How to Buy and Sell Apartment Buildings

The 2nd edition builds on the first book written by Mr. Vollucci. It is simply one of the best real estate investment books I've ever read. It has been an invaluable resource for me and many of my friends who have bought and sold rental properties all over the country. His examples come from real experience, not the imaginary scenarios that so many other real estate "Gurus" talk about. The examples in the book gave me a step-by-step approach for investing in apartment buildings in every state, but they taught me a lot more. His chapter called "An Investment Plan to Create Wealth" shows the chronological investment periods in our lives and he shows you what you should be investing in depending on your age and risk tolerance - he even has a simple test that allows you to determine your risk tolerance. He also talks about why buying foreclosures and "no money down" strategies are a big farce. The book also covers how to buy in the right place at the right time, how to locate good property in any market, how to structure your transaction for maximum tax benefits, how to effectively analyze property and much more. My favorite chapter was on "Effective Negotiating Techniques." His advice on body language and what to say or not say when negotiating are "real world" techniques that have helped me tremendously as an active investor. His advice and methods have made me and several of my friends real estate millionaire's - it is my real estate "Bible."

I don't know what the other reviewers are talking about! This book was great. It covered material that other books just forget to add, such as, analyzing properties, understanding the market cycles, when to to buy, when to sell. Be real people, how much information can you get out a $25 book. If anyone is truely serious about this, they'll seek out different sources of information. Ultimately though, you need a good strategy to make it as a RE investor. David Lindahl's "Apartment House Riches" is an excellent source of material. Both he and this author have similar strategies. One thing that did bother me though was all the IRR talk. I look at Cash Flow, Cap Rate, ROI, and ATCF among others. The author didn't put too much emphasis on these. But hey, maybe IRR is all you need.

THE SECOND EDITION OF THIS BOOK IS EVEN BETTER THAN THE FIRST. I GIVE BOTH BOOKS AN EXCELLENT REVIEW. THE AUTHOR USES HIS VAST EXPERIENCE IN BUYING AND SELLING APARTMENT BUILDINGS TO GIVE THE READER A REALISTIC APPROACH TO INVESTING IN APARTMENT BUILDINGS. HIS "THREE MOVES TO A MILLION" EXAMPLE IN THE BOOK IS BASED ON REAL FIGURES. HE POINTS OUT THAT YOU SHOULD INVEST IN AREAS THAT ARE ANTICIPATED TO APPRECIATE. HE CALLS THEM "POCKETS OF OPPORTUNITY". THEY CAN BE ANYWHERE IN THE WORLD. LOCATION, LOCATION, LOCATION, DOES NOT MEAN LOCAL. HE WANTS INVESTORS TO GO TO AREAS THAT ARE ANTICIPATED TO APPRECIATE. HE POINTS OUT THAT YOU SHOULD NOT BE "HUNG UP" ON CASH FLOW. THE REAL MONEY IS MADE IN APPRECIATION AND THAT SEVEN OUT OF TEN MILLIONAIRES MADE THEIR MONEY IN REAL ESTATE THROUGH APPRECIATION. HE TALKS ABOUT WHEN YOU SHOULD INVEST AND AT WHAT AGE YOU SHOULD BE TAKING RISKS. IT IS AN EXCELLENT GUIDE LINE FOR MAKING THE RIGHT DECESIONS ON WHAT TYPES OF INVESTMENT YOU SHOULD BE MAKING. IN HIS SEMINARS HE GIVES MORE DETAILS ON EACH SUBJEST IN HIS BOOK. BUT IF YOU READ HIS BOOK YOU WILL GET A CLEAR UNDERSTANDING OF HOW TO INVEST IN APARTMENT BUILDINGS. I CANNOT WAIT UNTIL HE WRITES A THIRD EDITION TO HIS BOOK. HE HAS OPENED MY EYES TO THE REAL WORLD OF INVESTING. CURRENTLY, THERE ARE NO OTHER BOOKS ON THE MARKET THAT EVEN COMES CLOSE TO GIVING YOU THE INFORMATION YOU NEED TO BECOME A SUCCESFUL INVESTOR. STEVE TODD EDITOR APARTMENT CYCLES

I have been investing in residential properties for 27 years. Over the years I also attained the Certified Property Manager (CPM) designation. Based on my long experience and review of many other books in this field over the years, I find Vollucci's work an excellent one. The book covers all the essential steps an investor should take, and it is not too technical. Buying apartments or even fourplexas requires a considerable amount of work. At first properties may be hard to find and evaluate, but gradually one becomes more and more at ease with the process. Like no other, this book brings together all the elements of search and evaluation. In my opinion this is the best multi-family residential investment guide to date. I just bought my paperback last week (March 1999) and found that it was published in 1993. Although the nation's economy and real estate market for the most part has improved since 1993, this guide is entirely applicable today, even in my fairly tough area (Austin, Texas). Needless to say, I wish I had read it five years ago.

If you want a top notch contemporary, practical guide to the realities of real estate investing, this is the book. Vollucci approaches the game of buying apartment houses from his background of many years as an accountant. He evidently learned from his wealthy clients and has figured out the formulas for identifying suitable locations in which to invest. His explanations are virtually void of hyperbole and he writes in a clear jargon-free manner. In addition to outlining his methods for analyzing markets and regions this book includes sections on syndication, marketing, and strategies for buying and arranging financing. This is not a game for the unsophisticated, but if you do the homework these strategies are the prudent investor's standard fare. Also, his references on how to use consultants and getting computer programs to help with analysis have can save alot of legwork.