By John Schaub
Suggestions for growing actual property wealth by way of superstar ting small—and constantly making the fitting strikes Nationally identified actual property specialist John Schaub realized his craft within the top approach possible—on the activity, and during all types of industry. Over 3 many years, he discovered to financial institution constant earnings as he equipped a magnificent genuine property mini-empire. construction Wealth One condominium at a Time unearths how almost an individual can acquire 1000000 cash worthy of homes debtfree and earn a gentle money stream for all times. specified in that it makes a speciality of paying for homes in good-quality neighborhoods, Schaub's nine-step application includes:
Renting to long term tenants, with monetary incentives to pay on time
keeping off the temptation of larger offers, which consistently comprise greater problems
A 10-year plan to repay debt and personal homes unfastened and clear
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Extra info for Building Wealth One House at a Time
3 Buying strategy worksheet (Continued) Address: _______________________________________________ Price: $_______________ Date: _______________ The estimated gross monthly rent the house will produce: $_____________ Estimated monthly expenses (taxes, insurance, maintenance): $_____________ Net amount available for payments: $_____________ Highest price that you are willing to pay: $_____________ Your target price: $_____________ The best price you can imagine: $_____________ The first price you will offer: $_____________ The largest down payment you can make: $_____________ The first down payment you will offer: $_____________ The amount of financing: $_____________ The terms of the financing: Interest rate: _____% Term: _____ years Payment: $_________ Your projected monthly cash flow: $____________ Personal property and other terms or conditions important to you in this purchase: __________________________________________________________ __________________________________________________________ 53 5 MAKING THE OFFER TALKING WITH THE SELLERS BEFORE YOU MAKE AN OFFER After you have completed the buying strategy worksheet, sit down with the sellers and talk about what is important to them.
You take a greater risk when you buy a more expensive house. You need to buy it further below the market to compensate you for that risk. If you had to resell it immediately, you would have to discount the price to get rid of it quickly. Here are some examples of house prices and minimum profits. This is not a science. These numbers are to make you consider the relationship between the risks you are taking and the price you should pay for a house. You need to adjust the discount to account for the quality and location of the house and the market for houses at the time.
Before you go to see their house, research what they paid for it and what they might owe on the public records. Ask them the questions listed in Chapter 4. Don’t waste your time and energy going to see a house until you are sure that it is an opportunity that you want to buy. Real estate agents. Although some of my best buys have been from agents, they are a seasonal source of deals. When the market is hot, they don’t need buyers, so you won’t get many calls. When the market cools off, they have more sellers than buyers, and they will call you.
Building Wealth One House at a Time by John Schaub