Secrets of Buying and Selling Real Estate...: Without Using Your Own Money! [Paperback]

Robert Shemin (Author)

Book Description

ISBN-10: 0471449245 | ISBN-13: 978-0471449249 | Publication Date: September 25, 2003 | Edition: 1

An expert guide to the ins and outs of real estate financing

Secrets of Buying and Selling Real Estate . . .Without Using Your Own Money! is the definitive insider's guide to traditional and creative (yet legal and ethical!) real estate financing.

In understandable, step-by-step language, it walks you through explanations and examples of conventional real estate financing so you understand clearly how most financing works. It examines all the available creative or unusual financing strategies that seasoned investors and homebuyers use every day to buy and finance properties. Drawing on his long experience as a successful real estate investor, Robert Shemin spotlights the advantages and disadvantages of various types of mortgages, terms, and financing strategies so you know all your best options. He also includes informative material on how credit scoring works and understanding credit ratings and credit problems that could scuttle your loan. Offering proven techniques, expert tips, and creative alternatives along the way, Shemin details every important aspect of the financing process, with in-depth discussion of topics such as:
* Owners' terms
* Contracts for deed, land contracts, and lease options
* How to use partners or cosigners
* How to get approval after a mortgage company turns you down
* How to buy property even if the bank says "no"
* Creative ways to obtain down payments, getting the seller to contribute using nonprofit programs

Editorial Reviews

Review

"...As a writer, he uses clear, persuasive and accessible language..." (Miami Herald, October 13, 2003)

From the Back Cover

An expert guide to the ins and outs of real estate financing

Secrets of Buying and Selling Real Estate . . .Without Using Your Own Money! is the definitive insider’s guide to traditional and creative (yet legal and ethical!) real estate financing.

In understandable, step-by-step language, it walks you through explanations and examples of conventional real estate financing so you understand clearly how most financing works. It examines all the available creative or unusual financing strategies that seasoned investors and homebuyers use every day to buy and finance properties. Drawing on his long experience as a successful real estate investor, Robert Shemin spotlights the advantages and disadvantages of various types of mortgages, terms, and financing strategies so you know all your best options. He also includes informative material on how credit scoring works and understanding credit ratings and credit problems that could scuttle your loan. Offering proven techniques, expert tips, and creative alternatives along the way, Shemin details every important aspect of the financing process, with in-depth discussion of topics such as:

• Owners’ terms
• Contracts for deed, land contracts, and lease options
• How to use partners or cosigners
• How to get approval after a mortgage company turns you down
• How to buy property even if the bank says "no"
• Creative ways to obtain down payments, getting the seller to contribute using nonprofit programs

See all Editorial Reviews

Product Details

• Paperback: 304 pages
• Publisher: Wiley; 1 edition (September 25, 2003)
• Language: English
• ISBN-10: 0471449245
• ISBN-13: 978-0471449249
• Product Dimensions: 9 x 7.3 x 0.7 inches
• Shipping Weight: 1 pounds
• Average Customer Review: 3.8 out of 5 stars  See all reviews (16 customer reviews)
• Amazon Best Sellers Rank: #1,150,141 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

63 of 63 people found the following review helpful:

1.0 out of 5 stars Disseparate thoughts, March 13, 2004

By A Customer

This review is from: Secrets of Buying and Selling Real Estate...: Without Using Your Own Money! (Paperback)

I got into real estate investing primarily due to Mr. Shemin's first two books, "Secrets of a Millionaire Landlord" and "secrets of a Millionaire Real Estate Investor." Both of these books were excellent, and I wouldn't sell my copies for the world.

However, this is simply a collection of loosely connected thoughts strung together to create a book. Here is the plan presented in the book -- Find a $250,000 that you can purchase for $190,000 from a motivated seller, and sell it to someone else for $230,000, then retire rich.

Not much of a plan if you ask me, especially when where I live, a $250,000 would be a mansion, not a 3 bedroom 2 bath starter house. A real presented plan would be, do A, B, C, D, etc.

What he is suggesting in the book is not investing, rather it is speculating in real estate. While there is nothing wrong with that, let's call it what it is.

His other book, "Unlimited Riches," which I also own, covers everything here, and is a much better written book. It at least presents a cohesive plan that a novice might be able to follow.

The book updates us on where Mr. Shemin is going in his life, and career. He lets us know that he got out of the landlord business and is now speculating in real estate and "writing paper," (hard money lending) as he calls it.

I have read many what I call "Rah Rah" books. There is nothing wrong with convincing people that they too can succeed in real estate, but this book doesn't even do that.

I always try to find 2 or 3 new ideas, even out of a bad book. While there are a few ideas that make me go, "Hmm, interesting," there are no sonic booms here. The book comes off as an advertisement for his real estate seminars and multilevel marking of some products, nothing wrong with that, but not much else for me to sink my teeth into.

I am presently reading his new book "How to Avoid the 75 Mistakes Every Investor Makes." That book should have been 50 Mistakes, but they stretched a few to get 75. Mind you, they are not bad, just that some didn't even take up half a page, and there are 250 pages in that book.

If you have the money, buy the book, but if you have to choose between this one and another one, pass this one by. However, that said, do purchase his Millionaire books. They are worth the money.

In closing, I'd like to find someone who would write a book on how to check real estate records for liens. You know, the nitty gritty work of real estate investing. Instead, they all want you to pay the $1000 for this information.

30 of 34 people found the following review helpful:

1.0 out of 5 stars BE skeptical of other reviews here, October 25, 2003

By A Customer

This review is from: Secrets of Buying and Selling Real Estate...: Without Using Your Own Money! (Paperback)

Whenever an author touts get rich quick type of message, which this book does, you have to be skeptical. The author even had audacity to include his own promotion of pyramid type of scheme (pre-paid legal service) to the readers. Shame on the author.

I only picked up this book because the author is a gradute of law school, like myself. After reading his book, I have to question his ethical standards. Some of his suggestions are bordering fraud and deceit.

21 of 23 people found the following review helpful:

1.0 out of 5 stars The worst book, May 4, 2004

By 

JC (Miami, Florida United States) - See all my reviews

This review is from: Secrets of Buying and Selling Real Estate...: Without Using Your Own Money! (Paperback)

I have read probably twenty books in real Estate in the past six months...this is the worst so far. Whoever is writting is going at light speed and has no concept of teaching or sharing knowledge. It has no depth and he continuosly jumps from one subject to another not covering any of the real issues and questions. The bottom line...don't waste your money.There are "real good books" in real Estate but this is not one of them.
JC