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How to Invest in Condominiums: The Low-Risk Option for Long-Term Cash Flow 1st Edition

4.1 out of 5 stars 19 customer reviews
ISBN-13: 978-0471151500
ISBN-10: 0471151505
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Editorial Reviews

From the Back Cover

A simple proven method for improving cash flow so you can live rent-free and retire early

How to Invest in Condominiums provides a simple, low-risk blueprint for building cash flow by buying and renting out condominiums. You can provide for your retirement or improve your monthly income by investing in income-producing real estate at a very low risk to the capital you invest. Unlike stocks and bonds, real estate is immune to inflation and a fluctuating stock market and also provides some shelter from taxes–and the return on investment typically exceeds that of the average Wall Street investor!

The author includes a plan for getting started and a detailed record of his investments that shows how he grew a considerable cash flow–with only a small commitment of time and effort. This straightforward, realistic guide will help you:

  • Use this method to establish long-term cash flow
  • Avoid owning a money-losing rental unit
  • Use professional property management to save time and money
  • Avoid "fixer-uppers" v Keep your long-run effort minimal
  • Live rent-free and retire early!

How to Invest in Condominiums is a reliable and realistic way to supplement your income. There are no gimmicks and no strings attached and this is not a get-rich-quick scheme. It’s a long-term plan that will help you meet–and surpass–your long-term goals.

About the Author

ANDRIS VIRSNIEKS is a former accountant for Boeing and a former cost analyst for the Department of Defense. His method for buying and holding condominiums, as described in this book, allowed him to retire at an early age.
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Product Details

  • Paperback: 224 pages
  • Publisher: Wiley; 1 edition (December 11, 2001)
  • Language: English
  • ISBN-10: 0471151505
  • ISBN-13: 978-0471151500
  • Product Dimensions: 6.1 x 0.4 x 9.1 inches
  • Shipping Weight: 11.2 ounces (View shipping rates and policies)
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (19 customer reviews)
  • Amazon Best Sellers Rank: #1,308,275 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Paperback
I enjoyed Andris Virsnieks' book very much. The author writes in an informative, intelligent and down to earth style. His premise is buy brand new condos as investment rental properties, and hire a professional management company to deal with the tenants and the day to day grind. I like it. I like the premise. I like the low involvement approach, and I'm convinced that the author did what he said he did. As opposed to some OTHER real estate authors whose books belong in the fiction section. New buildings should have fewer physical problems and many of those will/should be taken care of by the builder/developer. The author has been sucessful using his techniques and for that I applaud him.
There were a few things that I was less than satified with the book. The author only bought 7 or 8 condos and the last one was in 1986. His condo purchases were only in the Seattle, Washington area and some of his experiences and therefore conclusions may not be universal. And lastly though the book was published in 2001, it appears that much of the book was written in 1997 and many of the statistics end in 1996. A re-edited version NOT referring to the last stock market downturn as being in 1987 would have been appreciated.
I've owned condominiums myself and currently still own condos. I can attest to the truth and wisdom in Mr. Virsnieks' book. He has a plan, he executes that plan, and has written good accounting of his personal path to a steady income, very little hassle and time, as well as early retirement. This is not a get rich quick book, and the author does not have the bluster of late night informercials; but this is a clear worthwhile read.
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Format: Paperback
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It is obviously written for the individual that is just getting started in rental properties, but that is the intent of the book, and the author makes that very clear on the cover and forward. BUT, then he actually delivers!
I have had countless students in my passive income investment courses, and now I intend to add this easy read to my rental income properties classes as a must read!
I would have liked to see some more meat in certain chapters, such as how did he construct the financing of his purchases, and possibly a financial blueprint of his year by year ROI as he developed his portfolio. Also, there is little to no mention of the tax implications of his investments, but I can only speculate that they are great. Overall Andris Virsnieks accomplished his mission, and that was to write a "How-To" for the absolute novice!
Some of the most important and unique areas of the book involved the detailing of his condominium purchase's, and how he amased his portfolio of rental properties and the cash flow details of each. He then goes on to advise what he learned through each experience, and what he would do differently in hind sight.
Adris compares his condominium purchases with traditional single-family style homes, apartments and duplexes. He makes a strong case for the freedom associated with condominiums versus other rental real estate properties. I'm looking forward to a second edition of this book, and hopefully he will include some of the areas suggested above.
This is a must buy for anyone wanting to create passive income through rental properties.
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Format: Paperback
This book is the one investment book I recommend for everyone, and certainly the one book for investing in condominiums. In concise and thorough detail, Andris Virsnieks lends his own personal experience to show not only how to get started in investing in condominiums, but explains how if properly researched they are a superior investment to apartments, the stock market, and other more time-consuming and volatile investments. This book is free of superfluous bull and get rich quick schemes, but is instead focusing on steady monthly cash flows with little maintenance through good property management. A great book.
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Format: Paperback
I often like to read an older book on a topic of interest to me, just to see how dated it is and whether or not the principles and tenets espoused by the author still ring true after all of these years. Although this book is quite dated, apart from the basic move that the author advances in the text, many of the principles and tenets he puts forth still ring true. However, there are a number of problems with the author's investment method, especially of late, and careful readers should take note of them as they digest the contents of this book.

As for its contents, with regard to investment in real estate in general, I would have to say that it is very opinionated, but nonetheless on the money. That said, the author carefully outlines his bias for income generating condominium investing, and along the way he does a very good job of dissecting the more obvious tricks and traps (it's the not-so-obvious stuff that investors have to worry about and that he fails to present). He presents a strong- and again, very biased- case against other forms of real estate investment (and also stock and bond investing in general), such as fixer-uppers, apartment buildings, limited partnerships and real estate development (here specifically, turning raw land into some sort of residential property).

The basic move is to purchase a new or "new-ish" type condo unit in a promising development, live in it for an extended period of time, then rent it out and repeat the process. You do this until you reach the limit of what you feel is the greatest number of properties you can reasonably hold in your investment portfolio. Most of the book is spent justifying this basic move, and a little time is spent demonstrating how to implement it.
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