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    How I Made My First Big Pay Day in Real Estate
    How I Made My First Big Pay Day in Real Estate
    How I Made My First Big Pay Day in Real Estate
    Ebook95 pages1 hour

    How I Made My First Big Pay Day in Real Estate

    By Philip Elmes

    ()

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    About this ebook

    Real estate is a Last Frontier where an entrepreneur with very little capital and the right preparation can earn Big Pay Days right from the start. This Beginner's Guide draws from the personal in-the-trenches experience of Philip Elmes, for over 40 years a professional real estate broker, syndacator, developer and rehabber. Topics include: • Why Entrepreneurship trumps conventional investing every time; • "When Sales Are Slow, Try Buying," (it's what smart investors do); • finding and raising "private money" (OPM) for your deals; • the down side of "flipping" real estate; • what to look for and how to buy distressed, foreclosed properties; • income and tax issues; and much more. Each discussion or section concludes with Action Steps you can take to get your program underway. Supplements offer guidance in finding and contracting to buy project properties, preparing a Personal Financial Statement and Business Plan, and aids in developing and executing a Marketing Plan. A practical, Real World guide to building a successful, sustainable real estate portfolio and business. #

    LanguageEnglish
    PublisherPhilip Elmes
    Release dateMay 12, 2016
    ISBN9781311516244
    How I Made My First Big Pay Day in Real Estate
    Author

    Philip Elmes

    Philip Elmes began his real estate career in 1973 as a part time sales associate. He did his first syndacation, a method new at that time for assembling investors in a partnership to acquire real estate. Within his first year, he undertook his first rehab as a dealer, a modest single family row house on the south side of Chicago. The combination of syndacation and rehab for resale characterized his methods for years to come.Beginning in the late 1990s, after losing substantially all his investments and savings, Phil turned to investing in and rehabbing single family and smaller multi-family properties, mostly for resale. In early 2000 he founded the Urban Rehabber Program, a training and coaching program for newcomers to real estate investing and rehabbing; this program continues today (see Urban Rehabber website for more).Phil and his wife Agatha have two adult children and now live in southeast Wisconsin. In addition to his teaching and coaching, Phil is author and presenter of numerous seminars and workshops on real estate investing and rehab.

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      Book preview

      How I Made My First Big Pay Day in Real Estate - Philip Elmes

      How I Made My First

      BIG PAYDAY

      in Real Estate

      and How You Can Too!

      Philip Elmes

      Copyright 2016 by Philip R. Elmes

      All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any informational storage or retrieval system – except by a reviewer who may quote brief passages in a review to be published on the internet, a magazine or newspaper – without permission in writing from the publisher or author. For information contact the author c/o

      http://urbanrehabber.com.

      First printing 2016

      Smashwords Edition, License Notes

      Thank you for downloading this ebook. This book remains the copyrighted property of the author, and may not be redistributed to others for commercial or non-commercial purposes. If you enjoyed this book, please encourage your friends to download their own copy from their favorite authorized retailer. Thank you for your support.

      Published and printed in the United States of America

      An excellent book. The writing is clear and simple. If truth be told, …the crux of successful real estate investing is in how you think about and approach what it is you are trying to achieve. How I Made My 1st Big Payday is about changing your mindset and making a paradigm shift to entrepreneurial investing, an alternative, and more profitable, business model.

      …a great book for those who are looking to enter into the investing arena, as well as those who are stuck and can’t necessarily pinpoint why. It’s a roadmap to success as told from someone who has been there and done that. After reading it you will feel more confident to develop a solid business model and truly change your life.

      Karen Swinger, MBA

      Investor & Wholesaler

      Chicago, Illinois

      Thank you Phil! Your How I Made My First Big Payday really hit home. I’m a certified appraiser and broker here in Colorado. I should be using my skills and acquiring new skills for investment purposes. Hopefully I can get up to one of your workshops in the next few months. Never been to Chicago. I hear the pizza is fantastic.

      Russell Harrist, R.E. Broker

      & Certified Appraiser

      Hi Phil,

      I just finished reading the book and I think it's just great! It contains an abundance of information especially for newbies and best of all a narrative that is clear yet witty.

      Lilla Horvath, Investor

      New Westminster, B.C.

      How I Made My First

      BIG PAYDAY

      in Real Estate

      and How You Can Too!

      Philip Elmes

      • How to (re-) start your business

      • Make more $$ Buying than Selling

      • How to raise $$ (when you don’t have any)

      •Avoid Traps imbedded in the System

      • Be an Entrepreneurial Investor

      • How To Put Tax Dollars to work for you

      • Buy Distressed– It’s the Fast-Track Silver Bullet

      • Your Action Plan for Fast Track Wealth Building

      Northbrook, Illinois

      http://urbanrehabber.com/

      Dedication

      This book dedicated to the thousands of real estate investors and newcomers to the field who have participated in Urban Rehabber round tables, seminars and workshops.

      Their curiosity and willingness to learn not only tried and true traditional methods of real estate investing and rehab, but new ideas and strategies as well, have engaged and inspired me as a teacher and coach.

      The Urban Rehabber Program evolved over the years in response to our members’ and students’ sustaining interest in Self Improvement, Entrepreneurship, and the potential enlightened real estate investing holds for Neighborhood Revitalization and Civic Betterment. In this they have experienced the benefits of doing well by doing good. As we like to say– one house at a time.

      It has been my privilege to contribute to our students’ continuing achievements. For this I am grateful. And it is to these hardy souls that I dedicate this book.

      – Philip Elmes

      Wealth Note to You, the Reader––

      (click here to listen)

      At this moment we’re in an extraordinary time of change and almost unprecedented opportunities, opportunities not seen since the days of the Savings & Loan melt down and the Resolution Trust.

      Fortunes were made in that time of change and fortunes will be made today as we continue to muddle through the aftermath of the sub-prime lending rampage and real estate correction, as pundits prefer to call the catastrophe.

      We don’t really know when ‘retail’ real estate values will truly return to ‘normal’, if we remember at all what normal was. But we do have choices, choices that may well transform your future if you take action now.

      For some real estate professionals, brokers and sales associates accustomed to making their living on commission income, their choice may have been to go back to the apparent security of the Day Job they left behind– if that day job still exists at all. Others are adapting to the new environment, seeking out the many new opportunities that change always bring.

      As investors and real estate developers, we face our own challenges. Investors wonder when or if the market values will be restored to the properties they already own; for now many if not most are waiting. Real estate developers are back at work, but it’s not what it was. What is needed is a New Paradigm better suited to today.

      This book is for those willing to look at Change as Opportunity for personal and professional growth. Real estate is a marketplace that

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