{"product_id":"5-magic-paths-to-making-a-fortune-in-real-estate-paperback-softback-9780471548256","title":"5 Magic Paths to Making a Fortune in Real Estate (Paperback \/ softback) 9780471548256","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003e5 Magic Paths to Making a Fortune in Real Estate\u003c\/font\u003e\u003cbr\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003c\/p\u003e\n\u003cp\u003e\u003cfont size=\"4\"\u003eJames E. A. Lumley (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9780471548256, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003ePaperback \/ softback, published 12 May 2004\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e336 pages\u003cbr\u003e23.2 x 15.2 x 2.2 cm, 0.408 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eA new and revised edition of the commonsense guide to real estate riches\u003cbr\u003e \u003cbr\u003e More and more people are discovering that real estate investing is a safe and affordable way to increase their cash flow and build lasting wealth. If you want to achieve financial freedom, then look no further. 5 Magic Paths to Making a Fortune in Real Estate reveals the proven real estate investment strategies that many of today's millionaires used to make their fortunes. In fact, you don't even need a lot of money to start investing and start putting cash in your pocket today!\u003cbr\u003e \u003cbr\u003e Real estate expert James Lumley offers simple, straightforward explanations of the most common and lucrative approaches to property investment--including fixer-uppers, lease\/options, wholesales, buy-and-hold, and single-and multifamily rentals. You'll understand all the basics of real estate and learn to use these five strategies to make a killing in any economy. Packed with new information--including sections on the IRS's simplified tax exchange rules and the capital gains exclusion--5 Magic Paths to Making a Fortune in Real Estate will show you how to:\u003cbr\u003e * Find foreclosed, repossessed, or condemned properties\u003cbr\u003e * Research the markets and perform valuations\u003cbr\u003e * Determine what you can safely afford\u003cbr\u003e * Negotiate with sellers and buyers\u003cbr\u003e * Find the best financing terms, including seller financing\u003cbr\u003e * Price and perform money-making repairs\u003cbr\u003e * Work with agents and contractors\u003cbr\u003e * And much more!\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003e\u003ci\u003ePreface xiii\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eAcknowledgments xv\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eIntroduction xvii\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eIntroduction to the Second Edition xxi\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER\u003c\/b\u003e \u003cb\u003e1 Five Magic Paths to Making a Fortune in Real Estate 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Five Magic Ways to Wealth 1\u003c\/p\u003e \u003cp\u003eNow It’s Time to Make Real Money 5\u003c\/p\u003e \u003cp\u003eGuidelines for Getting Started 6\u003c\/p\u003e \u003cp\u003eCombine Techniques to Ensure Success 6\u003c\/p\u003e \u003cp\u003eBefore You Roll Up Your Sleeves 7\u003c\/p\u003e \u003cp\u003eTake Some Measurements of Your Market 8\u003c\/p\u003e \u003cp\u003eMagic Paths FAQs 9\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER\u003c\/b\u003e \u003cb\u003e2 Making Money with Fixer-Uppers 12\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Fix-Up-and-Sell Strategy 12\u003c\/p\u003e \u003cp\u003eBuying a Fixer-Upper 13\u003c\/p\u003e \u003cp\u003eSeek Fixer-Uppers in All Price Levels 15\u003c\/p\u003e \u003cp\u003eYou May Wish to Live in Your Investment 16\u003c\/p\u003e \u003cp\u003eEight-Point Checklist for Making Money with Fixer-Uppers 17\u003c\/p\u003e \u003cp\u003eSome Bargaining Ideas 19\u003c\/p\u003e \u003cp\u003eRehabbing: Frequently Asked Questions 20\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER\u003c\/b\u003e \u003cb\u003e3 Finding the Fixer-Upper Bargain 25\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eMining for Gold: Target a Neighborhood 25\u003c\/p\u003e \u003cp\u003eFind Sellers with Neglected Properties 27\u003c\/p\u003e \u003cp\u003eScreen the Seller’s Motivation—Using the Telephone to Advantage 28\u003c\/p\u003e \u003cp\u003eWays to Find Sellers 30\u003c\/p\u003e \u003cp\u003eDon’t Overlook Out-of-State Owners 33\u003c\/p\u003e \u003cp\u003eYou’re Ready to Meet the Seller at the Property 33\u003c\/p\u003e \u003cp\u003eSeek Houses through MLS or the Internet 34\u003c\/p\u003e \u003cp\u003eGet Agents to Bird Dog Property for You 37\u003c\/p\u003e \u003cp\u003eHave a Contact System for Agents and Prospects 37\u003c\/p\u003e \u003cp\u003eWhen You’re Offered a Group of Houses 38\u003c\/p\u003e \u003cp\u003eIt’s All about Prospecting 39\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER\u003c\/b\u003e \u003cb\u003e4 Finding Foreclosed, Repossessed, or Condemned Property 40\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Perils and Rewards of Buying at Foreclosure 40\u003c\/p\u003e \u003cp\u003eFinding Properties before Actual Foreclosure 42\u003c\/p\u003e \u003cp\u003eStep In and Negotiate before the Foreclosure 43\u003c\/p\u003e \u003cp\u003eSolving the Problems of a Homeowner Facing Foreclosure 43\u003c\/p\u003e \u003cp\u003eTaking Over a Qualifying Foreclosure 44\u003c\/p\u003e \u003cp\u003eGetting Started with Your First Auction Foreclosure 45\u003c\/p\u003e \u003cp\u003eDeciding Whether a Deal Is Good 46\u003c\/p\u003e \u003cp\u003eSome Reminders on Foreclosures 48\u003c\/p\u003e \u003cp\u003eWhen the IRS Has a Lien on Property Being Foreclosed 48\u003c\/p\u003e \u003cp\u003eGet Acquainted with Auction Procedure 49\u003c\/p\u003e \u003cp\u003eGetting an REO from the Bank 50\u003c\/p\u003e \u003cp\u003eUse Your Repair Estimate to Drive the Price Down 51\u003c\/p\u003e \u003cp\u003eFind Condemned Houses in Respectable Neighborhoods 54\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER\u003c\/b\u003e \u003cb\u003e5 Repairs That Make You the Most Money 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStart by Getting Accurate Estimates 58\u003c\/p\u003e \u003cp\u003eFour Broad Areas of Repairs 58\u003c\/p\u003e \u003cp\u003eSix Major Areas of Inspection and Repair 59\u003c\/p\u003e \u003cp\u003eFrom Preliminary Outline to Finalized List 60\u003c\/p\u003e \u003cp\u003eA First Priority: Arranging Time for the Repair Estimation 64\u003c\/p\u003e \u003cp\u003eEarly Inspections Avoid Problems Later 64\u003c\/p\u003e \u003cp\u003eTypical Repairs You May Encounter 65\u003c\/p\u003e \u003cp\u003eWhat Repairs to Avoid 66\u003c\/p\u003e \u003cp\u003eAlways Solve Code Violations 66\u003c\/p\u003e \u003cp\u003eGetting to Know the Bricks and Mortar, or, The More You Know, the More You’ll Earn 67\u003c\/p\u003e \u003cp\u003eSpecial Problem of Dealing with a Cracked Foundation 69\u003c\/p\u003e \u003cp\u003eAnother Common Rehab Problem: Fire Damage 72\u003c\/p\u003e \u003cp\u003eSix-Point Checklist for Fixing Up 72\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER\u003c\/b\u003e \u003cb\u003e6 Valuing Properties Is the Key to Profits 74\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eJudging the “After Repairs” Value 74\u003c\/p\u003e \u003cp\u003eRepair Costs Lead to Finding Value 75\u003c\/p\u003e \u003cp\u003eGetting Started in Valuing Houses 76\u003c\/p\u003e \u003cp\u003eYou Start by Finding Comparable Properties with Recent Sales 77\u003c\/p\u003e \u003cp\u003eDoing a Mini-Appraisal 78\u003c\/p\u003e \u003cp\u003eWhat to Consider in Determining Value 79\u003c\/p\u003e \u003cp\u003eMaking Adjustments to Equalize Value 80\u003c\/p\u003e \u003cp\u003eFeatures to Adjust in the Mini-Appraisal 83\u003c\/p\u003e \u003cp\u003ePricing Adjustments Accurately Improves with Experience 85\u003c\/p\u003e \u003cp\u003eMake Sure Comparable Sales Are Arm’s-Length Transactions 85\u003c\/p\u003e \u003cp\u003eNeighborhood Prices Tend to Cluster 86\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER\u003c\/b\u003e \u003cb\u003e7 Negotiate to Get Your Offers Accepted 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow Much Profit Do You Take? 87\u003c\/p\u003e \u003cp\u003eHow to Determine Maximum Offer Price 89\u003c\/p\u003e \u003cp\u003eNow That You Know Your Limit, Where Do You Start? 91\u003c\/p\u003e \u003cp\u003eUse Repair Costs to Convince the Seller 94\u003c\/p\u003e \u003cp\u003eBe Ready to Walk Away If No Solution 97\u003c\/p\u003e \u003cp\u003eMake Offers on a Regular Basis 97\u003c\/p\u003e \u003cp\u003eSeven-Point Strategy to Get Your Offers Approved 98\u003c\/p\u003e \u003cp\u003eAlways Use “Contingent on Financing” Clause 101\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Wholesale Property for Steady Gains 103\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Are the Basics of Wholesaling, or Flipping, a Property? 103\u003c\/p\u003e \u003cp\u003eGetting Started with Wholesaling 104\u003c\/p\u003e \u003cp\u003eAdvice for a Newbie! 107\u003c\/p\u003e \u003cp\u003eSearching for a Property to Flip 108\u003c\/p\u003e \u003cp\u003eTo Whom Do You Wholesale? 109\u003c\/p\u003e \u003cp\u003eRun an Ad to Attract Investor-Buyers 110\u003c\/p\u003e \u003cp\u003eMake Sure Your Wholesale Buyers Have Cash or Credit Line 110\u003c\/p\u003e \u003cp\u003eFinding Cash Buyers for Wholesale Property 111\u003c\/p\u003e \u003cp\u003eIt’s All about Establishing Relationships 112\u003c\/p\u003e \u003cp\u003eWhy a 3% to 8% Profit in Wholesaling Fixer-Uppers? 113\u003c\/p\u003e \u003cp\u003eContract Provisions for Wholesaling 113\u003c\/p\u003e \u003cp\u003eUsing Two Contracts to Separate Seller and Buyer 115\u003c\/p\u003e \u003cp\u003eProblems and Solutions in Wholesaling 116\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 Financing I:Working through Conventional Lenders 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Differences between Home and Investment Mortgages 119\u003c\/p\u003e \u003cp\u003eDown Payment and Closing Costs 120\u003c\/p\u003e \u003cp\u003eShop for Mortgage Loans 120\u003c\/p\u003e \u003cp\u003eWhat Types of Mortgages Are Available? 121\u003c\/p\u003e \u003cp\u003eComparing Different Mortgages 122\u003c\/p\u003e \u003cp\u003eTwo Ways to Qualify for Fixed Rate Loans 123\u003c\/p\u003e \u003cp\u003eSecond Mortgage Financing from a Conventional Lender 123\u003c\/p\u003e \u003cp\u003eCash from a Home Equity Credit Line 126\u003c\/p\u003e \u003cp\u003eBe Prudent in Risking the Equity in Your Home 129\u003c\/p\u003e \u003cp\u003eUsing a Blanket Mortgage to Cover the Down Payment 129\u003c\/p\u003e \u003cp\u003eConsider a Construction Loan to Finance Repairs 130\u003c\/p\u003e \u003cp\u003eCredit with a Commercial Bank Is Better than Gold 131\u003c\/p\u003e \u003cp\u003eRehabbing through the FHA 203(k) Loan 131\u003c\/p\u003e \u003cp\u003eFannie Mae HomeStyle Loan 135\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER\u003c\/b\u003e \u003cb\u003e10 Financing II: Help from the Seller 136\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSecondary Financing from the Seller 136\u003c\/p\u003e \u003cp\u003eSeller Financing with Second Mortgage 137\u003c\/p\u003e \u003cp\u003eWhen Seller Financing Is All That’s Available 138\u003c\/p\u003e \u003cp\u003eWhat “No Money Down” Really Means 138\u003c\/p\u003e \u003cp\u003eBuying “Subject to” and “Assuming” an Existing Mortgage 139\u003c\/p\u003e \u003cp\u003eProblems of Buying “Subject to” 141\u003c\/p\u003e \u003cp\u003eTakeover with Management Agreement and Escrowed Deed 143\u003c\/p\u003e \u003cp\u003eUsing a Land Trust 143\u003c\/p\u003e \u003cp\u003eUsing Credit Cards to Help with Down Payment 144\u003c\/p\u003e \u003cp\u003eWord of Warning 145\u003c\/p\u003e \u003cp\u003eTitle I Loan Guarantee 145\u003c\/p\u003e \u003cp\u003eQuestions and Answers on Financing 146\u003c\/p\u003e \u003cp\u003eA Final Note 148\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11 Lease\/Options I: Arranging Rent-to-Own with Tenant-Buyers 150\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBe a Matchmaker 152\u003c\/p\u003e \u003cp\u003eOwner’s Reasons to Participate in Lease\/Option Are Varied 155\u003c\/p\u003e \u003cp\u003eMake the Lease\/Option Appeal to the Seller 155\u003c\/p\u003e \u003cp\u003eMaking a Lease\/Option Offer 156\u003c\/p\u003e \u003cp\u003eDoing the Typical Lease\/Option Deal 158\u003c\/p\u003e \u003cp\u003eYour First Lease\/Option Deal 161\u003c\/p\u003e \u003cp\u003eMaking Sure You’ve Got a Great Deal 162\u003c\/p\u003e \u003cp\u003eFive Ways to Find Tenant-Buyers 165\u003c\/p\u003e \u003cp\u003eUse a Lease\/Option to Take a House with Little Equity 166\u003c\/p\u003e \u003cp\u003eA Final Note: Keep a Working Relationship with Your Agent 167\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 12 Lease\/Options II: Arranging Contracts and Closings with Tenant-Buyers 168\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStructuring a Safe Lease\/Option 168\u003c\/p\u003e \u003cp\u003eAdvanced Techniques—Use Lease\/Purchase\/Option to Sell Fixer-Uppers for Best Price 169\u003c\/p\u003e \u003cp\u003eWhat Is the Difference between an Option and an Agreement to Purchase? 172\u003c\/p\u003e \u003cp\u003eWhat Should Be in Lease\/Option and Lease\/Purchase Agreements 174\u003c\/p\u003e \u003cp\u003eKeep Your Right to Assign Contract with Owner 176\u003c\/p\u003e \u003cp\u003eWhom Do You Make Responsible for Repairs? 177\u003c\/p\u003e \u003cp\u003eWhen Your Tenant-Buyer Wants to Change the Terms 177\u003c\/p\u003e \u003cp\u003eMaking Sure the Lender Accepts Rent Credits 178\u003c\/p\u003e \u003cp\u003eDoes a Lease\/Option Trigger a Due-on-Sale Clause in the Mortgage? 179\u003c\/p\u003e \u003cp\u003eWorking Out a Simultaneous Closing 180\u003c\/p\u003e \u003cp\u003eWith Sellers You’ve Got More than One Arrow in Your Quiver 181\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 13 Buy-and-Hold I: The Single-Family 182\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBuy and Sell, or Buy and Hold 182\u003c\/p\u003e \u003cp\u003eThe Buy-and-Hold Strategy 183\u003c\/p\u003e \u003cp\u003eBuying and Renting Out the Single-Family 183\u003c\/p\u003e \u003cp\u003eUsing Quick Ratios to Value the Single-Family Rental 184\u003c\/p\u003e \u003cp\u003eThe Five Tools That Lead to Wealth 187\u003c\/p\u003e \u003cp\u003eA Capital Gains Tax Review 189\u003c\/p\u003e \u003cp\u003eMaintaining Investor Status with the IRS 190\u003c\/p\u003e \u003cp\u003eExchange of Property to Preserve Long-Term Gains 191\u003c\/p\u003e \u003cp\u003eOne Indispensable Tool—The Financial Calculator 192\u003c\/p\u003e \u003cp\u003eExample A: The Time Value of Money 193\u003c\/p\u003e \u003cp\u003eExample B: Accumulated Interest and Loan Balance after a Specified Payment 195\u003c\/p\u003e \u003cp\u003eExample C: Buying a Rental House 195\u003c\/p\u003e \u003cp\u003eThe Present Value of an Investment 197\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 14 Buy-and-Hold II: The Multifamily 198\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy the Multifamily Is a Great Long-Term Investment 198\u003c\/p\u003e \u003cp\u003eTarget Properties That Throw Off Cash 200\u003c\/p\u003e \u003cp\u003eCreate an Accurate Income and Expense Statement 201\u003c\/p\u003e \u003cp\u003eStart by Researching Rents, Vacancy Rate, and Expenses 201\u003c\/p\u003e \u003cp\u003eNet Operating Income Is Basis for Establishing Value 208\u003c\/p\u003e \u003cp\u003eWorking with the Capitalization Rate 208\u003c\/p\u003e \u003cp\u003eCap Rate Is a Function of Building’s Age and Condition 210\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 15 Finding the Value of an Income Property 213\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA First Deal: Using Cap Rate to Peg Value 213\u003c\/p\u003e \u003cp\u003eYou Really Want to Know How Much Cash Is Left Over 217\u003c\/p\u003e \u003cp\u003eValuing Future Income—Discounted Cash Flow Analysis 217\u003c\/p\u003e \u003cp\u003eDiscounting Cash Flow after Financing 219\u003c\/p\u003e \u003cp\u003eInternal Rate of Return 221\u003c\/p\u003e \u003cp\u003eDepreciation and Interest Deductions Determine Your Taxable Income 223\u003c\/p\u003e \u003cp\u003eYour Cash Flow after Taxes 226\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 16 Making the Offer on the Multifamily 228\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBeware of Gross Rent Multiplier 228\u003c\/p\u003e \u003cp\u003eUsing the Capitalization Rate to Know What to Offer 229\u003c\/p\u003e \u003cp\u003eAgain, Once You Decide to Buy, Make Two Offers 230\u003c\/p\u003e \u003cp\u003eDeciding to Buy or Not to Buy 232\u003c\/p\u003e \u003cp\u003eIf It’s Not Worth Selling, It’s Not Worth Buying 236\u003c\/p\u003e \u003cp\u003eRaising Rents Leads to More Value 243\u003c\/p\u003e \u003cp\u003eWorking with Agents on Multiunit Deals 244\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 17 Financing the Multifamily 247\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCash and Skills Help Gain a Conventional Loan 247\u003c\/p\u003e \u003cp\u003eKnowing the Lender’s Guideline—The Debt Coverage Ratio 248\u003c\/p\u003e \u003cp\u003eGetting the Seller to Finance 249\u003c\/p\u003e \u003cp\u003eAfter a Conventional Lender Takes the First Mortgage 249\u003c\/p\u003e \u003cp\u003eTax Law Promotes Seller Financing with an Installment Sale 250\u003c\/p\u003e \u003cp\u003eUsing a Land Contract to Bypass the Bank 254\u003c\/p\u003e \u003cp\u003eTake Over a Large Mortgage 255\u003c\/p\u003e \u003cp\u003eHow Long Do You Want Your Mortgage to Run? 257\u003c\/p\u003e \u003cp\u003eAccelerated Mortgage Payments in Perspective 258\u003c\/p\u003e \u003cp\u003eSome Financing Guidelines 259\u003c\/p\u003e \u003cp\u003eMore Creative Techniques to Make a Deal Work 260\u003c\/p\u003e \u003cp\u003eThe Roth IRA 263\u003c\/p\u003e \u003cp\u003eWhen Taking In a Partner Can Make More Profit 264\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 18 Managing Your Property 266\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFirst Time Out: Be Your Own Landlord 266\u003c\/p\u003e \u003cp\u003eWhat a Property Manager Does 267\u003c\/p\u003e \u003cp\u003eGetting Good Tenants 269\u003c\/p\u003e \u003cp\u003eA Landlord’s Primer 269\u003c\/p\u003e \u003cp\u003eWhen All Else Fails: Removing Late-Paying Tenants 273\u003c\/p\u003e \u003cp\u003eOn Looking for a Good Property Management Company 276\u003c\/p\u003e \u003cp\u003eYour Liability as a Landlord 276\u003c\/p\u003e \u003cp\u003eLimit Your Loan Liability to the Property 277\u003c\/p\u003e \u003cp\u003eShould You Form a Corporation or Limited Partnership? 278\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 19 The Magic Formula for Success: Use Flexible Strategies 279\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBe Flexible—Profit with Different Strategies 279\u003c\/p\u003e \u003cp\u003eChoose the Best Technique to Create Wealth 280\u003c\/p\u003e \u003cp\u003eBefore the Finish—Use an Attorney 281\u003c\/p\u003e \u003cp\u003ePlan Ahead to Reduce the Risks of Real Estate 282\u003c\/p\u003e \u003cp\u003eKnowledge Gives You Confidence 282\u003c\/p\u003e \u003cp\u003eLet People Know You Deal in Property 283\u003c\/p\u003e \u003cp\u003eWork Hard to Become Known 283\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 20 How You Benefit from the New Tax Law 285\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRecent Tax Laws Keep Dollars in Your Pocket 285\u003c\/p\u003e \u003cp\u003eSheltering Taxable Gains from Your Home 286\u003c\/p\u003e \u003cp\u003eUsing the Gain Exclusion with Multiple Residences 288\u003c\/p\u003e \u003cp\u003eTax Rules for Second-Home Ownership 289\u003c\/p\u003e \u003cp\u003eShould You Turn Your Own Home into an Investment Property or Sell It? 291\u003c\/p\u003e \u003cp\u003eAre You a Dealer or an Investor? 293\u003c\/p\u003e \u003cp\u003eThe Tax-Deferred “Starker” Exchange 295\u003c\/p\u003e \u003cp\u003eCombining the “Exchange” with the “Exclusion” 299\u003c\/p\u003e \u003cp\u003eA Final Note 300\u003c\/p\u003e \u003cp\u003e\u003cb\u003eEPILOGUE Success Is Not about Education, or Even Hard Work—It’s about Following Through 302\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eTIPS TO REMEMBER 303\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eFINAL THOUGHTS 305\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eIndex 307\u003c\/i\u003e\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" 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