Real Estate Investing All in One For Dummies 1st Edition by The Experts At Dummies ISBN 1394152841 9781394152841

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ISBN 10: 1394152841
ISBN 13: 9781394152841
Author: The Experts At Dummies

Build wealth through real estate Real Estate Investing All-in-One For Dummies will show new and seasoned real estate investors how to make smart decisions. With seven books in one, this complete resource will teach you how to purchase real estate, flip houses, invest in commercial real estate and foreclosures, sell your house, buy real estate internationally, and more. We even explain the ins and outs of short-term rentals like Airbnb, so all your passive income options are covered. With this book, you can start investing in real estate quickly and easily, thanks to user-friendly information and expert tips that will help you avoid costly mistakes. It’s your one-stop resource for all things real estate. Learn how to buy and sell real estate, including how to find the best deals Determine whether flipping houses or short-term rental management is for you Maximize your earnings and minimize your tax bill in real estate investment Extend your reach outside the United States by investing in real estate globally This is the perfect Dummies guide for amateur real estate investors who need a hand getting started, and for seasoned investors looking to up their game with commercial, international, and other investment strategies.

Real Estate Investing All in One For Dummies 1st Edition Table of contents:

1 Getting Started with Real Estate Investing

Chapter 1 Evaluating Real Estate as an Investment

Understanding Real Estate’s Income- and Wealth-Producing Potential

Recognizing the Caveats of Real Estate Investing

Comparing Real Estate to Other Investments

Returns

Risk

Liquidity

Capital requirements

Diversification value

Opportunities to add value

Being aware of the tax advantages

Deductible expenses (including depreciation)

Tax-free rollovers of rental property profits

Deferred taxes with installment sales

Special tax credits for low-income housing and old buildings

20% Qualified Business Income (QBI) deduction for “pass-through entities”

Determining Whether You Should Invest in Real Estate

Do you have sufficient time?

Can you deal with problems?

Does real estate interest you?

Can you handle market downturns?

Fitting Real Estate into Your Plans

Ensuring your best personal financial health

Protecting yourself with insurance

Considering retirement account funding

Thinking about asset allocation

Chapter 2 Covering Common Real Estate Investments

Identifying the Various Ways to Invest in Residential Income Property

Buying a place of your own

Converting your home to a rental

Investing and living in well-situated fixer-uppers

Purchasing a vacation home

Paying for timeshares and condo hotels

Taming timeshares

Coping with condo hotels

Surveying the Types of Residential Properties You Can Buy

Single-family homes

Attached housing

Condos

Townhomes

Co-ops

Apartments

Considering Commercial Real Estate

Buying Undeveloped or Raw Land

Chapter 3 Building Your Team

Knowing When to Establish Your Team

Adding a Tax Advisor

Finding a Financial Advisor

Lining Up a Lender or Mortgage Broker

Understanding lending nuances

Building relationships with lenders

Working with Brokers and Agents

Seeing the value of working with an agent

Grasping the implications of agency

Getting a feel for compensation

Finding a good broker or agent

Making the most of your agent’s services

Considering an Appraiser

Finding an Attorney

Chapter 4 Financing Your Property Purchases

Taking a Look at Mortgage Options

Fixed-rate mortgages

Examining the pros and cons

Making a point of comparing fixed rates

Adjustable-rate mortgages (ARMs)

Start rate

Future interest rate

Understanding ARM indexes

Future interest rate adjustments

Avoiding negative amortization ARMs

Reviewing Other Common Fees

Making Some Mortgage Decisions

Choosing between fixed and adjustable

Your ability and desire to accept financial risk

Length of time you expect to keep the mortgage

Selecting short-term or long-term

Borrowing Against Home Equity

Getting a Seller-Financed Loan

Mortgages That Should Make You Think Twice

Balloon loans

Interest-only loans

Recourse financing

Loan guarantees

Chapter 5 Grasping the Legal Fundamentals of Managing Residential Rentals

Running Your Operation as a Corporation or LLC

Taking Ownership of a Rental Property

Avoiding the Legal Pitfalls of Managing Residential Rental Properties

Obeying fair housing laws

Federal law: The Fair Housing Act

State and local laws

Setting rents and payment policies

Screening applicants

Drafting a lease or rental agreement

Managing security deposits

Moving tenants in and out

Moving a tenant in

Moving a tenant out

Fulfilling your maintenance and safety obligations

Recognizing your duty to maintain habitable living conditions

Addressing potentially dangerous conditions

Disclosing and responding to environmental hazards

Protecting tenants and workers from criminal activity

Knowing the limitations on your right to enter the premises

Dealing with cotenants, sublets, and assignments

Terminating rental contracts

2 Welcome Home: Buying a House

Chapter 1 Knowing Where and What to Buy

A Crash Course on Factors Affecting a Home’s Value

Location, Location, Value

Checking out the characteristics of good neighborhoods

Selecting your best neighborhood

Prioritize your needs

Research

Fundamental Principles for Selecting Your Home

The principle of progression: Why to buy one of the cheaper homes on the block

Curable defects

Incurable defects

The benefits of renovating cheaper homes

The principle of regression: Why not to buy the most expensive house on the block

The principle of conformity: Why unusual is usually costly

Defining Home Sweet Home

Detached residences

New homes

Used homes

Condominiums

Defining the term “condominium”

Why a condo?

Condo drawbacks

Co-operative apartments

The definition of legal ownership: Deed versus stock

Management: Homeowners’ association versus board of directors

Financing your purchase

Finding a Great Deal

Finding a fixer-upper

Digging for a diamond among the dumps

Final thoughts on fixer-uppers

Taking over a foreclosure

Seeking a short sale

Chapter 2 Determining a House’s Worth

Preparing to Tour an Endless Parade of Homes

The Three Elusive Components of Worth

Value is a moving target

Cost is yesterday

Price is what it’s worth today

Explaining Fair Market Value

When fair market value isn’t fair: Need-based pricing

Median home prices versus fair market value

Figuring Out Fair Market Value: Comparable Market Analysis

The basics of a helpful CMA

The flaws of CMAs

Getting a Second Opinion: Appraisals versus CMAs

Why Buyers and Sellers Often Start Far Apart

Inept agents

Unrealistic sellers

Chapter 3 Negotiating Your Best Deal

Understanding and Coping with Your Emotions

Examining the forces at work

Controlling yourself

The Art of Negotiating

Being realistic

The importance of objectivity

The red flags in agent negotiations

Examining your negotiating style

Negotiating with finesse

The Negotiating Process

Making an offer to purchase

Leaving an escape hatch: Contingencies

Getting a counteroffer

The Finer Points of Negotiating

Negotiating when the playing field isn’t level

Buyer’s and seller’s markets

Negotiating from a position of weakness

Spotting fake sellers

Are the sellers realistic?

Are the sellers motivated?

Do the sellers have a time frame?

Are the sellers forthright?

Are the sellers cooperative?

Lowballing

Why lowballing is usually a bad idea

When low offers are justified

Negotiating credits in escrow

Nonrecurring closing costs

Corrective work

3 Investing in a Foreclosure Property

Chapter 1 Getting Up to Speed on the Foreclosure Process

Identifying the Foreclosure Process in Your Area

Foreclosure by trustee sale

Foreclosure by judicial sale

Exploring the Missed-Payment Notice Stage

Getting Serious: The Notice of Default

Proceeding to the Foreclosure Sale

Halting the Foreclosure Process

Reinstating the mortgage

Requesting and receiving a forbearance

Making a mortgage modification or repayment plan

Filing for bankruptcy

Agreeing to a deed in lieu of foreclosure

Getting one last chance during the redemption period

Finalizing the Foreclosure: Ushering the Previous Owners out the Door

Chapter 2 Picking Your Point of Entry in the Foreclosure Process

Dipping In at the Pre-Auction Stage

Exploring the pros and cons of pre-auction foreclosures

Guiding homeowners to good decisions

Dealing with anger and angst

Assessing your ability to deal with pre-auction scenarios

Pursuing Foreclosure Notices

Knowing the benefits of waiting for the foreclosure notice

Weighing the drawbacks of waiting for the foreclosure notice

Wrapping up your deal before the sale

Bidding for a Property at a Foreclosure Auction

Weighing the pros and cons of buying at auctions

Setting a maximum bid well in advance

Putting on your poker face

Acquiring Properties after the Auction

Scoping out REO properties

Finding and buying government properties

Buying properties from other investors

Waiting Out the Redemption Period — If Necessary

Chapter 3 Performing Your Due Diligence

Collecting Essential Information about the Property

Honing your title acquisition and reading skills

Picking up details from the foreclosure notice

Digging up details at the Register of Deeds office

Finding the property

Obtaining the property’s title and other key documents

Researching the property’s title

Gathering information from the mortgage and note

Uncovering facts about any additional liens

Uncovering unpaid property taxes and other tax liens

Gathering tax information at the assessor’s office

Getting your hands on the property worksheet

Gathering additional information

Doing Your Fieldwork: Inspecting the Property

Doing a drive-by, walk-around inspection

Snapping some photos

Assembling Your Property Dossier: A Checklist

Recognizing the Most Common and Serious Red Flags and Big Mistakes

Chapter 4 Cashing Out on Your Foreclosure Property

Selling Through a Qualified Real Estate Agent

Selling faster for a higher price

Choosing a top-notch seller’s agent

Staging Your House for a Successful Showing

Jazzing up the front entrance

Decluttering the inside

Adding a few tasteful furnishings

Appealing to the senses

Generating Interest Through Savvy Marketing

Negotiating Offers and Counteroffers

Comparing offers

Mastering the art of counteroffers

Closing the Deal

Checking Out Other Cash-Out Strategies

Becoming a landlord

Refinancing to cash out the equity

Reselling the property to the previous owners or their family

Reselling to the previous owners

Financing the buyback through insurance-policy proceeds and other means

Leasing the property to the foreclosed-on homeowners

Offering a lease-option agreement

Assigning your position to a junior lienholder

4 Flipping a House

Chapter 1 Devising an Effective Flipping Strategy

Deciding on the Role You Want to Play

Surveying Different Strategies

Buy into a hot market

Buy low, do nothing, sell quick

Buy low, apply makeup, sell quick

Buy low, renovate, sell high

Buy low, move in, renovate, sell high

Buy, hold, lease

Invest in new construction

Focus on a niche market

Flip contracts (or do it all on paper)

Cook up your own strategy

Drawing Up a Detailed Plan in Advance

Plan B: Surviving a Flip That Flops

Chapter 2 Inspecting the Property and Estimating Rehab Costs

Packing for Your Inspection Mission

Finding the Perfect Candidate for a Quick Makeover

Poor-but-promising curb appeal

Cosmetically challenged, inside and out

A second-rate showing

Assessing Potential Curbside Appeal

Taking a Big Whiff, Inside and Out

Inspecting the House for Big-Ticket Items

Focusing on the foundation

Checking out walls and floors

Examining the siding

Giving the roof and gutters the once-over

Glancing at the windows, inside and out

Evaluating the plumbing

Exploring the electrical system

Checking out the furnace and air conditioner

Adjusting your eyes to the lighting

Discovering Some Promising Features

Arriving at a Ballpark Figure for Repair and Renovation Costs

Chapter 3 Calculating Your Profit and Best Offer

Doing the Math to Ensure a Profitable Flip

Adjusting for market conditions

Crunching the numbers

Estimating a Realistic Resale Value

Accounting for Expenses

Unpaid property taxes and water bills

Closing costs

Cost of repairs and renovations

Holding costs

Marketing and selling costs

Income tax

Chapter 4 Prioritizing and Planning Your Renovations

Developing an Eye for Home Improvements

Prioritizing Your Projects

Tackling essential repairs

Gauging renovations to get the most bang for your buck

Adding inexpensive, last-minute touches

Delegating Duties

Identifying do-it-yourself projects

Getting a little help from your friends

Flagging jobs that require professional expertise

Drawing Up a Tentative Budget

Coming Up with a Game Plan

Switching on utilities and ordering materials and a dumpster

Utilities

Materials

Dumpster

Combination key lockbox

Tackling underlying problems first

Working from the top down

Working from the outside in, or vice versa

Allotting sufficient time for your projects

Chapter 5 Negotiating the Sale to Maximize Your Profit

Comparing Seemingly Similar Offers

Does the buyer have financing?

How “earnest” is the buyer?

What else is the buyer asking for?

What conditions has the buyer included?

How soon does the buyer want to close?

Mastering the Art of Counteroffers

Submitting a counteroffer

Coming up with a savvy counteroffer

Putting your counteroffer in writing

Leveraging the power of multiple offers

Shuffling Papers and Other Legal Stuff at Closing

Having the right folks represent you

Prepping for closing

Sealing the deal with paperwork

5 Using Your House as an Airbnb

Chapter 1 Hosting on Airbnb: What It Really Means

Having a Hospitality Mindset: What It Takes to Be a Host

Opening your heart and your home to guests

Establishing trust through transparency and dependability

Keeping your place clean and well equipped

Delivering on (rising) expectations

Setting up systems so your guests have a unique stay

Adding a touch of personal magic

Before You Become an Airbnb Host: What to Consider

Being aware of your hidden expectations

Inviting strangers into your home

Making the commitment

Time commitment

Money commitment

Energy commitment

Looking at how technologically savvy you are

Being aware of how your decision to host affects others in your life

How your hosting will impact others

How your decisions in life affect your guests

Determining the type of host you want to become

Chapter 2 Determining Your Profit Potential

Decoding How Much You Can Really Make on Airbnb

Starting with national averages

Recognizing that your location mostly determines your profit potential

Researching Your Airbnb Market: Earning Statistics

Finding the crucial market statistics

Understanding the market deeper

Determining the Size of Your Pie

Factoring operating expenses

Estimating time commitment

Comparing the Big City versus Rural Markets

Earning a profit in any market

Adding more Airbnb listings without purchasing property

Determining the Legality of Hosting in Your Market

Being aware of the potential risks of Airbnb hosting

Finding out what laws or restrictions apply to you

Chapter 3 Preparing Your Property

Creating Profit Potential with Your Property

Maximizing the potential of your listing by optimizing your space

Starting your listing off strong

Ensuring the maximum is as high as possible right now

Having the appropriate amenities

Steering clear of money wasters

Determining the Amenities Guests Want in Your Market

Identifying the types of amenities to include in your listing

Looking at your competition to better gauge what guests want

Deciding Which Amenities, Furniture, and Appliances to Include

Focusing on the must-have amenities

Remembering the often forgotten

Stuck between a must-have and a nice-to-have

Providing a bonus: The nice-to-haves

Surprising with the outstanding

Avoiding the wastes of money

Figuring Out What Space Is Accessible to Guests in Your Listing

Bedroom and bathroom

Kitchen

Access to living room, outdoor spaces, and other rooms

Managing Neighbors’ Relations

Being a good neighbor: Why doing so is profitable

Investing in neighbor relations before you start

Communicating with your neighbors

Managing Landlord Relations

Being aware of the risks of hosting without consent

Asking your landlord whether you can host on Airbnb

Seeing what landlords want to know when it comes to hosting

Pitching your landlord

Getting Proper Insurance Protection

Grasping the importance of being properly insured

Understanding Airbnb’s liability protection and not relying on it alone

Buying your own insurance to ensure you’re fully protected

Being a Guest First to Better Understand Hosting: Walk in Your Guests’ Shoes

Chapter 4 Setting Your Listing Pricing

Focusing on Baseline Pricing

Studying your competition: Gather comparable market data

Choosing a baseline pricing strategy

Ramping Up to Baseline Pricing

Understanding and Adjusting for Seasonality

Factoring in Temporality and Special Events: Going from High to Low

Using Dynamic Pricing: Yes or No?

Underperforming with Airbnb’s Smart Pricing tool

Aligning incentives with third-party dynamic pricing tool

Setting Other Types of Fees

Setting the cleaning fee

Charge nothing

Charge in line with competition

Charge for average length of stay

Charge based on your cost to clean

Setting the extra person fee

Why you should set an extra person fee

Why you shouldn’t set an extra person fee

How to calculate the extra person fee

Setting the security deposit

Charging the security deposit: Why it’s a good idea

Calculating the security deposit

Lowering the barrier to booking

6 It’s All Over: Selling Your House

Chapter 1 Deciding to Sell

Figuring Out Whether You Really Need to Sell

Good reasons to stay

You’re already having trouble living within your means

The problems are more in your perceptions

Selling won’t solve the problem(s)

You can fix some or all of the problems

Reasons to consider selling

You can afford to trade homes

You need to move for your job

You’re having (or will have) financial trouble

You’re retiring

Your house is associated with bad feelings

Knowing the Health of Your Housing Market

Selling in a depressed housing market

If you still have adequate equity

If you lack enough money to buy your next home

Selling during a strong market

Chapter 2 Timing Is Everything

Timing the Sale of Your House

First peak season: Spring flowers and For Sale signs bloom

First valley: Summer doldrums

Second peak season: Autumn leaves and houses of every color

Death Valley: Real estate activity hibernates until spring

The Seller’s Quandary: Timing the Purchase of Your Home

Consolidating Your Sale and Purchase

Determine your house’s current value

Check your buying power

Familiarize yourself with the market

Take action

Putting your house on the market

Structuring your terms of sale

Timing the offer to buy your new home

Chapter 3 Price It Right and Buyers Will Come

Getting a Grasp on Pricing Methods

Four-phase pricing: Prevalent but ineffective

Pleasure-pleasure-panic pricing: Fast, top-dollar sales

Quantum pricing: An effective technique

Establishing price quantums

Recognizing quantum-pricing finesse points

Identifying Incentives and Gimmicks

Deal-making incentives

Deceptive gimmicks

Overpricing Your House

Can’t sell versus won’t sell

Three factors all buyers consider

Danger signs of overpricing

The foolproof way to correct overpricing

Placing the blame where it belongs

Chapter 4 Marketing Your House

Advertising That Works

For Sale sign

Classified ads

Multiple listing service (MLS)

Listing statement

Computers

Word of mouth

Arranging Open Houses

Brokers’ opens

Weekend open houses

Showing Your Property

Preshowing preparations

The final showing

7 Gone Global: Investing in International Real Estate

Chapter 1 Introducing International Investment Strategies

Taking Your Real Estate Investments to the Next Level

Comparing property to other asset classes

Going beyond fixer-uppers and straightforward buy-to-rents

Introducing multi-tenant strategies

Exploring other high-earning strategies

Focusing on Investment Strategies That You Can Use Internationally

Running Your Property Portfolio as a Business

Getting Your Financial Ducks in a Row

Understanding financing options and valuation

Getting the expert help you need

Blending Real Estate Strategies to Create a More Robust Portfolio

Keeping an open mind about different strategies

Incorporating shorter-term strategies into your portfolio

Developing for success

Low-capital, shorter-term strategies

Exploring longer-term strategies for earning a regular income

Low-capital rental strategies for cash-strapped investors

Adding value by changing how the property is used

Avoiding spreading yourself too thin

So Which Strategies Are Right for You?

Chapter 2 Investing at Home or Abroad: Which Is Right for You?

Deciding Whether to Invest Abroad: It’s Not All about the Numbers

Playing on your passion

Tapping into available knowledge

Considering Your Budget

Assessing Your Risk Profile

Identifying where you sit on the risk spectrum

Considering country-specific risk factors

Factoring your goals into the equation

Figuring Out How You’ll Manage Your Property

Drilling Down to the Right Market for You

Looking at the cold, hard facts and figures

Developing your knowledge of that country and region

Focusing Your Attention on One or Two Key Markets

8 The Next Level: Investing in Commercial Real Estate

Chapter 1 A Crash Course in Commercial Real Estate Investing

Comparing Commercial Real Estate and Residential Real Estate

Deciding to Invest in Commercial Real Estate

Exploring the Available Types of Investments

Apartment buildings (also known as residential properties)

Office buildings

Retail centers

Warehouses or industrial properties

Self-storage facilities

Hotels and resorts

Getting Started

Easily meeting people and making new friends

Doing simple math

Accounting and collecting

Recognizing Myths and Questions about Investing in Commercial Real Estate

Timing the Commercial Real Estate Market

Knowing whether to buy, hold, or bottom-fish

Following trends

Chapter 2 Evaluating Commercial Real Estate

Talking the Talk: Terms You Need to Know

The Commercial Property Evaluator

Why a seller’s numbers can’t be trusted

How the Commercial Property Evaluator works

Diving Deeper into Property Valuation

Not-so-obvious tips on analyzing

Breakeven analysis

Establishing and following guiding principles

Running the Numbers on Some Properties

Analyzing an apartment deal

Analyzing a retail shopping center

Valuing Properties like a Professional

Approach #1: Comparable sales

Approach #2: Income

Approach #3: Cost to replace the property

Understanding What Creates Value

Use: How the property is used gives value

Leases: As the lease goes, so goes the value

Location: The unchangeable factor

Differentiating a Good Deal from a Bad Deal

Cash-flow investors

Long-term investors

Short-term investors

Chapter 3 Property Management: Who’s Minding Your Ship?

Being the Boss: Manage Your Commercial Property Yourself

Improving your management skills with a few basic tips

Developing basic business systems

Doing it yourself: A checklist

Training your tenants to respect you and the property

Operating successfully day-to-day with the proper people and tools

Letting Go: Using Professional Property Management Companies

Understanding the ins and outs of professional property management

Deciding to hire a professional property management company

Searching for property management candidates

Interviewing your prospective managers

Checking credibility and capability

Drafting the property management agreement

Getting your reports: Monthly and weekly accountability

Typical monthly reports

Weekly reports

Knowing How to Be an Effective Absentee Owner

Index

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