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Insider Investing is not just for realtors,
This review is from: Insider Investing for Real Estate Agents: How to Profit From Your Intimate Knowledge of the Market (Paperback)Although Walter Sanford's "Insider Investing for Real Estate Agents" is written for licensed realtors, it is equally relevant to other "insider" real estate professionals such as appraisers, mortgage brokers, home inspectors, property managers and real estate investors.
As with a number of other real estate books, this was written from an American perspective, meaning that some of the advice, notably anything about 1031 exchanges, are mostly irrelevant to Canadians. Nevertheless, it provides the insider with a number of recommendations, which minimizes the risks of being perceived unethically.
Because of an insider's intimate knowledge, he or she is in a position where it is easier to take advantage of potential clients. Sanford encourages real estate professionals to behave morally and ethically and if they become personally involved in a transaction either as a partner or buyer. By providing full disclosure to the client from the beginning, the insider will avoid tarnishing his or her reputation or costly lawsuits. Unlike some other real estate authors who prefer "buy, flip and sell" strategies or a "pyramid and refinance" strategy, the author opts for a long-term "buy and hold" strategy, discouraging the reader from incurring costly transaction fees through constantly selling or transferring properties.
The advice touted by the author is mostly common sense and similar lessons do appear in other real estate books. This includes providing basic investment criteria as to what constitutes a "good" real estate investment, avoiding "analysis paralysis" and general guidelines when screening and selecting tenants. The author also provides dozens of pages of sample agreements, contracts and checklists, which can easily modified to fit the reader's situation and needs.
All in all, I very much enjoyed this book. While most of the advice was not new, I was inspired to become more of an "insider" in order to gain numerous advantages in real estate investing.