Overview
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The New York Post
IF you’re a home buyer, contracts can be one of the most difficult things understand. One source to understand.
One source of great tips is actually an investment book, John Schaub’s "Building Wealth One House at a Time," coming out this month from McGraw-Hill.
Here are five of our favorite tips from the book:
1. Offer to close quickly.
You can cut your down payment this way, Schuab notes. While this won’t work on a New York City co-op, it might on a house. "The only reason to make a large down payment is to convince the seller that you are a serious buyer," Schaub writes. "You can get the seller’s attention with less money by making an offer that closes in a week."
2. Take whatever time you need to read the contract.
If you’ve spent dozens of hours finding a good deal, why blow it by skipping a potentially important clause in the contract?
3. If an inspection reveals problems, the buyer can make repairs; but it will be faster for the seller to give the buyer a financial credit toward those repairs.
4. Keep the contract the sellers filled out.
If you have a choice of copies, you want the one they’ve written on. Schaub notes "it would be hard for them to claim that they did not understand the contract if they actually filled it out."
5. Never go to court to enforce a contract.
If the sellers back out, you can stick it to them, but you shouldn’t, Schaub says. "It is easier and more profitable," he writes "to find another good deal."
Author comments
John W. Schaub is a nationally recognized real estate investing expert. He teaches his program for buying and managing single-family houses through seminars and home-study courses and writes the newsletter Strategies and Solutions.
Back cover copy
“John Schaub is the only real estate guru I know who has survived and prospered for 30 years in this wild and wooly market.”-Mark Skousen, Ph.D., Adjunct Professor of Economics, Columbia University, and Editor, Forecast and Strategies
The key in owning investment real estate is buying good houses in good neighborhoods. By learning to buy at wholesale prices, fund your down payment, and attract tenants that will pay off your loans and improve your property value, you can immediately begin to increase your wealth. In Building Wealth One House at a Time, real estate expert John Schaub shows you how to
- Accumulate a million dollars in free and clear high quality houses that will provide cash flow for life
- Be Your own boss, set your own hours, and have both financial and personal freedom
- Buy the right houses on the right terms, and then rent them to good tenants who will pay off your debt
Building Wealth One House at a Time will have you ready to buy the right house, resell in a hurry for guaranteed profits, and create financial independence on your own terms.
