By Jay DeCima
From the BusinessWeek bestselling writer of Investing in Fixer-Uppers--a plan for construction a true property empire with very little funds down "
Fixer Jay" DeCima, the stated king of fixer-uppers, offers a much-anticipated consultant to understanding monetary independence via actual property making an investment. Written in DeCima's trademark folksy variety, Start Small, revenue monstrous in actual property provides an entire two-year plan for making it monstrous in genuine property beginning with very little funds of your own.
- You'll easy methods to:
- Scout out homes with the top go back
- Calculate the payoff as opposed to the hassle eager about any actual property funding
- Find stimulated who will finance your homes
- Use leveraging and compounding to utmost virtue
- Negotiate with and win whenever
- Make sizeable dollars with apartment houses
Read or Download Start Small, Profit Big in Real Estate: Fixer Jay's 2-Year Plan for Building Wealth - Starting from Scratch PDF
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Additional info for Start Small, Profit Big in Real Estate: Fixer Jay's 2-Year Plan for Building Wealth - Starting from Scratch
Sample text
Depreciation is the “wearing out” of an income-producing asset. The tax code allows a bookkeeping reduction in the value of a property each year as the asset wears out. For example, if your $1,000 carpet wears out in five years, the depreciation expense or allowance is $200 worth of wearing out each year. You don’t spend $200 each year, but you can deduct a $200 loss from the rent money just the same as if you had spent $200 (real dollars) fixing the toilet. Bad tax shelters are the kind where you spend hard dollars to get them.
But take my advice, and don’t give up your day job thinking it happens often, because it doesn’t. A far more realistic approach is to learn exactly how and why real estate profits are made to begin with. If you do this, you’ll be in a position to make money in good times and bad times alike. Also, you won’t need to depend on appreciation to make your profit. Appreciation earnings should be a bonus for investing wisely. Know Your Destination and Vehicle When you begin your journey to financial independence, the first thing you must do is determine where you want to go— establish your target, goal, or destination.
Here’s the bottom line. If you’re searching for a better mousetrap, do-it-yourself real estate investing might just answer all your prayers. Obviously, learning new methods to earn money will require a big effort on your part. But if you start now, you’ll be pleasantly surprised at how fast you can accomplish the task. Whether your goal is to simply earn additional income or fully commit yourself to full-time investing, like I did, the choice is yours. However, the knowledge you’ll need is exactly the same.