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Start Small, Profit Big in Real Estate: Fixer Jay's 2-Year Plan for Building Wealth - Starting from Scratch Paperback – December 7, 2004
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From the Back Cover
A 2-year program for finding ugly duckling houses--and turning them into beautiful, wealth-producing swans
In Start Small, Profit Big in Real Estate, legendary real estate investor "Fixer Jay" DeCima opens his toolbox and shares his secrets to finding beauty--and big money---in rundown houses. He explains how to find "properties with all the right things wrong" and, using a little money and a lot of elbow grease, transform them into the type of clean, affordable homes that good renters desire in every market.
How did DeCima go from virtually zero money to nearly $100,000 a month in rental income in a few short years? Start Small, Profit Big in Real Estate walks you through every step of the process, including:
- 4 sources of real estate profits--rents, amortization, tax benefits, and appreciation--and how to maximize each
- Types of houses that will consistently let you buy with the largest discount-to-value and most profitable terms
- Sample rental agreements, independent contractor's agreements, information resources, and more
Getting rich in real estate is easier than you think. It requires little more than knowledge and initiative. Start Small, Profit Big in Real Estate will give you the knowledge you need to assemble a portfolio of top income-producing properties and a steady income for life--within just two years.
About the Author
Jay DeCima is the bestselling author of Investing in Fixer-Uppers and a veteran of more than 45 years of real estate investing. Over the past two decades, his home-study products and seminars have helped thousands of real estate investors launch their careers.
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Top Customer Reviews
Jay DeCima takes another view. He says that he buys Ugly Ducklings and then fixes them up to make them desirable rentals. He says that most of the fixing up is low skilled labor that he can do himself cheaper than hiring it done. This would include things like clean up and painting. Other more specialized things like installing a new toilet may be something you don't know how to do. So hire a plumber, but watch what he does so you'll at least know how later. He does say, however, that he knows a lot of such investors who contract out the work.
So called sweat equity is certainly a good way to get started. When I was looking for my present house, I looked at a rental. Comparing I found that about five years of rent would be equal to the purchase price of a house.
Book's shortcomings include ad nausea repetition, a lack of practical how-to advice and too many references to investment returns based on gross income versus net income or before tax cash flow (i.e., A $100,000 house that rents for $1,000 per month does not produce a 12% return unless the tenant covers all operating expenses, capital improvements and there is no debt service. John Schaub's single-family house investment books offer a more detailed road map.
The strategy behind this book is to purchase rundown properties in decent neighborhoods, fix them up, and rent them out. The author believes that profits in these types of properties are the highest because most investors are not able to look beyond ugly looking houses. They have no imagination of what they can look like when cleaned up. Since there are few buyers, the chances of getting good deals are high. But the author warns you that you must always buy from motivated sellers. If you want the property more than the seller wants to sell it, this is a red flag.
- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
Most Recent Customer Reviews
Good for beginners looking to get an overview of successful real estate rentals. There was a _lot_ of repetition without substance, but the writing style was interesting and easy... Read morePublished 13 months ago by Jeff H. Parrish
I bought this book at a bookstore hoping it would help me get started fixing up houses. Unfortunately, the book lacks content and the vast majority of what I read seemed like a lot... Read morePublished 17 months ago by J. K. Chumbley
Yes he is known in the business as "Mr. Fixer". He was rehabin' before the work Flippin was being used. Read morePublished 22 months ago by Steven J. O'malley