Perfect for: Experienced real estate investors seeking non-traditional deals, Understanding the general lifetime/process of a real estate deal
Length: 239 pages
Depth: Dense if you are a new real estate investor
This book mainly focuses on how to find real estate deals using both traditional (real estate agent, etc.) and non-traditional (foreclosures, etc.) methods. The book is tailored more towards wholesalers and fix-and-flippers, but the knowledge can really be used by any type of investor. The first part of the book covers how to evaluate different areas/markets and how to find non-traditional deals. The second half of the book gives a high-level overview of how to analyze, finance, negotiate and close a deal.
All the Feels:
I need to learn to walk before I try to run. The author does a great job of detailing how to find and land a non-traditional deal, however I think a lot of the methods he describes are above the pay grade of a first-time investor. Nonetheless, there is still a ton of great info for first time investors about evaluating markets, MLS and working with agents.
My Main Takeaway(s):
Location is key when it comes to property value. Evaluating a market and understanding what factors (schools, crime, economy, etc.) have the largest impact on price is extremely valuable knowledge.
Firsthand information is always welcomed, but a lot of market analysis can be done using different tools/websites. This book explains how you can do market analysis from your couch.
Build rapport with sellers and do your best to understand their situation and why their selling. This will enable you to craft an offer (price, financing, closing period, terms, etc.) that delivers maximum value for both parties.
Don’t be afraid to ask and propose ideas to the seller. You will never know if they are open to seller financing if you never ask.