[...]... pursuing your financial dreams today You will see how the right knowledge and great planning can pave the way to living debt free in your personal home while you amass equity through rental investments Whatever your goals, real estate has consistently been one of the strongest long-term investments This book will give you the keys to a wealth -building strategy that will get you building your own real estate. .. you’re getting into when you buy an older home Their attraction is the equity you gain after fixing it up Building a new home as a rental investment creates instant equity, and a lot of it! An added benefit of having a NEW home is that it is years away from needing expensive maintenance Once you understand this process, it’s easy to build a number of rental homes that increase your wealth in increments... they guard this information closely You will learn how to save money through innovative design and thorough planning You will also learn how to build a well-planned home without giving all of the savings to the builder The critical last step in this process is to plan for resale during the entire process in order to maximize the number of potential buyers who want to buy YOUR home Planning for resale now... older homes when they purchase rental properties Others look for bargains that are in bad shape and then fix them up to increase xii Introduction the value of the property Some investors keep and rent the fixed-up properties, while others sell (or “flip”) them Buying distressed properties and flipping them is a widely known real estate investment technique But why not do it with new homes? Isn’t new. .. all of the inside information that builders know about building a profitable house Most people are not aware that they can make money doing this without being a builder or an industry insider Despite the fact that a home is the single biggest investment most people will ever make, most people will look at a new house as a HOME for their family and not as an investment opportunity You have to live somewhere!... strategy to your situation a Do you want this to be something you do in addition to your fulltime job? b Will building personal homes and rental properties become your main income? c Will the extra income replace a spouse’s salary and allow one of you to stay home? 5 Make a plan to achieve your goals, and then WRITE IT DOWN! 6 Stick to the plan 7 Build Real Estate Riches! The Cash Flow Strategy Wealth -building. .. economic sense So How Do I Do That? What features should you include in a new home? How do you go about making those decisions? There are many factors that influence why we want certain features in our new home and where we want to build it Some of 5 Chapter 1 these factors include: • • • • • • • • Family size Age School systems Community preference Commute Affordability How long you intend to live there... focus on real estate as a wealth -building strategy, it is important to stay diversified along the way Keep other forms of investments and spread your risk Keeping a variety of properties will also limit the risk of one part of the rental market going soft Steps to Building Equity 1 Decide if you are a saver or a spender 2 Decide on your short-term and long-term goals (how much real estate, how much... decisions, you’ll have to contain your emotions, balancing what you’d like in a house with what’s practical And to grasp what’s practical, learn what goes into planning and building a home Once you get the hang of it, do it again and again until you’ve reached your goals Don’t Get Emotional One of the golden rules for making investments is to be cool, calculating, patient, and, most of all, don‘t let emotions... rental income Keeping the property allows you to continue building equity as you pay down the mortgage over time So Where Do You Start? How do you begin? I suggest you start with building yourself a new family home and get familiar with the strategies in the book Figure out the process and build some relationships with lenders, builders, and an attorney To make wise decisions, you’ll have to contain your . class="bi x0 y0 w0 h0" alt="" Building Real Estate Riches How to Invest in New Homes for Maximum Profit CHRIS CONDON McGraw-Hill New York Chicago San Francisco. Dahm, Real Estate Courses, Inc. was helpful in providing information on real estate and financing. Dawn BeVard created the illustrations. A Field Guide to American