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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 1Introduction 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