Make Money with Condominiums and Townhouses (eBook)

GARY W. ELDRED, PHD, has been involved in more than a hundred real estate projects as a buyer, seller, or investment consultant. Dr. Eldred has also taught numerous graduate courses in real estate at America's top universities, including Stanford, the University of Virginia, and the University of Illinois. He is also the author of Make Money with Small Income Properties and Make Money with Fixer-Uppers and Renovations, and coauthor of the bestseller Investing in Real Estate, Fourth Edition, all published by Wiley.

"...But if you know nothing about finding, buying and selling
property or little about finance...author Gary Eldred is your guy."
(Miami Herald, October 8, 2003)

Gary W. Eldred, in his Make Money With Condominiums and
Townhouses, differs from those get-rich-quick types who imply
that all it takes to be a landlord-tycoon is creative financing and
chutzpah.

Real estate can be rewarding, but you have to do your homework.
Lots of it. This is where Eldred - a Realtor who has taught at
Stanford University and the University of Illinois and co-wrote the
thorough Investing in Real Estate with Andrew McLean - comes
in.

How do you choose the right condo or town house? The due diligence
you have to exercise is considerable. When you are negotiating to
buy a unit, the seller has to show you legal and financial
documents about the homeowner's association. Read them closely. A
homeowner's association that is in financial trouble is more likely
to levy special assessments on homeowners to cover deficits or pay
for maintenance or repairs.

Other questions: Does the association carry enough insurance? Is it
suing or being sued? (Guess who'll pay the legal bills.) Know that
sellers and Realtors must disclose any serious defects of a
property that they are aware of.

Does a condo development have too many renters? That could harm
property values. How do you evaluate unit location, density, size
(measurement errors happen frequently), livability, security,
parking, amenities and so forth? If your eyes glaze over at all the
detail Eldred provides, you may not be cut out to be a real estate
investor.

Why invest in condos and town houses? Because in many areas,
single-family homes have become too expensive relative to the
rental income they can bring.

Eldred gives a good overview of what you need to know before you
plunge into the exciting (but perilous) world. Read Make Money
With Condominiums in conjunction with his earlier book,
Investing in Real Estate, for more insight into how to find
bargains and obtain financing from less-known channels. (USA
TODAY, October 20, 2003)