The Book on Investing in Real Estate With No Money Down Brandon Turner Reviews
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So the kickoff and probably biggest anoyance with the volume is the almost non stop shilling for the owners website/service. It got to the indicate where someday something was introduced or couldnt b
I will preface this review buy maxim that it was not reccomended to me nor did I get looking for it, rather the book was available in my sound library and I wanted something short earlier starting a much longer book. Information technology did assist that I (like i assume almost other people) am curious most real estate investing.So the get-go and probably biggest anoyance with the book is the most non end shilling for the owners website/service. It got to the point where anytime something was introduced or couldnt be explained suffeciently I knew I would exist directed to the site at which bespeak lo and behold the writer tells me to cheque his site.
Once you manage to go past the constant shilling the book is aimed at the american market place so you have to do a lot of mental gymnatics while listening to work out what products the writer could be reffering to locally, if they are available at all. While a bit abrasive it does at least provide y'all with some research that y'all tin can perform to get a better grasp of your local market.
The book will often admit information technology at diverse points while discussing the different chapters but too much of the content in this book is based on a best case scenario or some ficitonal world where everything is already in identify and you just need to provide the money. This is actually one of the other core gripes with the book, seeing as one of the primal things for everything to work in this book is getting a great deal, the writer spends very little (if any) fourth dimension setting you up with past cases or avenues where y'all could find these peachy deals. Rather its all hand waved abroad with 'you demand to be creative'.
Those issues aside the book provides a super short summary of unlike avenues where y'all can source money from (basically work the organization). Unfortunately nigh of these avenues tend to be banks , I say this considering for religious reasons I avert dealing with interest of any kind which excludes me from virtually (if non all) the options that they practise end up providing.
In conclusion while the volume does give you a few more books to go and read at a later on stage, this volume definitely left me non wanting to get into investing via real estate. If you are able to get by the hurdles of dealing with involvement and you have an appetite for gamble then this book may be a useful intro into real manor investing.
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there!
1. The Fine art of Creative Real estate Investing
a. 4 rules of Creative Investing
i. You need to detect better deals than normal investors – must have cost < market value
b. Be extremely conservative, plan for the worst
c. Creative finance requires cede – have to merchandise greenbacks for patience/sacrific
there!
ane. The Art of Creative Real estate Investing
a. iv rules of Creative Investing
i. You need to observe ameliorate deals than normal investors – must have toll < market value
b. Exist extremely conservative, plan for the worst
c. Creative finance requires sacrifice – accept to trade cash for patience/sacrifice
i. EX: Driving for $$, house hacking, living conservatively
d. Does NOT mean investing w/o a cushion. You need an emergency fund
2. Owner-Occupied Investment Properties
a. Methods
i. FHA
ane. insures loan against loss protects banking company
a. Includes ane-2% fee up front + $100/mo. per $100k loaned
b. 3.5% down payment
2. Risks/drawbacks:
a. Cerise tape w/ gov
b. Mortgage Insurance Premium (MIP AKA PMI)
c. Can simply take ane FHA in your name at a time
i. But you tin can refinance, get another conventional loan and then get some other FHA loan
ii. 203k Loan – Aforementioned as FHA merely includes loan for purchase and rehab in i loan
a. EX: $90k home + $10k repairs = $100k loan @three.five% down = $three,500 down, $96.5k loan
b. Repairs have to exist done by/inspected past FHA-approved person
c. Repairs have to stop w/in 6 months of endmost
two. Drawbacks (in improver to normal FHA)
a. Even more ruby-red record
b. Rehabs = risky if yous discover things HUD/FHA won't comprehend, have to fund out of pocket
c. PMI (MIP)
iii. VA Loans – Exclusively for vets
1. 0% down, no PMI
2. Seller tin can pay 100% of closing costs
iv. USDA Loans – for rural SFH and low/moderate income
a. 0% down
b. No PMI/MIP
c. No max purchase toll
d. Repairs/upgrades broiled into loans
2. Drawbacks:
a. Location specific
b. Red tape
c. SFH homes
i. But does have ten% down on multifamily rural areas
1. Guaranteed rural rental housing program @usda.gov
d. 0% downwards = high leverage
b. All the above have loan preapproves through gov via your bank
3. Partnership – piece of work with someone else
a. Methods:
i. Full equity partnership – Person A funds deal/flip, A and B split profit
2. Down payment equity partnership – Person A gets mortgage/funds down payment, only A and B are on championship, split profits
three. Private Lending Partnerships – A lends B at stock-still involvement rate/term
iv. Credit Partnership – Use hard $$ for down payment/repairs, refinance into your name, become loan, pay back hard lender
b. Dangers
i. Personality Conflicts
ii. Differences of Opinion
iii. Suspicion/Trust
four. Delayed Decision Making (vs if it was but y'all)
five. Mixing Business/Friendship
six. Legal Responsibility for a partner
vii. More complicated taxes
4. Home Disinterestedness Loans/Lines of Credit
a. Dwelling house Disinterestedness Loan – take out loan against your home, repay in monthly payments like a mortgage
b. Home Equity Line of Credit (HELOC) – same as home equity loan only with flexible repayment schedule (but always accruing interest)
c. Risks:
i. Overleveraging
ii. Less cash flow
three. Adaptable rates
5. Difficult Money
a. Qualities:
i. Brusk term (6-36 months)
ii. High interest (8-xv%)
iii. High loan points upwards front
iv. Often no credit check/income verification
v. Faster than traditional loans
vi. Property condition is not important
b. Can find in Bigger Pockets Hard Money Directory
c. Risks/Drawbacks:
i. Expensive (high interest rates + points)
ii. Yous tin't sell (if you're flipping and tin't sell, that's a problem)
three. If you can't refinance into your proper noun/conventional loan
6. Individual $$ - aforementioned as hard $$ just flexible deals/guidelines
a. Requires more networking, has loftier interest rates (like difficult $$)
vii. Lease Options – charter habitation to renter, who has exclusive selection to pay during selection period
a. Possessor benefits:
i. Lessee may be required to perform repairs
ii. Charter option tenants tend to care for homes better, since it may be theirs
3. Incentive for responsible payments – if they don't pay, they can't purchase
four. NO agent commission upon sale
v. Less turnover and fewer turnover costs
vi. Possible college sales price
b. Tenant benefits:
i. Ability to lock in sales price
ii. "ownership" of home while renting
iii. Plan for home ownership
iv. Stability in home
c. Lease Selection Sandwich – A rents from B, then B rents to C for more
i. Fix C choice timeline shorter than B, so if C wants to buy, B can practice option with A
ii. Longer pick is with A, the better, and let A know what you're doing
d. Take chances =
i. Due on Sale Clause
ii. Major Repairs Owner tin can't cover
iii. Irresolute legislation
viii. Seller Financing – instead of paying mortgage to bank, you're paying dorsum seller over course of agreed term
a. Problem: Due on Sale Clause – if seller has mortgage, he may take mortgage chosen once "selling" to buyer. So need to have seller with fully paid off mortgage
b. Buyer Benefits:
i. Ease
two. Possible low/no down payments
iii. Artistic repayment options
iv. Buy unfinanceable properties
5. Doesn't show on credit report
c. Seller Benefits:
i. Consistent income
2. Better ROI (higher involvement than savings account)
3. Spread out taxes (no large uppercase gains at in one case)
iv. If you can't sell otherwise, this is another manner to sell
d. Ways to find
i. Enquire
ii. Look for keywords
iii. Directly Mail
due east. Risks/drawbacks equally buyer
i. Due on auction clause
ii. Higher involvement rate
iii. Fewer potential properties
nine. Wholesaling – collecting fee for finding not bad deal/passing rights to that bargain to someone else
a. Means to find great deals
i. Driving for $$
2. Direct Mail
iii. SEO Tools to website
iv. Online marketing
five. Signs
vi. MLS
vii. Craigslist
viii. For Auction By Owner (FSBO)
ix. Empowering Others (take others bring deals to yous)
b. Wholesaling math methods
i. After Repair Value – use comps on $/sq ft basis (adjusted for additional/comparable qualities of firm)
ii. lxx% rule max allowable offer = (ARV x.7)- Repairs – wholesale fee
ane. EX: business firm can be sold for $100k with $10k repairs + $5k wholesale fee $100k 10 .7 - $10k - $5k = $55k max allowable offer
2. Issues with 70% rule = doesn't consider belongings costs, and doesn't work with really inexpensive or actually expensive backdrop
3. Fixed Price method ARV – Fixed Costs – Investor Profit – Wholesale fee – Rehab Price = Max allowable offer
c. Estimating Rehab costs
i. Understand buyer/neighborhood
ii. Tour property in detail
iii. Write down bug, condense list into 25 categories (among exterior/interior/general components)
ane. Determine rehab price for each category
d. Closings – could accept simultaneous closing where you're simultaneously buying/selling house at championship visitor in aforementioned day
ten. Syndication – pooling others' $$ and finding deals and splint profits with investors
a. Have Full general Partners (GPs, manage properties) and Limited Partners (LPs, investors)
b. Common fees:
i. Acquisition fee
ii. Asset Mgmt fee (ongoing)
eleven. Creative Combos
a. Partner/Hard $$ to refinance – having diff sources of $$ to fund downwardly payment/repairs, then using partner credit to refinance/split up title with partner
b. Master lease Option to Partial Seller Financing – Buyer offers to rent and manage belongings, improves/rents it out to others, then uses cash flow to put down payment on the partial seller financed bargain (other part comes from mortgage)
c. 203k to cash out refi to partnership flip – get 203k (FHA) loan to live in/repair belongings, and then refi to conventional loan, so uses cash out to flip elsewhere
Brandon has written this volume for anyone who has been curious, or misunderstood virtually how to buy a belongings with using either none of your own money, or some of it of your ain, or more of it from someone else. In that location were strategies that I've heard of earlier only never quite understood i
I accept recently become a large fan of BiggerPockets.com. The content that is provided through the website is incredibly thorough and listening to whatsoever of the podcasts is even more encouraging, for me as a newbie.Brandon has written this book for anyone who has been curious, or misunderstood about how to buy a property with using either none of your own coin, or some of it of your own, or more of it from someone else. There were strategies that I've heard of before merely never quite understood it well enough until reading this volume. I volition admit that I'chiliad not 100% comfortable yet with utilizing these types of strategies such equally seller financing, lease-option, or a Master Lease Option, simply I can definitely run across how these are utilized in the right mode create a win-win-win situation for everyone.
I received a copy of this book as a Pro Member Perk with BiggerPockets and I'd highly recommend the Pro Membership with BiggerPockets too.
Equally I read this book (rather speedily, finishing it in virtually 5 days), I felt as if Brandon and I were sitting in a living room and he was basically telling me how to invest in real estate with no and low money down. Nothing was too over the top, nor was there anything that was simplified also much.
One of the great things that I've heard Brandon say a lot on the podcast, and David Greene also is that it'southward good to have a few tools in your toolbox/toolbelt to use and so that you're not limited in your ability to invest in real estate and become profitable too.
This book is a resource to refer to every and so often and I'm glad that it was written for a new investor like myself.
Thanks Brandon.
...more I've learned a lot from this volume. I was able to buy my four unit of measurement apartment with piffling money downwardly since 4 units and smaller are treated equally a single family domicile.
The writer actually focuses on there perspective of someone who does non have money to buy which to be fair is starting true to the title of the book just after reading it, I still don't recollect it is really realistic brusk of the border-line scam methods talked near. So much self (publisher generally) promoting that information technology is icky. You cannot read a page without reading about go to our website or buy some other one of our books.
The writer really focuses on at that place perspective of someone who does non have money to purchase which to be fair is starting true to the title of the book only after reading it, I even so don't retrieve information technology is really realistic short of the border-line scam methods talked about. ...more than
The author stresses, repeatedly, that all of these methods rely on assembling sense-making deals (deals which accept into business relationship current status, needed repairs, ARV [subsequently-repair value] and comparable properties) with the profit-potential built in upwardly front. I'chiliad not sure how useful they'll exist in the NYC housing market merely, given that this is from biggerpockets, I'd say this information is widely applicable.
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I consider this volume a good introductory book into the ways to creatively finance real estate deals. Each chapter serves equally an introduction to a new strategy from low down payment FHA loans to wholesaling. Brandon Turner provides a skilful conceptual argument for the strategy and provides a few examples.
You lot volition not leave this book
Clocking in 2020 determined to hit my 52 volume goal. Week 1 is done equally I complete this solid real estate book though I did read about eighty% during 2019 (don't tell anyone).I consider this volume a good introductory book into the ways to creatively finance real estate deals. Each chapter serves equally an introduction to a new strategy from low down payment FHA loans to wholesaling. Brandon Turner provides a good conceptual argument for the strategy and provides a few examples.
You lot volition not exit this volume an skillful on creative financing but you volition probable exist encouraged or even inspired to try one or a combination of the strategies out. For someone who already has an agreement of these financing fundamentals, you may benefit from thinking if one of the strategies in a new fashion or will get a flash of inspiration to try something new in your concern.
For me, with minimal personal residential existent estate knowledge, I would return to this book when considering a new financing idea and use it as a spring board into additional resources and research. Nothing beats experience just learning from others experiences is probably the best y'all can do without your own. 2020 I volition buy something and get my ain notch under my belt.
...more I found the style of writing very irritating, I never constitute comedy and silliness appealing in existent estate books, and this book was full of it, I understand that this is a brand-way, but this volume from this spec Investing with no money might seem to adept to be true, and though information technology's possible, information technology can very difficult to achieve. Creative financing can take a major upshot, especially because how existent manor leverage has formidable potential. This is a book almost investing with no (and low) money downwards.
I institute the way of writing very irritating, I never institute comedy and silliness appealing in real estate books, and this book was full of it, I understand that this is a brand-manner, merely this book from this specific writer was different that different BiggerPocket books.
Most of useful information I obtained wasn't specifically well-nigh investing with no or low money per se, but just new insight around financing and deal analysis. It'south not a bad book, but in that location are better out here, but if you accept read so many real manor books, this one could exist helpful taking in consideration that real estate books in i way or some other repeat the same things, and what's really left is nuances that can brand a divergence after all. ...more than
This is particularly noteworthy when it comes to using bandit signs for marketing, assigning a contract when wholesaling, and whether lease options trigger 'due on sale' clauses in mortgage documents. This is a really peachy primer on the topic and a valuable addition to anyone'south library who is looking to become involved in real manor.
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As I said though, the book contains great and informative content and I would recommend a young investor such every bit myself dive into this book. Just be prepared to be annoyed with the constant BiggerPockets boasting.
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You lot'll definitely larn you don't demand a traditional lender like Bank of America, Wells Fargo or Hunt who ever find a reason not to finance you for your all-time deal. As I always say they in that location for people who already got coin and steal poor people'south coin with tons of charges past paying most
You really need a lender to buy real estate even you merely have a penny in your account(due south)? This is for anyone who finds unlike methods to purchase a home. It could be your first habitation or 10th home.You'll definitely larn you don't demand a traditional lender like Bank of America, Wells Fargo or Chase who e'er observe a reason not to finance you for your best deal. Equally I e'er say they at that place for people who already got money and steal poor people's money with tons of charges by paying almost nix in interest.
In summary, y'all'll learn about: FHA, 203k, VA, USDA, partnerships, HELOC, difficult money, private coin, lease options, seller financing, wholesaling and some of the rehab cost approximate techniques like 70% rule and stock-still cost estimates.
Keep reading!
@meetKushan
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I chose this to exist my next book for 2 reasons:
- The catchy proper noun of the volume
- It was the shortest of the four books I bought that twenty-four hours!
This book opened my optics to the significant behind "creative investing". Every bit the name of the volume suggests, many tips and strategies for investing in real manor
Later on reading Rich Dad Poor Dad, I knew that Real Estate would be my master driver towards financial independence. However, one monumental trouble reared it'due south big, ugly head: I was (withal am to an extent) broke!I chose this to be my adjacent volume for ii reasons:
- The catchy name of the volume
- It was the shortest of the four books I bought that 24-hour interval!
This book opened my eyes to the meaning backside "artistic investing". As the proper noun of the book suggests, many tips and strategies for investing in real estate with trivial-to-no coin are given. On summit of that, Brandon Turner provides a little mental prodding, if y'all will, to get your own creative gears turning. You lot'll larn how to navigate the world of financing great deals, either with ane strategy, or a combination of two or more!
For anyone looking to get started with existent estate with very piddling money like I am, this book is for yous!
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All strategies in the book are fine. The book could be summarized in a series of short blog posts… or merely the book could be shorter.
It won't blow your heed equally the author claims in the incipit. If you're new to investing in real estate, you may want to read other books. Otherwise, this book may give yous some ideas on how to expand your real estate business concern, but nothing more.
This was inspiring, encouraging, and has me ready to invest more in real manor!
Brandon Turner's volume outlines some strategy for "creative financing" for real estate. His thesis is really that you tin can commutation hustle and creativity for money in making real manor deals. In other words, if you find a practiced plenty deal you lot can e'er observe the money and it doesn't have to exist yours.
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#RealEstate #JulianCauvin
https://bit.ly/3gDKXYU
Real Estate basically is a Real Property that consists of land and improvements, which include buildings, fixtures, roads, structures, and utility systems. Property rights give a title of ownership to the country, improvements, and natural resources .#RealEstate #JulianCauvin
https://bit.ly/3gDKXYU
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So off I go!
This books provides readers with quintessential data to showtime here real estate journey. Whether you lot are young or old, these methods are for anyone willing to trade creative for cash.
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