How to Find Hidden Real Estate Bargains 2/E

I came across many books that sell you the "theory of real estate investing" or "why its so great to get involved in the real estate market". Thats nice. People who are looking into buying a real estate book already know that. But this book is different. The steps to take are clearly detailed, and Robert Irwin directs readers to the appropriate resources; such as internet websites. I would highly recommend this book.

Robert Irwin seems to generate a wellspring of books filled with good advice about buying and investing in residential real estate. He has an urbane way of cutting out the hype that can fascinate but obscure realities for buyers and sellers. Like a good uncle, he doesn't tell you not to do it - he points out some strategies for protecting yourself from the abyss. He paints a picture of the effort you'll need, and lets you make the right choice. For example, he points out that some sheriffs' foreclosures allow the defaulters 60 days to pay up and reclaim the property even after you win the auction, and that you shouldn't begin your repairs until then. He reveals that For Sale by Owner properties are most often overpriced, so you may need to make too many inquiries before you succeed. Irwin's investment practice is in California. Therefore, some of his advice doesn't hold up in other areas. Trust deeds, in which the seller holds the deed until the buyer's payments are complete, are not allowed in Pennsylvania, for example. Sellers would sometimes disappear after the buyer had invested many payments, leaving the buyer difficult recourse to the deed. His updated chapter on government foreclosures is informative, although he states there is no chance for inspection. This is not quite accurate. You may not have a chance before you bid, especially in a hot market, but the contracts of HUD and Freddie Mac provide for an inspection contingency. Although you can't bargain on the "as-is" sales, you can withdraw entirely if the fixups are overwhelming. It's not much different from our private residential experiences in New York, New Jersey, Pennsylvania, Washington, D.C. and Florida, with the exception that in ordinary practice in these areas you may be able to renegotiate the price when the inspection reveals unfavorable conditions. I especially enjoyed his explosion of the old saw that location is most important. As he pointed out, it may be true if you are buying a house to live in, but if you're investing, price and market would come first. A poor or unsuitable location can sometimes have its advantages. A unique aspect is the coverage of ethics, done gently, in the form of honesty is the best policy. Taking all the short-term advantages while hurting others will lead to lack of trust and a bad name, which will diminish your opportunities in the long run. We will soon be reading his new book, "Tips and Traps When Renovating Your Home." We think we can learn something useful about reducing our remodeling costs.Nancy & Arnold Lapidus

#10 of year's 10 top real estate books. This survey book explains how to profit from virtually all bargain properties, such as foreclosures, probates, government property sales, REO (real estate owned by lenders) and other distressed-property situations. Emphasis is on low-cash purchase methods, along with methods for discovering these often-obscure realty bargains. by Robert J. Bruss

I decided to kickstart my own 2nd homebase business,"Real Estate Investing",after reading this book. As a first time real estate investor, I found myself having steps to finding my first property and researching the property. After reading this book, I went to my 2 local county records office and retreived my first list of real estate properties going into foreclosure. I knew more about beginnng investments in property than most other people, who have been doing this for years. This books also tells you how to watch out for downfalls of investing, which is very important when you're taking these risks. I constantly read it and make notes from it, when I go on my property searches. By reading this book first, it definitely gave me some guidelines before investing in any property, so that I wouldn't have to give the shirt off my back after I signed on the dotted line.

Very informative article for the unaware investor. Great reading for a first time buyer and great tips for the new real estate agent. Great use for targetting properties and suiting the buyers needs.