Chapter Objectives


VOLUME 1: LAYING THE FOUNDATION FOR SUCCESS
Chapter 1: Getting Started
Chapter 2: Succeeding as a Real Estate Investor
In this chapter, you will learn:
  • The characteristics common to successful people.
  • Why investing in real estate is preferable to saving or making other kinds of investments.
  • The financial and personal benefits that come with real estate investing.
When you complete this chapter, you will be able to:
  • Identify successful people’s characteristics and take steps necessary to develop them in your own life.
  • List the advantages that real estate investing offers compared to your current investment strategies.
Chapter 3: Setting Goals, Making Plans, and Managing Your Time
In this chapter, you will learn:
  • The importance of setting goals, making plans, and managing your time.
  • How to set short and long-term goals.
  • The importance of writing down and frequently reviewing your goals.
  • The characteristics of any good goal.
  • How to make plans to achieve your goals.
  • How to manage your time effectively.
When you complete this chapter, you will be able to:
  • How to manage your time effectively.
  • Make a personal commitment to your own successful future.
  • Commit yourself to achievable short and long-term goals.
  • Gain control of your days and make time for your most important activities.
Chapter 4: Thinking and Acting Creatively
In this chapter, you will learn:
  • The nature of creativity.
  • The factors that influence creativity—both positively and negatively.
  • How to overcome the forces in your life that stifle creativity.
  • How to develop the creativity you already have and to practice using it in your daily life.
  • How my students and I have used creativity to buy properties.
When you complete this chapter, you will be able to:
  • Identify and overcome the forces, both outside and inside yourself, that work to stifle your inborn creativity.
  • Enhance your own creativity and reinforce a positive attitude through daily practice.
  • Find multiple solutions to any problem.
Chapter 5: Establishing and Improving Your Credit
In this chapter, you will learn:
  • How credit can help you in your real estate investing career.
  • How to obtain and evaluate your credit report.
  • How to dispute any errors in your credit report.
  • How to establish new credit from scratch, repair bad credit, or improve your existing credit.
When you complete this chapter, you will be able to:
  • Obtain and read your credit report to find out what information lenders take into account when deciding whether or not to loan you money.
  • Take steps to dispute any errors that you find in your credit report.
  • Establish credit for the first time or greatly improve the credit you already have.
Chapter 6: Setting Up Shop
In this chapter, you will learn:
  • What minimal supplies and equipment you need to start investing.
  • Where to find important information.
  • What business and personal contacts you should develop to help your investing career.
  • How these business and personal contacts can help you become a more profitable real estate investor.
When you complete this chapter, you will be able to:
  • Identify all the tools you need to become a real estate investor.
  • Identify which businesses and people can be most beneficial to you when you do start investing in real estate.
  • Identify which businesses and people can be most beneficial to you when you do start investing in real estate.
  • Approach business and personal contacts with confidence.
VOLUME 2: BECOMING A REAL ESTATE INVESTOR
Chapter 7: Finding Properties and Flexible Sellers
In this chapter, you will learn:
  • How to locate potential investment properties.
  • The importance of the property and the seller.
  • Which types of properties are best for investment.
  • What to look for in an investment property.
  • How to locate flexible sellers and help them find you.
When you complete this chapter, you will be able to:
  • Identify individuals and organizations that can provide marketplace information on two neighborhoods you have selected.
  • Scout a neighborhood and ask specific questions to obtain information on its potential as an investment area.
  • Identify the departments you should visit at your county courthouse and the information that each will provide.
  • Take specific steps to advertise yourself as a real estate investor.
Chapter 8: Gathering Information Over the Telephone
In this chapter, you will learn:
  • The importance of gathering information about prospective properties.
  • The four key types of information you need to learn.
  • How to record and organize the information you obtain.
  • The importance of good telephone etiquette.
  • How to respond to an answering machine.
  • What kind of greeting to leave on your answering machine.
  • How to use the Seller Information Form in my Real Estate Forms Portfolio to guide you through the process of gathering information over the telephone.
When you complete this chapter, you will be able to:
  • Conduct telephone interviews with sellers to pre-qualify them.
  • Use the telephone to gain valuable information and save time.
Chapter 9: Determining the Value of Investment Property
In this chapter, you will learn:
  • What factors influence property value.
  • What to look for when you inspect a property.
  • The fundamentals of three approaches to determining property value.
  • How to perform a cash flow analysis using the Cash Flow Analysis form provided in the Real Estate Forms Portfolio.
When you complete this chapter, you will be able to:
  • Determine the value of the investment properties in your area.
  • Use the Cash Flow Analysis form, Market Sales Analysis form and Buyer’s Property Inspective Report in the Real Estate Forms Portfolio.
Chapter 10: Developing Creative Financing Techniques
In this chapter, you will learn:
  • How creative financing techniques can make it possible for you to buy real estate with little or no down payment.
  • How to develop creative financing techniques by using Carleton’s course.
When you complete this chapter, you will be able to:
  • Develop your own creative financing techniques for use in any given situation.
  • Analyze the fundamental elements of a real estate transaction (that is, the buyer, seller, the seller, and the property).
  • Recognize and understand fundamental real estate finance and purchase concepts.
  • Use the Creative Options Guide included in your literature album.
Chapter 11: Using Creative Financing Techniques
In this chapter, you will learn:
  • 19 specific creative financing techniques that have been developed from the principles Carleton describes in Chapter 10, Developing Creative Financing Techniques.
  • How to combine various techniques to overcome purchase obstacles.
When you complete this chapter, you will be able to:
  • Draw upon your knowledge of specific, fully developed creative financing techniques when considering your options for a no down payment real estate transaction.
  • Choose the appropriate techniques and technique combinations for some of the most common purchase scenarios.
Chapter 12: Using Lease Options
In this chapter, you will learn:
  • What a lease option is and how it works.
  • How a lease option can benefit both the buyer and the seller.
  • How to use a sandwich lease option to your advantage.
  • Why a lease option can be an outstanding way to acquire a dream residence of your own.
When you complete this chapter, you will be able to:
  • Understand and use the Residential Lease with Option to Purchase form that is included in the Real Estate Forms Portfolio.
  • Identify what assets you already own that could be used as considerations for a lease option.
  • Protect your rights as a buyer in a lease option.
Chapter 13: Making the Offer and Negotiating
In this chapter, you will learn:
  • How to use a negotiation checklist.
  • How to use a win/win negotiation strategy.
  • How to prepare for and conduct a negotiation, including evaluating the needs of the buyer and the seller, and developing a negotiation strategy.
  • How to make the appropriate offer based on your specific situation.
When you complete this chapter, you will be able to:
  • Confidently prepare for and conduct a win/win negotiation.
  • Make intelligently crafted offers when buying property.
Chapter 14: Drawing Up the Contract
In this chapter, you will learn:
  • How to use a real estate contract to your advantage.
  • How to structure a real estate transaction that will be beneficial to you as a buyer or a seller.
When you complete this chapter, you will be able to:
  • Understand the provisions contained in a real estate contract.
  • Structure a real estate transaction to your advantage whether you’re buying or selling a property.
Chapter 15: Closing the Transaction
In this chapter, you will learn:
  • Which documents guide the closing process.
  • What you must do prior to the closing.
  • What happens at the closing.
  • How costs are allocated at the closing.
When you complete this chapter, you will be able to:
  • Confidently and efficiently attend to all matters related to a real estate closing.
  • Understand the figures presented on the closing statement.
  • Understand the figures presented on the closing statement.
VOLUME 3: EXPANDING YOUR INVESTMENT OPPORTUNITIES
Chapter 16: Generating Cash at Closing for the Buyer
In this chapter, you will learn:
  • How to structure your purchase to potentially get cash at closing for yourself.
  • How to structure your purchase so that the seller pays some or all of your closing and repair costs.
When you complete this chapter, you will be able to:
  • Recognize and make use of opportunities to generate cash at closing for yourself.
  • Plan out the costs and credits of your transaction to your advantage.
Chapter 17: Buying and Selling Distressed Properties
In this chapter, you will learn:
  • What makes a property distressed.
  • How to locate and buy distressed properties.
  • What things to consider when fixing up a rundown property.
  • How to finance improvements to a rundown property.
  • How to market improved properties.
When you complete this chapter, you will be able to:
  • Contact sources for information on distressed properties in your area.
  • Understand the procedures that your local banks use when foreclosing on a property.
  • Time your purchases of distressed property to maximize your profit.
  • Identify resources that you can use when fixing up a physically rundown property.
Chapter 18: Deferring Taxes Through Property Exchanges
In this chapter, you will learn:
  • The definition of a property exchange.
  • The financial advantages of a property exchange.
  • Three types of property exchanges.
When you complete this chapter, you will be able to:
  • Add to your net worth by deferring taxes through a property exchange.
  • Diversify or alter your real estate portfolio.
Chapter 19: Managing Property
In this chapter, you will learn:
  • How to choose a property management firm when you need one.
  • How a well-structured tenant lease can minimize your management problems.
  • How you can use an incentive and penalty system to achieve timely rent payments and longer leases.
  • How to develop good relationships with your tenants.
  • How to evict troublesome tenants.
When you complete this chapter, you will be able to:
  • Effectively use the income property forms provided in the Real Estate Forms Portfolio.
  • Prepare yourself for property management by compiling lists of companies you will want to work with—for example, fee-paid rental companies, management companies, and local credit bureaus.
  • Manage income properties with a minimum of difficulty and a maximum of profitability.
Chapter 20: Making Money with Mobile Homes
In this chapter, you will learn:
  • The most effective ways to make money in mobiles homes.
  • Ways to locate flexible sellers of mobile homes.
  • What to look for when inspecting a mobile home and/or park.
  • How to determine the value of a mobile home.
  • How to find a buyer for your mobile home.
  • How to generate start-up capital.
  • Tips and traps that apply to dealing with mobile homes.
When you complete this chapter, you will be able to:
  • Identify important features of mobile home parks and mobile homes themselves, from an investment standpoint.
  • Determine the value of a mobile home based on valuation reference guides and an inspection.
  • Identify sources of capital for your mobile home investing activities.
  • Avoid the traps that many investors in mobile home properties encounter.
Chapter 21: Working with Partners
In this chapter, you will learn:
  • The purpose of a partnership.
  • The six types of joint ownership.
  • How to document a partnership.
  • How to communicate with your partners.
  • How to receive compensation as the sponsor and/or manager of a partnership venture
  • The importance of establishing a capital reserve for a partnership.
  • How to find partners
When you complete this chapter, you will be able to:
  • Recognize how partnerships can facilitate real estate purchases.
  • Identify means of expense records.
  • Identify the types of partnerships and the advantages of each.
  • Identify potential partners from among your acquaintances.
  • Construct a pro forma income and expense statement.
  • Know how to apportion income and expenses among partners.
Chapter 22: Using My Four-Phase Action Plan
In this chapter, you will learn:
  • How to begin planning a successful investment career.
  • How to put an investment plan into action.
When you complete this chapter, you will be able to:
  • Think and solve problems like a successful investor.
  • Recognize resources, opportunities, and properties like a seasoned investor.
  • Plan winning investment strategies.
  • Implement the knowledge learned from this course and get started investing.
BONUS CHAPTERS
Bonus Chapter 1: Buying Your Own Residence
In this chapter, you will learn:
  • How to determine whether or not you’re ready to own your own residence.
  • What things you need to decide regarding where you want to live and the type of house you want to live in.
  • How to find and evaluate a home you might want to buy.
  • What you must do to make an offer and purchase the property.
When you complete this chapter, you will be able to:
  • Identify your desires and needs regarding where you live.
  • Confidently search for, find, and purchase a residence with which you’ll be satisfied.
Bonus Chapter 2: Harnessing the Power of the Internet
In this chapter, you will learn:
  • How the Internet can enhance your business communication.
  • How the Internet can provided access to helpful services.
  • How the Internet can be used to tap into real estate investment information.
  • How the Internet can aid in your search of investment opportunities.
When you complete this chapter, you will be able to:
  • Focus on developing your use of the Internet in four key areas.
  • Develop an Internet “favorite places” library of resource and reference websites.