Make Money with Condominiums and Townhouses [Paperback]

Gary W. Eldred (Author)

Book Description

Series: Make Money in Real Estate | Publication Date: July 25, 2003

In the Make Money series, renowned real estate investor and bestselling author Gary W. Eldred shows you how to profit from the safest, most reliable wealth builder in the world-real estate. With coverage of all the fundamentals-from finding the right properties to financing and managing them-Eldred shows you the ropes so you don't have to learn important lessons the hard way. Unlike general guides to investing in real estate, each title in the Make Money series gives you the specialized expertise necessary to fully profit from a select investment strategy.

Make Money with Condominiums and Townhouses shows homebuyers and investors how to travel the road to real estate wealth-often with little or nothing down. As an affordable investment vehicle, condominiums and townhouses offer numerous advantages over other types of rental property-they require relatively little day-to-day management, they tend to attract more desirable tenants than other rental properties, and they offer low risk and high returns. Full of time-tested techniques and proven money-making strategies, Make Money with Condominiums and Townhouses will show you how to:
* Relax while you put your money to work
* Find properties with high rates of appreciation
* Evaluate homeowner association finances
* Choose profitable locations
* Understand the changing demographics that may affect your investment
* Finance your properties with little or no money down
* Achieve positive cash flow quickly
* Build up equity
* Understand by-laws, disclosure statements, and management contracts

Editorial Reviews

Review

"...But if you know nothing about finding, buying and selling property or little about finance...author Gary Eldred is your guy." (Miami Herald, October 8, 2003)

Gary W. Eldred, in his Make Money With Condominiums and Townhouses, differs from those get-rich-quick types who imply that all it takes to be a landlord-tycoon is creative financing and chutzpah.
Real estate can be rewarding, but you have to do your homework. Lots of it. This is where Eldred - a Realtor who has taught at Stanford University and the University of Illinois and co-wrote the thorough Investing in Real Estate with Andrew McLean - comes in.
How do you choose the right condo or town house? The due diligence you have to exercise is considerable. When you are negotiating to buy a unit, the seller has to show you legal and financial documents about the homeowner's association. Read them closely. A homeowner's association that is in financial trouble is more likely to levy special assessments on homeowners to cover deficits or pay for maintenance or repairs.
Other questions: Does the association carry enough insurance? Is it suing or being sued? (Guess who'll pay the legal bills.) Know that sellers and Realtors must disclose any serious defects of a property that they are aware of.
Does a condo development have too many renters? That could harm property values. How do you evaluate unit location, density, size (measurement errors happen frequently), livability, security, parking, amenities and so forth? If your eyes glaze over at all the detail Eldred provides, you may not be cut out to be a real estate investor.
Why invest in condos and town houses? Because in many areas, single-family homes have become too expensive relative to the rental income they can bring.
Eldred gives a good overview of what you need to know before you plunge into the exciting (but perilous) world. Read Make Money With Condominiums in conjunction with his earlier book, Investing in Real Estate, for more insight into how to find bargains and obtain financing from less-known channels. (USA TODAY, October 20, 2003)

From the Back Cover

In the Make Money series, renowned real estate investor and bestselling author Gary W. Eldred shows you how to profit from the safest, most reliable wealth builder in the world–real estate. With coverage of all the fundamentals–from finding the right properties to financing and managing them–Eldred shows you the ropes so you don’t have to learn important lessons the hard way. Unlike general guides to investing in real estate, each title in the Make Money series gives you the specialized expertise necessary to fully profit from a select investment strategy.

Make Money with Condominiums and Townhouses shows homebuyers and investors how to travel the road to real estate wealth–often with little or nothing down. As an affordable investment vehicle, condominiums and townhouses offer numerous advantages over other types of rental property–they require relatively little day-to-day management, they tend to attract more desirable tenants than other rental properties, and they offer low risk and high returns. Full of time-tested techniques and proven money-making strategies, Make Money with Condominiums and Townhouses will show you how to:

• Relax while you put your money to work
• Find properties with high rates of appreciation
• Evaluate homeowner association finances
• Choose profitable locations
• Understand the changing demographics that may affect your investment
• Finance your properties with little or no money down
• Achieve positive cash flow quickly
• Build up equity
• Understand by-laws, disclosure statements, and management contracts

See all Editorial Reviews

Product Details

• Paperback: 300 pages
• Publisher: Wiley; 1 edition (July 25, 2003)
• Language: English
• ISBN-10: 0471433446
• ISBN-13: 978-0471433446
• Product Dimensions: 9.3 x 7.5 x 0.7 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 4.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #782,641 in Books (See Top 100 in Books)

More About the Author

Gary W. Eldred has been investing successfully in real estate for twenty-five years and has consulted on real estate issues with many Fortune 500 companies. He formerly served on the graduate business faculty of Stanford University and the University of Virginia. He is the bestselling author of Investing in Real Estate, Sixth Edition, The Beginner's Guide to Real Estate Investing, Second Edition, and The 106 Common Mistakes Homebuyers Make (and How to Avoid Them), Fourth Edition, all from Wiley.

Customer Reviews

Most Helpful Customer Reviews

22 of 23 people found the following review helpful:

4.0 out of 5 stars A reasoned voice in the huckster crowd, May 7, 2004

By 

Matthew Scot Schultz "Matthew" (Greenville, SC) - See all my reviews

This review is from: Make Money with Condominiums and Townhouses (Paperback)

My review title pretty well sums it up. Eldred presents a well reasoned argument for investing in condos. He provides solid advice on the pertinent subjects, including tenant and association selection. And he does it with an encouraging tone that doesn't digress into pie in the sky hype.

I think I'll check out some of his other work.