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Summary
Summary
Seize the opportunity and watch the money roll in
Don't be paralyzed by fear of making mistakes and losing money. Buying a rental house should be one of the safest investments you make, and you already have the skills you need to succeed. You just need to learn how to use them.
In How to Succeed and Make Money with Your First Rental House, Douglas Keipper tells the true story of how he overcame his fear of real estate investing and made money on his first rental house. Keipper uses his experience as an example as he walks you step by step through the entire process of buying, renovating, renting, and managing a rental house. And you'll learn from his mistakes, not your own! Find out how easy it is to supplement your income with the most popular investment vehicle in the country. Let Keipper show you how to:
* Prequalify for low-cost loans
* Connect with the right loan broker, realtor, and subcontractors
* Find the right house at the right price and make a great deal
* Save money on renovations that produce higher rents
* Find and qualify top-quality tenants
* Protect your investment with the right lease and always get paid on time
Author Notes
Douglas A. Keipper is a compliance officer with a small community bank who began investing in real estate when the slumping stock market threatened his family's financial security
Sean M. Lyden is a nationally recognized columnist and feature writer on marketing and entrepreneurship
Table of Contents
| Chapter 1 Seize the Opportunity! | p. 1 |
| My Story | p. 2 |
| $9,000 Cash Back at Closing | p. 5 |
| Sleepless Nights | p. 6 |
| Creating Your Own Success Story | p. 7 |
| Do You Have the Right Stuff? | p. 10 |
| Action Step | p. 14 |
| Motivational Quotes | p. 14 |
| Chapter 2 Leveraging OPM--Other People's Money! | p. 15 |
| Bigger Rates of Return | p. 15 |
| Where to Get the Money | p. 16 |
| Chapter 3 Building a Winning Project Team | p. 31 |
| Mentors | p. 32 |
| The Banker or Mortgage Lender | p. 37 |
| The Real Estate Agent | p. 38 |
| Attorneys | p. 41 |
| Accountants | p. 43 |
| Contractors | p. 43 |
| Motivational Quote | p. 47 |
| Chapter 4 Getting over the Hump | p. 49 |
| Action Step | p. 61 |
| Motivational Quotes | p. 61 |
| Chapter 5 Getting the Government to Pay Your Rent! | p. 63 |
| How Does Section 8 Work? | p. 64 |
| Does Your House Qualify? | p. 66 |
| How Do You Participate? | p. 71 |
| What Are Your Responsibilities as a Section 8 Landlord? | p. 71 |
| Motivational Quote | p. 73 |
| Chapter 6 Finding the Right House | p. 75 |
| Become an Expert on Location | p. 78 |
| Other Considerations | p. 82 |
| Analyze the Cash-Flow Opportunity | p. 84 |
| Summary | p. 90 |
| Home Inspections | p. 91 |
| Houses We Did Not Buy and Why | p. 94 |
| Motivational Quotes | p. 98 |
| Chapter 7 A House versus a Home | p. 99 |
| The Difference between a House and a Home | p. 99 |
| Motivational Quotes | p. 114 |
| Chapter 8 Show Me the Money! | p. 115 |
| Where the Money Came from to Buy My First Rental House | p. 115 |
| Rental House Points versus Primary House Points | p. 122 |
| Private Mortgage Insurance | p. 123 |
| The Bottom Line | p. 124 |
| Chapter 9 Welcome to the Closing Table! | p. 127 |
| RESPA Required Disclosures | p. 129 |
| Chapter 10 Rehabbing Your Rental House | p. 133 |
| Taking Stock | p. 133 |
| The First Saturday | p. 134 |
| The Second Saturday | p. 136 |
| The Third Saturday | p. 138 |
| The Fourth Saturday | p. 139 |
| The Fifth Saturday | p. 140 |
| The Sixth Saturday | p. 141 |
| The Seventh Saturday | p. 142 |
| Monday Morning Quarterback | p. 144 |
| Getting the Most Bang for Your Renovation Buck | p. 145 |
| Motivational Quotes | p. 149 |
| Chapter 11 How I Landed a Tenant | p. 151 |
| Marketing, Marketing, Marketing | p. 152 |
| Showing the House | p. 155 |
| When the Right Guy Showed Up--My First Tenant | p. 157 |
| Motivational Quote | p. 159 |
| Chapter 12 Qualifying a Tenant | p. 161 |
| Why Is It Necessary? | p. 161 |
| What Am I Looking for? | p. 162 |
| The Credit Report | p. 163 |
| Renter Profiles | p. 166 |
| Verify the Funds | p. 168 |
| Inspection | p. 169 |
| Chapter 13 Protecting Your Investment with the Right Lease Agreements | p. 171 |
| What Makes a Good Lease Agreement? | p. 171 |
| Where Do You Find Lease Agreements? | p. 176 |
| Chapter 14 What to Expect When Becoming a Landlord | p. 181 |
| Motivational Quote | p. 187 |
| Chapter 15 Timeline | p. 189 |
| Chapter 16 Getting Paid on Time | p. 197 |
| How Eviction Works | p. 198 |
| Do Not Make These Landlord Mistakes | p. 201 |
| Resources for Additional Information | p. 202 |
| Final Thoughts from the Author | p. 202 |
| Motivational Quote | p. 202 |
| Appendix of Selected Mortgage Terms | p. 203 |
| Bibliography | p. 221 |
| Index | p. 223 |
