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The conservative, thoughtful, thrifty investor’s guide to
building a real-estate empire.
Profitable real-estate investing opportunities exist everywhere as
long as you know what to look for and understand how to make
prudent deals that transform property into profits. David Crook, of
The Wall Street Journal, shows how to make safe and sane
investments that ensure a good night’s sleep as your real-estate
portfolio grows, your properties appreciate and your income
increases. The Wall Street Journal Complete Real-Estate
Investing Guidebook offers the most authoritative information
on:
• Why real-estate investing is a great wealth-building
alternative to stocks and bonds and why it’s crucial that you
avoid get-rich schemes
• How to get the financing and make the contacts to get
started
• How to start small and local, be hands-on and go step-by-step
with a vacation home to rent out, a pure rental property or a small
apartment building
• How to find and value great properties, do the numbers and
ensure you have that beautiful thing called cash flow
• How the government blesses real-estate investors with tax
breaks and loopholes, and how you can be one of the anointed
• How to deal with the nuts-and-bolts of being a landlord and
have a strife-free relationship with your tenants
A REAL Book on Real EstateReviewed by Trevor J. Flannigan, 2009-10-01
It's no secret, to those close to me, that I am a huge fan of real
estate investing. The book of the week was The Wall Street Journal
Complete Real-Estate Investing Guidebook by David Crook. I liked
this book because it was very informative on a very "real" level.
It didn't boast unreal expectations like many real estate books.
The methods outlined within this book can take someone with
somewhat little knowledge in the field and help them really start
making money with investment properties.
There was one particularly helpful chart within this book that I
would like to tell you about. The chart outlined how to prepare for
your starter property. It is broken into 4 categories: 1-3 months,
4-6 months, 7-9 months and 10-12 months. Each time period has tasks
to be completed within it... let me show you.
1-3 months- Educate yourself (read up on real estate investing),
Network, Clean up personal finances (pay off your debts and correct
credit reports)
4-6 months- Get the business going (interview banks, work on
getting a corporate entity established), Walk the streets (know the
areas where you will be doing your search), Check out properties
(get a feel for the market and crunch numbers)
7-9 months- Get liquid (make funds available for when you need
them), Go shopping (make some lowball offers and get a feeling for
negotiating), Get preapproved from your bank or financial
source
10-12 months- Go for it, do your due diligence, get your
money
I think laying out a plan is especially helpful for anyone just
getting off the ground. I love to make plans. I actually have plans
for myself that range from month to month and even 10 years in the
future. It really helps a person get things in perspective... "what
do I have to do here to get there?"
Crook also does a great job of directing a portion of his book to
novice investors. In his 6th chapter, There's No Place Like Home:
Smaller Residential Investment Properties, he explains how to get
your cashflow generated with smaller properties. I am a big fan of
starting off with a nice duplex. It helps you get a feel for the
management environment on a smaller level. I feel that if you are
going to have expectations of a property management company, you
should understand the field. Additionally, with a duplex you can
get a cheap rent (a lot of people think you'll live for free if you
have the other side rented, however, when you take in to account
the taxes, maintenance, utilities, and insurance you will probably
just end up with a much cheaper version of rent.) You will most
likely start having a positive cashflow on the second property and
then from there... the sky is the limit!
Real Estate is a great investment for several reasons, but I want
to clear up a misconception that a lot of people have about real
estate investing. A lot of people see their personal home as a
investment... however it's not. Several of my authors have
explained this concept and Crook does and especially great job of
making the point clear with an illustration of a the same house on
two pages, one being used as a home and one being rented out. The
house being used as a home has expenses just like one being rented
out, however, when you use the house as your home your expenses
(taxes, utilities, interest paid on mortgage, maintenance, upgrades
etc.) in the long run outweigh your financial benefits from the
sale down the road. People don't include the expenses of running a
home into the "investment" of their home. The myth of having a home
as an investment has been passed along for years, but when you see
the reality you have an opportunity to change that mind set. Put
more of your savings into solid investments and riches will be
awaiting you.
I think this book is a really great read for anyone thinking about
getting into their first few real estate deals. The Wall Street
Journal books are always very well written and they come with
little side modules with helpful little tidbits, which I think is a
nice way to break up the book and make it more interesting. I think
this book is a great, easy read for anybody, but would be
especially helpful for anyone that is or aspires to manage people.
I particularly love talking about real estate, so don't hesitate to
ask me questions if you have any! I would be more than happy to
help anyone that wants it.
[...]
Down-to-earth advice for real estate beginnersReviewed by Gabriel Duaso Anso, 2009-08-09
This book is a good, solid guide to real estate investing. Focused
in cash-flow and rental yields, this book will appeal to real
estate beginners, but more experienced investors might not find a
lot of insight.
Warning: if you are not a US market real estate investor, many
parts of the book will not be applicable to your needs (local laws,
taxes,...)
Great book for the newbie or amateur.Reviewed by Marshall Warren, 2009-08-01
This book is directed toward the novice real estate investor which is exactly what I am. Great book, even better information contained in it. Must read for every new real estate investors.
Patience is a virtueReviewed by John Paulson, 2008-12-28
Yeah, you have heard that before haven't you? Patience is a
virtue... The entire point of this book is about proper investment
strategies without going through the quick rich schemes of what has
broken Wall Street. Aggressive financing, flipping, no
downpayments, over leveraging yourself, etc. have caused few
success stories and a lot more heart aches. Let's face it, a lot of
people gambled and they loss.
This is one of the few books that I have read that I'm willing to
give 5 stars to, because in all honesty, it looks to the
alternative of the quick rich schemes. While it was published in
2006, it even makes more sense to read now.
One of my definite recommendations in my reviews.
Some good tips but...Reviewed by Christopher Foundas, 2008-10-29
I've been reading a lot of real estate investment books lately.
This one started out really strong, but seemed to fall apart at the
end. It felt as if it lacked a concluding statement or overarching
idea that drew the entire piece together. Still, for the beginning
investor it has some very good ideas.
Biggest plus: outright denouncement of the all-too-common
"get-rich-quick" schemes one finds so often in real estate books.
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