Buy It, Rent It, Profit!: Make Money as a Landlord in ANY Real Estate Market
Purchase It, Rent It, Profit!: Make Income as a Landlord in ANY Real Estate Market place
TAKE THE Worry OUT OF Being A LANDLORD With foreclosures skyrocketing, there's never been a better time to get rental house -- and to hang on to it for prolonged-phrase wealth constructing. Drawing on his 10 a long time of encounter managing and owning hundreds of rental properties, Bryan M. Chavis, founder of The Landlord Academy and Apartment Investment Advisors, shows how you can leverage as tiny as ,000 into a lifelong stream of wealth using absolutely nothing more than good instincts, smart analysis, and
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Seems incomplete,
As a new entrant into the investment property arena, I was looking for a book to help guide my journey. In general, this is a good book. However, it seems incomplete.
In one of the more interesting and potentially useful chapters, the author tells you how to evaluate potential properties. He has you calculate `cash on cash returns' and `cap rates'. Both of these are tremendously valuable. However, he also shows you how to calculate his "DCR" or Davinci Code score. Immediately afterward, he says that we will learn how to use these benchmark scores to compare properties but I don't recall that discussion ever taking place later in the book. So great, I have the DCR but what am I supposed to do with it?
Anyway, it is a good book, but I think it needs to go a bit further. If nothing else, close the open loopholes.
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|Best Book of its Kind I have read so far.,
I have read six books so far on the subject of buying/renting. This book has clearly been the best so far. Most of the books I have read have been lots of hype and talk about you can make money on realestate. This book contains some of the same talk. Certainly there is an attempt to generate excitement in the beginning about how you can indeed make money buying/fixing/renting. And the book contains much of the same math talk about how to calculate basic values.
The other books I have read are pretty much two things: 1) pep-talk (you can do it!!!) and 2) basic math (four family unit @400/unit=1600-900 in expenses = 500 profit per month. See how easy it is to make money!!!).
This book talks about other stuff. Yes it does have the same math, but in addition has other interesting ways of looking at the value of properties. I found most interesting those times when the author talked about stuff other than money. One example is when he describes a student of his program who bought a mulit-unit complex and was about to loose his shirt because no one was renting. The student thought he had done everything right. In the end it turns out that the problem was not with the unit itself, but with the neighborhood. The student's great deal was for a complex with all single bed efficiencies, in an area mostly composed of four member families. No wonder the guy could not rent. The author thus intoduces the idea that other factors besides the property and rents are in fact more important. After following this guy I appreciate that he has actual wisdom in the business and that learning from him I will be able to avoid many mistakes.
Yep, this guy makes me feel like I can do it. I just bought my first two family. I have a positive cash flow, am gaining equity, building some business relationships, and doing a service for my community at the same time by taking two families out of their dumps and putting them in a decent home.
One thing I believe the book is missing is basic talk about how to go through the purchasing process. For example, I spent way too much money buying this property. There are different types of loans that can be shopped for depending upon situations. I put down 25% on a 15 year mortgage. This was a requirement of the lender I went with (a local lender who was keeping the loan inhouse and who knew the property well). I likely could have found a different lender that would have taken 20% or 10% if I was ready to take the time for it. There are even 3.5% loans for the right situation so if you have some freedom in your lifestyle, you can take advantages of this. Additionally there is a thing called SELLER'S ASSIST, where in many loans the seller can provide up to 6% of the home value toward closing costs. I paid most of these myself. As you can see, if I had actual experience I could have likely invested substantially less up front in acquiring the property at the expense of a larger loan. For example I could have upped my purchase price by 6% and then asked the seller to provide 6% assist, thus effectively wrapping most of my closing costs into the loan. This means less money needed to close which is a big deal for many people. OH well... at least I am able to learn from what I do. It is not like I lost money, rather I tied up money in my property that I could have left fee for use somewhere else.
Again this is the best book I have read so far. And though the author does mention his program a couple of times, this book is not an advertisement for the program. Still, I may attend one of his offerings just the same.
Hail Flavius!
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