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Locating, Analyzing and Evaluating Real Estate Properties

Locating, Analyzing and Evaluating Real Estate Properties

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Locating, Analyzing and Evaluating Real Estate Properties

Lungime:
199 pages
2 hours
Lansat:
Jul 12, 2010
ISBN:
9781426984068
Format:
Carte

Descriere

Success is something that we all wish to achieve. We all have potential to be successful, however potential is nothing if not realized and acted upon. We have all seen the infomercials, read the articles, and heard of people from all walks of life making hundreds of thousands of dollars through real estate. The key to their success in real estate is knowledge and action, not just understanding how to buy and sell property or how to word clauses. These are important, however true success will continue to elude you unless you truly understand the concepts involved in locating, analyzing and evaluating real estate properties.

Within the context of these pages you will be enlightened on the concepts and techniques involved in properly locating real estate, analyzing your new found real estate and correctly evaluating that real estate. Any real estate investor, whether they are new to the field or have been active for many years will and can benefit from this book.
Lansat:
Jul 12, 2010
ISBN:
9781426984068
Format:
Carte

Despre autor

Dave Ravindra has been a Realtor and Real Estate Investor for over 20 years. Over the years he has mastered the game of Real Estate Investing nationally and worldwide. Dave has an abundance of knowledge in all realms of real estate including rehabs, creative financing, lease options, and property management. His friendly disposition, winsome manners, ability to see adversity as opportunity, and passion for real estate have made him a distinguished mentor, speaker, and world class real estate investor.

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Locating, Analyzing and Evaluating Real Estate Properties - Dave Ravindra

Locating, Analyzing & Evaluating Real Estate Properties

Dave Ravindra

The materials herein are provided with the understanding that the author, the company and/or

publisher are NOT engaged in rendering legal, investment and/or tax advice or services or accounting

as they may be related to this publication. Questions regarding the specific accounting, legal,

investment and/or tax needs of any reader should be addressed to his/her own professional adviser.

Canadian Real Estate Investment Group (CANREIG), the author, its agents and assigns, specifically disclaim any liability, loss or risk personal or otherwise incurred as a consequence directly or indirectly of the use and/or application of these techniques and/or materials provided in this publication.

The forms in this publication are provided for educational purposes only. These forms may not be appropriate for use in all Canadian Provinces; therefore you should request your professional adviser to review these or any other forms you plan on using for any purpose.

NO PART OF THIS PUBLICATION MAY BE REPRODUCED IN ANY FORM, BY

ANY MEANS, WITHOUT THE WRITTEN PERMISSION FROM THE AUTHOR.

Order this book online at www.trafford.com

or email orders@trafford.com

Most Trafford titles are also available at major online book retailers.

© Copyright 2010 Dave Ravindra.

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or

transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or

otherwise, without the written prior permission of the author.

Printed in Victoria, BC, Canada.

ISBN: 978-1-4269-2285-5

Our mission is to efficiently provide the world’s finest, most comprehensive book publishing

service, enabling every author to experience success. To find out how to publish your book,

your way, and have it available worldwide, visit us online at www.trafford.com

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Contents

Foreword:

Preface:

Introduction

The Investor’s Financial Game Plan

Types Of Listings

Other Means Of Locating Properties

Finding Other Types Of Properties

The Importance Of Investment Information

Acquiring General Information

Acquiring Specific Information

The Analysis Of Different Types Of Properties

Property Appraisal Inventory

The Building Inspector

The Self-Inspection Of Residential Properties

Inspection Checklist

The Chief Motives Of Evaluation

The Market Comparison Approach

The Cost Approach

The Income Capitalization Approach

Conclusion

Additional Worksheets And Resources

Glossary

Foreword:

Investing in real estate is initially a complex process requiring several fields of expertise that one person cannot be expected to know in its entirety. However, this seemingly daunting series of tasks does not justify investors abdicating their responsibility to educate themselves and complete their own due diligence in building a real estate portfolio that is right for their own circumstances. Education, both theoretical and practical, is absolutely critical yet difficult to directly obtain from truly successful long-term investors.

Action begins with education from multiple sources and venues including a voracious appetite for reading. I encourage our clients to read all they can while trying to find contrasting viewpoints in order to begin to understand many of the possibilities and judge for themselves what appropriate strategies exist for their own circumstances. Initially this can lead to confusion. As a little time passes, beginning investors start to see and become familiar with different concepts and can now begin to question the experts. Those experts who can help investors reconcile and contrast their views as warranted with the opinions of others, while bringing new proven ideas to the table, stand to excel.

I have the privilege of working with a small handful of real estate organizations, predominantly complimentary, but with various points of differentiation. Through CANREIG, Dave Ravindra is building a membership of active real estate investors who are taking action NOW.

My first meeting with Dave, while pleasant and professional, was a careful back and forth of direct questions as we began to understand each other and some of our respective goals. I saw from Dave an approachable man impassioned with real estate and demanding that those advising his members knew what they were talking about. Through watching his interaction with CANREIG members and witnessing the excitement as he speaks to a room of guests, the respect he garners is unquestionable. Audiences focus on Dave’s words as they pull advice and encouragement.

I encourage current and expectant investors to continue their education process through reading this book. Just pulling one idea from the many detailed here can more than justify your reading time. Based on my experience with Dave and CANREIG, this book will undoubtedly fulfill this simple goal, and most likely do much more for you and your steps in building your real estate portfolio.

Warm regards,

George E. Dube, CA

Preface:

Dear Reader,

As fundamental concepts in real estate investing, this book is something every real estate owner, especially real estate investors, whether novice or savvy needs to read every year to stay on top of the real estate game. The basic strategies of locating properties are often forgotten or overlooked as we gain more experience as investors. As I strongly believe in getting back to basics and un-complicating those things that we all have a tendency to complicate, this book should be a staple in the annual reading pile for any real estate investor.

Having gone through a few revisions, this book is complete and up-to-date leveraging the various means of technology in locating properties. Within the context of these pages you’ll be enlightened on the concepts and techniques involved in properly locating real estate, analyzing your new found property or project, and correctly evaluating that piece of real estate for its true value. I sincerely hope you take the techniques and strategies and apply them to amass your own personal wealth using real estate as your vehicle.

I want to thank you as a reader for picking up this book and reading it from cover to cover. I appreciate all those that take the time to investigate what they’re getting into (real estate investing) and pursuing it. I strongly believe that action cures all fear however you need these basic concepts in this book to ensure that your action steps are calculated.

In addition, I want to thank many of the CANREIG Staff for their dedication and persistence in putting together this newest edition. Many people assisted in gathering the research for this book. In brief, the following individuals played a key role in releasing this publication:

Ametra Dave – her investment knowledge and hands on experience proves to be an asset in much more than putting together lucrative contracts. She thinks outside of the box regularly and this helps in seeing the diamond in the rough when it comes to locating properties with extreme potential.

Wendy Singh – the numerous hours of research, revisions and editing that she has put into delivering this edition have not gone unnoticed. Adding in her examples, ensuring accuracy of data, and following up with other editors are some of the many things Wendy has done to help bring this book to life.

Deen Bissessar – the no-fluff direct approach that Deen provides means wonders when we’re getting down to the nitty gritty grind of projects. He has experience as a Sales Representative/Realtor and Broker of Record, as well as being a long time investor. His strength is in analyzing numbers and evaluating deals. As such, he’s an important asset to my CANREIG team.

I’d also like to thank the following individuals for their support, attention to detail and revisions to this publication: Jake Mohabir, Viru Dave, Albart Vardah, and Kevin Bissessar.

I anticipate that this book will be a great resource for many Canadian real estate investors. It took me many years to learn the hard way, but by sharing my knowledge via this book, I hope it will shave off many years of your own personal experience and you can benefit from not making the mistakes I did.

Sincerely,

Dave Ravindra

INTRODUCTION

When it comes to being successful in any venture, it is important to understand all aspects of that venture. For example, when someone wants to start a franchise, they need to select a location that will bring them the most traffic, understand the operating costs of that venture and also analyze what the profit potential would be. But, understanding that they should not be limited by viewing only this one franchise model, they will take an additional step in evaluating how their invested money and time into this franchise could also be used in other similar ventures, yielding a similar result. So in essence, a business decision requires the same skills required to invest in real estate: Locating, Analyzing, and Evaluating.

This book is divided into the three main parts for ease of reference and reading. The first part, Locating Properties, is designed to help a beginner investor take necessary steps to locate properties. Some of these location techniques are common sense. Others means of finding properties are not as traditional and can help even the savviest of investors in locating properties through creative means.

The second part of this book, Analyzing Properties, involves understanding what a specific property has to offer and the inspection process. This part takes you through different types of properties including single family homes, apartments, condominiums, recreations properties, commercial properties, and more. In addition, many resources are included in this chapter to help both novice and experienced investors analyze the property’s potential.

The third and final part of this book is Evaluating Properties. This section takes you through three of the most common means of evaluating the property. This section will help you answer questions such as, Is this property worth the asking price? and What should this property be worth?

As you embark on your real estate investing path, the skills that you will learn over these next pages will become engrained in you as they are the foundational steps to building a successful real estate portfolio.

Part 1:

Locating Properties

The very first thing investors should do when searching for a property to purchase is to decide exactly which sort of property would best fit their economic situation and investment goals.

THE INVESTOR’S FINANCIAL GAME PLAN

What is a Game Plan?

A prospective investor should review and know his/her financial game plan. In addition to knowing what they want to accomplish, they will need to address the following concerns:

• The money that he/she has available for investment

• The geographical area of interest he/she is prepared to invest in

• It may be prudent to choose a specific community or type of community in order to narrow down a search.

• Maps can be obtained of a specific area (in addition to zoning

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