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The Complete Guide to Buying and Selling Apartment Buildings ePub download

by Steve Berges

  • Author: Steve Berges
  • ISBN: 0471436399
  • ISBN13: 978-0471436393
  • ePub: 1600 kb | FB2: 1611 kb
  • Language: English
  • Category: Real Estate
  • Publisher: Wiley; 1 edition (November 16, 2001)
  • Pages: 288
  • Rating: 4.9/5
  • Votes: 957
  • Format: docx doc rtf txt
The Complete Guide to Buying and Selling Apartment Buildings ePub download

His other books include The Complete Guide to Real Estate Finance for Investment Properties and The Complete .

His other books include The Complete Guide to Real Estate Finance for Investment Properties and The Complete Guide to Flipping Properties, both from Wiley. On page 39, however, there is an error in referring to the big numbers shown.

As others have noted, the author tries to sell his software in this book. I was a beginner when I got the book and used some of what this book taught me to develop financial models. This book teaches the basics, and if YOU are a beginner, this is a great starting point. Then get deeper into the finance and move on to other books. This is a good addition to an apartment investor's library. If you are a seasoned investor, probably look elsewhere.

Both books showed me exactly how to find the best deals in town. Early in 2008 I cashed in all my mutual funds and IRAs, paid the early withdrawal penalties, and passed up on the company's 401K program so I could put all that money into purchasing apartments.

STEVE BERGES’ real estate experience dates back to 1978, when he first obtained his real estate broker’s license in the state of North Carolina. He is currently an active investor specializing in creating value through various real estate mechanisms, including single family houses, multifamily apartment complexes, and the development and construction of single family housing communities. Berges holds an MBA degree in finance and marketing from Rice University.

Excellent real estate book. I used this to create a new excel model and hope it will catapult me into multi-family.

Selling Apartment Buildings helps you map out your future, find apartment buildings at a fair price, finance purchases, and manage your properties. With this comprehensive guide at hand you?ll find profits easy to come by. Business

With this comprehensive guide at hand you?ll find profits easy to come by. Business. To read this book, upload an EPUB or FB2 file to Bookmate.

With Steve Berges' expert guidance and no-nonsense advice, you can maximize your investment, minimize . Библиографические данные.

With Steve Berges' expert guidance and no-nonsense advice, you can maximize your investment, minimize your time and effort, and make the most of every foray into the real estate market. The Complete Guide to Investing in Rental Properties.

With this comprehensive guide at hand you& find profits easy to come by. ISBN:0-471-68405-8.

How to build wealth and achieve your dreams by investing in apartment buildings

Investing in real estate is a tried-and-true way to build assets, increase income, and prepare for retirement or the expense of college. With the proper guidance, a well-defined plan, and a little capital, anyone can profit by buying and selling rental properties.

For first-time investors, this handy, straightforward guide will help you map out your future, find apartment buildings at a fair price, finance purchases, and manage your properties. If you are an active real estate investor focused on single family properties, you can graduate to multifamily apartment complexes using Steve Berges’ step-by-step plan for increasing the number of units you hold from a handful to hundreds.

The Complete Guide to Buying and Selling Apartment Buildings includes tax planning advice, case studies of real acquisitions, and appendixes that add detail to the big picture. Topics include:

Ten ways to create value Six ways to locate multifamily properties Four key ratios every investor should know Two crucial techniques that will help any investor save thousands Three ways to determine how much a piece of property is really worth Five cardinal rules of successful negotiations Six reasons sellers sell their property Four effective exit strategies Five keys to your success And much more
Llanonte
As a real estate investor and author myself, I read a lot of real estate books. Many, if not most, are written by folks who do not invest in real estate themselves; they only write about it. Berges is not one of them. He knows his stuff and it's clear that he practices what he preaches. I have read three of his books and, I must say, he's one of my favorite real estate authors. You can trust what he says. Experienced investors may want a bit more detail from Steve, but what he does say is accurate and safe. This is a good book on buying apartments. In fact, in my own book, "Investing in Duplexes, Triplexes & Quads," I list the best books I've read on different areas of real estate. This book is the ONLY book I recommend on investing in commercial multifamily (ie, apartments of 5 units and up) properties.

Having given those accolades, here are a few of my constructive criticisms:

1. On pages 37 and 38, Steve gives nice charts illustrating the long-term financial benefits of investing in multifamily properties. On page 39, however, there is an error in referring to the big numbers shown. The reference is made to Investor A's "equity" of $2.1 million and Investor B's (the multifamily property investor) equity of $92 million. I just don't think Steve caught this, but those numbers don't refer to the investor's equity, but to the fair market value of his collective assets (his properties). The investor's equity might be in the range of 20% of that. I do like the charts, however, and I used a similar analysis in my recent book. One other note on the charts - they presume selling and buying exactly at the end of one year - a difficult task as Steve would surely admit. On average, I think 18 months to two years is a better time frame for flipping apartments.

2. Refinancing - Steve didn't give a chart showing the long-range effect of the "buy, hold and refy" strategy (using proceeds to buy again, but retaining the first property). In addition, Steve only mentioned the general banking guideline that you can only pull out cash up to 80% of the new appraised value (i.e., the bank has an LTV of 80%). However, you can get around this. I've done it. It requires a second lender giving a second mortgage, with a CLTV (combined loan to value) of up to 90%. As such, you can pull out much more cash.

3. GRM - gross rent multiplier. In his financial analysis section, Steve doesn't give much detail or provide real life examples on this crucial analysis factor. Granted, the cap rate is the analysis primarily used for commercial real estate, while the GRM is the one used for residential multifamily (2-4 units) real estate. Since many owners and selling brokers will "fudge" on expenses, a cap rate can be very hard to verify. The GRM, however, is fairly simple - just look at the lease agreements.

4. Lack of coverage on residential multifamily apartments. In fact, this is why I wrote my book on this topic. If Steve had covered it here, I would not have written mine. I like Steve's writing style and he knows his stuff. But for investing in small multifamily properties (certainly on residential, but probably up to about 10 units), we really have to cover valuation and selection of properties using the GRM. That and I felt like the "buy, hold, and refy" strategy needed much more coverage.

But for investing in commercial multifamily properties, I recommend this book as the only good one on the market.

Larry Loftis

Author: Investing in Duplexes, Triplexes and Quads: The Fastest and Safest Way to Real Estate Wealth
Iriar
Don't buy this book. Listen: First of all, buy and read Crushing It in Apartments and Commercial Real Estate by Brian Murray. Then, second, once you've read that, you definitely don't need to spend $18.99 on this outdated, less-insightful, relatively content-less "guide." There are other good books worth paying to read, however:

-- Confessions of a Real Estate Entrepreneur, by Jim Randel
-- The Book on Rental Property Investing, by Brandon Turner
-- What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures, by Frank Gallinelli
-- The Due Diligence Handbook for Commercial Real Estate, by Brian Hennessey
-- The Book on Negotiating Real Estate: Expert Strategies for Getting the Best Deals When Buying & Selling Investment Property, by J. Scott
-- Never Split the Difference, by Chris Voss

Brian Murray's Crushing It is the best introduction, and Brandon Turner's book is a close second. Jim Randel will round out the picture with other investing approaches and excellent caveat emptor warnings. Gallinelli's book teaches you, quite thoroughly, how to run the numbers and see if it makes dollars and sense. Hennessey's Due Diligence book will prevent you from making a slew of mistakes and save you thousands, if not more. The negotiating books will define your approach to a seller and ensure that you never split the difference. Speaking of Chris Voss's book, it might just change your whole approach to life. It's that good. Once you've read this many great books worth reading, don't be a fool like me and spend $19 on this rubbish....
Arihelm
Admission: I'm only on page 37. That being said, I would like to point out what I see as a flawed theory that the author calls the Value-Play Strategy. He compares a buy and hold strategy to a buy and flip strategy. However, in his graphs he presents an apple to oranges comparison. The first is a person who buys one house per year for ten years. He compares the wealth accumulation to a person who buys a property each year and then flips that property the next year. The problem is that in a graph he allows the flipper to acquire properties with equity and to also improve the property, but he doesn't allow the buy and hold person to do the same. The buy and hold person in his graph is apparently buying homes with zero equity and not doing anything to improve the properties. He then shows how the flipper earned more money. Oh, and I almost forgot, his graph shows the flipper turning $100,000 into $200,00 in just one flip, which would be difficult but OK maybe so, but at the far end of the timeline he suggests that the flipper will turn 12 million into 25 million in a single flip. That I find very very hard to believe. As for me, my strategy is buy and hold. And I will press on with this book to find out if he has any valuable advice on buying.
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