This book describes how to get started repairing houses and renting them out in your spare time. It covers various aspects such as house selection, what to repair, handling tentants, managing the books, and taxes. The book describes the two safest ways to make money in real estate, and one chapter is devoted the the "Zen of Repairing Properties." The author uses examples from his own experinces, humor and motivational examples to encourage the reader down a path that will be both financially rewarding and deeply satisfying.
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With the wit of Will Rogers, this book provides simple guidelines for restoring homes, and sanity to our crazy lives.From the Publisher:
This book is aimed at the person who has a strong desire to invest in real estate but wants to keep his or her regular 9 to 5 job. The key is to not rely too much on the so-called "professionals" to help you along the way. What the book proposes is that you learn to do all of the important things yourself, just as you would learn all aspects of any hobby that you pursue. It is more difficult to do it all yourself. However, it is more financially rewarding, more deeply satisfying, and you will learn wide assortment of skills that that will serve you well throughout life.
This book encourages you to adopt a new philosophy to go along with your new hobby, one which moves you in the direction of becoming independent and self-reliant.
Components of your new philosophy include:
* Focus your energies on what gives you satisfaction and meaning in life
* Use problems at work to fuel your desire to succeed in real estate investing
* See setbacks as opportunities in disguise
* Absorb new information like a sponge when learning to make your own repairs
* Don't pay others to do what you can learn to do yourself
* Make time to learn the necessary skills to earn money with fix-up houses
* Have your subconscious "radar" on the look out for fix-up houses that meet your criteria
* Accept that the only way to learn how to rent out properties, including handling problem tenants, is by doing it
* Make the repair process a family sharing experience
* Only sell a house so that you pay no income taxes
* Take a steady path to success, learning new skills as you go, gradually building your knowledge and wealth
This is a slow, steady approach. It doesn't involve buying many houses rapidly. Rather, it involves buying properties gradually. Part of the joy of buying a below market priced fix-up house is that you get to repair it. That may take a two or three years if you live in the house at the same time, which is one path that the author utilizes.
The author's philosophy is that money is not made by buying and selling a lot of houses. You may not have the disposable money to buy a house a year for 10 years. The author proposes that money is made in real estate through careful attention to details, buying houses in need of repair, adding value to them by fixing the up, renting out the property, managing tenants, and making repairs when tenants leave. He believes in hanging on to what he has and in being self-reliant. His money is made in the trenches, in doing what many people are unwilling to do, or don't feel that the hard work is worth the reward. It involves the drudgery, (for some people, but in reality an opportunity to learn and grow) of cleaning up a house that has been turned inside out by irresponsible tenants. It also involves dealing with problem tenants who don't pay, or who bother the neighbors, or who don't take care of the house.
If you learn to accept, and even enjoy doing the repairs, and learn the proven ways to deal with problem tenants, then you will succeed where most people fail. It all comes down to keeping in view the financial rewards that await you as you learn the necessary skills, and do the inescapable hard work that comes with the hobby. Beyond the financial rewards, there is the satisfaction and confidence that comes with mastering the skills of the profession.
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