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The Biggest Mistakes Real Estate Investors Make

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This is a book which contains an extremely basic description of standard real estate stuff like filling out a Competitive Market Analysis and HUD repo auction terminology and procedures. He fails to note that you must avoid round numbers when bidding in a HUD sealed-bid auction. The description of how you buy conventional repos is vague and off base.

In spite of the title, the author delves into probate and divorce property, although without saying anything useful. His discussion of preforeclosures is incorrect, omitting such things as the fact that you can find them through notices of default and the need to ask the foreclosee what he thinks his property is worth and how much he owes. Amazingly, he says to ask a local bank to calculate an amortization schedule for the mortgage on each property you are pursuing if you do not have a financial calculator.

The author, David Schley, is just 25 and president of his own corporation. His ambition in writing a book at such a young age is admirable. But he really knows little about the subject. Ambition and chutzpah are not enough. You also have to do your homework.

This originally appeared in Real Estate Investor’s Monthly newsletter.