Real estate investing for dummies, 4th Edition – Eric Tyson

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Real Estate Investing For Dummies, 4th Edition.

Welcome to Real Estate Investing For Dummies, 4th Edition! We’re delighted to be your tour guides. Throughout this book, we emphasize three fundamental cornerstones that we believe to be true:

Real estate is one of the three time-tested ways for people of varied economic means to build wealth (the others are stocks and small business). Over the long term (decades), you should be able to make an annualized return of at least 8 to 10 percent per year investing in real estate.

Investing in real estate isn’t rocket science but does require doing your homework. If you’re sloppy doing your legwork, you’re more likely to end up with inferior properties or to overpay. Our book clearly explains how to buy the best properties at a fair (or even below market value!) price. (Although we cover all types of properties, this book concentrates more on residential investment opportunities, which are more accessible and appropriate for nonexperts.)

Although you should make money over the long term investing in good real estate properties, you can lose money, especially in the short term. Don’t unrealistically expect real estate values to increase every year. Downturns in the local real estate prices may create temporary buying opportunities, but we aren’t real estate day traders. When you invest in real estate for the long term, which is what we advocate and practice, the occasional price declines should be merely bumps on an otherwise fruitful journey.

About This Book.

Real Estate Investing For Dummies, 4th Edition, covers tried and proven real estate investing strategies that real people, just like you, use to build wealth. Specifically, this book explains how to invest in single-family homes; detached and attached condominiums; small apartments including duplexes, triplexes, and multiple-family residential properties up to 20 to 30 units; commercial properties, including office, industrial, and retail; and raw (undeveloped) land. We also cover indirect real estate investments such as real estate investment trusts (REITs) that you can purchase through the major stock exchanges or a real estate mutual fund.

We’ve always relied on tried-and-true methods of real estate investing, and our core advice is as true today as it was before the real estate downturn in the late 2000s.

If you expect us (in infomercial-like fashion) to tell you how to become an overnight multimillionaire, this is definitely not the book for you. And please allow us to save you money, disappointment, and heartache by telling you that such hucksters are only enriching themselves through their grossly overpriced tapes and seminars.

Unlike so many real estate book authors, we don’t have an alternative agenda in writing this book. Many real estate investing books are nothing more than infomercials for high-priced DVDs or seminars the author is selling. The objective of our book is to give you the best crash course in real estate investing so that if you choose to make investments in income-producing properties, you may do so wisely and confidently.

Here are some good reasons why we — Eric Tyson and Robert Griswold — are a dynamic duo on your side:

Robert Griswold has extensive hands-on experience as a real estate investor who has worked with properties of all types and sizes.

About the Authors.

Eric Tyson, MBA, is a best-selling author and syndicated columnist. Through his counseling, writing, and teaching, he equips people to manage their personal finances better and successfully direct their investments. Eric is a former management consultant to Fortune 500 financial service firms and has successfully invested in real estate for more than two decades.

Eric earned his bachelor’s degree in economics at Yale and an MBA at the Stanford Graduate School of Business. Despite these handicaps to clear thinking, he had the good sense to start his own company, which took an innovative approach to teaching people of all economic means about investing and money.

An accomplished freelance personal finance writer, Eric is the author of the national bestsellers Personal Finance For Dummies and Investing For Dummies, and coauthor of Home Buying For Dummies and was an award-winning columnist for the San Francisco Examiner. His work has been featured and quoted in hundreds of national and local publications, including Newsweek, the Wall Street Journal, Forbes, Kiplinger’s Personal Finance Magazine, the Los Angeles Times, and Bottom Line/Personal. He also has appeared on FOX, NBC’s Today Show, ABC, CNBC, PBS’s Nightly Business Report, Fox Business, CNN, CBS national radio, Bloomberg Business Radio, and Business Radio Network. He’s also been a featured speaker at a White House conference on retirement planning.

Despite his “wealth” of financial knowledge, Eric is one of the rest of us. He maintains a large inventory of bumblebee-colored computer books on his desk for those frequent times when his computer makes the (decreasing amount of) hair on his head fall out. He’s online at

Robert S. Griswold, MBA, MSBA, CRE is a successful real estate investor and active, hands-on property manager with a large portfolio of residential and commercial rental properties who uses print and broadcast journalism to bring his many years of experience to his readers, listeners, and viewers.

He is the author of Property Management For Dummies and Property Management Kit for Dummies, and co-author of the Landlord’s Legal Kit For Dummies. He has been the real estate expert for NBC San Diego, with a regular on-air live-caller segment since 1995. Robert was the host of a live weekly radio talk show, Real Estate Today!, for nearly 15 years, and was also the columnist for the syndicated “Rental Roundtable” and “Rental Forum” columns. These popular features have been published in dozens of major newspapers throughout the country, and Robert has been recognized twice as the No. 1 real estate broadcast journalist in the nation by the National Association of Real Estate Editors.

Robert’s educational background includes having earned three degrees all from the Marshall School of Business at the University of Southern California. His bachelor’s degree is in Finance and Business Economics and Real Estate Finance. He also has a Master of Business Administration in International Finance as well as Real Estate and Urban Land Economics, plus he earned an MSBA (2nd Master’s) in Real Estate Development. His real estate investing and managing professional designations include the CRE® (Counselor of Real Estate), the CPM® (Certified Property Manager), ARM® (Accredited Residential Manager), the CCIM® (Certified Commercial Investment Member), the GRI® (Graduate, Realtor Institute®), the PCAM® (Professional Community Association Manager), and CCAM® (Certified Community Association Manager).

Robert has been retained on more than 2,000 legal matters as an expert in the standard of care and custom and practice for all aspects of real estate ownership, management, maintenance, and operations in both state and federal cases throughout the country. He is the president of Griswold Real Estate Management, Inc., managing residential, commercial, retail, and industrial properties throughout Southern California and Nevada.

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