of Multiunit Residences and Mobile Homes 25This Is Not a Get-Rich-Quick Scheme 28Chapter 2 The Components of Return on Investment 31Cash Flow 32Appreciation 35Equity Growth Through Loan Reduction 39Tax Benefits 39Chapter 3 Protect Your Personal Assets 47Choose the Right Entity 48Advanced Asset Protection 51Chapter 4 Assemble Your Team of Experts 53How a Real Estate Agent is Key 54How a Real Estate Attorney Watches Your Back 57How a Tax Advisor Can Keep Money in Your Pocket 59How an Insurance Agent Can Help You Focus and Leverage 60Optional Members of the Team 62Chapter 5 Make a Plan 67Determine Your Financial Goals 68Get Started 73Part II Buying, Financing, and Selling Investment Real Estate 75Chapter 6 Finding Property 77Invest Near or Far? 77Study Your Market 78Narrow Down the Target Areas 80Bargains (Practically) for the Taking 81Networks 82Bad Figures = No Deal 82Chapter 7 Financing the Purchase 85The Power of Leveraging 85How Much to Finance 86Borrowing Money Costs Money 90Conventional Lenders as Sources 92The Government as a Source 93Assumable Loans as a Source 94Private Financing as a Source 95Buying With No Money Down 99When Cash is King 100Chapter 8 Do Your Due Diligence 103Precontract Due Diligence 104Postcontract Due Diligence 107Final Words on Due Diligence 112Chapter 9 Are Fixer-Uppers for You? 115Types of Fixer-UpperProperties 116Keep Your Head Above Water 125Inspect, Then Project 125Haggle, But be Prepared to Walk 126Avoid Over-Renovating 127Seller Financing 127Do it Yourself or Hire Help? 128If Fixer-Uppers are Not For You 130Chapter 10 Government Programs for Property Rehabilitation 133HUD/FHA Rehabilitation Programs 134Other Federal Programs 139State, County, Local, and Community-Based Programs 140Chapter 11 Mobile Homes and Mobile-Home Parks 143The Changed Face of Mobile Homes 144Advantages of Investing in Mobile Homes 147Mobile-Home Parks 151Benefits of Owning a Mobile-Home Park 154Financing the Purchase 159Challenges 161The Future 164Chapter 12 Effective Negotiation 167Superior Knowledge 168People Skills 168Changes Backed by Reasons 169Negotiation Tactics & Techniques 170Chapter 13 Common Mistakes to Avoid 177Ignoring the Calculator 177Not Knowing Area Rents 178Choosing an Inadequate Form of Ownership 178Overpaying 179Buying Too Much Property 180Buying Far From Home 181Emotional Attachment 181Unrealistic Expectations 182Over-Financing 182Other Financing Pitfalls 183Skipping the Property Inspection 184Tenancy Errors 184Poor Maintenance 188Chapter 14 How and When to Sell 189Reasons to Sell 190Methods of Selling 191Tax Consequences 198Prepare the Property for Sale 200Marketing the Property 201Part III Managing Tenants and Properties 203Chapter 15 Know the Law 205Federal Fair Housing Act 205Your State Laws 206Your Local Laws 207Chapter 16 Selecting Your Tenants 209Marketing Rental Property 211Showing the Property 211Screening Prospective Tenants 213Chapter 17 The Lease as Your Essential Tool 223Self-Explanatory Terms in a Lease 224Other Terms in a Lease 225Final Words 236Chapter 18 Manage Your Tenants 237Money, Property, and Tenants 237Existing Tenants 238Problem Solving 239Increasing the Rent 242When Tenants Leave 243Fairness Goes Far 245Chapter 19 The Management of Properties 247Routine Maintenance 247Improved Cash Flow = Increased Value 250Keep Pristine Records 256Chapter 20 Self-Manage or Hire Management? 257Self-Managing Your Property 259Professional Property Managers 260Part IV Beyond Rental Property 265Chapter 21 Navigating in Governmental Waters 267The Triple Whammy 267Challenges Encountered by Owners 269Staying Afloat 273Conclusion 275What You Have Learned So Far 275Ready, Set, Go 280Bibliography 283About the Author 285Index 287
