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New PDF release: 5 Magic Paths to Making a Fortune in Real Estate

By James E. A. Lumley

A brand new and revised variation of the common sense advisor to actual property richesMore and extra individuals are gaining knowledge of that actual property making an investment is a secure and cheap approach to elevate their funds stream and construct lasting wealth. in order to in achieving monetary freedom, then glance no extra. five Magic Paths to creating a Fortune in genuine property unearths the confirmed actual property funding concepts that lots of trendy millionaires used to make their fortunes. in reality, you do not even want a lot of cash to begin making an investment and begin placing profit your pocket today!Real property specialist James Lumley bargains uncomplicated, straight forward reasons of the commonest and profitable methods to estate investment--including fixer-uppers, lease/options, wholesales, buy-and-hold, and single-and multifamily leases. you are going to comprehend all of the fundamentals of genuine property and discover ways to use those 5 innovations to make a killing in any economic system. full of new information--including sections at the IRS's simplified tax trade principles and the capital earnings exclusion--5 Magic Paths to creating a Fortune in genuine property will exhibit you the way to:* locate foreclosed, repossessed, or condemned homes* study the markets and practice valuations* make sure what you could appropriately manage to pay for* Negotiate with and purchasers* locate the simplest financing phrases, together with vendor financing* rate and practice money-making maintenance* paintings with brokers and contractors* and masses extra!

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The post office may not give you the forwarding address but will confirm whether there is one. You can also go to the local assessing office, which will have information about the status of the property along with details of the physical structure. It may be the case that the vacant house is no longer controlled by a private owner. Whether it’s a bank, or mortgage company, or your municipality (which might have taken the property for nonpayment of back taxes), that entity will most likely be willing to have someone like you with whom to make a favorable deal.

The work may be as simple as general cleaning and repainting or as extreme as reroofing and upgrading kitchen and bathrooms or adding a dormer. The point here is that you need to have a good idea of what to expect—you don’t want any unpleasant surprises, so be thorough. Third, estimate repair costs. Investigate the cost of whatever needs to be done. Do this by expanding on your inspection list—determine 18 Making Money with Fixer-Uppers what must be done, what is required by the local building inspector, and what you should do to make the property more marketable.

Avoiding the research. Several key areas of rehab work require an investigation of repair cost, value analysis, and marketability. Your individual strategy must be to inspect the property yourself, with knowledgeable professionals, to ascertain what’s needed for the repairs, and gather the repair costs from contractors or from your previous experience. And you must compare the property as it will be once the repairs are done to what is similar that has recently sold. If 22 Making Money with Fixer-Uppers you’ve done this latter comparability study carefully, your end game of selling should be the easiest part.

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