-Bob Bruss, Nationally Syndicated Real Estate Columnist
"On my scale of one to 10, it rates an off-the-chart 12."
Review
The New York Post IF you’re a home buyer, contracts can be one of the most difficult things understand. One source to understand. One source of great tips is actually an investment book, John Schaub’s "Building Wealth One House at a Time," coming out this month from McGraw-Hill. Here are five of our favorite tips from the book: 1. Offer to close quickly. You can cut your down payment this way, Schuab notes. While this won’t work on a New York City co-op, it might on a house. "The only reason to make a large down payment is to convince the seller that you are a serious buyer," Schaub writes. "You can get the seller’s attention with less money by making an offer that closes in a week." 2. Take whatever time you need to read the contract. If you’ve spent dozens of hours finding a good deal, why blow it by skipping a potentially important clause in the contract? 3. If an inspection reveals problems, the buyer can make repairs; but it will be faster for the seller to give the buyer a financial credit toward those repairs. 4. Keep the contract the sellers filled out. If you have a choice of copies, you want the one they’ve written on. Schaub notes "it would be hard for them to claim that they did not understand the contract if they actually filled it out." 5. Never go to court to enforce a contract. If the sellers back out, you can stick it to them, but you shouldn’t, Schaub says. "It is easier and more profitable," he writes "to find another good deal."
Book Description
Strategies for creating real estate wealth by star ting small--and always making the right moves
Nationally known real estate expert John Schaub learned his craft in the best way possible--on the job, and through every kind of market. Over three decades, he learned to bank consistent profits as he built an impressive real estate mini-empire. Building Wealth One House at a Time reveals how virtually anyone can accumulate one million dollars worth of houses debtfree and earn a steady cash flow for life.
Unique in that it focuses on buying houses in good-quality neighborhoods, Schaub's nine-step program includes: Renting to long-term tenants, with financial incentives to pay on time Avoiding the temptation of bigger deals, which invariably include bigger problems A 10-year plan to pay off debt and own houses free and clear
From the Back Cover
A realistic program for buying your first income property today--and becoming financially independent tomorrow
Houses can make you more money than any other investment--safe money, dependable money, lifetime money--and Building Wealth One House at a Time shows you how to get started. Steering clear of pie-in-the-sky ideas and unrealistic techniques, this no-nonsense guide outlines a sensible, step-by-step program you can use to buy one, then ten, then unlimited houses--and provide yourself with debt-free cash flow for life.
From finding the right house and seller to using Schaub's "10/10/10 Rule" to ensure you make money on each purchase, Building Wealth One House at a Time will give you the knowledge you need to: Target and buy houses that good renters want, then own a dozen or more free and clear within a few years Get deep discounts by buying houses in pre-foreclosure or foreclosure Diversify your portfolio, relying on some houses for cash flow and others for appreciation
By this time next month, you could own your first income property. But it's up to you to make the first move. Building Wealth One House at a Time will show you how to make your real estate dream a reality, by getting in on one of today's most low-risk, high-return investment opportunities--owning houses.
About the Author
John W. Schaub (Sarasota, FL) is a nationally recognized real estate investing expert. He teaches his program for buying and managing single-family houses through seminars and home-study courses and writes the newsletter Strategies and Solutions.
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