Don't believe the hype..."getting rich in real estate" isn't fast or easy!
by Anonymous
June 11, 2004 -- Mediocre stock and bond markets have birthed a new crop of “wanna be” landlords looking toward real estate as a way to reach financial nirvana and repair the damage to their portfolios. “While owning rental property can be very financially rewarding,” cautions author Steven A. Boorstein, “it pays to understand what you’re getting into before you take the leap. Being a landlord is more business than investment!”
“Owning a rental property is not like owning a stock.” explains Boorstein, whose book titled How to Buy Your First Rental Property and Beyond, was recently released. “Real estate is usually more leveraged and less liquid. If you don’t know what you’re doing, you could buy a property at the wrong price and never cover your expenses. Also, a stock won’t call you at 9:30 at night to tell you the sewer pipe has backed up into the kitchen sink!” He notes that unlike other investments, rental property ownership involves not only buying and selling, but also management issues like property maintenance and Tenant relations. “You have a whole new set of issues and local laws that you have to learn, or run the risk of getting into significant legal trouble.”
Boorstein describes his book as providing a straight-forward, “no-nonsense” method for buying rental properties. “This book is also for someone who is skeptical about the expensive ‘courses’ promoted by real estate infomercial gurus. Beware of anyone who promotes owning rental real estate as a quick, easy way to get rich. Worse yet, some of these ‘gurus’ teach people that getting the property for ‘no money down’ is more important than the price they pay! Now that’s a dangerous game of speculation and leverage!”
“In contrast, How to Buy Your First Rental Property and Beyond provides a method to safely buy rental properties and help create a sustainable, growing business. It shows you when it’s appropriate to buy for ‘no money down’ and when you shouldn’t.” says Boorstein, who also cautions, “No money down does NOT mean no risk!”
His expertise as a rental property owner and desire to coach others led him to write How to Buy Your First Rental Property and Beyond, available through PublishAmerica (PublishAmerica.com), Barnes & Noble (BN.com), and Amazon.com. Boorstein says the book is a practical “guide” that teaches the reader how to find properties, work with real estate agents, find financing and negotiate effectively. The highlight of his book a method that teaches readers how to “easily evaluate properties and identify the ones that can make money!”
“Too many people look primarily at the price of the property without taking a serious look at its potential income and expenses. Owning and managing rental property is a business first. You need to realize this, and treat it that way, if you want to be successful. My approach is to show people a practical, ‘step-by-step’ plan they can use to successfully buy their first rental property. They can then use this method to buy the next one, and so on, if they choose. If they don’t ‘do it right the first time’, chances are they won’t stick around long enough in the business to realize the benefits of a growing stream of income and the potential wealth they can build!”
About the author
Steven A. Boorstein is a real estate investor and rental property owner in New Jersey. He coaches other “wanna be” landlords on how to evaluate, buy and manage residential rental properties. One of his personal goals is to help landlords realize that by treating their rental properties as a business, they can have better Tenant relationships, reduce property management headaches, and reach their own personal goals more quickly. He can be emailed at rentalpropertyowner@stevenaboorstein.com
About the book
How to Buy Your First Rental Property and Beyond, by Steven A. Boorstein, is published by PublishAmerica, P.O. Box 151 Frederick, MD 21705; Phone: (301) 695-1707; Fax (301) 631-9073. Paperback, 5.5” x 8.5”, ISBN 1-4137-0653-3, 135pp., retail $19.95. It is available through PublishAmerica.com, barnesandnoble.com, Amazon.com, Borders.com, and 50,000 corresponding brick’ and ‘mortar stores. Book retailers can order through wholesalers Ingram, Baker & Taylor, and Brodart Co. (800) 233-8467.
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