First-timers find best lenders for real estate investing

The latest book from longtime real estate author Tyler G.Hicks, “How to Acquire $1 Million in Income Real Estate in One Year UsingBorrowed Money in Your Free Time,” is really about how and where to obtainmortgage money to acquire investment property. Despite its long title, this isa resource guide — rather than a real estate “how to” book –explaining dozens of ways to finance property acquisitions and where to locatethe necessary funds.

Among the book’s unique features is a list of more than1,000 mortgage lenders specializing in mortgages for BWBs (beginning wealthbuilders), as Hicks refers to first-time investment property buyers. Among themortgage resources are, according to the author, more than 700 sources ofInternet loans (I didn’t personally count them).

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In that chapter, Hicks carefully explains the pros and consof Internet mortgages and the precautions borrowers should take to avoiddisclosing confidential information to unknown lenders.

This new book is different from Hicks’ dozens of prior realestate investment books. Most of those books are ultra-enthusiastic about realestate investing. But this one, while extolling the benefits of acquiringrental income property, is more realistic and practical because Hicks advisesover and over to structure the purchase to be certain there will be positivecash flow for the investor.

If the book has a flaw, it is that the explanations ofimportant topics are often too short and incomplete. For example, the authorsuggests BWBs find a local mentor to guide them and offer advice. But heneglects to explain how to find prospective mentors or what the benefits mightbe for the mentor.

But Hicks’ sometimes too brief explanations are overcome byhis sage advice based on many years as a real estate investor and as a directorof a New York City mortgage lender (which he never names).

To illustrate, Hicks advises, “Never pay front money oradvance fees for any loan.” After listing typical fees some lendersrequest, Hicks says, “None of these are necessary with a legitimatelender. So don’t let yourself be talked into front money or advance fees of anykind.”

However, this book is not just about investing in realestate and finding the mortgage money to do so (although these are the primarytopics) because it is also about other real estate opportunities involvingmortgage lending. The author suggests, for readers who are interested, becominga loan officer, mortgage broker or a “money finder” based on hisextensive lender contact lists. He even suggests to “form your ownmortgage company and make loans,” but without details about how to do so.

Chapter topics include “Get Into, and Profit From, theWorld’s Best Borrowed-Money Business”; “Pick the Type of Income RealEstate You Want to Acquire”; “49 Mortgages That Can Give You the RealEstate Funding You Need”; “Internet Financing of Income Real EstateCan Save You Time”; “Private Lenders Can Be Your Real Estate MoneySupply”; “Self-Starter Real Estate Financing for Beginning WealthBuilders”; “Bad Credit/No Credit Financing is Possible for You”;”Little-Known Alternative Money Sources for Real Estate Loans”;”100 Percent Financing is Alive and Well Today”; and “UseProperty Appreciation to Build Your Real Estate Wealth.”

Tyler Hicks has a unique writing style, which takes someacclimation. He often uses the phrase “my good friend” and he evenprovides his phone number and other contact information to assist readers.Overall, this is a very good book about how to finance investment propertyacquisitions. On my scale of one to 10, it rates a solid 10.

“How to Acquire $1 Million in Income Real Estate on OneYear Using Borrowed Money in Your Free Time,” by Tyler G. Hicks (JohnWiley and Sons, Hoboken, NJ), 2006, 250 pages; $14.95; Available in stock or byspecial order at local bookstores, public libraries, and www.Amazon.com.

Copyright 2006 Inman News

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