It seems there are always questions, questions and more questions as we begin to learn new concepts and approaches to making money. Despite the fact that single family houses represent the least complicated field of real estate, once you begin to spend hard earned money or to use up limited credit reserves, you suddenly become aware of the vast differences between what you should know as contrasted to what you actually do know. The result is that you either plunge blindly ahead, hoping that all will come out well in the end, or you become financially catatonic, electing to do nothing at all rather than to run the risks that uncertainty and ignorance can impose.
Either way, you do yourself more harm than good. On the one hand, by jumping into the fray unprepared you stand a good chance of losing all your capital, and being forced from the field in defeat. On the other hand, you eventually lose by default, because you never begin the long road to fortune building, preferring the relative short term safety of doing nothing even though the consequences are potentially devastating in the long run.
Sometime, decades from now, a few of those who buy and manage single family houses will emerge as clear winners in the game of life and investment. Most of the others will have either gambled on untried skills and insufficient knowledge or experience and lost out, or they will have been content to sit on the sidelines, merely keeping score while others win and lose the game.
I've written this Q & A Manual in an attempt to help bridge the gap between what you know and what you should know. The questions in the following pages were gleaned from among thousands that have been asked by people just like you in seminar after seminar over the past 18 years. The answers are based upon over 40 years of successful single family house investment and management experience. I hope they lead you to as fruitful a career and financial security as they have me.
There's no such thing as a risk-free existence. Everything we do or don't do carries with it the risk that we've made a bad decision. In order to move ahead of the crowd, you have to take a calculated risk, placing your hard earned cash on the line time after time without being certain of the outcome. It's almost impossible to reap uncommon rewards which place you financially well above the average wage earner without risking losses in equal proportion. I ought to know.
I've probably made as many mistakes and lost as much money as anyone in the real estate investment business. Fortunately, each time I've made a mistake, I've treated it as a small but expensive seminar and tried to learn from it. Consequently, I've tried to not only avoid making the same mistake again, but to capitalize on what I've learned by changing what I do in order to turn yesterday's loss into tomorrow's gain.
One of the things I learned over the years was that a single family house offers less risk and more reward for those with less skill and experience than virtually anything else in the real estate field. Financing, acquisition, management, maintenance and liquidation is easier. Opportunity is more wide spread. Choice is broader and more varied. Demand is more consistent, tax treatment more benign, and the learning curve more gentle than with anything else I can find. It but remains for the reader to get started along the yellow brick road to success.
In order to be politically correct, let me apologize to my feminine readers for the exclusive use of the masculine pronoun. Since the vast majority of real estate in the United States is controlled by women, it seems only fair that men be given equal time in the pages of this book. Regardless of the gender used, nothing offers both sexes, all races, all creeds and colors, and even those with mental and physical disabilities the degree of opportunity for advancement that single family investment does. I wish you all well on your quest and hope this book will lead on to the fame and fortune that you seek.
Jack Miller
TABLE OF CONTENTS:
TABLE OF CONTENTS
INTRODUCTION
Chapter 1 GETTING STARTED
Chapter 2 WHAT TO BUY? HOW MUCH TO PAY?
Chapter 3 JOINT VENTURING CAPITAL TO BUILD WEALTH
Chapter 4 EARNING BROKERAGE PROFITS
Chapter 5 NEGOTIATING AND BUYING TECHNIQUES
Chapter 6 NOTHING DOWN AND NOTHING A MONTH
Chapter 7 PURE OPTIONS . . . LOW RISK LEVERAGE
Chapter 8 FORECLOSURE AND DISTRESS SALE PROFITS
Chapter 9 PAPER PROFITS . . BUYING AND SELLING NOTES
Chapter 10 MANAGING AND CONTROLLING YOUR FINANCES
Chapter 11 HOW TO SOLVE CASH FLOW PROBLEMS
Chapter 12 HANDS-OFF TENANT MANAGEMENT
Chapter 13 MANAGING AND CONTROLLING PROPERTY
Chapter 14 REAL ESTATE TAX SHELTER CONCEPTS
Chapter 15 TAX FREE EXCHANGING
Chapter 16 PYRAMIDING YOUR PERSONAL FORTUNE
Chapter 17 PORTFOLIO MANAGEMENT STRATEGIES
Chapter 18 FINANCIAL SURVIVAL IN AN UNCERTAIN WORLD
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