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Praise for Jay’s Books and Education

My wife and I began investing after reading your first several books.
We’ve read many others, but none compare to the way you explain
things. Congratulations on winning the Rohny Award. Obviously,
you’ve helped many others like Virginia and me! I listened to the
testimonials from the award presentation. You are most deserving!
—Jim and Virginia M., Victory Gardens, NJ

I’ve read all your books. In fact, your first two books, Investing in
Fixer-Uppers and Start Small—Profit Big, were the blueprint for my
house investment business today. I recently returned from a seminar
in Atlanta on creative financing. What a joke! After reading your
books, I can honestly say you provided 10 times more information.
You gave me the real nuts and bolts of seller financing in layman’s
terms I could understand. I’m forever grateful!
—Roy Northcutt, Rainbow City, AL

I want you to know you’ve been a huge influence on me—particularly

your management techniques. I want to thank you for writing books
that really teach people! Also, things you’ve taught me about human
nature. When people ask me about fix-up real estate, I refer them to
you. You’ve done a big service for do-it-yourself investors. Thank you
for being my friend—and congratulations on winning the 2018 Rohny
Award presented by the Norris Groups at the Nixon Library.
—Mike C., Upland, CA

Fixer Jay knows more about making money with fixer-uppers than
anyone. He explains it in an easy-to-understand way that a beginner
can follow, and even the most experienced can learn a lot from it. It
is a must-read if you invest in property.
—John Schaub, author of Building Wealth One House at a
Time
Fixer Jay is one of the most knowledgeable real estate writers I have
ever read. He explains complicated transactions so anyone can
understand. I have never read any book that explains seller financing
like Jay does. I heard Jay—dressed in bib overalls and a beat-up old
straw hat—speak at the Chicago Creative Investor’s Club over 20
years ago. It was very obvious in the first 15 minutes—this guy was
no country bumpkin. He sounded exactly like he writes. Very
knowledgeable, very inspirational.
—Bruce Jeffery, Jr., Rockford, IL
Copyright © 2024, 2003 by Jay P. DeCima. All rights reserved. Except
as permitted under the Copyright Act of 1976, no part of this
publication may be reproduced or distributed in any form or by any
means, or stored in a database or retrieval system, without the prior
written permission of publisher.

ISBN: 978-1-26-544541-6
MHID: 1-26-544541-9

The material in this eBook also appears in the print version of this
title: ISBN: 978-1-26-544416-7, MHID: 1-26-544416-1.

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Library of Congress Cataloging-in-Publication Data

Names: DeCima, Jay P., author.

Title: Investing in fixer-uppers : a complete guide to buying low,
fixing smart, adding value, and selling (or renting) high / Jay P.
DeCima, with Dan Shea.
Description: Revised edition. | New York : McGraw Hill, [2024] |
Includes bibliographical references and index.
Identifiers: LCCN 2023020342 (print) | LCCN 2023020343 (ebook) |
ISBN 9781265444167 (paperback) | ISBN 9781265445416 (ebook)
Subjects: LCSH: Real estate investment. | House buying.
Classification: LCC HD1382.5 .D43 2024 (print) | LCC HD1382.5
(ebook) | DDC 332.63/24—dc23/eng/20230427
LC record available at https://lccn.loc.gov/2023020342
LC ebook record available at https://lccn.loc.gov/2023020343

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CONTENTS

Kudos for Fixer Jay

Introduction
Acknowledgments

PART I
FROM HANDYMAN TO FINANCIAL
INDEPENDENCE
CHAPTER 1 Discover the Millionaire Inside Yourself
How to Remedy a Burping Sink
Lots of Early-Morning Shoppers Just
Like Me
A Handyman Without a Cause
It Takes Vision to See Value in a
Pigsty
Consider Risk Versus Potential Reward
Making a Million from Your Hobby
The Family That Works Together
CHAPTER 2 Two Years to Financial Independence
Earning the Most Money for Your
Time
Spend Your Time Working on the
Right Property
Fixin’ 22 Cottages Produces Grocery
Money
Choosing the Right Vehicle
Houses Are Not Really Investment
Properties
 Career Changers and Job Quitters,
Listen Up
Hybrid Investing—the Best of Both
Worlds
The Sale That Set Me Free
CHAPTER 3 Why Don’t You Do This Stuff for Money?
Run-Down Properties Come with
Motivated Sellers
The Magic of Leverage
Run-Down Properties Give You a
Jump-Start
Buyers and Sellers Can Negotiate
Terms
Good Deals Must Be Created
Specialization Is the Quickest Path to
Success
Falling Victim to Fool’s Gold
Continuing Education Is an Absolute
Must
When Is the Right Time to Invest?
Beware of the Prophets of Doom
CHAPTER 4 How to Get Started Investing in Fixer-Uppers
Getting Started Ranks First
Continuing Education Is an Absolute
Must
Specialization Is the Quickest Way to
Learn This Job
Real Estate Investors Must Think Like
Business Folks
Jay’s Formula for Making Money in
Real Estate
Investing My Way—Four Basic
Ingredients
 It’s Important to Position Yourself to
Make Money
If You’re Short on Knowledge or
Money, an “Adding-Value” Strategy Is
a Perfect Opportunity
Looking for Mr. Right, Not Mr. Perfect
Selecting a Property That’s Right
Finding Sellers Who Truly Want to Sell
Don’t Be Stopped by Lack of Cash
Don’t Buy Until You Know How Much
to Pay
Spreading the Risk
Diversifying Later Is the Best Strategy
The Best Odds for Your Success
10 Must-Dos That Will Speed Up Your
Success
CHAPTER 5 Specialize to Speed Up Your Income
Planning Is How You Get Rich
Early Sacrifice Pays Off
Moneymaking Properties Are Not
Scarce
Profits Are the Goal—Not Structures
Seller Problems—the Best Profit-
Makers
Hamilton Street—the Good Houses
Chasin’ Down an Eight-Unit Gold Mine
Low Rents Guarantee Cash Flow
Dealing with Ring-Savvy Sellers
Safety Is a Major Concern
Nothing to Lose Can Spell Disaster for
the Seller
Jay’s Two-fer-One Plan Seals the Deal
Using What You Have to Get More
CHAPTER 6 Finding the Right Properties and a Motivated
Seller
The House Detective Approach
Before You Invest, Do Your
Homework—Obtain a Property Profile
The Four Basic Methods of Finding
and Buying Fixers
Finding Sellers Who Truly Need to Sell
The Most Common Reasons That
Motivate Sellers
You Can Ease the Pain for Motivated
Sellers
Key Factors for Making a Bargain
Purchase
Beware of Overfinanced Property
Look for Owners with Equity
Avoid Deals Like HUD, FHA, and VA
Foreclosures
It Pays to Be Snoopy
What to Do When You Find the Right
Property
Equity and Profits Are Greater with
Larger Properties
The Courage to Look Where Others
Don’t: Nontraditional Properties
Break Ranks with the Typical Buyer
CHAPTER 7 The Price Is Determined by Income and
Location
Complex Formulas Are Not Necessary
What Are Gross Rent Multipliers, and
Why Are They Important?
Selecting the Right Location
Five Common Locations and Their
Investment Potential
 How to Calculate What You Should
Pay
Jay’s Super-Simple Profit Strategy: Up
the Rents and Improve the GRM
Real Estate Prices Go Up and Down
Rely on Cash Flow, Not Speculation
About the Future
Overpaying—the Deadliest Investor
Sin
Investing Long Term for Future
Growth
CHAPTER 8 Thoroughly Analyze the Deal Before Making an
Offer
Study the Numbers and Keep It
Simple
Unit Cost and Rent-to-Value Ratios:
How to Determine if a Property Will
Be Profitable
Jay’s Income Property Analysis Form
The Basis for Negotiating a Purchase
The Most Controversial Expenses
Always Get a Second Opinion
CHAPTER 9 Negotiating Deals That Earn Big Profits
Real Profits Don’t Come from Playing
Games
Develop the Right Approach
Winning Over the Seller Leads to
Winning Negotiations
Don’t Play Games if You Want Real
Benefits
The Three Most Important Buyer
Objectives
Your Chief Negotiating Tool
 It’s Always Best to Let the Seller
Participate
Verify the Actual Expenses
Favorite Concessions for Buyers to
Ask For
Typical Negotiations Work Like This
Successful Negotiations Put Money in
Your Pocket
CHAPTER 10 Good Realty Agents Don’t Cost You Money—
They Help You Make It
How to Find an Agent Who’s Right for
You
Five Important Benefits an Agent
Provides
No-No’s to Avoid if You Expect Loyalty
Your Real Estate Agent Can Help You
Build Wealth
CHAPTER 11 Jay’s Moneymaker Foo-Foo Fix-Up Strategy:
What to Fix and What to Leave Alone
Don’t Fix Things That Don’t Pay You
Back
Most Buyers and Renters Lack Vision
What You See Counts for Everything
My Two-Part Fix-Up Strategy
What You See Is the Foo-Foo
The Foo-Foo Cover-Up Strategy
Exposed
Sizzle Fix-Ups Offer the Biggest Profits
Houses with All the Right Things
Wrong
The Fix-Up Revolution—Made to Fit
and Ready to Use
How to Estimate What the Job Will
Cost
 Knowing What to Fix
Recovering Fix-Up Costs
Keep Your Eye on the Ball
CHAPTER 12 The Ingredients of a Super Deal : The Hillcrest
Cottages
Creating Equity with Very Little Cash
Hillcrest Cottages—a Million Dollar
Problem
Knowing the Real Reason for Selling
Is a Big Advantage
Hillcrest Purchase: Zero Cash Down
The Hillcrest Cottages Transaction
Fixing Up Hillcrest Cottages
Selling the Fixed-Up Hillcrest Cottages
Removing the Risk from a “No-Down”
Sale

PART II
CREATIVE TECHNIQUES AND FINANCING
CHAPTER 13 Where Do All the Profits Come From?
Playing the Appreciation Game
The Magic of Compounding
Four Ingredients That Produce Profits
Leverage Lets You Soar with the
Eagles
Not Everything Can Be Measured in
Dollars
Brain Compounding Can Increase
Your Wealth
Don’t Walk Away from Your Gold Mine
CHAPTER 14 Investing with Others: Small Partnerships
 Why Would Anyone Want a
Partnership?
Partnerships Must Be Based on
Mutual Needs
Looking for Partners: The Selection
Process
How to Find a Money Partner
Jay’s 60/40 Rule for Investing with a
Money Partner
A Simple A-B Partnership Plan
Alternative Partnership Plan: Option
to Purchase
A Tenants-in-Common Partnership
A Partnership Design Is Negotiable
The Partnership Promise: A Co-
Ownership Agreement
Never Invest Without a Written
Agreement
Finding Money When You Don’t Have
Any
A Sample Co-Ownership Agreement
CHAPTER 15 Jay’s 90/10 Money Partner Plan for Cash-Poor
Investors
How the 90/10 Plan Works
For Just 10 Percent Cash, I Receive
50 Percent Profit
High Returns and Buying Power Are
Keys to the Plan
Contributions Are Equal for Both
Investors
The Main Street Apartments: An Ideal
90/10 Partnership
Give More of Yourself Than You
Expect in Return
CHAPTER 16 The Making of a Million Dollar Property
1. Five or More Detached Units
2. Run-Down, Older, Semi-Ugly-
Looking Units
3. Safe, Nonslum Neighborhood
4. Mostly Occupied with Renters
5. Properties with Multiple Private
Mortgages
6. Below-Market Rents
7. Good Isolation Factor
8. A Property with the Right Things
Wrong
9. Nonconforming Zoning—Fish in
Wrong Pond
10. Out-of-Town Owners
11. Signs of Unruly, Disruptive
Tenants
12. Motivated Sellers Mean Big
Discounts
CHAPTER 17 The Haywood Houses: A Textbook Fixer-Upper
Classified Ads Can Sometimes Lead to
the Gold Mine
Find What You’re Looking for and Act
Quickly
Fixing People Problems Is Worth Big
Bucks
Flexible Sellers Provide High-Profit
Opportunities
Good Financing Sets the Stage for Big
Profits
Looking for Loans in All the Wrong
Places
Fixer Skills Turn Ugly Duckling into
Beautiful Swan
 To Make Big Money You Need a Profit
Plan
The End of a Very Profitable Season
and a Great Suntan
Waiting for “Mr. Good Buyer”
CHAPTER 18 Jay’s Money Stretcher Techniques
The Only Limits Are Your Imagination
Saving Money at Closing Time
Trades of Some Kind Are Always
Possible
Run-Down Properties and Distressed
Sellers
You Don’t Dance with Real Estate—
You Dance with People
Givin’ Away Braggin’ Rights for Better
Terms
Overcoming Buyer’s Remorse
The Last Down Payment You’ll Ever
Pay
Large Equities Are Like Money in the
Bank
CHAPTER 19 Creative Financing Without Banks
Closing Escrow Without a Lender
Agents Don’t Care Much for Seller
Financing
There’s Safety Dealing with Sellers
Financing Can Make You Rich—Just
Like Equity
For Buying and Selling, Financing Is
Important
Sellers Want to Look You in the Eye
Seller Financing Is Always Personal
Creative Offers Mean You Must Create
Them
 A Property with All the Right Things
Wrong
Buying Property Based on Its Current
Income
Overestimating Your Ability to Pay the
Mortgage
Keep the Mortgage Payment Fixed in
Your Mind
When and How Much
Achieving Positive Leverage Is a Must
Negotiating the Interest Rate Is Often
Better Than Fighting over Price
How Agents Can Help You with Sellers
Sellers Must Feel Comfortable with
You
Understanding the Seller’s Plans
Jay’s Alternative Financing Plan
CHAPTER 20 Buying Back Mortgage Debt for Bonus Profits
Setting the Stage for Discount Profits
Look for Property with Private
Mortgages
Most Sellers Would Rather Have Cash
When and How to Talk About
Discounting the Mortgage
Jay’s Red Mustang Strategy
Where Your Negotiating Skills Will
Earn the Biggest Profit
Timing Is Critical: Buy Back the
Mortgage After Purchasing the
Property
Factors That Motivate Sellers to Give
Discounts
The Top Reasons Why Mortgage
Holders Sell for Discounts
 Finding the Right Mortgages Is Well
Worth the Search
A Note-Buying Strategy Requires
Detective Work
Jay’s Christmas Letter Generates
Year-Round Profits
Value, Like Beauty, Is in the Eye of
the Note Holder
Investors Need a Healthy Financial
Diet
CHAPTER 21 Seller Financing Gives the Buyer Total Control
Control Determines Winners and
Losers
Seller Financing Is Never Out of Style
Benefits Have Different Values
High Probability of Buying Back My
Debt
Why Terms Are More Important Than
Price
Creativity Flourishes with People
Leasing with an Option Is Backdoor
Financing
Education Is the Key to Creativity
Traditional Financing Limits
Opportunity
The Shelving Equity Technique
Good Deals Require Preparation
Property Selection Is the Key
Multiple Units and Seller Financing Go
Together
CHAPTER 22 Carrybacks and Wraps When It’s Time to Sell
Arranging Your Financial Affairs
Cash Sales Don’t Net the Highest
Profits
Another random document with
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