Air For Rent
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About this ebook
Air For Rent
What if you could invest in something that all people need, rent it to someone for a profit, and later sell that item for more money? In addition, you can finance that investment with someone else paying off most of the debt and deduct any expenses on your U.S. Income Tax return plus get a tax shelter to boot.
The investment is in AIR: Ocean air, Golf Course air, Mountain air, City air, Country air...
Where can you find this air to invest in? It is located right between the inside walls in buildings-- called condominiums. Condominiums are just like apartments, except they are deeded property. Condos are located everywhere. They can be owned, rented, sold, uniquely located, and provide amenities no average homeowner can afford-- like swimming pools and golf courses. Condominiums fit today's family lifestyles better than single-family homes, yet, they provide the same tax breaks. Apartment living doesn't provide those tax breaks. In addition, owners can make their condos as unique as they want without worrying about landlord restrictions. What's so great about investing in condos for rent, is that everyone needs a place to live, so there is plenty of demand and investors can buy one instead of a whole apartment complex to get started in real estate investing. In many areas, condominiums typically cost less than the price of a single-family home, which also makes it easier to invest.
Air For Rent is a step by step guide that provides you with business recommendations, sample computer tools to copy, and documented experiences for you to leverage to help make you successful in investing in condominiums. By reading this book, you will learn how to:
Obtain seed money
Select and use computer tools
Find the right location and tenant
Rent out your condominium, and keep it rented
Assemble a team to run your properties
Leverage years of business experiences
Expand your portfolio
This guide covers the basics of what you need to get started to build up your wealth and income through the purchasing of condos and renting them out. This book is not a get rich quick scheme but a proven method that anyone can execute to become wealthy. The techniques described have been successfully implemented by the author and his experiences are well documented for your benefit.
It's now up to you to become wealthy!
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Air For Rent - Kenneth DePaul
Introduction
Passive income – imagine sitting back and enjoying life while letting your money work for you day and night. For the average person, income is directly limited by the number of hours worked. Finding a business that will generate income, even while you are sleeping, is the way to riches. I have found that the best way to achieve this financial independence is by investing in real estate. Real estate is a very large market and offers diverse opportunities. This book teaches you how to invest in real estate as an individual or a small partnership while you work so you can create wealth in real estate assets and a lifelong passive income. The method I chose was making money in real estate by buying and renting out air, but not any air, air within community walls—also known as condominiums.
Many professions have specialized branches of expertise such as doctors, construction workers, lawyers, tech stock specialists, bank stock specialists, bond specialists, mortgage specialists, commercial realtors, and residential realtors. Specialization occurs as markets grow and mature requiring more concentrated in-depth knowledge of a market segment or niche. Through specialization, you can do much better in real estate and have more control over your investments than with investing in anything else. Thanks to the internet, you can do it part-time as well. The best and easiest way for an individual to invest in real estate for profit is by specializing in condominium investments.
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*****Key Takeaway***** The easiest way to start investing in real estate is with condominiums
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This book shows you how to start investing, why you should continue and how to build a portfolio of rental condominium properties over time that will generate substantial income and considerable appreciation. What follows is not theory – it is a process that I and my family have used to create millions in assets along with a healthy income. But be aware! This book is not a get rich quick scheme. It is not about quickly flipping homes for instant cash. It is about adding to a specific stable of income generating properties while you hold down a job until you decide when to quit your job, retire, or just keep investing.
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*****Key Takeaway***** You are now at the forefront of a new specialized investment trend, and the first one in, makes the fortunes
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A real estate condominium is deeded air
What is a condominium?
In simple terms, a condominium is an apartment you own. It is deeded real estate in a community association. The association is comprised of community land, buildings, a separate governance board, and the individual deeded units. When you buy a condominium, your unit is described, typically in a document called Covenants, as a fixed area between the interior walls within the community buildings and controlled by written rules. Covenants can also specify other unit owned items, such as doors, windows, and patios. As an owner, you also get to participate in the governance with a vote and if interested, potentially becoming an elected member of the governance board. Essentially, a condominium is deeded air in a community, but when you purchase that air, you can get all the same US IRS tax deductions as if you purchased a single-family house to live in.
Understanding what you own and are responsible for is very important, as you are responsible for the descriptions defined in the covenants and the rules are typically described in the association's charter and are designated as Bylaws. These bylaws stipulate what standards will be enforced to properly maintain your unit. Read these descriptions and rules carefully, as they are part of your deed, as you and your tenant must follow them. Think of the condominium purchase as buying the apartment you may live (or have lived) in. Apartments all have rules you need to follow, or you can be evicted. Condominiums have similar rules, and the board can fine or foreclose on you. The main difference between investing in condos versus whole apartment buildings is that the land and exterior structures are legally divided to make real estate more affordable to buyers – YOU!
If you think condominiums aren't a good investment, think again. Condominiums rent just as well as apartments do. They also can sell for millions, as in big cities or in many hundreds of thousands at vacation areas where they are highly desirable. Condominiums also come in all flavors (residential, commercial, vacation, boat slip.) just as other real estate buildings do that are not condominiums. The table below shows how much condominiums have grown since 1970, indicating that condominiums are the growing trend. Analysis of present trends indicates that condominiums will continue to grow at a rate in excess of 20% per year as the US population grows, the retirement population increases, family growth remains small, two-income family growth continues, more families purchase vacation condos, and the US becomes more urbanized.
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*****Key Takeaway***** Condominium ownership should grow to allow owners to accumulate significant income and significant wealth.
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Why focus on investments in condominiums
The nice thing about investing in condominiums is that you don't have to concern yourself with outside maintenance, large personal insurance bills, roofs, parking lots, swimming pool maintenance, mowing the lawn, and shoveling snow. You pay monthly dues to cover these items and there is a condominium management team in place which oversees the exterior maintenance of the unit. So, your maintenance costs to keep your unit rent-ready are only focused on your interior unit. Think about eliminating all exterior issues in your investments while you hold down your job, when your time is so limited. What a relief!
Condominium communities can be built with a specific lifestyle, profile or purpose, like beachfront, small company office, medical centers, lakeside, boating, and assisted living. Communities can offer shared amenities like swimming pools, boat slips, covered parking, health clubs, tennis courts, stunning exteriors, and gated entrances. These communities can also develop their own market niche over time, like a community mainly rented by college students, young couples, or retirees. You should understand and consider these specialized profiles, how they affect your financial goals, and leverage them. Condominium investing makes it very easy to focus on your financial goals and take steps to achieve those goals while working.
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*****Key Takeaway***** Renters pay rent for use of all of the condominium community amenities, but you only have to invest in a