5 Magic Paths to Making a Fortune in Real Estate

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John Wiley & Sons, May 12, 2004 - Business & Economics - 336 pages
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A new and revised edition of the commonsense guide to real estate riches

More and more people are discovering that real estate investing is a safe and affordable way to increase their cash flow and build lasting wealth. If you want to achieve financial freedom, then look no further. 5 Magic Paths to Making a Fortune in Real Estate reveals the proven real estate investment strategies that many of today's millionaires used to make their fortunes. In fact, you don't even need a lot of money to start investing and start putting cash in your pocket today!

Real estate expert James Lumley offers simple, straightforward explanations of the most common and lucrative approaches to property investment--including fixer-uppers, lease/options, wholesales, buy-and-hold, and single-and multifamily rentals. You'll understand all the basics of real estate and learn to use these five strategies to make a killing in any economy. Packed with new information--including sections on the IRS's simplified tax exchange rules and the capital gains exclusion--5 Magic Paths to Making a Fortune in Real Estate will show you how to:
* Find foreclosed, repossessed, or condemned properties
* Research the markets and perform valuations
* Determine what you can safely afford
* Negotiate with sellers and buyers
* Find the best financing terms, including seller financing
* Price and perform money-making repairs
* Work with agents and contractors
* And much more!
 

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Contents

CHAPTER 1 Five Magic Paths to Making a Fortune in Real Estate
1
CHAPTER 2 Making Money with FixerUppers
12
CHAPTER 3 Finding the FixerUpper Bargain
25
CHAPTER 4 Finding Foreclosed Repossessed or Condemned Property
40
CHAPTER 5 Repairs That Make You the Most Money
57
CHAPTER 6 Valuing Properties Is the Key to Profits
74
CHAPTER 7 Negotiate to Get Your Offers Accepted
87
CHAPTER 8 Wholesale Property for Steady Gains
103
CHAPTER 14 BuyandHold II The Multifamily
198
CHAPTER 15 Finding the Value of an Income Property
213
CHAPTER 16 Making the Offer on the Multifamily
228
CHAPTER 17 Financing the Multifamily
247
CHAPTER 18 Managing Your Property
266
CHAPTER 19 The Magic Formula for Success Use Flexible Strategies
279
CHAPTER 20 How You Benefit from the New Tax Law
285
EPILOGUE Success Is Not about Education or Even Hard WorkIts about Following Through
302

CHAPTER 9 Financing I Working through Conventional Lenders
119
CHAPTER 10 Financing II Help from the Seller
136
CHAPTER 11 LeaseOptions I Arranging RenttoOwn with TenantBuyers
150
CHAPTER 12 LeaseOptions II Arranging Contracts and Closings with TenantBuyers
168
CHAPTER 13 BuyandHold I The SingleFamily
182
TIPS TO REMEMBER
303
FINAL THOUGHTS
305
Index
307
Copyright

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About the author (2004)

JAMES E. A. LUMLEY is a real estate broker with more than thirty-five years of experience as a real estate salesperson, consultant, and educator. He is also the author of How to Get a Mortgage in 24 Hours and Challenge Your Taxes, both from Wiley.

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