Inspiring!
Having thought about getting into the fix em up business myself,I was thrilled when Terry handed me a copy of his new book on that very topic. I found his book very easy to read, humorous (if you know Terry that is no surprise!) and it took the mystery and intimdation out of real estate investing. Not only is it informative about all the aspects of repairing properties and renting them out, but it has a lot to say about living a positive and challenging life. Again, no surprise if you know Terry. No matter what Terry would have written about, it would have included his philosphy for living a happy and productive life. This book belongs in the motivational section of the bookstore as well as the home improvement and investing sections. I would recommend this book to everyone, even those who have never picked up a hammer before and may never plan to.
Laura Aldag, Amazon.com
Wish I'd Read This Book Earlier
After reading Terry Sprouse’s book, Fix Em Up, Rent Em Out, I wish I’d had this resource earlier. This is just right–concise and tightly focused with a workable plan to get moving forward. Had this been our first intro to REI, we might’ve started 2-3 years sooner.
My favorite chapters have to be Chapter 8: Renting Out Houses (we’ve been landlords awhile and I still yellowed up the whole chapter) and 11: A Tale of Two Investment Strategies (love, love, loved reading about his experience with these two houses~).
Most REI investment books are Fruit Loops for breakfast.
Terry’s book is bacon and eggs.
Connie Brz, conniebrz.com real estate blog
Great Information for Anyone Starting Out
Great information for anyone starting out in the fixer-upper business. Easy to understand, written by an author who has served his apprenticeship in the trenches
“Fixer Jay” P. DeCima, Investor and Author
Anyone Can Do This!
Everyone dreams of having a lot of money for retirement. What makes Terry Sprouse different is that he and his wife, Angy, took action to make their dream happen instead of doing nothing and hoping that it would happen.
I first met Terry in 2002 when he took my class on real estate investing at Pima College in Tucson, Arizona. Due to their systematic approach to real estate investing, he and Angy have accumulated more in a few short years than the average person is able to save in a lifetime.
I admire the way the Sprouses' have made investing a family affair. By involving their children in the effort, they teach by example that a little elbow grease and perserverence can go a really long way. This book is a quick read, and will inspire you to take action too.
Bob Zachmeier, Author, Educator, Real Estate Investor
What a Unique and Useful Book. This is One to Add to Your Library!
What a unique and useful book this one is! First, I will state that I have dabbled in this sort of thing, i.e. fixing up old houses for resale, for a number of years now. To be honest, had I had access to this particular book twenty years ago, I would have been able to avoid a lot of mistakes and a lot of grief. Some of what this book addresses I have learned over the years through trial and error and simple luck. Mr. Sprouse has been able to articulate what I have known, but was unable to say for myself. I must say that the author was able to point out much that I have missed or was unaware of. Reading this work was a very pleasant learning experience for me. This is a very useful book for anyone wishing to purchase old homes, fix them up, and either rent or sell them. This is a wonderful resource!
The book is actually rather funny, or I should say amusing. The author has a quick wit and it shows through his writing. The book, even though dealing primarily with physical things, is so much more. The author has given us a good dose of old fashion common sense, philosophy, and very sound advice. He has done this in a way that fits perfectly with the subject his is addressing. Attitude in any endeavor is extremely important and the author quite well makes this point.
Now take note. This book is not one of those flashing works similar to some of the late night T.V. infomercials, which promise instant wealth (picture of a dorky looking guy with gold chains driving a new Hummer that is setting in front of his multimillion dollar home telling you that he just made a zillion or so dollars with nothing down, no credit and no work, and did it all in just six weeks...just sent him $19.95 and he will tell you how he did it). The author plainly states (and I know his advice here to be a fact), that this sort of endeavor takes work, lots of work, and to make money at it, takes time. Simply put, "there are no free lunches." So, if you are looking for a get rich fast scheme, then look else where. The author is not in any way into trying to sell one of those silly pyramid deals that, in truth, simply never work.
What this work does give you is ideas and an outline, that through hard work, common sense, and a bit of luck, you can do quite well for yourself and have a bit of fun while you do it. The author is quick to point out the down side of every aspect of this business and points out ways, if there are any, to avoid them. On the other hand, the author does a wonderful job of pointing out the positive. He not only emphasizes the financial aspects, but does a very nice job of drawing attention to the many side benefits involved, and there are many of these! I like the way that the author directs your attention to the fact that a job well done is a wonderful feeling. The author has listed given us a great list of other books and resources to turn to which I find most helpful. Actually, his list of places to go for information is almost worth the price of the book alone.
NOTE: Even though this work deals with the fixing up of older homes, the principles set fourth in this work will work for just about any business a person would want to set up or start. There is wonderful, good and sound advice in this book. Even if you are not into the fixing up of old places, it is well worth the read. I would certainly hope this author expands into other areas. His ideas and general outlook on life are/is quite a bit better than those of many of the ones touted by the so called "experts." Recommend this one highly!
D. Blankenship, Amazon Top 500 Reviewer
Real Estate A to Z
Are you thinking of buying, selling, or renting property out? Then get this book! Compact, easy to read, and packed with step by step instructions for several phases of making real estate work for you, Terry Sprouse has written all the basics in a way that anyone can understand, and will be especially welcome in steering people through this time of fluctuating and uncertain markets, so that you'll make the most of every dollar you invest or gain as a buyer, seller, or landlord, and the principles will even make sense for you in other forms of business, as I found that some of what is in "Fix Em Up Rent Em Out" could even be applied to my career as a free-lance artist.
I've always been tempted with the idea of buying a "fixer upper," whether to live in myself or rent out (I've done it several times for other people in exchange for cheap rent, never for myself), and Sprouse gives the complete details on what I could expect to find in this adventure. You'll learn a lot from his Tables too, which at a quick glance one can get information on cash flow, interest, appreciation, even the tools to have on hand (it is recommended to learn how to do as many repairs as you can yourself) and much more. There is even one table on page 84-85 on "The 5 Rules on How to Lose Money and Get Your Rental Property Trashed by Your Tenants" that is funny as well as wise counsel.
There's great advice in Chapter 8 on what to look for in a prospective tenant, and how to make out a rental contract that suits your requirements; Chapter 9 is about taxes. Read and memorize! You'll be glad you did. One of the final chapters is on how to make this real estate experience a family affair, and lists some activities young children can do to help and the advantages to having the kids be involved in the process. It is followed by "A Tale of Two Investment Strategies," where you read from start to finish Sprouse's experience with two properties, and the last chapter is "The Big Picture," which explains that "Even When You Lose You Win," with a positive outlook to always grow as we learn (and of course always taking lots of photos and notes on the progress for future reference).
This is one of those rare books you'll find yourself highlighting a lot and marking with added thoughts that apply to your specific situation. It also includes some valuable appendices, from "Useful Websites," to additional reference materials, though this handy real estate book is the ideal place to start, if you've ever thought about buying, selling, or being "Mr. Landlord."
Alejandra Vernon, Top 50 Amazon Reviewer
Fixer-upper or money pit? Terry Sprouse has words of wisdom
How to get into the rental property business? This author takes you through the pitfalls and positive aspects of buying, fixing up and renting out properties.
Author Terry Sprouse is very insistent that the successful property owner will be needing to use "sweat equity" and careful shopping. He notes that good enough is good enough for rental properties--find nice linoleum at liquidation sales, look for good, if slightly dinged appliances and be sure to do as much of the work as you can yourself. Making it a family project is a suggestion.
He also gives a bible of how to lose your shirt by wrongful renting practices and helpful suggestions on finding the ideal renter, and dealing with problems that crop up (example letters about excess noise, lease month-to-month to be able to evict troublesome renters.)
He also deals with buying and selling. This is a very nice, short but pithy and meaty book for the beginner. You probably couldn't find a better place to start if you are considering investing in a rental property than Sprouse's witty and concise book. Recommended.
Joanna Daneman, Top 10 Amazon Reviewer
A little book about life and prosperity
While I wrote a jacket review for this book, I need more space to rave about what Sprouse has created in this easy to read guide to prosperity. He is not just teaching how to build prosperity through ownership of real property, though he does that very well. This book provides insights into the simple joys of living each day, with advice ranging from how to learn from professional craftsmen to how to mentor your kids. To paraphrase these chestnuts - "...Let your kids see you working with your spouse in a respectful and joyful way..." and "...even if they are small, kids need to feel like they can make a contribution, so find size and age-appropriate chores for them..." This is a must read for every person working to make life better and build prosperity.
Marty Matlock
Ph.D., P.E., C.S.E., President, American Ecological Engineering Society, Award-winning designer of green neighborhoods for Habitat for Humanity, Professor of Ecological Engineering, University of Arkansas
Very Helpful For Someone New To This Business
I'm trying to learn about the real estate business and I found this book very helpful for someone new to this business. There are many additional resources cited that will be of additional help once I get started. It was a simple yet comprehensive book.
P. Lotich, Amazon.com
Great information!!!
The housing market being what it is, with two of the highest sub-prime home loan, foreclosure markets being in the Stockton and Sacramento areas, this book may be of value to those wise enough to have some savings to invest in houses being foreclosed on, like one I saw for $79,000 that sold originally for $205,000. And yes we are a family with rental properties and properties bought and fixed up and then sold.
The parts of the book I found of value are those dealing with learning to do jobs like sheetrock, tile, windows, doors, floors, etc yourself. Depending on where you live and if you want bank financing, you may be required to have all the electrical and plumbing done by a licensed person. Some counties here in California allow you to do these things as long as you have a qualified electrician or plumber check your work as you go to make sure its safe and sane.
Am glad the author notes that the law (1997 Taxpayer Relief Act) now allows you to pay no Income taxes on a home you have lived in for two years that you then use as a rental when you buy another home to live in as your main residence. However this exclusion is only available once every two years, which is great if you buy a place to live in that needs some repairs that you can do over time. You not only get a place to live but can do the work over time and do it right. Then sell or rent it out and get another place an repeat the process.
The book also has an excellent piece on Increase Cash Flow, Sell One House to Pay off Another. As well as a piece Know When To Sell which is as important I believe as knowing when to buy and when NOT to buy. The San Francisco Chronicle has had some excellent articles on some folks who did sub-prime loans and bought investment properties when the market was hot a couple years ago, and then their adjustable mortgages went sky high, renters couldn’t afford the rent needed to pay the owners mortgage and many owners with multiple properties were foreclosed on, their credit ruined, and then they had to file for bankruptcy and some lost their own homes.
As for rentals. Good pieces on Curb Appeal, Background checks and avoiding bad tenants from the get go. Rental/lease contracts, advertising, dealing with problem tenants/renters, evictions, repair issues, insurance, and very important record keeping. As a renter I always have taken photos of places before moving in and also recommend renters take photos, and detailed notes of even minor damage that can evolve into big damage and if not noted, can be attributed to you and not the former tenants or the owners lack of responsibility.
The last part of the book makes a great suggestion if you have kids over the age of 8 or 10, who are old enough to help out with caring or repairing a rental property. It’s a great way for them to learn as they grow. By the age of 16 many kids will know how to do sheet rock, tile, flooring, installation of bathroom items, and fixing up the yard. I even suggest to take a small percentage of the income earned on a rental or sale of a property and stick it away for them so when they become 18, you can help them invest in a place to rent or sell, and help them become financially independent and wise beyond their years.
MotherLodeBeth, Amazon Top 100 Reviewer
Everything One Needs to Know
The author takes on a topic that many have thought about---buying, fixing and renting a house for profit---but for lack of initiative and/or information have not attempted. For such people this book can provide the initiative and information for them to overcome their reluctance to get started in a profitable enterprise. The book provides A-to-Z information on the subject, just about everything one needs to know.
M. Handy, Amazon Review
Easy Read. Great Book
I received this book in the mail yesterday and it was so easy to read, I finished it before the day was over. The outlook on finding tenants and how to rent out your properties definitely gave me something to think about.
S. Greathouse, Amazon Review