Whether you"re a first-time genuine estate investor or a jug professional, The complete Guide to Buying and also Selling Apartment buildings helps you sketch your future, uncover apartment structures at a same price, finance purchases, and manage her properties. Currently revised and expanded, this second Edition consists of tax planning advice, instance studies of genuine acquisitions, and appendixes that add detail to the big picture. Plus, it contains a handy glossary of every the state investors must know, useful sample develops that do paperwork quick and also easy, and also updated genuine estate forecasts. V this an extensive guide at hand you"ll find profits simple to come by.


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About the Author




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STEVE BERGER is a genuine estate investment expert with over twenty-five year of expe-rience. As major of Symphony Homes, he is an active investor specializing in developing value through miscellaneous real heritage mechanisms, consisting of single-family houses, multifamily apartment complexes, and also the breakthrough and building of single-family and condominium housing communities. The holds one MBA in finance and marketing indigenous Rice University. His other publications include The finish Guide to actual Estate Finance for investment Properties and also The finish Guide to Flipping Properties, both native Wiley.

Table of Contents

Chapter 1 Introduction come Multifamily property 1

Introduction 1

Holistic approach 2

Background 4

Market Outlook 6

Regional fads 9

Chapter 2 Advantages the Multifamily ownership 13

Time and Efficiency 14

Market Liquidity 15

Transaction costs 16

Concentration of units 17

Management and also Labor Considerations 17

Tax and also Record maintaining Considerations 18

Divestiture of property 18

Chapter 3 Bridging the space 21

Strategies 22

Leverage—The OPM rule 23

Clearly defined Objectives 24

Maslow’s hierarchy of demands 27

Conquering your Fears 29

Chapter 4 The Value-Play Strategy 35

Buy and Hold versus Buy and also Sell 36

Ten ways to create Value 39

Diamonds in the unstable 47

How to Tell a Diamond from a bump of charcoal 61

Chapter 5 Establishing her Niche and Locating nature 69

Establishing your Niche 70

Availability of resources 70

Property size 71

Property period 74

Holding period 79

Chapter 6 Six methods to situate Properties 85

Real estate Brokers 86

Classified Advertisements 87

Industry-Specific genuine Estate publication 88

Local and also National web Sites 88

Associations and Real Estate investment Clubs 89

Banks 89

Chapter 7 Financial evaluation 91

Valuation—How lot is That property Really Worth? 92

Two an essential Principles That saved Me $345,000 93

Valuation Methodologies 95

Financial declaration 102

Five an essential Ratios friend Must understand 117

The One-Minute assessment 124

How come Read between the present 125

Chapter 8 Case Study analysis 129

Case study 1: 52 systems in Flint—My way or the Highway 129

Case research 2: 12 systems in Saginaw—Below-Market rental fees 142

Case study 3: 16 devices in Beaumont—A Banker’s REO 151

Case study 4: 98 units in Houston—Creating Synergism through Consolidation 162