Customer Reviews

Streetwise Investing in Rental Housing: A Detailed Strategy for Financial Independence (The Panoply Press Real Estate Series)

5 star:		(6)
4 star:		(1)
3 star:		(1)
2 star:		(1)
1 star:		(3)

 

 

H. Roger Neal quit his job in Columbus, Ohio as a sewer inspector to become a full time real estate investor. He has done it, he has been there and offers some excellent advice, that applies to not only the low income or lower middle income duplexes in which Neal specializes. He primarily buys these duplexes for the income stream, but does also buy other properties to flip as well as single family houses. He recommends that you replace the roof and the furnace when you buy a property as a preventive maintenance procedure. I have never done that and have furnaces that though not new have lasted up to 20 or more years after buying the building. He also recommends that you replace slate roofs, which I would rather repair and replace individual slates or nails. He recommends doing more than the minimal to get by and has good suggestions like replacing the toilet flapper every time a tenant moves out. They wear out eventually anyway, they cost next to nothing and save water and a service call later. He recommends covering porch decks with plywood as a reasonable priced alternative; I would only add indoor outdoor carpet glued down. Most of his other advice is top drawer and comes from the school of hard knocks. He's practical and realistic which many other real estate authors lack. Some authors clearly have not done half of the things they propose or claim in their books. That is NOT the case with Neal who has done it all. I'd recommend this book to both novice and expert. This book has it all over the late night infomercial people and cost a fraction. So what are you waiting for, buy this book from Amazon.com. Neal didn't pay me, I'm not related to him and have never even met him, but his book is a keeper!

The author does give sound advice for the management of a portfolio of properties (duplexes) in low-income areas. His plan is to purchase duplexes in low income areas using no financing (or seller financing). He then rehabs the properties completely and rents them to those who may not be the most credit worthy individuals. Unless you are extremely handy and want to go to your buildings with a rent-a-cop to collect your rents, this strategy may not be for you. The strategy seems like a lot of work for little cashflow and a high potential for problems. The buildings targeted in low income neighborhoods will also probably not appreciate very much either.

If you want to own buildings in a decent area that attract quality, long-term tenants with the capacity to pay $500-800/mo. in rent, the author's strategies are not for you. There is also no mention of commercial real estate or apartment buildings. Traditional bank financing is not discussed (other than that it should be avoided completely).

The author may also consider discussing savings strategies for future purchases.

Unless you are interested in the ins and outs of low income rental housing this book is NOT for you. The more I read the more dissapointed I became. For example, he notes that many of his tenants won't have telephones.

As a first time investor in rental property, I was looking for a good all-around reference. I later found the book Landlording by Leigh Robinson which is an excellent and practical reference.

I have bought quite a few books on real estate investing and this is by far the most informative and realistic book yet. I read it cover to cover in one afternoon. However it deals soly with duplex's in low income areas, which as he explains yields the highest income. I live in an economically depressed area so this book is perfect for me. It basically goes through and tells you step by step how to become financially free by investing in rental real estate. Starting by saving up $3,000 or so and getting owner financing and slowly acquiring one duplex after another until you have 20. Which after you have them paid off in 8 yrs(the loan term he suggests) you will be making over $100,000/yr. It shows you how to figure if a property is going to make money, if so how much. Where to look, how to find owner financing, etc. It's very realstic no "nothing down" hype. He gives personal examples of failures and success.

I have read more real estate books than I care to mention here,but this is truly exceptional. There is no mention of the author trying to push some get rich seminar or unbelivable finacing.. If you want to invest in real estate. This is a must read. I also recommend books by Peter miller and George Achenbach! Good luck investing!

If your real estate investment interests lie in buying and developing the lowest of the lowest-priced properties out there, then this book offers excellent advice, especially in the area of tenant management. This, of course, is the big IF. For those considering an intial investment in RE, this book offers good information on many of the potential problems. I thought his solutions and recommentations on approaching tenants directly were also on the money.

Of additional interest was his mindset of "buying yourself a part-time job" and his targets for yield on any investment he's considering. I thought these offered a different perspective on the decision to become a landlord.

I bought this book some time ago and have continually used it as a reference. Neal's practical advice and style are perfect for the novice investor. Although I did not invest in the same type of properties that he did (as I live in a rural locale), his advice and insight have been invaluable to my growing rental investments. A must read for anyone seeking advice on how to get started on a shoestring.

I found the book to be good. The author gives a lot of information you can use. As for those who complain about the low income and people with small incomes, remember all people have to live somewhere. Most people with much more money, really do not want to rent. I think it is important to provide decent housing to tenants as the author talks about in his book. The thought of making money in real estate sounds really good, but the real estate business of landlording is not for everyone. The author points this out. While I do not approve of all his methods, I strongly suggest that you the investor, take the good usable information and utilize it to your benfit.

While this book was useful to read, it certainly could have been better. The author refers to all his experiences which are helpful, the problem is these took place in the 90's in Ohio where he purchased duplexes(2 units side by side) for $20,000. All his example's are based on purchasing properties for between $10,000 and $30,000. I don't know how many people can relate to that, I just know that I can't seeing that 3 families that I purchase here in Boston start around $450,000. Also, I would only recommend this book to those people who purchase properties in low-income neighborhoods. Don't get me wrong, some the information regarding tenant selection, eviction and other things are useful, but overall this book is not great and is not for everyone. I bought the book used for $2.50 so it was definately worth it for me and it's an easy read.

I bought this book 3 years ago, and I have found his advice to be very accurate and valuable. I've had great results investing in the so called "low-income" areas. The key is buy to "right". I.e. at a price that will enable you to produce some good positive cash flow. I've read many other real state investments books, but none demonstrated the knowledge gained only through experience that this book is full of. I am very proud to have bought major fixer-uppers and applied the renovations recommeded to end up with an asset that really improves the neighborhood and provides low-income tenents with a clean, functional and attractive home. As the author makes it clear, it's hard work but the financial results (ROI) are much better than other more upscale investments. This book is a must read, but only for serious investors that know that something really worthwhile such as financial independece will take some serious effort.