Investing in Real Estate, 5th Edition
by Paul McGreevy, Gary W. Eldred
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Book Summary Information
Author: Gary W. Eldred, Paul McGreevyEdition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2005-11-18
ISBN: 0471741205
Number of pages: 352
Publisher: Wiley
Book Reviews of Investing in Real Estate, 5th Edition
Book Review: how not to invest in real estate
Summary: 5 Stars
My father is a retired real estate agent. Every chance we meet he would say the same thing to me for the past twenty years: "Real estate is the only investment you should have. Stocks, bonds, cash, precious metals, orange, pork belly , coffee and oil futures, curreny or any other exotic sounding names such as options and derivatives are meant for speculators and not investors." Fair enought, but is it ture? Could my father be right all along? and I am just a dim wit who refuses to believe his own father? Mr. Eldred, a PhD and successful real estate investor intended to show you how Not to invest in real estate. He has many harsh words for all the "dog and pony show" so-called experts that you encountered every day about "no-money down" real estate investing, pipe dreams of milion-dollar positive cash flows from apartment buildings and commerical properties, creative financing with OPM (other people's money) or any other fancy sounding catch phase get-to-be-a-millionaire-quick scheme. This book gives you an OVERALL survey of what you need to know before you invest. A quick glance of the table of content would give you a decent idea the comprehesiveness of the book. However, the most valuable of the book is to help you understand the difference between hypes and real value. Dr Eldred asked the reader: is there a housing bubble? Every economist from Professor Edward L Glaeser of Harvard college to your next door neighbor Mr. Joe the average guy seems to think so. Well, why should any one invest in real estate now? As Eldred clearly pointed out the so-called experts do not understand the importance of spotting a great deal. You can invest in a bubble if you do your homework. What the homework entails was clearly outlined in the book. He showed you the first step-unlike buying any other item on earth real estate loans are exceedingly complicated and full of very small fine prints most "creative finance experts" would not tell you. For any No cash No credit finance watch out for fine prints--chances are it was designed to ripe the consumer off. He showed you the proper way to finance: owner-occupany financing. Another words, it is the best way. The author also showed you proper way to evaulate a property's true value vs market value. Other chapters showed you how to identify a bargin when you see one: distressed sellers, the grass-is-greener sellers, life-stager sellers, and the ignorant sellers. Other ways of finding bargins including foreclosures, buying direct from lenders and home owners were all discussed. The major theme of all these finding bargin methods was this: you have to do your homework. If you want to profit from foreclosures, you should first know the area you intended to buy well, know the rental rate and vacancy rate, know the approximate average household income, know how to estimate repair/upgrade costs of the area, know the negiborhood crimes and major problems such as pollutions, factories, toxic leaks, earth quick fault lines, know the local laws regarding the right of the fomer owner to reclaim the property, know how the forclosure process works-the pre-forclosure, during and the auction, know how to compete with other foreclosure experts in bidding in auction, know how to finance the foreclosure properties once and if you win the bid, how to locate ture professionals specalized in foreclosure to help you, know how to calculate the property tax, know how to find a tenant with low chance of not paying rent, know how to draw up a leasing agreement, know how to design and improve your rental property, know how to manage the real estae yourself,know how to form a Limited Liablity Corporation for asset protection from law suits, know how to avoid capital gain tax if you ever sell the real estate, know how to research and find title information on forclosed properties....The list of need-to-know goes on and on...Investing in real estate is 99.9% learning about all the above information and 0.01% finding the property. But this is the beauty of the book: it simply points out the important factors to consider before you even attempt to invest. I learn a lot from this book. Dr Eldred has done me a great service to show me that YES you can make a great profit investing in real estate even in a bubble (I live in Los Angeles and the Median single house is greater than 500,000 dollars, yes it is not an error- 5 with 6 zeros and fast increasing at 12-14 percent PER YEAR. You have to make greater than 100,000 dollars per year to even qualify for a median house loan providing you have saved up 20% of the 500,000 dollars as the down payment) If you are willing to do homework, learn all aspects of real estate investing such as listed in the book and be diligent and rational on your approach yes great profit can be made. Is it better and safer than stocks and bonds like my father has told me a billion times already? Yes and no. Yes if you are willing to learn all the intricate details and have iron-clad will to comb throgh thousands of undesirable and unprofitable properties to find the diamond property, No if you are unmotivated bum like me rather spend my free time watching the Lakeres play on TV and put money in my 401(k) plan with a check instead of chasing down all the latest new leads for a good investment.
Summary of Investing in Real Estate, 5th Edition
THE BESTSELLING GUIDE TO REAL ESTATE INVESTINGNow in its fifth edition, Investing in Real Estate is the straightforward guide that helps you start growing your fortune by investing in houses and small apartment buildings. Successful real estate investor Gary Eldred shows you how you can outperform the stock market by investing in residential real estate--the surest and safest way to build assets.
This updated edition covers all the new trends and tactics in real estate investing, including how to shop for properties outside your home market and how to use option arms to achieve positive cash flow. As always, you'll find all the information you need to start investing now, as well as up-to-date tips on negotiating deals, spotting market trends, and using the Internet as a research tool to find and buy properties. Let the authors show you how to:
* Buy with a low or no-money down payment
* Build wealth without paying income taxes
* Find the neighborhoods and properties that will appreciate fastest
* Add value to your properties with smart improvements
* Choose the best financing for your investments
* Protect your net worth with LLCs and other legal strategies
Whether you need money for your child's college tuition, a prosperous retirement, or a higher quality of life, Investing in Real Estate, Fifth Edition is the best guide available to help you start building real wealth right now.
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