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Investing in Duplexes, Triplexes, and Quads: The Fastest and Safest Way to Real Estate Wealth Paperback – May 1, 2006
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Top Customer Reviews
The one other area of the book that I had a problem with was in the area of tenants. He claimed that he doesn't run background, credit, etc. checks on prospective tenants and prefers to "go with his gut" on whether he feels the tenant is suitable to occupy his property. He goes on to say that if you invest in higher quality properties you will attract higher quality tenants. That is probably true but I don't think it eliminates the need to thoroughly screen prospective tenants. I'm not sure what it's like in south Florida but I can tell you that here in Washington state there is a big problem with methamphetamine labs in rental properties. The financial liability for the property owners is huge and not covered by insurance.Read more ›
I thought the best part of the book was the info on closing, ideas that I have not reading anywhere else. Word of advice, skip over the property management chapter, the weakest chapter in the book where Larry advocates screening tenant by using your "gut". That is a recipe for disaster.
The author gets right to the point and gives you the facts about what works and what doesn't work for investing in real estate. He shows you how investing in multi-family properties (2 - 4 family dwellings) is the easiest, lowest cost, and least risky way to get started making your fortune. He takes you from knowing nothing to being fully armed and ready to go make your first purchase. Best of all, he shares many intimate details on his own purchases, deals he walked away from, and deals he wished he would have completed.
When you're done with the book you understand: 1) how to find properties, 2) how to determine the value of a property, 3) verification and due diligence, 4) the process of making offers, 5) how closing works and what to expect, 6) managing your property, 7) the ins and outs of the three key real estate growth strategies: Buy and Hold, Refinancing, and Pyramiding.
Now that I have read this book, I'm already out looking at multi-family properties and will soon be completing my first purchase. I'm just an average guy with not much in savings, but with what I have learned from this book I can see a clear path to making several million dollars in real estate in just a few years. All that for just the $12.97 I paid for this book on Amazon... it almost seems unfair.
My experience has been in lower class neighborhoods. While Mr. Loftis touches upon investing in areas such as those, he prefers to buy triplexes/fourplexes in "yuppie" areas. He clearly states that the monthly income from the lower class areas is usually higher, but that the appreciation in the higher end areas more than makes up for that.
Loftis' explanation is quite detailed. He explains how to use the GRM to help you find a suitable property. By fixing up your property in a high GRM neighborhood, you can build considerable equity.
He also explains how he chooses his renters and has some example leases that you can use. He debunks some of the "wisdom" spewed out by many of the real estate "gurus". He explains how to use a 1031 exchange to free up some capital for further investment and how you can use refinancing to do the same.
In short, there is everything here to get you started on your way to being a successful residential multifamily property investor. Give the book a try...
Most Recent Customer Reviews
This book was a eye opener. It informs you about leverage and the method to calculate the value of a rental property. Read morePublished 1 day ago by Miguel Awesome H.
Great book, lots of advice. Unfortunately, the best teacher is experience. Even after reaching this book, I ended up purchasing a duplex that does not have separate water and gas... Read morePublished 26 days ago by D Tran
This book probably begins with the worst 50 pages of a real estate investing book I have ever read. I had to stop reading after that because the content was pure garbage. Read morePublished 1 month ago by Chris
Very informative book, really breaks down the dynamics of owning multi family properties.Published 2 months ago by Bryant Butler
I would say this is more for people looking into getting many rentals (we are on our first duplex) but it was still full of useful information and tips relating to FAQ like what a... Read morePublished 2 months ago by shelby
I bought this book and read it right away...
The good: strong niche focus, very good on finance side, neat anecdotes and well written. Read more
amazing book. Perhaps a little outdated as some of the strategies outlined don't quite works much after last real estate bubble crash, but still is an amazing bookPublished 5 months ago by antony