How to Acquire $1 Million in Income Real Estate in One Year Using Borrowed Money in Your Free ...

290 Pages·2006·1.49 MB·English

How to Acquire $1 Million
in Income Real Estate
in One Year Using Borrowed
Money in Your Free Time
TYLER G. HICKS
John Wiley & Sons, Inc.

How to Acquire $1 Million
in Income Real Estate
in One Year Using Borrowed
Money in Your Free Time

How to Acquire $1 Million
in Income Real Estate
in One Year Using Borrowed
Money in Your Free Time
TYLER G. HICKS
John Wiley & Sons, Inc.
Copyright © 2006 by Tyler G.Hicks.All rights reserved.
Published by John Wiley & Sons,Inc.,Hoboken,New Jersey.
Published simultaneously in Canada.
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Library ofCongress Cataloging-in-Publication Data:
Hicks,Tyler Gregory
How to acquire $1 million in income real estate in one year using borrowed money in your
free time / Tyler G.Hicks.
p. cm.
Includes index.
ISBN-13 978-0-471-75169-4 (pbk.)
ISBN-10 0-471-75169-3 (pbk.)
1. Real estate investment. I. Title:How to acquire one
million dollars in income real estate in one year using
borrowed money in your free time. II. Title.
HD1382.5.H52 2006
332.63′24—dc22
2005038006
Printed in the United States ofAmerica.
10 9 8 7 6 5 4 3 2 1
For my youngest son,
Steven David,
with many thanks for assembling the nearly
one thousand real estate lenders
presented in this book.

Contents
Preface xiii
CHAPTER 1: Get Into,and Profit From,the World’s Best
Borrowed-Money Business 1
Beginning Wealth Builders Do Amass Big Money,1;Smart Thinking
Builds Real Estate Wealth,2;You Build Your Real Estate Assets,4;
You Acquire Large Assets in Your Free Time,4;Use the Liberal
Financing Available to You,5;Obtain Large Assets Quickly in Your
Free Time,6;Write Your Real Estate Business Plan,6;Focus on the
Elements ofYour Business Plan,11;Your Real Estate Road to
Wealth Is Easy,12;Your Key Ideas for Acquiring Large Real Estate
Assets,13
CHAPTER 2: Pick the Type ofIncome Real Estate You
Want to Acquire 14
Six Big Money Opportunities for You,14;Multifamily Buildings Can
Be YourMoney Machine,15;Retail Properties—Stores,Theaters,
Restaurants,and Others,19;Commercial Properties—Small,and
Large,Office Buildings,19;Industrial Buildings—Factories,Self-
Storage,and Others,20;Recreational Properties—Tennis Courts,
Marinas,Bowling Alleys,and Others,21;Single-Family Homes Can
Build Your Wealth,21;Detached Stand-Alone Single-Family Home,
22;Single Apartment in a Multifamily Building (Apartment House),
22;Condo Single-Family Home Units,23;Single-Family Detached
Vacation Home,24;Mobile Home in a Mobile-Home Park,24;
Townhouse Single-Family Home,25;How to Choose Your Ideal
Income Real Estate,25;Put Your Real Estate Wealth Building Choice
into Action,27;Recognize What It Takes to Succeed,29;Your Key
Ideas for Real Estate Wealth Building,31
vii
viii Contents
CHAPTER 3: 49 Mortgages That Can Give You
the Real Estate Funding You Need 32
Adjustable-Rate Mortgages,33;Assumable Mortgages,36;Bad
Credit/No Credit Mortgages,38;Balloon Mortgages,40;Biweekly
Mortgages,42;Blanket Mortgages,44;Bridge- or Swing-Loan
Mortgages,45;Budget Mortgages,46;Bullet Mortgages,47;
Conforming Mortgages,47;Constant-Payment Mortgages,48;
Construction Loan with a Takeout Mortgage,48;Conventional
Mortgages,49;Convertible Adjustable-Rate Mortgages,51;First
Mortgages,54;Gifted Down-Payment Mortgages,55;Graduated-
Payment Mortgages,56;Grants for Real Estate Down Payment,57;
Growing-Equity Mortgages,58;Hard-Money Mortgages,59;Home-
Equity Mortgages,60;Interest-Only Mortgages,61;Investor
Mortgages,61;Jumbo Mortgages,62;Junior Mortgages,63;LIBOR-
Based Mortgages,63;No-Appraisal Mortgages,64;No-Doc/Low-Doc
Mortgages,65;Nonowner-Occupied Mortgages,66;Nonrecourse
Mortgages,66;No-Ratio Mortgages,66;No-Seasoning Mortgages,67;
100 Percent First Mortgages,69;103 Percent to 115 Percent Loan-to-
Value Mortgages,71;125 Percent Purchase Mortgages,71;125
Percent Second Mortgages,71;Open-End Mortgages,72;Package
Mortgages,73;Pledged Account Mortgages,73;Purchase-Money
Mortgages,73;Reverse Mortgages,75;Shared-Appreciation
Mortgages,76;Second Mortgages,77;Seller-Financed Reverse-Flip
Mortgages,78;Shared-Equity Mortgages,79;Start-Up Mortgages,79;
Third-Position Mortgages,80;Venture-Capital Mortgages,80;
Wraparound Mortgages,81;Zero-Percent Interest Mortgages,82;
Getting the Money You Need,83;Your Key Ideas for Finding
Mortgage Money Today,84
CHAPTER 4: Internet Financing ofIncome Real Estate
Can Save You Time 86
Types ofLoans Available on the Internet,86;Advantages ofGetting
Loans on the Internet,87;Disadvantages ofInternet Loan
Applications,88;Cautions to Observe for Internet Borrowing,88;
How,and Where,to Get Mentoring Help,90;Tips on Working
Successfully with Internet,and Other,Lenders,91;Internet Lenders
You Can Apply To,92;Internet Loan Sources,93;Be a Proactive
Internet Loan Seeker,106;Ten Steps to Start Using Internet Money
Wisely,107;Your Key Ideas for Getting Internet Financing,109