If you’re looking to buy houses to either flip or hold as rental property, the best way to maximize your profit is by finding a great deal on the purchase price of your investment. The lower you can buy the property for, the more upside you have. One of the best ways to score a good deal on a property is by buying it at foreclosure. If that sounds enticing to you, then this is the book for you.
How to Make Money With Foreclosure Houses
This book, Buy & Rent Foreclosures: 3 Million Net Worth, 22,000 Net Per Month, In 7 Years…You can too! written by Joseph Neilson is the culmination of first-hand experience. His story is told in the title of the book, however, it goes far behind that. Neilson was in his 60’s, without a job or pension and not yet at the age to receive social security. He needed to figure out a way to start bringing in some income and bought his first rental property at foreclosure.
It turned into the best decision that he ever made. After 7 years and 62 houses later, Neilson has accumulated over $3 million in equity in his properties and brings in a net income of $22,000 per month. Not a bad living, I’d say!
What I Like About This Book
There is no better teacher than experience, and Neilson pours the lessons he learned, and the strategies he uses, to impart his wisdom to his readers. Unlike other books about real estate investing, which tend to be formulaic and dry, Neilson’s book feels very personal. You can really relate to his story, his struggles, and his dreams.
I also like how thorough this book is. There is no stone left unturned nor any secrets that he keeps hidden from the readers. He bears it all and gives the entirety of all the criteria that he uses that guide all of his decisions. Whether it be deciding what properties to purchase, who to accept as tenants, where to get the best mortgage, and more, he gives you a complete guide on how he has built his portfolio and wealth.
What I like most of all is his transparency. Towards the end of the book, he provides the complete details on his entire portfolio. This is the only author I can think of who is so open about their own investments, and it is honest proof of what he teaches. You can find everything about each of his properties – the purchase price, market value, monthly rental income, margins, monthly expenses, annual net income, etc. These are real numbers of real deals that he has done and proof to back up his teachings in the other chapters. He is also transparent and honest about mistakes he made along the way so that we can learn from them, again providing real data from deals that he has done.
This book is an honest, refreshing, educational look at building your income and wealth through real estate. I highly recommend checking it out!