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!
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.
Preface. Acknowledgments. Introduction. Introduction to the Second Edition. Chapter 1: Five Magic Paths to Making a Fortune in Real Estate. Chapter 2: Making Money with Fixer-Uppers. Chapter 3: Finding the Fixer-Upper Bargain. Chapter 4: Finding Foreclosed, Repossessed, or Condemned Property. Chapter 5: Repairs That Make You the Most Money. Chapter 6: Valuing Properties Is the Key to Profits. Chapter 7: Negotiate to Get Your Offers Accepted. Chapter 8: Wholesale Property for Steady Gains. Chapter 9: Financing I: Working through Conventional Lenders. Chapter 10: Financing II: Help from the Seller. Chapter 11: Lease/Options I: Arranging Rent-to-Own with Tenant-Buyers. Chapter 12: Lease/Options II: Arranging Contracts and Closings with Tenant-Buyers. Chapter 13: Buy-and-Hold I: The Single-Family. Chapter 14: Buy-and-Hold II: The Multifamily. Chapter 15: Finding the Value of an Income Property. Chapter 16: Making the Offer on the Multifamily. Chapter 17: Financing the Multifamily. Chapter 18: Managing Your Property. Chapter 19: The Magic Formula for Success: Use Flexible Strategies. Chapter 20: How You Benefit from the New Tax Law. EPILOGUE Success Is Not about Education, or Even Hard Work-It's about Following Through. TIPS TO REMEMBER. FINAL THOUGHTS. Index.