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Getting Started in Real Estate Investing, 3rd Edition



Getting Started in Real Estate Investing, 3rd Edition

Michael C. Thomsett

ISBN: 978-0-470-42349-3 April 2009 368 Pages


Real Estate





Given the current state of the economy, you might be asking yourself if right now is the right time to be investing in real estate. With the third edition of Getting Started in Real Estate Investing as your guide, you'll quickly discover how a combination of commitment and caution can help you make it in today's market.

Designed for investors who want to get started in real estate, but don't know where to begin, this reliable resource will help you break into this fast-moving field and build equity the right way. Getting Started in Real Estate Investing, Third Edition addresses everything from selecting the right properties and becoming a landlord to using the proper tax strategies and finding the right professionals to work with. It also outlines issues you must be aware of in light of recent events, including the best ways to finance your real estate investments, considering the status of mortgage financing, and new requirements that may be thrown at borrowers.

The new edition is updated to include information on:

  • Surviving in the post-bust housing market
  • Picking investments with the new credit realities
  • Looking ahead to future housing booms
  • Reading the emerging housing trends

Written in a straightforward and accessible style—with a focus on residential and multifamily properties—Getting Started in Real Estate Investing, Third Edition also contains helpful information that will allow you to analyze your financial ability to buy and hold real estate as well as avoid potential pitfalls.

In order to excel in real estate investing, you need to start by defining what you want to do and how much risk you can afford. But ultimately, success depends on making informed decisions about where and when to invest, and Getting Started in Real Estate Investing, Third Edition gives you the tools to achieve these goals—even under the most difficult market conditions.

About the Author vii


The Allure of Property 1

Chapter 1 Should You Be a Real Estate Investor? 5

Chapter 2 How to Choose Property 43

Chapter 3 Financing Your Investment 69

Chapter 4 The Cost of Borrowing 93

Chapter 5 Tax Benefits of Real Estate 115

Chapter 6 Setting Up Your Books 151

Chapter 7 Managing Your Investment 164

Chapter 8 Analyzing the Market 183

Chapter 9 Analyzing Your Financial Capability 202

Chapter 10 Working with Professionals 213

Chapter 11 Becoming a Landlord 234

Chapter 12 The Fixer-Upper Market 257

Chapter 13 The Property-Flipping Market 270

Chapter 14 Passive Investments 282

Chapter 15 Other Ways to Invest 300

Chapter 16 Setting Your Investment Goals 309

Appendix 319

Glossary 333

Index 349