REAL ESTATE CONSUMER NOTEBOOK
THE 10 BEST REAL ESTATE
BOOKS OF 2005

At the end of each year, it is my honor to select the 10 best real estate books out of the hundreds of realty books published that year. This article takes 52 weeks to prepare because I read at least one real estate book every week. These are the best of the best 2005 real estate books.

Selecting the top real estate books of 2005 was especially difficult because an unusually large number of new realty books were published this year. All these excellent real estate books are available in stock or by special order at local bookstores, public libraries, and www.amazon.com. Here are the 10 best real estate books of 2005, plus several Honorable Mentions:

REVERSE MORTGAGES FOR DUMMIES By Sarah Glendon Lyons and John E. Lucas (Wiley Publishing, Inc., Hoboken, NJ), $16.99 249 pages   This is the best of several excellent 2005 books about the pros and cons of tax-free reverse mortgage income for senior citizen homeowners 62 or older. Especially valuable are the details about the three major reverse mortgage types, the advantages of each, their costs, and when obtaining a reverse mortgage is not a smart decision. BUILDING WEALTH ONE HOUSE AT A TIME By John W. Schaub (McGraw-Hill, New York), $18.95 225 pages.   Written by a very successful 32-year investor in single-family rental houses, this book reveals why investing in local houses is the safest long-term realty investment. The author explains how he buys without obtaining bank mortgages and how to select profitable houses which will attract quality tenants. START SMALL, PROFIT BIG IN REAL ESTATE By Jay P. DeCima (McGraw-Hill, New York), $19.95 216 pages.   The theme of this book is investing in run-down residential groups of rentals, such as five units, which are a management headache for the seller. The author recommends buying properties with fix-up profit potential which most lenders won't finance, thereby forcing the sellers to carry back mortgages on very attractive terms. TRUMP STRATEGIES FOR REAL ESTATE: BILLIONAIRE LESSONS FOR THE SMALL INVESTOR By George H. Ross (John Wiley and Sons, Hoboken, NJ) $24.95 221 pages.   The author has been a successful New York real estate attorney, representing famous investors such as Harry Helmsley, Sam LeFrak, Bill Zeckendorf, and for the last 25 years, Donald Trump. The book is mostly about how Trump became wealthy thanks to his real estate strategies, but the author also shares first-hand insider stories and how he came to realize every problem has a price tag for its solution. This superb book should be required reading for every serious real estate investor. REAL ESTATE DEALMAKING By George F. Donohue (Dearborn-Kaplan Publishing Co., Chicago), $19.95 177 pages   Written by the president of the nation's oldest real estate company (established 1866), this unique book explains winning real estate negotiation strategies for dealing with buyers, sellers, contractors, property managers, lawyers, and brokers. In this book, which cannot be recommended too highly, the author includes personal examples from his many years of worldwide real estate negotiations. He even shares a few of his negotiation mistakes. WHAT NO ONE EVER TELLS YOU ABOUT INVESTING IN REAL ESTATE By Robert J. Hill II, Esq (Dearborn-Kaplan Publishing Co., Chicago), $18.95 200 pages.   This is the most unusual real estate book of 2005 because it is a collection of 112 mini-chapters about real estate investor personal experiences and the valuable lessons to be learned from them. Many of these true stores will make you laugh. Others will make you cry. Compiled by a Nashville real estate attorney and investor, these real-life stories show investor mistakes to avoid and how to take advantage of profit opportunities. THE PRE-FORECLOSURE PROPERTY INVESTOR'S KIT By Thomas J. Lucier (John Wiley and Sons, Hoboken, NJ), $19.95 249 pages.   This ultra-complete book reveals virtually everything necessary to profitably acquire foreclosure distress properties without making costly mistakes. The author includes the forms he uses when acquiring foreclosures, along with details of how he uses the Internet to locate distressed owners, find property records, search state foreclosure statutes and timetables, plus many other valuable websites, mostly free. Especially valuable, the author shares many personal experiences in this "how to buy foreclosures" book. PROFIT BY INVESTING IN REAL ESTATE TAX LIENS By Larry B. Loftis, Esq. (Dearborn-Kaplan Publishing Co., Chicago), $19.95 235 pages.   For those who are interested in real estate profits but who don't want to actually own property which requires management, this detailed book reveals how to profit by investing in tax liens, just as major banks do, with safety and risk avoidance. The author not only explains the procedures in every state offering tax lien sales, but he shares many personal experiences of his bidding for these high-yield safe investments. WHAT NO ONE EVER TELLS YOU ABOUT RENOVATING YOUR HOME By Alan J. Heavens (Dearborn-Kaplan Publishing Co., Chicago), $18.95 208 pages   In a likeable, self-deprecating way, the author shares his many personal home renovation experiences, as well as those of homeowners he interviewed. Emphasis is placed on when it's best to hire professional contractors, and when to do the work yourself. "Never spend money if it won't boost your property value" is the book's theme. EVERY LANDLORD'S TAX DEDUCTION GUIDE By Stephen Fishman, Esq.g (Nolo Press, Berkeley, CA), $34.99 250 pages.   This unusual book makes tax tactics actually interesting, whether you are a novice or a serious full-time investor. The author uses many lively examples and charts to make potentially boring topics understandable and interesting. Heavy emphasis is placed on maximizing depreciation deductions.

PROFIT FROM YOUR VACATION HOME DREAM By Christine Hrib Karpinski (Dearborn-Kaplan Publishing Co., Chicago), $19.95 212 pages.   If you own or are thinking about buying a second or vacation home, this book shows how to make such property a profitable investment and how to wisely rent it during the times you aren't personally using it. The author, who specializes in vacation home sales and rentals, shows with many examples what to look for when buying and how to successfully manage rentals from long distances. REAL ESTATE INVESTING FOR DUMMIES By Robert S. Griswold and Eric Tyson (Wiley Publishing Inc., Hoboken, NJ) $21.99 332 pages   Both beginner and experienced real estate investors will profit from studying all the aspects to consider when maximizing property profits. Virtually every property investment ownership topic is explained, such as how to hold title, improving cash flow, avoiding problems, and even "exit strategies" when it's time to take sales profits. THE COMPLETE GUIDE TO INVESTING IN UNDERVALUED PROPERTIES By Steve Berges (McGraw-Hill, New York), $19.95 201 pages.   The author, an experienced real estate investor, reveals how to find underpriced properties and how to profitably acquire them either for long-term investment or resale profits. Emphasis is placed on "How you can help distressed lenders" by acquiring their foreclosed properties. The author recommends special techniques, such as paying rewards to "scouts" and using high leverage techniques to minimize cash investments. TIPS AND TRAPS FOR REMODELING YOUR KITCHEN By R. Dodge Woodson (McGraw-Hill, New York), $16.95 202 pages.   The author, a professional contractor for over 30 years, explains how to remodel your kitchen and survive by anticipating and avoiding potential problems which he has encountered many times. Heavy emphasis is placed on "insider information" for saving money and avoiding rip-offs by bad contractors. 21 THINGS EVERY HOME INSPECTOR SHOULD KNOW By Frank Cook and Pat Remick (Dearborn-Kaplan Publishing Co., Chicago), $24.95 200 pages.   This is really a detailed "how to become a successful professional home inspector" book with a very realistic view of the work involved. The authors emphasize the opportunity magazine "earn $1,000 per day inspecting homes" ads really aren't true. Then they share what is necessary to create a profitable home inspection business.