209 Fast Spare-Time Ways to Build Zero Cash into 7 Figures a Year in Real Estate

209 Fast Spare-Time Ways to Build Zero Cash into 7 Figures a Year in Real Estate

by Tyler G. Hicks

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Overview

More fortunes are built in real estate on borrowed money than in any other business. And you can build your fortune in real estate using borrowed money too-if you follow the advice and tips in this book.

Whether you're making your first foray into real estate investing or have invested for a number of years, 209 Fast Spare-Time Ways to Build Zero Cash into 7 Figures a Year in Real Estate will show you how to acquire income-producing real estate and build your wealth by using borrowed money. Long-time real estate advisor Tyler Hicks offers proven strategies and real-world examples to illustrate how much MIF-Money in Fist-you can realistically earn by investing in real estate.

A valuable guide for new, experienced, or affluent real estate investors, 209 Fast Spare-Time Ways to Build Zero Cash into 7 Figures a Year in Real Estate covers all the bases, from finding loans to hiring an accountant and an attorney to help with the business. Letters from individuals who have successfully followed the strategies outlined in this book are also included to help you understand exactly what you must do to make this plan work for you.

Filled with in-depth insights and practical advice, 209 Fast Spare-Time Ways to Build Zero Cash into 7 Figures a Year in Real Estate discusses important real estate topics-including creative financing, acquiring single-family homes, and becoming a private lender client-to allow you to make the most of your investments in real estate.

Product Details

ISBN-13: 9780471464990
Publisher: Wiley
Publication date: 02/26/2004
Pages: 271
Sales rank: 975,036
Product dimensions: 6.02(w) x 9.07(h) x 0.79(d)

About the Author

TYLER G. HICKS is a long-time real estate advisor and director of a large lending organization that has made millions of dollars in real estate loans. Hicks has also written several books on real estate investing, including How to Make Big Money in Real Estate.

Read an Excerpt

209 Fast Spare-Time Ways to Build Zero Cash into 7 Figures a Year in Real Estate


By Tyler G. Hicks

John Wiley & Sons

ISBN: 0-471-46499-6


Chapter One

Build Your Real Estate Wealth on Other People's Money

More fortunes are built in real estate on borrowed money than in any other popular business. And you can build your fortune in real estate using borrowed money-if you follow the tips given in this book. How can I make such a statement?

Thousands of my readers write, call, fax, or e-mail me telling how they're building their wealth in income real estate using borrowed money to start. Many of these readers do this by following the tips in one of my books, newsletters, or courses. Their letters, calls, faxes, or e-mails prove to me that you can make big money in real estate today, starting with money you borrow from others.

Here are three letters showing how Beginning Wealth Builders (BWBs for short) get started in income real estate on borrowed money. (The state or country in which the BWB letter writer has his/her real estate is given at the end of each letter.)

(Note: "cashed out" means the buyer received $5,100 at the closing of the purchase.)

If you'd like to examine any or all of the letters cited in this book, just give me a call on the phone. You'll find my telephone and fax numbers listed in the last paragraph of the last chapter (Chapter 12) in this book. Please allow us a day to assign you a desk in myManhattan office where you can spend as much time as you wish examining the actual letters-just as we received them.

Invest in an Item of Lasting Value-Income Real Estate

Buying a piece of real estate or dealing with a piece of real estate allows you to work with an item of lasting value. Why is this? Because the land on which the real estate value is based will never go away. It is there forever. So, too, is its value.

I know you can tell me that in some sections of the world the land falls into the sea and disappears. This is true. But the amount of land to which this happens is such a small percentage of the world's total that this event can be ignored. (And I assume that you have enough sense not to buy such land!)

Recognize the Many Pluses of Real Estate

All real estate has a certain basic monetary value that usually rises as time passes. But there are other advantages, besides the usual rise in value, to making your fortune from real estate. Here are some typical advantages:

In real estate, you are in a "borrowed money" business; this means that it is easier for you to start by using Other People's Money (OPM)-even if your credit is not the best when you start.

In most real estate deals, little of your labor or time is required for the usual piece of income property.

As a property owner, you are entitled to and can enjoy enormous legitimate and legal tax savings on your real estate income.

Almost all real estate is an excellent asset on which you can borrow more and more money as your property rises in value (money to buy more and more income-producing property!)

Nearly the entire world is in the midst of a real estate boom; hence your property will almost always rise in value with the passage of time.

You can wheel and deal in hundreds of ways in real estate to reduce the amount of money you need to borrow to get started.

When you pick your properties carefully, failures are almost unheard of in real estate income property holdings.

You'll tell me, I'm sure, that there are many other advantages you will enjoy while you build your wealth in real estate using borrowed money. Good. This shows you know your goals and you are ready to work towards those goals.

Speaking personally for a moment, I have been a real estate investor/entrepreneur for a number of years while at the same time I run several other businesses and work as a consultant for a Fortune 500 firm. Although I make good money from my other businesses and earn comfortable consulting fees from my regular career, nothing can equal the advantages that my real estate investments give me. I own real estate, while at the same time I:

Serve as director of a large money-lending organization annually making millions of dollars of real estate and other types of loans.

Regularly do writing services for some major firms.

Plan and publish two internationally circulated and respected monthly newsletters covering real estate and business financing.

Author-that is, write-one or two new books a year.

Market some 15 marine products to boat owners all over the world.

Give lectures in many parts of the world to businesspeople and Beginning Wealth Builders (BWBs) and Experienced Wealth Builders (EWBs) on real estate and business.

Enjoy a great family and leisure life.

And I am fully convinced that you, too, can have many of the above joys. So I am giving you in this book what I believe are the essential keys to becoming rich in real estate using borrowed money to finance your fortune.

The tips I give you in this book are based on my years of personal experience in the fields of borrowing money, lending money, investing in real estate, and seeing that real estate rise in value, year after year. You, too, can do the same-or even better than I have done!

Build Your Real Estate Riches Minute by Minute

As I mentioned earlier, hundreds of people contact me each year to tell me of their adventures in real estate. Here are several more typical letters written to me by some of my readers. One of these BWBs was able to take over property worth more than $1,400,000 with zero cash down! Read these letters now to see how you, too, might do the same for yourself!

(MIF = Positive Cash Flow you can bank with no claim on it other than yours!)

What do these letters show us, my good friend? They show you and me a number of important concepts that I've been preaching for many years, namely:

Income property can be bought on zero cash.

BWBs can make money with 100 percent financing.

You can get help as a Beginning Wealth Builder.

Wealth-building deals are available today.

Any BWB can wheel and deal on prices.

Knowledge does pay off in real estate-I told YOU so!

Finding a good property encourages you to look for more.

You have a great future in real estate-if you work at it!

By including the letters above, I am trying to show you what actual, real people are doing these days. And you, too, I believe, can do the same! But YOU must work at it and YOU must:

Keep trying to build your real estate wealth-never give up!

Plan to achieve what you want in real estate-and then work your plan!

Know there is a property for you. You must keep looking until you find it!

Wheel and deal whenever you can-it's fun and profitable!

Decide to learn all you can about the real estate business!

Now you know that it is possible to take over real estate for very little money down. Or, in some cases, you can take over real estate for zero cash down. This is one of the greatest advantages that real estate offers the BWB today.

Please keep in mind that all the examples you will read about in this book are drawn from the actual experiences of living, breathing BWBs. So they reflect real-life experiences. What's more, I keep the actual letters in a bank safe deposit box. But you are welcome to read them in New York City any time you wish. Just give me a few days' notice and you can study them as long as you want.

Start-Ups Win in Almost Every Real Estate Deal

Forget about needing a college education to make it big in real estate. I know thousands of people who are actively earning big money in real estate today. Few of these people have ever seen the inside of a college classroom. Many of them have never even been on a college campus, and a number of them could not produce a high school diploma if asked to do so. Yet they are earning large incomes from their real estate investments. I firmly believe that you, too, can do the same-with or without a formal education.

You do, of course, need some basic know-how in real estate. It would be foolish to try to take over income property, make real estate deals, or start a real estate investment company without knowing what you are doing. But in real estate, you can learn while you earn, because:

Most income properties are easy to buy and run.

By hiring an accountant and an attorney to help you with the business and legal aspects of your real estate you can avoid problems.

Help is easily and readily available from thousands of people in real estate who are ready to assist you when you have questions about your real estate plans.

You will gladly learn more about how to increase your income when money is flowing into your bank from your rental properties.

Do not call me, e-mail me, or write me to say, "I don't know what I am doing; hence I can't make money in real estate!" This is a give-up excuse that only annoys me. Please do call or write me, and I will be glad to try to help you, if you're trying to build your real-estate holdings. But I will refuse to try to help you if all you want to tell me is about the number of times you tried to do something and failed. What I want to hear about is the number of times you tried to do something and succeeded, like these readers who wrote:

Triplex with No Cash Down and Cash Back at Closing

"Purchased a triplex with no money down and cash back at settlement for rehab. Seller said it was the best deal he had ever seen!" -Maryland

Three Pieces of Real Estate with Zero Money Out of Pocket

"I just purchased my third piece of real estate with zero money out of my pocket. Two properties are rental homes with about $200 positive cash flow per month each. Third house is our dream house. All these have a value of $160,000 and were purchased with zero money out of my pocket-well almost, the last home I put about $300 out of my pocket for $80,000. I am presently employed as a firefighter and I found rental properties are a great second job. I am starting my 22nd year as a firefighter; so retirement is not far away. I plan on taking your advice and double my real estate holdings every two years or sooner. I am only 43 years old and will be in my early fifties when I retire. I will need the extra income!" -Oklahoma

I'm the First to Say Zero Down Deals DO Work

"After reading several of your books I purchased several real estate units. I currently own three up-and-down doubles and I'm working on a deal to buy two townhouses. The owner is willing to refinance these townhouses and sell them to me on a land contract. Some people say 'no money down deals' don't happen. I will be the first to say they do!" -Ohio

From $1,000 Borrowed to $225,000 Value

"I read two of your books and followed your advice for the purchase of two beautiful properties in New Jersey. I bought the first one, now worth about $225,000, with a borrowed $1,000 down payment. I am now ready for more substantial propositions." -New Jersey

Apartment Building for $500 Down

"I purchased one apartment building for only $500 down and $500 closing (it was a repossessed building) using the method Ty gave in a recent issue of his Newsletter. I am now negotiating for four more buildings from the same bank." -Texas

Another $500 Down Nets $8,000 Profit

"I have three of your books. Because of your inspiration my wife and I bought a building eight months ago for $500 down and recently sold it for a net of $8,000. Thank you for your help." -Minnesota

Speedy Results Are Possible in Real Estate

My education is as a mechanical engineer. After graduating from engineering school, I obtained my license as a Professional Engineer. For a number of years I worked as a consulting engineer. During my education and my consulting engineering activities, I always enjoyed working with numbers. All of my business life has been directed toward numbers, such as the six classes of numbers I look for in real estate, namely:

1. The four numbers I need from you to advise you on whether a proposed real estate investment in income real estate will be profitable for you. These numbers are: The Price, The Income, The Expenses, The Down Payment. I call these numbers the P, I, E, and D of investment real estate.

2. The precise numbers of making a fortune in real estate using borrowed money (you will see these numbers later in this book).

3. The average number of hours it takes to build a real estate business that has $1 million worth of income property.

4. The usual number of weeks or months it takes to acquire a typical income property.

5. The happy number of dollars you can "walk away with" each month from each income property you own.

6. The very small number of errors I have seen BWBs make in the income real estate business.

When you analyze an investment in advance and have good legal advice, these numbers are all in favor of you, the BWB in real estate. Why do I say this? Because the numbers that give your time input, money input, energy input, and "worry" input are all very small. But the numbers that give your chances of being successful and the income that you can earn are very large! Listen to the following BWBs who wrote to me:

$1.2 Million in Assets on Little or Zero Cash

"I have benefited substantially from many of your real estate books. I now own 20 properties (78 units) with a value of over $1.2 million. All these properties were bought with little, or zero money, down."

Continues...


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All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
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Table of Contents

INTRODUCTION: How This Book Can Make You Rich on Zero-Cash Borrowed-Money Real Estate xiii

CHAPTER 1: Build Your Real Estate Wealth on Other People’s Money 1

Invest in an Item of Lasting Value—Income Real Estate, 3; Recognize the Many Pluses of Real Estate, 3; Build Your Real Estate Riches Minute by Minute, 5; Start-Ups Win in Almost Every Real Estate Deal, 7; Speedy Results Are Possible in Real Estate, 10; Get in on Zooming Worldwide Growth, 12; Good Financing Can Be Yours Even with Bad Credit, 13; Take the Billions Being Offered to Real Estate Investors Today, 14; Forget about a Real Estate License When You’re an Investor, 15; Get into Non-Ownership Income Real Estate, 16; Plenty of Free Advice and Assistance Can Be Yours, 18; Grow Rich with Tax-Sheltered Real Estate Income, 18;Winners Are the Real Estate Norm, 19; Getting Real Estate Funding the Smart Way, 22; Take the First Step to Your Real Estate Wealth, 22; Your Keys to Real Estate Riches, 24

CHAPTER 2: How to Base Your Real Estate Riches on Borrowed Money 25

Know Why Income Real Estate Is So Good for You, 26; Pick the Location for Your Future Properties, 27; Local Properties Are Ideal for Beginners, 27; Figure What Down Payment You’ll Need, 28; Compute Your Needed Starting Cash, 29; Negotiate Your Way to Success, 31; Bootstrap Your Way to Real Estate Ownership, 32; Find Rental Income Assistance Everywhere, 33; Begin Your Income Real Estate Ownership Journey Now, 34; Stay Focused on Your Plan, 36; Manage Your Holdings for Maximum Income, 39; Increase Your Profits from Every Property, 41; Learn All You Can about Your Holdings, 42; Real-Life Examples of Fast Buildup of Ownership Assets, 43; How to Acquire More Residential Income Properties, 46; “Mud Flats” Can Be Money Machines, 46; Expand Your Ownership to Larger Properties, 47; Forget “Advanced Education” for Your Success, 48; Quick Steps to Make Money in Distant Real Estate, 50; Your Keys to Real Estate Riches, 51

CHAPTER 3: Start Your Real Estate Empire Without Using Any of Your Own Cash 53

Defining the Zero-Cash Deal, 53;Who Uses Zero-Cash Deals? 54; Focus on the Down Payment You Need, 54; Use Borrowed Money to Begin Your Empire, 55; Start with a Personal Loan, 56;Where and How Your Personal Loan May Be Made, 57; Secrets to Getting Personal Loans More Easily, 58;Where a Good FICO®
Score Will Get You Your Loan, 59; Use a Secured Loan for Your Down Payment, 59; How Lenders React to Solid Collateral, 60; Enhance Your Credit with a Guarantor, 61; Use a Home Equity Loan for Your Down Payment, 62; Get Property Improvement Loans for Your Down Payment, 64; Tap into Your Credit Card
Lines of Credit, 65; Get the Seller to Finance Your Down Payment, 67; Use a “Gift Letter” for Family Loans, 68; Never Overlook Possible Partners for Your Down Payment Loans, 70; See if You Can Get Some of Your Down Payment Back on Closing, 71; Your Keys to Real Estate Riches, 72

CHAPTER 4: Bootstrap Your Way to Your Real Estate Cash 75

How to Get in on Good Deals Now, 76; Explore the World of Real Estate Windfalls, 77; How Mortgaging Out Can Work for You, 78; Use Other Rules of Real Estate for Your Mortgaging Out, 79; How to Apply These Powerful, But Simple Rules, 80; Use Every Method You Can to Mortgage Out, 82; The Powerful Methods You Can Use to Mortgage Out, 83; Build Your Mortgaging-Out Wealth Quickly, 84; Know the Other Perks for You from Mortgaging Out, 86; Where and How to Start Getting Mortgaging-Out Cash, 87; Try Your Mortgaging-Out Luck on Multi-Family Buildings, 89; If You Have Time and Experience, Mortgage Out in Development, 90; Your Keys to Real Estate Riches, 92

CHAPTER 5: Use Single-Family Homes for Your Quick Real Estate Start-Up 93

Start with the Possible and Grow Bigger, 93; Know the Numbers of Your Real Estate Opportunities, 94; Now Here Are the Numbers of Your Single-Family Home Wealth, 95;What Types of Single-Family Homes Can Make Me Rich? 97; Now Let’s Get You Started Getting Rich, 98; Detached Single-Family Home Wealth Building, 98; Work the Numbers for Each Property You Acquire, 101; Put Your Numbers to Work, 102; See the Numbers of Your Real Estate Fortune, 104; Cautions for You When Buying Any Single-Family Home, 105; How and Where to Get Single-Family Home Financing, 106; Quick Benefits Offered to You by These Lenders, 107; Your Eight Steps to Quick Single-Family Home Financing, 112; Other Types of Single-
Family Home Investments, 114; Your Moneymaking Tips for Single- Family Home Success, 117; Your Keys to Real Estate Riches, 119

CHAPTER 6: Where to Find Money for Your Real Estate Wealth Building 121

Your Money Sources Are Almost Unlimited, 122; Getting the Easiest of All Real Estate Money, 123;Where to Find First Mortgage Lenders, 123; Finding the Second Easiest Real Estate Loan, 124; Have Others
Finance Your Income Property Fix-Up, 126; Get Guaranteed Loans for Your Investment Real Estate, 127; Get Grants for Beneficial Real Estate Projects, 128; Apply for and Get Lines of Credit for Your Investments, 130; Private Financing Could Be Your Key to Riches, 131; Get Your Real Estate Money from Public Sources, 132; Raising Real Estate Money from the Public, 133;Work with Investor Groups for Your Financing, 136; How to Raise Real Estate Money from Limited Partnerships, 137; Use 100 Percent Financing Funders to Get
Your Multi-Unit Money, 137; Lenders That Fund Multi-Unit Real Estate Projects, 139; Your Keys to Real Estate Riches, 144

CHAPTER 7: Creative Financing of Your Real Estate Fortune 145

Quick Proof That Creative Financing Really Works, 145; Seven Reasons Why You May Need Financial Help, 146; How to Overcome Financial Problems, 148; Get Income Property with an Option, 149; Buy Properties Having Assumable Mortgages, 150; Assumable Mortgage Possibilities for You, 153; Find Zero Percent Down and 100 Percent Lenders, 154; Use a Lease Option Contract to Control Property, 154; Use Credit Card Lines of Credit, 156; Flip Real Estate with Creative Financing, 157; How to Start and Be Successful in
Flipping Properties, 158; Take Lenders Out of Foreclosure Properties, 159; How to Be a Hero with Lenders, 159;Work with the FDIC and VA to Flip Properties, 160; Get Section 8 Tenants for Steady Rental Income, 161; Buy and Control Properties in Inner-City Areas, 162; Search for Low, Low Down Payments, 164; Borrow to the Hilt for Income Real Estate, 165; Use Home Equity and Personal Loans to Build Your Wealth, 166; Mortgage Out to Get Paid for Creative Financing, 167; Other Ways to Creative Financing, 169; Your Keys to Real Estate Riches, 169

CHAPTER 8: Find and Use Unique and Unusual Funding Sources 171

Sure Steps to Finding Your Suitable Lenders, 171; Pick the Type of Real Estate You Want to Own, 172; Find the Unique Lender for Your Kind of Real Estate, 173; How to Find Unique Lenders for Land Deals, 173; Search for Unique Residential Lenders, 174; Start Small in Commercial Properties, 176; Know the Range of Commercial Properties, 176;Wait Before Investing in Industrial Properties, 183; Unique Funding You Can Do Yourself, 183; Two Quick Unique Ways to Raise Money Yourself, 183; Use a Limited Partnership to Raise the Money You Need, 183; Six Steps to Setting Up Your Limited Partnership, 184; Try a Real Estate Investment Trust to Raise Your Money, 185; Your Keys to Real Estate Riches, 188

CHAPTER 9: Use Sellers Having Built-In Funding for Your Deals 189

Eight Real Estate Deals with Financing in Place, 189; Government Foreclosures Often Come with Financing, 190; Do Internet Searches for Your Properties, 192; Don’t Overlook New Property Financing, 193; Take Advantage of “Financing Available” Offers, 195; Look for and Find Zero-Down Properties, 196; Look for and Buy FSBO Properties, 198; Private Lenders Could Be Your Money Source, 199; Look for the Unusual Offer, 200; Don’t Let Built-In Funding Pass You By, 202; Your Keys to Real Estate Riches, 203

CHAPTER 10: Count Your Way to Your Real Estate Wealth 205

Know the Numbers You Must Know, 205; Positive Cash Flow, 206; Monthly Debt Service, 208; Figuring Your Monthly Debt Service Cost, 210; Now Do the Simple Numbers, 211; Know What Your Debt Coverage Is, 212; Quickly Figure Your Capitalization Rate, 213; Now Put Your Numbers to Work, 213; Your Keys to Real Estate Riches, 214

CHAPTER 11: Turn Your Real Estate Holdings into Your Private Bank 215

Use Your Real Estate Equity to Build Wealth, 215; Tapping Your Equity for Profit or Fun, 216; Taking Steps to Repay Your Loan Quickly, 218; How Much Can I Borrow on My Equity? 219; How Is the Value of Your Equity Figured? 220; How to Increase the Value of Your Equity, 221; Use Your Increased Equity to Build Your Wealth, 222; How to Get around “Seasoning” Requirements, 224; Build Your Own “Bank” with Your Properties, 225; Your Keys to Real Estate Riches, 226

CHAPTER 12: Save Time and Build Your Real Estate Fortune Faster 229

Learn the Fast Track to Real Estate Wealth, 229; Flip Real Estate for a Quick Profit, 230; Sublet Properties for Non-Ownership Profits, 231; Use Options to Control Real Estate, 232; Be a Real Estate Loan Finder, 233; Build Self-Storage Wealth Today, 235; Build Big Profits in Off-Campus Housing, 236; Use “Liquid” Real Estate for Your Wealth Building, 239; Be a Loan Correspondent for a Real Estate Lender, 241; Get Loans and Grants from Little-Known Sources, 243; Make an Excellent Income Upgrading Older Rental Units, 244 Finance Your Real Estate Down Payments at 0 Percent Interest, 246; Your Real Estate Wealth Schedule, 247; Best Rules for Your Success in Income Real Estate, 253

Useful Real Estate Books, Reports, Training Courses, and Newsletters for Beginning and Experienced Wealth Builders 255

Real Estate Investment and Management Books, 255; Real Estate Self-Study Success Kits, Books, Reports, and Newsletters, 256

Index 265

Customer Reviews