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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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About the Author
Larry Loftis is an AV-rated attorney, tax lien investor, author, and adjunct law professor. He is the nation's top tax lien expert, having purchased millions of dollars of liens and deeds in 11 states. He has been cited as a tax lien expert in The Wall Street Journal, Entrepreneur magazine, Wealth magazine, Wikipedia, Msn.Money, TheStreet.com, other real estate books, and by many other national media outlets. He is currently investing over $12 million in real estate tax liens for clients.
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 ›
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...
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.
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.
Most Recent Customer Reviews
Great book. It was written when housing appreciation would multiply year over year and market volatility wasn't as it is now, but the principals are good. Read morePublished 29 days ago by isaiah freeman
Some classist points of view toward renters. Very little practical advice. I'm glad I checked it out at the library because I was able to return it the next day without losing... Read morePublished 2 months ago by T. Jones
This is one of the best books I've read on multifamily residential housing. It is exceptionally comprehensive , makes a very compelling case for the investment of sort of real... Read morePublished 2 months ago by Warren Y.
Very informative book. Lays out all you need to know in an easy to digest format.Published 3 months ago by Nicholas Crosby
A must have for the aspiring property investor. This is the best book written on the subject of multifamily properties, period.Published 5 months ago by John
Very good book. It really shows you how to expand, but a plan of action that is not a full of fluff. The author took their time with piecing this
together. A Must read!