Real Estate Riches: How to Become Rich Using Your Banker's Money

219 Pages·2004·1.99 MB·English

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REAL ESTATE
RICHES
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REAL ESTATE
RICHES
How to Become Rich
Using Your
Banker’s Money
Dolf de Roos, Ph.D.
John Wiley & Sons, Inc.
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Copyright © 2005 by Dolf de Roos, Ph.D. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
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Library of Congress Cataloging-in-Publication Data:
De Roos, Dolf.
Real estate riches : how to become rich using your banker’s money /
Dolf de Roos.—[New ed.]
p. cm.
Originally published: New York : Warner Books, 2001.
Includes index.
ISBN 0-471-71180-2 (pbk. : alk. paper)
1. Real estate investment. 2. Real estate investment—Finance. 3. Mortgage
loans. I. Title.
HD1382.5.D47 2004
332.63'24—dc22 2004058398
Printed in the United States of America.
10 9 8 7 6 5 4 3 2 1
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Contents
Foreword by Alex Rodriguez vii
Praise for Real Estate Riches ix
Acknowledgments xiii
Preface: I Don’t Have a Job. Shame! xv
PART ONE Why Is Property So Good? 1
CHAPTER1 Four Magic Questions 3
CHAPTER2 Conspiracy Theory 19
CHAPTER3 A Taxing Issue 27
CHAPTER4 Beating the Averages Easily 33
CHAPTER5 Yes, But . . . 63
CHAPTER6 Summary: Why Invest in Real Estate? 69
PART TWO Okay! Show Me How to Do It! 71
CHAPTER7 The 100:10:3:1 Rule 73
CHAPTER8 Finding Properties 81
CHAPTER9 Analyzing Deals 101
CHAPTER10 Negotiations and Submitting Offers 109
CHAPTER11 Getting High on Opium (aka OPM) 119
CHAPTER12 Massively Increase the Value of Your
Properties (Without Spending
Much Money) 129
CHAPTER13 Managing Your Properties 137
PART THREE Liftoff! 149
CHAPTER14 Residential versus
Commercial Property 151
CHAPTER15 Government Interference 169
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vi CONTENTS
CHAPTER16 The Eight Golden Rules of Property 173
CHAPTER17 The World Is Your Oyster 181
Appendix: Other Books by Dolf de Roos 187
About the Author 189
Index 191
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Foreword
Baseball has blessed me with a sensational career and an
avenue to reap rich financial rewards. However, the hard
work does not stop in the baseball diamond, nor does it
end with the paychecks. I am acutely aware that many
professional athletes are paid well for their talents but, sadly,
are victims of poor financial planning.
When I landed my well-publicized 10-year, $252 million con-
tract, I set about finding an investment vehicle that would ensure
my financial fitness long after baseball. I read many books on
wealth, entrepreneurship, and investing, as well as biographies
of successful individuals, but nothing inspired or captivated me
as much as Real Estate Riches by Dolf de Roos. Dolf makes real
estate investing simple and accessible to anyone who has the will
to succeed. He is an All Star in his field!
On my journey to verify the opportunities available in real
estate, I met with Joanne Mitchell, a good friend and local real
estate advisor who owns and operates several thousand apart-
ments in Miami. She immediately recognized the copy of Real
Estate Richesunder my arm and consequently pulled her copy
out from her desk. Her book had been highlighted, and notes
had been scribbled in the margins—it had been an inspiration
to her as well. This book holds powerful recipes for prosperity.
I had to meet this wizard of real estate called Dolf de Roos.
After great effort due to scheduling conflicts, we met in Dallas.
To his surprise I was a baseball player and not a basketball
player, and to my surprise he was accessible and eager to teach
a newcomer his strategies. Clearly whether you are on the
baseball field or a field slated for real estate investing, life is a
numbers game. Some days you score big, and others, well ...
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viii FOREWORD
you don’t; but if you practice hard, learn from your mistakes,
stay focused, and above all have passion, then the numbers
start to work in your favor and your success fuels even more
success.
I credit Real Estate Riches and Dolf de Roos as valuable
guides that helped give me the confidence to form Newport
Property Ventures. I began by investing in a small duplex in an
emerging area of South Florida, which led to the acquisition of
several other income-producing properties. With hard work
and determination my projects and portfolio continue to grow
with phenomenal returns. Dolf’s principles are working strong!
That Dolf has passion is apparent from the first few pages
of this book. This passion and enthusiasm for his game is even
more apparent when you meet him in person. Recently we met
in New York where we once again reviewed the principles that
lead to great success in a newfound sport from which I will
never have to retire!
—Alex Rodriguez, #13
M.L.B. American League MVP
Founder and CEO, Newport Property Ventures
August 2004
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Praise for Real Estate Riches
“I have always been interested in property but have never had
the courage to admit to myself that property is in fact a passion
of mine and not just an interest. Your book, Real Estate Riches,
has helped me make that final leap and as a result I have de-
cided to pursue my passion and restructure my life to make
more time for real estate investment.”
—Paul Dinis, South Africa
“I read your book, Real Estate Riches, and I loved it. Thanks for
breaking things down in such a simple fashion. I am now look-
ing to get into real estate investing.”
—Mike Desroches, New York
“I just closed my first Las Vegas property last week and want to
thank you for pointing me in the right direction and giving me
the tools to begin my investing. I feel like I have begun building
my real estate dynasty! I am very happy; thank you so much!!!!!!!!”
—Pamela, California
“Thank you so much for the great book Real Estate Riches.”
—Moshe Mizrachi, California
“I have read Dr. Dolf de Roos’ book titled Real Estate Riches.
Two weeks ago I bought my first rental flat, then a week later
my first rental building (six flats). It’s magic to create wealth
out of thin air. Thank you for your inspiring books.”
—L.C., France
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