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| | Location: Home » Starting a Business » General » Start Small, Profit Big in Real Estate: Fixer Jay's 2-Year Plan for Building Wealth - Starting from Scratch | October 13, 2008 |
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| Start Small, Profit Big in Real Estate: Fixer Jay's 2-Year Plan for Building Wealth - Starting from Scratch | 
 enlarge | Author: Jay P. Decima
Publisher: McGraw-Hill
Category: Book
List Price: $19.95
Buy New: $2.95
You Save: $17.00 (85%)
Buy New/Used from $2.95
Avg. Customer Rating:  (10 reviews)
Sales Rank: 199613
Languages: English (Original Language), English (Unknown), English (Published)
Media: Paperback
Edition: 1
Number Of Items: 1
Pages: 300
Shipping Weight (lbs): 0.8
Dimensions (in): 8.7 x 5.8 x 0.8
ISBN: 0071443800
Dewey Decimal Number: 332.6324
UPC: 639785388968
EAN: 9780071443807
ASIN: 0071443800
Publication Date: December 7, 2004
Availability: Usually ships in 1-2 business days
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| Editorial Reviews:
Product Description
From the BusinessWeek bestselling author of Investing in Fixer-Uppers--a plan for building a real estate empire with little or no money down " Fixer Jay" DeCima, the acknowledged king of fixer-uppers, delivers a much-anticipated guide to realizing financial independence through real estate investing. Written in DeCima's trademark folksy style, Start Small, Profit Big in Real Estate provides a complete two-year plan for making it big in real estate starting with little or no money of your own. - You'll learn how to:
- Scout out properties with the highest return
- Calculate the payoff versus the effort involved in any real estate investment
- Find motivated sellers who will finance your properties
- Use leveraging and compounding to utmost advantage
- Negotiate with sellers and win every time
- Make big bucks with rental properties
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| Customer Reviews: Read 5 more reviews...
 Good information, Bad presentation April 25, 2008
There is some good, useful information in this book. But personally I found it hard to get past the country boy, hick lingo that he uses so much. For example, "Never Try to Milk a Steer". There are so many metaphors like this, I couldn't get through the whole book because I was laughing instead of absorbing the information. Most of the information is good, but if the book was more well written it would be alot better. I stopped reading this book and moved on to another one that I purchased at the same time, Millionaire Real Estate Mentor, I think its written by Russ Whitney or Ross Whitney, something like that. That one is awesome so far and I would recommend it above this book any day.
 Better Alternatives Available February 26, 2008
1 out of 1 found this review helpful
Author's basic premise makes sense-- there is money to be made buying fixer upper single-family houses that are rehabbed and rented for investment income. Author suggests focusing on houses that require cosmetic repairs and/or sweat-equity repairs that offer cost savings via investor completed repairs versus hiring and paying a professional.
Book's shortcomings include ad nausea repetition, a lack of practical how-to advice and too many references to investment returns based on gross income versus net income or before tax cash flow (i.e., A $100,000 house that rents for $1,000 per month does not produce a 12% return unless the tenant covers all operating expenses, capital improvements and there is no debt service. John Schaub's single-family house investment books offer a more detailed road map.
 Follow Columbo's Lead August 17, 2007
This book has the strong qualities of Jay's first book - written in a easy-going, lay-back style that makes it enjoyable to read, and it presents an eminently useful model that really works.
Jay says to avoid slick and flashy techniques because "slick is another word for slippery." He points out the gurus who formerly expounded on a wide assortment of get-rich techniques are "either bankrupt or working in gas stations." Jay advises to stick with run-down, fixer-upper types of properties. Buy low, and improve their value, and rent them out. I's a winning formula that I, and many others, have used to make money in real estate.
I particularly liked Jay's technique of taking a low key negotiation approach, like the former TV-detective Columbo when he interrogated suspects. Instead of putting the seller on the defensive, don't directly tell them what's wrong with their house. No one wants a complete stranger to come up and criticize their house. Always show respect to the seller, and have the seller tell you what's wrong with the house by asking him a series of polite questions. Listen carefully to what the seller has to say. You can learn a lot by listening. Don't be critical, never talk down to anyone. Even sellers who must sell, won't sell to you if you try to intimidate them. Jay points out that you still must diligently verify any information you get from the seller. One way to do that is to ask for their "Schedule E" tax form.
Another key to Jay's formula is turning motivated sellers into bankers. This is something that a lot of us, myself included, need to work on. If we follow Jay's advice and get the seller to finance at least part of the loan, the purchase process suddenly becomes much easier.
I also liked Jay's memo system of dealing with renter problems. In using this system, I find it simplifies my dealings with renters. If you call and tell them to do something, they forget. If they see it in writing, in an official-looking memo, they will usually, but not always, do what you ask them to do. It reduces direct contact with them and it gives you written documentation in case you later need it later to remove them from the house. I like Jay's comment "tenants don't intimidate me because they are simply no match for my landlording skills." A bold attitude that we should all aspire for.
Overall, there is a lot to like about this book. If offers sound advice for the new, and the seasoned, investor. The Columbo negotiating technique alone was worth the price of the book for me.
Terry Sprouse is author of the book: "Fix 'em Up, Rent 'em Out: How to Start Your Own House Fix-up and Rental Business in Your Spare Time."
 I've read this before in his other book February 18, 2007
8 out of 9 found this review helpful
I loved Fixer Jay's original book, Investing In Fixer Uppers, so I was thrilled to buy his second book as soon as I heard about it. It is an ok book, but it is his original book in a new cover. Even some of the sentences are the same. It was kind of like listening to a friend who tells you the same stories without remembering that he has told you already, using the same words, gestures and inflection. I was dissapointed that there is actually no explanation for creating a 2-year plan anywhere in the book. The closest thing that I could find to a 2-year plan, was a sentence on page 8 that said, "Two years after you acquire your first property, you should have a dependable income, assuming that you're following my strategies." Then comes an analogy that investing in real estate is like kissing frogs to find a prince. I suppose that it is, but it didn't help me with a 2-year plan. If you are interested in fixing up houses to rent for income, don't hesitate to buy Jay's first book-I have read it 5 times, and am using his strategies from that book right now, having just fixed up an older house in my neighborhood. With 3 month's part time work, I now have 28k in equity, and 209.00 per month positive cashflow, on my first fix-up ever, thanks to his first book. The house was even owner financed, 2% down, and deferred payments too! (Jay's strategies) Don't bother with the 2-year plan book though, because it isn't anything new.
 Start Small, Big Profits in Real Estate January 18, 2007
1 out of 3 found this review helpful
The author gave "how" examples and easy to understand explainations to help you build wealth.
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