Fix em Up Rent em Out How to Start Your Own House Fix up and Rental Business in Your Spare Time or Investing in Real Estate and Creating Wealth with Fixer Upper Houses
This award-winning book describes how to get started repairing houses and renting them out in your spare time. It covers various components such as house selection, what to repair, handling tenants, managing the books, and taxes. The book describes the two safest ways to make money in real estate, and one chapter is devoted the the “Zen of Repairing Properties.” The author uses illustrations from his own experiences, humor and motivational examples to encourage the reader down a path that will be rewarding on many different levels.
User Ratings and Reviews
4 Stars Interesting and inspirational
After reading this book you may change your approach to life even if you decide fixup houses are not for you…it is concise and filled with useful information and inspirational encouragement.
5 Stars Add this book to your REI library
I recently ran across this book after reading Terry’s blog. In fact, I just finished reading it today over my morning coffee.
I recommend this book for any aspiring (or greenhorn) real estate investor. Having just completed my first fix up, I learned much from Terry’s methods but I especially related to his philosophical approach to life in the world of real estate investing. In fact, one might subtitle this tome, “Zen and the Art of Rehabbing”.
Blended with this extremely practical and useful guide to finding, fixing and successfully renting properties are the intangibles of rehabbing and landlording. Terry waxes about the pride he feels from taking on and completing a repair job and the confidence that builds for tackling more complicated tasks.
Two parts of this book alone make it worth adding to your REI library:
Chapter 9, “Let the Tax Law Help You Make Money was invaluable to me. As I mentioned before, my wife and I just completed an extensive remodel in our SFR rental. Along with my sense of pride for completing this daunting project, I have several thousand dollars of receipts stuffed in a file folder. He clearly laid out the difference between repairs and improvements how the IRS treats each category. Thank you Terry!
The reference sections in the appendices are as complete as they are varied. Especially helpful to me was the list of books the author consulted to write this book.
I encourage you to add this book to your REI library. It’s a keeper.
4 Stars Yes, you can!
I have long been intrigued about investing in real estate but have hesitated because there are so many scam artists out there willing to trade on one’s naivete and lead you down paths that will end in ruin.
Making money in real estate the old-fashioned way — by the kind of hard work and staying power that Terry Sprouse advocates — appeals to both my conservative self and my risk-taking self. For people like me who haven’t yet taken the dive, the best part of this book is the author’s upbeat conclusion that you can accomplish far more than you ever imagined possible if you’re willing to invest the time and learn the business. If you are intimidated, as I am, by the thought of even picking up a screwdriver, this kind of encouragement is invaluable. Terry Sprouse is a credible advocate because he’s been there, and truly has done that.
5 Stars Get this Book! Get the information you need to get started!!
I found this book to be loaded with sound advice. I was able to gleam much information based on the authors actual experience in the rental property business. Not only was his experience appreciated but I also appreciated the fact that he was able to start this venture while still keeping his current job.
In chapter two, Terry covered some of the reasons our family has gotten started into the buying and fixing up of rental properties. Retirement and concerns with the current state of the economy ranked high for us. As we approached the age of 40 we were looking for a better way to secure our future retirement years. Since my husbands work field is in home building & remodeling it seemed foolish not to use our knowledge and skills to work for us. This book helps us learn the areas of the rental business we are not so familiar with.
I think anyone reading this book would feel confident to try the rental property business. In Terry’s book he covers the best way to learn, by watching and than doing it yourself. He also supplies plenty of tips about what to watch for when considering a property you want to purchase. Not all properties will work in our favor. Terry makes several points as to some of the things you need to watch out for. All very good and needed advice for anyone starting out.
Let’s face it we all wish we had a bag of extra money lying around so we can buy our first property. We didn’t! This is a big challenge for many people who wish to get started. Terry discusses different types of financing so you can consider what would work best in your situation. Terry also suggests his favorite method of starting out which allows you to takeadvantage of the
1997 Taxpayer Relief Act. This is valuable information.
My favorite chapters included Terry’s wise advice on how to keep track of items for tax purposes and how to handle problems with tenants. With 6 children, I especially appreciated his understanding on how to involve children in the process. I have read several real estate books and none have ever touched on this topic.
I highly recommend this book to anyone curious about the rental property business. Not only is it easy to read and understand but it is also ideal for anyone wanting to start out fixing up homes or for anyone already involved in the rental property business. We all have so much to share about our experiences and Terry does just that, he shares his experience with a great outlook to the future that others can follow so that they to can succeed.
5 Stars Extremely Useful
Terry Sprouse’s was very helpful. I appreciated the way he helped me figure out how to assess whether a property would be profitable, how to find tenants and how to make the tax laws work for me.
Even in this depreciated housing market, all too often finding a house that will be profitable is a trick. It requires the right house, the right price, the right renters and an understanding of the tax considerations.
