Dearborn Trade Publishing Secure Your Financial Future Investing In Real Estate_1

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Dearborn Trade Publishing Secure Your Financial Future Investing In Real Estate_1This publication is designed to provide accurate and authoritative information inregard to the subject matter covered. It is sold with the understanding that thepublisher is not engaged in rendering legal, accounting, or other professional ser-vice. If legal advice or other expert assistance is required, the services of a com-petent professional person should be sought.Vice President and Publisher: Cynthia A. ZigmundSenior Managing Editor: Jack KiburzInterior Design: Lucy JenkinsCover Design: Design SolutionsTypesetting: Elizabeth Pitts© 2003 by Martin Stone and Spencer StraussPublished by Dearborn Trade PublishingA Kaplan Professional CompanyAll rights reserved. The text of this publication, or any part thereof, may not bereproduced in any manner whatsoever without written permission from the pub-lisher.Printed in the United States of America03 04 05 06 07 10 9 8 7 6 5 4 3 2 1Library of Congress Cataloging-in-Publication DataStone, Martin. Secure your financial future investing in real estate / Martin Stoneand Spencer Strauss. p. cm.Includes index. ISBN 0-7931-6129-0 (7.25 × 9 paperback)1. Real estate investment. I. Strauss, Spencer. II. Title.HD1382.5 .S76 2003332.63′24—dc21 2002154703Dearborn Trade books are available at special quantity discounts to use for salespromotions, employee premiums, or educational purposes. Please call our SpecialSales Department to order or for more information, at 800-621-9621, ext. 4404,or e-mail trade@dearborn.com.(,&$7,21 0$57,16721( To Aaron, Chris, and Adam—in the hopes that they use my experiences and words to accomplish all their dreams. 63(1&(5675$866 For my brothers Larr y and Steve — who have always been my best friends and biggest fans.&217(176 Preface ix Acknowledgments xv 5(7,5(0(175($/,7,(6 Time Costs Money 2 The Stats Don’t Lie 3 Inf lation: Friend or Foe? 4 Inf lation and the Fixed Income 6 The Tax Man Cometh 9 Social Security 10 401(k)s 12 Health Insurance and Related Needs 13 Life Expectancy 15 *5($7(;3(&7$7,216 Focus Up 18 Finding Balance 19 Three Steps 20 Determining Net Worth 22 Assets versus Liabilities 23 YYL &2 1 7 ( 1 7 6 Spending Habits 24 Back to the Future 27 Dream a Little Dream 30 5(7,5(0(17675$7(*,(6 Striking It Rich 33 Three Groups of Investors 34 Group #1: “Got Plenty of Time” 35 Group #2: “Too Busy Just Hangin’ On” 39 Group #3: “Worried It May Be Too Late” 42 7+($335(&,$7,21*$0( Real-Life Example Property in 2002 52 Real-Life Comparable Property Sale from 1977 52 Proof in the Pudding 58 Your Yellow Brick Road 61 The Five-Point Plan 62 Step One: Learn 63 Step Two: Research 64 Step Three: Plan 65 Step Four: Invest 66 Step Five: Manage 67 &20321(1762)5(7851 Cash Flow 70 The Income 70 The Expenses 71 Loan Reduction 73 Appreciation 74 Tax Benefits 77 Modified Accelerated Cost Recovery System (MACRS) 78 Putting It All Together 82 YLL & 217(176 Cash Withdrawal 93 Other Goals 94 The General Plan 94 The Detailed Plan 98 Follow-Up and Goal Review 102 7$;3/$11,1* Deductions as an Owner 106 Operating Expenses 107 Capital Expenses 108 The Depreciation Allowance 109 Capital Gains 110 The 1031 Tax-Deferred Exchange 112 Types of 1031 Exchanges 113 The Installment Sale 117 Refinancing 121 $335$,6,1*9$/8( Methods of Valuing Property 124 Comparative Market Analysis 125 Reproduction Cost Approach 128 Capitalization of Income 129 The Gross Scheduled Income 131 Expenses 132 The Cap Rate 133 To Sum Up 134 The Gross Rent Multiplier 135 Finding Hidden Value 136 The Highest and Best Use 138 ),1$1&,1*5($/(67$7( Costs of Borrowing 142 Three Sources of Money 143 Government Lending 144 VA Loans and First-Time Buyer Programs 146 Conventional Loans 146 Residential Loans: One to Four Units 147 Commercial Loans: Five Units and Up 148 Fixed Loans 149 Private-Party Financing 154 To Sum Up 155YLL ...