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5 Magic Paths to Making a Fortune in Real Estate

Cover of 5 Magic Paths to Making a Fortune in Real Estate

5 Magic Paths to Making a Fortune in Real Estate

Borrow Borrow

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!
  • 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!
  • Available formats-
    • Kindle Book
    • PDF eBook
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    • Library copies:
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    Recommended for you


    About the Author-
    • 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.

    Table of Contents-
    • Preface xiii

      Acknowledgments xv

      Introduction xvii

      Introduction to the Second Edition xxi

      CHAPTER 1 Five Magic Paths to Making a Fortune in Real Estate 1

      The Five Magic Ways to Wealth 1

      Now It’s Time to Make Real Money 5

      Guidelines for Getting Started 6

      Combine Techniques to Ensure Success 6

      Before You Roll Up Your Sleeves 7

      Take Some Measurements of Your Market 8

      Magic Paths FAQs 9

      CHAPTER 2 Making Money with Fixer-Uppers 12

      The Fix-Up-and-Sell Strategy 12

      Buying a Fixer-Upper 13

      Seek Fixer-Uppers in All Price Levels 15

      You May Wish to Live in Your Investment 16

      Eight-Point Checklist for Making Money with Fixer-Uppers 17

      Some Bargaining Ideas 19

      Rehabbing: Frequently Asked Questions 20

      CHAPTER 3 Finding the Fixer-Upper Bargain 25

      Mining for Gold: Target a Neighborhood 25

      Find Sellers with Neglected Properties 27

      Screen the Seller’s Motivation—Using the Telephone to Advantage 28

      Ways to Find Sellers 30

      Don’t Overlook Out-of-State Owners 33

      You’re Ready to Meet the Seller at the Property 33

      Seek Houses through MLS or the Internet 34

      Get Agents to Bird Dog Property for You 37

      Have a Contact System for Agents and Prospects 37

      When You’re Offered a Group of Houses 38

      It’s All about Prospecting 39

      CHAPTER 4 Finding Foreclosed, Repossessed, or Condemned Property 40

      The Perils and Rewards of Buying at Foreclosure 40

      Finding Properties before Actual Foreclosure 42

      Step In and Negotiate before the Foreclosure 43

      Solving the Problems of a Homeowner Facing Foreclosure 43

      Taking Over a Qualifying Foreclosure 44

      Getting Started with Your First Auction Foreclosure 45

      Deciding Whether a Deal Is Good 46

      Some Reminders on Foreclosures 48

      When the IRS Has a Lien on Property Being Foreclosed 48

      Get Acquainted with Auction Procedure 49

      Getting an REO from the Bank 50

      Use Your Repair Estimate to Drive the Price Down 51

      Find Condemned Houses in Respectable Neighborhoods 54

      CHAPTER 5 Repairs That Make You the Most Money 57

      Start by Getting Accurate Estimates 58

      Four Broad Areas of Repairs 58

      Six Major Areas of Inspection and Repair 59

      From Preliminary Outline to Finalized List 60

      A First Priority: Arranging Time for the Repair Estimation 64

      Early Inspections Avoid Problems Later 64

      Typical Repairs You May Encounter 65

      What Repairs to Avoid 66

      Always Solve Code Violations 66

      Getting to Know the Bricks and Mortar, or, The More You Know, the More You’ll Earn 67

      Special Problem of Dealing with a Cracked Foundation 69

      Another Common Rehab Problem: Fire Damage 72

      Six-Point Checklist for Fixing Up 72

      CHAPTER 6 Valuing Properties Is the Key to Profits 74

      Judging the “After Repairs” Value 74

      Repair Costs Lead to Finding Value 75

      Getting Started in Valuing Houses 76

      You Start by Finding Comparable Properties with Recent Sales 77

      Doing a Mini-Appraisal 78

      What to Consider in Determining Value 79

      Making Adjustments to Equalize Value 80

      Features to Adjust in the Mini-Appraisal 83

      Pricing Adjustments Accurately Improves with Experience 85

      Make Sure Comparable Sales Are Arm’s-Length Transactions 85

      Neighborhood Prices Tend to Cluster 86

      ...
    Title Information+
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      Wiley
    • Kindle Book
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