The Complete Guide to Investing in Duplexes, Triplexes, Fourplexes, and Mobile Homes: What Smart Investors Need to Know Explained Simply

by Edith Mazier

Overview

It is no secret that investing in real estate can significantly boost one's income. Many people begin by investing in single-family residential properties and work their way up to commercial properties, such as duplexes, triplexes, and quads. However, moving from one to the other may seem like a big leap. This new book, The Complete Guide to Investing in Duplexes, Triplexes, Fourplexes, and Mobile Homes, will make the transition effortless, as it explains everything you need to know in easy-to-understand language and points out dozens of hints and suggestions.

By reading this new, extensively-researched book, you will become knowledgeable in all areas of commercial real estate investing, including cash flow, appreciation, tax benefits, equity buildup and leveraging, due diligence, gross rental income, vacancy loss, operating expenses, debt service, zoning, triple net leases, and contracts. You also will learn about the potential gains and losses, the consequences, loans, proven techniques, effective strategies, advantages and disadvantages of direct and indirect investing, and asset management techniques.

In addition, you will discover how to buy with no money down, how to get cash back at closing, how to eliminate your risk, how to decide whether to buy or hold, how to keep good tenants, how to determine and compare property value, how to structure deals, how to limit your personal liability, how to inspect a building, how to take out a mortgage, how to secure financing, how to negotiate, how to read economic cycles, how to avoid the common mistakes, and how to decipher tax issues. You will be prepared for restrictions pertaining to children, pets, parking, vehicles, boats, music, maintenance, club memberships, recreation facility leases, use of recreational facilities, and common areas.

Whether you are a new investor looking to get started or a seasoned veteran looking to enhance your portfolio, The Complete Guide to Investing in Duplexes, Triplexes, Fourplexes, and Mobile Homes will provide you with all the information you need to accomplish your investment goals.

Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president’s garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice.  Every book has resources, contact information, and web sites of the products or companies discussed.

This Atlantic Publishing eBook was professionally written, edited, fact checked, proofed and designed. The print version of this book is 288 pages and you receive exactly the same content. Over the years our books have won dozens of book awards for content, cover design and interior design including the prestigious Benjamin Franklin award for excellence in publishing. We are proud of the high quality of our books and hope you will enjoy this eBook version.

Product Details

ISBN-13:	9781601382061
Publisher:	Atlantic Publishing Company FL
Publication date:	09/01/2008
Pages:	288
Product dimensions:	6.00(w) x 8.90(h) x 0.90(d)

Table of Contents

Introduction 11

How to Use This Book 13

Study, Reflect, and Act 14

Part I Real Estate As An Investment 17

Chapter 1 Why Real Estate Beats Other Investments 19

Investing in Real Estate Means Owning Your Own Business 22

Benefits of Multiunit Residences and Mobile Homes 25

This Is Not a Get-Rich-Quick Scheme 28

Chapter 2 The Components of Return on Investment 31

Cash Flow 32

Appreciation 35

Equity Growth Through Loan Reduction 39

Tax Benefits 39

Chapter 3 Protect Your Personal Assets 47

Choose the Right Entity 48

Advanced Asset Protection 51

Chapter 4 Assemble Your Team of Experts 53

How a Real Estate Agent is Key 54

How a Real Estate Attorney Watches Your Back 57

How a Tax Advisor Can Keep Money in Your Pocket 59

How an Insurance Agent Can Help You Focus and Leverage 60

Optional Members of the Team 62

Chapter 5 Make a Plan 67

Determine Your Financial Goals 68

Get Started 73

Part II Buying, Financing, and Selling Investment Real Estate 75

Chapter 6 Finding Property 77

Invest Near or Far? 77

Study Your Market 78

Narrow Down the Target Areas 80

Bargains (Practically) for the Taking 81

Networks 82

Bad Figures = No Deal 82

Chapter 7 Financing the Purchase 85

The Power of Leveraging 85

How Much to Finance 86

Borrowing Money Costs Money 90

Conventional Lenders as Sources 92

The Government as a Source 93

Assumable Loans as a Source 94

Private Financing as a Source 95

Buying With No Money Down 99

When Cash is King 100

Chapter 8 Do Your Due Diligence 103

Precontract Due Diligence 104

Postcontract Due Diligence 107

Final Words on Due Diligence 112

Chapter 9 Are Fixer-Uppers for You? 115

Types of Fixer-UpperProperties 116

Keep Your Head Above Water 125

Inspect, Then Project 125

Haggle, But be Prepared to Walk 126

Avoid Over-Renovating 127

Seller Financing 127

Do it Yourself or Hire Help? 128

If Fixer-Uppers are Not For You 130

Chapter 10 Government Programs for Property Rehabilitation 133

HUD/FHA Rehabilitation Programs 134

Other Federal Programs 139

State, County, Local, and Community-Based Programs 140

Chapter 11 Mobile Homes and Mobile-Home Parks 143

The Changed Face of Mobile Homes 144

Advantages of Investing in Mobile Homes 147

Mobile-Home Parks 151

Benefits of Owning a Mobile-Home Park 154

Financing the Purchase 159

Challenges 161

The Future 164

Chapter 12 Effective Negotiation 167

Superior Knowledge 168

People Skills 168

Changes Backed by Reasons 169

Negotiation Tactics & Techniques 170

Chapter 13 Common Mistakes to Avoid 177

Ignoring the Calculator 177

Not Knowing Area Rents 178

Choosing an Inadequate Form of Ownership 178

Overpaying 179

Buying Too Much Property 180

Buying Far From Home 181

Emotional Attachment 181

Unrealistic Expectations 182

Over-Financing 182

Other Financing Pitfalls 183

Skipping the Property Inspection 184

Tenancy Errors 184

Poor Maintenance 188

Chapter 14 How and When to Sell 189

Reasons to Sell 190

Methods of Selling 191

Tax Consequences 198

Prepare the Property for Sale 200

Marketing the Property 201

Part III Managing Tenants and Properties 203

Chapter 15 Know the Law 205

Federal Fair Housing Act 205

Your State Laws 206

Your Local Laws 207

Chapter 16 Selecting Your Tenants 209

Marketing Rental Property 211

Showing the Property 211

Screening Prospective Tenants 213

Chapter 17 The Lease as Your Essential Tool 223

Self-Explanatory Terms in a Lease 224

Other Terms in a Lease 225

Final Words 236

Chapter 18 Manage Your Tenants 237

Money, Property, and Tenants 237

Existing Tenants 238

Problem Solving 239

Increasing the Rent 242

When Tenants Leave 243

Fairness Goes Far 245

Chapter 19 The Management of Properties 247

Routine Maintenance 247

Improved Cash Flow = Increased Value 250

Keep Pristine Records 256

Chapter 20 Self-Manage or Hire Management? 257

Self-Managing Your Property 259

Professional Property Managers 260

Part IV Beyond Rental Property 265

Chapter 21 Navigating in Governmental Waters 267

The Triple Whammy 267

Challenges Encountered by Owners 269

Staying Afloat 273

Conclusion 275

What You Have Learned So Far 275

Ready, Set, Go 280

Bibliography 283

About the Author 285

Index 287