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Make Money with Affordable Apartment Buildings and Commercial Properties

Cover of Make Money with Affordable Apartment Buildings and Commercial Properties

Make Money with Affordable Apartment Buildings and Commercial Properties

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Make Money with Affordable Apartment Buildings and Commercial Properties, Second Edition, shows you how to build wealth with affordable multi-unit residential and commercial buildings. Low-priced income properties can yield higher returns than single-family homes?especially if you manage them yourself. This book shows you how to find, assess, buy, and manage apartment buildings, retail offices, self-storage, and other overlooked investment alternatives. In today's tough housing market, these properties offer great returns.

Make Money with Affordable Apartment Buildings and Commercial Properties, Second Edition, shows you how to build wealth with affordable multi-unit residential and commercial buildings. Low-priced income properties can yield higher returns than single-family homes?especially if you manage them yourself. This book shows you how to find, assess, buy, and manage apartment buildings, retail offices, self-storage, and other overlooked investment alternatives. In today's tough housing market, these properties offer great returns.

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About the Author-
  • Gary W. Eldred, PhD, has investedsuccessfully in real estate for morethan twenty-five years and has servedon the graduate business school faculty at Stanford University and the University of Virginia. One of America's top-sellingreal estate authors, Eldred's other books include Investing in Real Estate, Fifth Edition, Trump University Real Estate 101, and Make Money with Flippers, Fixers, and Renovations, Second Edition, all from Wiley.

Table of Contents-
  • Acknowledgments xiii

    Introduction: How to Start 1

    Develop Your Analytical Abilities 1

    Develop an Entrepreneurial Spirit 2

    Uncommon, Yet Essential 2

    Entrepreneurs Create Value for Themselves and Their Customers (a.k.a. Tenants) 3

    Market Savvy: Systematic Strategic Thinking 5

    1. Profit with Commercial and Multifamily Properties 7

    Advantages of Commercial and Multifamily Properties 7

    Cost of Acquisition 8

    Cash Flows Relative to Price 9

    Search Time 13

    Management 14

    Trade Up Tax Free 15

    Owner Will Carry Financing (OWC) 17

    Possibilities to Create Value 18

    Summing Up 20

    2. Craft Your Market Strategy 22

    It All Depends 23

    A Strategy of Your Own 23

    PVP: The One Constant Rule 23

    The DUST Strategic Framework: Questions to Answer 24

    Entrepreneur Objectives: Know Thyself 26

    Talents, Inclinations, and Resources 26

    Assess Your Finances 28

    Frame Your Due Diligence 30

    Identify and Fully Describe the Physical Property 31

    Understand Your Bundle of Rights and Restrictions 36

    Where Should You Invest? 48

    Time Period 49

    3. Where’s the Local Economy Headed? 50

    Economic Base Matters Greatly 51

    Alamo, California (San Francisco Bay Area) versus Terre Haute, Indiana 52

    Authors Neglect Economic Base 52

    Benefit from the Lessons Learned 53

    Where to Get Data 55

    Will the Population Grow? 55

    Enclaves of Existing and Potential Growth 55

    Find Out the Actual Numbers 56

    Beware of False Negatives 56

    Is the Number of Jobs Increasing? 57

    What Was the San Diego Connection? 59

    Forecasting Recovery 59

    Cost of Running a Business 60

    Businesses and Employment Migrate to Lower-Cost Cities, States, and Countries 61

    Cost of Living for Employees 61

    Quality of Life 62

    Quality of Life Also Attracts Wealth 63

    Community Attitudes and Actions 64

    Entrepreneurial Spirit 65

    Concluding Remarks 66

    4. Outperform the Competition 68

    The Competitive Battle 69

    Four Good Reasons to Inventory, Inspect, and Critically Review Competitors 69

    Where to Invest 69

    Market Information Gives You Negotiating Power and Confidence 71

    Searching for a Preferred Value Proposition (PVP) 72

    Constructing Your Financial Pro Formas 73

    Identify Your Competitors 74

    Quickly Adapt to Change 74

    When Markets Tighten 75

    More Practical Implications 75

    What to Look For: The Location 76

    Aesthetics 77

    School Districts 77

    Property Taxes and Services 78

    Crime Rates 79

    Accessibility 79

    Trendiness 79

    Public Transportation 80

    Who Are the Residents and Recent Homebuyers and Tenants? 80

    Site Features 81

    The Exterior of the Building 81

    Play the Tenant 82

    Inspect the Interiors of Competing Units 83

    Aesthetics: How Does the Unit Look, Feel, and Sound? 83

    Livability: Unit Size, Room Count, and Floor Plan 84

    Energy Costs 85

    The Rental Process 86

    5. Choose the Best Target Market 88

    How to Create a PVP 88

    Diversity Rules 89

    Demographic Differences 90

    Psychographic Differences 93

    Avoid Standard Labels; Picture Your Actual Renters 98

    Hitting the Bull’s Eye 100

    Find Unique and Intense Needs 100

    Bull’s Eye Lease Assessment 101

    Throw Away Standard Operating Procedures 101

    How Do You Identify the Wow (PVP)

    Features for...

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    Wiley
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Make Money with Affordable Apartment Buildings and Commercial Properties
Make Money with Affordable Apartment Buildings and Commercial Properties
Gary W. Eldred
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