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For all the fans of popular real estate shows, such as, "Flip that House" and "Property Ladder," who have long wanted to make their own real estate dreams a reality, but haven't the slightest clue how to begin, Kwesi Nichols and Tristan Cooley can provide some much needed direction, with their new book, "The Best in the Game: Let Us Show You How to Get Rich in Real Estate"
Best friends and business partners, Nichols and Cooley have bought and sold over 500 properties together. When the two began investing in real estate, they bought with no money down and very little credit, but within their first year, had made over $150,000 each. "The Best in the Game" offers Nichols and Cooley's successful, established strategy, with plenty of real life examples from their years of experience and a few secrets they've picked up along the way.
The Best in the Game: Let Us Show You How to Get Rich in Real Estate
Kwesi Nichols and Tristan Cooley
Real Estate-Duo Publishing, Inc. (2007)
ISBN 9780977867509
Reviewed by Stephanie Rollins for Reader Views (3/07)
I wish that I had “The Best in the Game” when I began my career as a real estate investor. I had to learn all the lessons the hard way. In “The Best in the Game” Kwesi Nichols and Tristan Cooley teach you the fundamentals of the business.
All legal and financial topics relevant to real estate investing are covered. From how to legally flip houses to how to buy foreclosures—it is all covered. When I was starting out in the business, the legal terms and the acronyms alone seemed overwhelming. Nichols and Cooley explain ARMS, ARV, and other important acronyms.
Nichols and Cooley explain that flipping is not always the best use of the property. Sometimes it is best to rent the property. “But if you have a source of income that enables you to meet monthly mortgage payments, you may decide to hold on to some properties.” There is a saying in this business that you can sell once and rent forever.
Nichols and Cooley explain Section 8 housing. They list the specific demands HUD looks for in rental properties. Of course, this varies somewhat with each inspector.
Nichols and Cooley explain how to finance real estate investments. The easiest way is to have a line of credit or a private investor who believes in you. They stress that bankers and investors are risking their money on you, so you have to sell yourself as being willing and able to do whatever it takes to make each project work. “Some people are used to investing, and they take advantage of opportunities. Most people don’t think in those terms. It never occurs to some people to use their fully-owned homes to leverage other investments.”
As a broker, I often hear uninformed buyers talking about real estate bubbles, because they heard about it on last night’s news. As I always tell them, I am not affected by “the real estate bubble” as an investor, broker, or home owner. I do not believe in the bubble. It was reassuring to read that Nichols and Cooley feel the same way. “We do not think there is a real estate bubble, because a bubble is caused by a sudden surge in prices unrelated to value…”
Real estate flipping sounds too good to be true . It is not. “The difficulties lie in locating such houses, known as fixer-uppers, at workable prices.” How do you do this? Find a broker who likes to work with investors. Few like to work with investors. I have never understood this; I think it is because they do not understand investors. Also, make friends with real estate/estate attorneys. An attorney may know of a house in an estate that may need to be sold quickly. As an aside, also make friends with electricians, general contractors, plumbers, and etc….
Real estate investing is profitable. It takes time to learn the business, but “The Best in the Game” is a great resource that all real estate investors—new or seasoned-- need to keep in their offices. Nichols and Cooley not only know the business, they are also excellent coaches, as evident in “The Best in the Game.”
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