Table of Contents
| Italic print denotes forms | ||
| Introduction | ||
| Why Real Estate 101? | 0.1 | |
| What to Expect from Real Estate 101 | 0.3 | |
| And What Not To | 0.4 | |
| Ten Ways to Make $10,000 This Year in Your Spare Time | 0.5 | |
| Comparing Types of Investments | 0.15 | |
| Real Estate Investing Success Flow Chart | 0.20 | |
| Part One: Setting and Reaching Your Wealth Goals | ||
| Who Can Become Successful in Real Estate Investing? | 1.1 | |
| Which Strategy is Right for YOU? | 1.2 | |
| Understanding the Benefits of Real Estate Investing | 1.2 | |
| Leverage | 1.3 | |
| Safety | 1.3 | |
| Equity and Mortgage Pay-Down | 1.4 | |
| Appreciation | 1.5 | |
| Cash Flow | 1.6 | |
| Tax Advantages | 1.7 | |
| Control | 1.8 | |
| How Your Goals Help You Define Your Strategy | 1.8 | |
| A Guy with Immediate Cash Needs | 1.8 | |
|
A Retirement Quandary |
1.11 | |
|
Take This Job and, Well, You Know |
1.13 | |
|
How to Create Your Own Success Plan |
1.14 | |
|
A Final Word of Wisdom: Staying Focused |
1.15 | |
|
Sample Goal-Setting Worksheet |
1.16 | |
| Sample Plan | 1.18 | |
|
Worksheet: Cataloging Your Assets |
1.19 | |
| Worksheet: Cataloging Your Liabilities | 1.20 | |
| Worksheet: Long Term Income and Wealth Goals | 1.21 | |
|
Other Resources for Goal Setting and Planning |
1.22 | |
|
Part Two: Finding Great Deals |
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|
What is a Great Deal? |
2.1 | |
| Generating Multiple Leads | 2.2 | |
|
Foreclosure and Tax Sales |
2.3 | |
|
Pre-foreclosures |
2.4 | |
|
REOs |
2.5 | |
| Estate Sales | 2.5 | |
| Auctions | 2.6 | |
| Vacant, Ugly Properties | 2.7 | |
| Out-of-Town Owners | 2.7 | |
| Frustrated Landlords | 2.8 | |
| Wholesalers | 2.8 | |
| Farming | 2.9 | |
|
Ways to bring sellers to you |
2.10 | |
| Vena’s top 10 favorite ways to find good deals | 2.12 | |
| Vena’s 5 least favorite ways of finding deals | 2.13 | |
| Separating the suspects from the prospects | 2.14 | |
| Property information form (phone script) | 2.16 | |
| Property information form (form) | 2.18 | |
| Make the Doggone Offer! | 2.19 | |
| A pretty good purchase contract, explained | 2.20 | |
| Purchase Contract | 2.21 | |
| Promissory Note | 2.25 | |
| A Simple Purchase Contract | 2.26 | |
|
Part Three: What’s it Worth? Appraising Small Residential Income Properties |
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|
Determining the After Repaired Value |
3.1 | |
| Finding Comparable Properties | 3.2 | |
| Sources of comparable properties | 3.3 | |
| Finding the best comparables | 3.3 | |
| Deciding on an ARV | 3.4 | |
| Sample PACE and MLS printouts | 3.5 | |
| Part Four: Analyzing Multi-Family Properties | ||
|
Why Multi-families are Different |
4.1 | |
| Calculating Cash Flow and Return | 4.2 | |
| Finding and Figuring the True Expenses | 4.2 | |
| Replacement Reserves Items - The Great Hidden Expense | 4.3 | |
| Replacement Reserves | 4.4 | |
| A Real-life deal - Almost | 4.5 | |
| Annual Property Operating Data Form | 4.8 | |
| Part Five: Inspections and Estimating | ||
| Determining the "as-is" value | 5.1 | |
| The inspection process | 5.1 | |
| Your inspection bag | 5.2 | |
| Property inspection form | 5.4 | |
| Property inspection form (filled out sample) | 5.6 | |
| Repairs and estimating | 5.8 | |
| The common sense guide to selecting a contractor | 5.10 | |
| Part Six: Exit Strategies | ||
| Wholesale flips | 6.2 | |
| Assignment of contract | 6.5 | |
| Retailing | 6.6 | |
| Lease/options | 6.8 | |
| Agreement of lease | 6.10 | |
| Option to Purchase | 6.14 | |
| Equity sharing arrangements | 6.16 | |
| Land Contracts | 6.18 | |
| Renting | 6.20 | |
| Lease Agreement | 6.22 | |
| Part Seven: Negotiation | ||
| A few words about negotiation | 7.1 | |
| Part Eight: Creative financing I - Control with Title | ||
| What is creative financing? | 8.1 | |
| Ownership vs. Control | 8.2 | |
| About the "due on sale" clause | 8.3 | |
| Seller held 1st mortgage | 8.4 | |
| Open end mortgage | 8.6 | |
| Note | 8.13 | |
| Seller held second mortgages | 8.14 | |
| Wrap-around mortgage | 8.15 | |
| Loan assumptions and subject to’s | 8.16 | |
| About borrowing money | 8.17 | |
| Part Nine: Creative financing II - Control without title | ||
| Land contracts | 9.1 | |
| Land Installment Contract | 9.3 | |
| Sandwich leases | 9.7 | |
| Agreement of lease with option to buy | 9.9 | |
| Option to Buy and Purchase Agreement | 9.13 | |
| Part Ten: Putting it All Together - The Anatomy of a Deal | ||
| The anatomy of a deal | 10.1 | |
| Part Eleven: After word | ||
| What now? | 11.1 | |
| Resource Guide | ||
| Ohio Capital Company, Private Lenders | ||
| Ohio Civil Rights Commission Guide to Fair Housing | ||
| HUD/EPA fact sheet on lead-based paint disclosure | ||
| HUD/EPA disclosures for lead-based paint | ||