Investing in Fixer Uppers doc

[...]... Proper timing is very important for making big money in real estate It’s something like a surfboarder waiting to catch the biggest wave In real estate, we call this “selling during an up cycle.” Ideally, you should plan for selling properties when great multitudes of buyers are out shopping for them When buyers outnumber available properties, it drives 7 Investing in Fixer- Uppers up the selling prices... invests in fixerupper properties will do it differently, with some, like building contractors, even upgrading foundations, adding rooms, and revamping walls However, I’ve discovered that my biggest paydays come from repairing things that need fixing and cleaning up Hauling away junk and painting nearly everything that shows is always a top money-maker—and rejuvenating dead or dying yards by planting new... estate Sellers must finance the sale themselves or they can’t sell in many cases Motivated sellers who own properties that won’t qualify for bank financing have no choice other than carry back a 13 Investing in Fixer- Uppers mortgage or sell for cash (which is not too likely) 4 Opportunity to Increase Income Quickly by Adding Value Investment properties that are not producing the amount of income they should... If you’re the kind of reader who highlights important information with a fluorescent marker, I fully expect this book to look like Walt Disney’s doodling pad when you’re done! If it doesn’t, you should back up xv Investing in Fixer- Uppers and start again, because you’re skipping over way too much good stuff There’s one final point I wish to make before I lead you through a money-making education Do... quit my regular 9-5 job to invest in real estate full-time If you learn to invest my way, but still wish to continue working at your regular job, rather than changing careers, that is perfectly all right I’m sure the extra money you earn will prove you made a wise decision 9 Investing in Fixer- Uppers Why Fixers Are the Perfect Place to Start The simple explanation is that fixers are easy to purchase... present in good times or bad! Anyone who really wants to can make a fortune in real estate To succeed one requires only the initiative to start and the determination to keep applying the three R’s of renovating, refinancing and reinvesting Nickerson’s words gave me the courage to ignore my critics Quite often I’ve found that things you don’t understand too well can end up helping you more than the things... reality, Jay—the days of making money in real estate are over The bubble has finally burst!” Copyright 2003 by Jay P DeCima Click Here for Terms of Use xiii Investing in Fixer- Uppers I remember reading a book by William Nickerson, How to Make a Fortune Today Starting from Scratch (Simon & Schuster, 1963) In his book, Nickerson says: Although opportunities are much greater during boom times, I have come... real estate financing I couldn’t have picked a worse time if I had planned it When interest rates began to climb, nearly all the real estate activity in town came to a screeching halt! Hardly anyone was interested in buying or selling And yet, looking back now, I realize it was probably a good thing for me that I couldn’t predict the future; otherwise, I would have likely kept on punching a time clock... fixing rundown houses is truly a golden opportunity for do-it-yourself real estate xiv Introduction investors like me Indeed, the future is brighter than ever and there’s no end in sight People often say to me, “Jay, you sure are a lucky devil! You jumped head first into real estate investing at exactly the right time! Your timing was perfect, but tell me truthfully, do you still think the same things... the how-to pictures I promise, you’ll be pleasantly surprised to find out how many things you can actually do if you make the effort 11 Investing in Fixer- Uppers Less Competition Always Equals Better Bargains When you set your sights on acquiring rundown properties and poorly managed real estate, you are automatically putting yourself in the “profit mode” right from the start That’s because there’s . h0" alt="" Investing in Fixer- Uppers A Complete Guide to Buying Low, Fixing Smart, Adding Value, and Selling (or Renting) High This page intentionally left blank. Investing in Fixer- Uppers A Complete. fish- ing lessons! Investing in Fixer- Uppers xvi Getting Started in Fixer- Uppers PART 1 Copyright 2003 by Jay P. DeCima. Click Here for Terms of Use. M ost people are too busy earning a living. Started Investing in Fixer- Uppers 36 Getting Started Ranks First 36 Continuing Education—A Must 37 Specialization Is the Quickest Way to Learn This Job 37 Real Estate Investors Must Think Like Business