Customer Reviews

How to Find Hidden Real Estate Bargains 2/e

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Robert Irwin seems to generate a wellspring of books filled with good advice about buying and investing in residential real estate. He has an urbane way of cutting out the hype that can fascinate but obscure realities for buyers and sellers. Like a good uncle, he doesn't tell you not to do it - he points out some strategies for protecting yourself from the abyss. He paints a picture of the effort you'll need, and lets you make the right choice. For example, he points out that some sheriffs' foreclosures allow the defaulters 60 days to pay up and reclaim the property even after you win the auction, and that you shouldn't begin your repairs until then. He reveals that For Sale by Owner properties are most often overpriced, so you may need to make too many inquiries before you succeed.

Irwin's investment practice is in California. Therefore, some of his advice doesn't hold up in other areas. Trust deeds, in which the seller holds the deed until the buyer's payments are complete, are not allowed in Pennsylvania, for example. Sellers would sometimes disappear after the buyer had invested many payments, leaving the buyer difficult recourse to the deed.

His updated chapter on government foreclosures is informative, although he states there is no chance for inspection. This is not quite accurate. You may not have a chance before you bid, especially in a hot market, but the contracts of HUD and Freddie Mac provide for an inspection contingency. Although you can't bargain on the "as-is" sales, you can withdraw entirely if the fixups are overwhelming. It's not much different from our private residential experiences in New York, New Jersey, Pennsylvania, Washington, D.C. and Florida, with the exception that in ordinary practice in these areas you may be able to renegotiate the price when the inspection reveals unfavorable conditions.

I especially enjoyed his explosion of the old saw that location is most important. As he pointed out, it may be true if you are buying a house to live in, but if you're investing, price and market would come first. A poor or unsuitable location can sometimes have its advantages.

A unique aspect is the coverage of ethics, done gently, in the form of honesty is the best policy. Taking all the short-term advantages while hurting others will lead to lack of trust and a bad name, which will diminish your opportunities in the long run.

We will soon be reading his new book, "Tips and Traps When Renovating Your Home." We think we can learn something useful about reducing our remodeling costs.

Nancy & Arnold Lapidus

I found this book very informative and to the point. Unlike many "how to get rich" authors, Irwin stays more on the task than on the "rah-rah" stuff. His tips and traps make good references for the uninitiated investor or purchaser. Best of all, his style is smooth and easy to read. If you're looking for a good "getting started" book, this is it.

#10 of year's 10 top real estate books. This survey book explains how to profit from virtually all bargain properties, such as foreclosures, probates, government property sales, REO (real estate owned by lenders) and other distressed-property situations. Emphasis is on low-cash purchase methods, along with methods for discovering these often-obscure realty bargains. by Robert J. Bruss