Great Overview for Real Estate Investing
I think this is a great introduction to real estate investment. This is not a step-by-step "how to" guide, but I don't think such a book can be written successfully for something as diverse and intricate as real estate investment (that's like trying to find a book to become a successful investment banker). However, this book definitely provides a great primer to fundamental concepts and some good guidance. If you are new to this field/industry, I highly recommend this book. Where a book like 'Rich Dad, Poor Dad' provides a wakeup call and inspiration/motivation, this is a nice segue to help you actually understand the basics of how investment in properties works.
As I said previously, a book can only provide so much education. You can definitely find some good reads on specific strategies (rehab, lease options, short sales, etc). I think this book provides a solid foundation upon which one would want to go start working with mentors and real investors. I became a bit of a "seminar junky" and book monger, but in retrospect, I should have just read this book and then networked with actual people in the industry.
Anyways, just my $0.02, as REI books go, this is a definite must-read.
Motivation You Need to Push Forward
This book is great for those who are just starting in real estate investing. That was my situation when I first read this book. I don't think seasoned veterans will benefit as much but will definitely set those who strayed back on the right path. This book is a great motivator. It urges the reader to answer the question why real estate or why even seek financial freedom. Ultimately, it is intended to help the reader find their own motivation and fuel to proceed. The success stories of millionaire real estate investors at the end of the book are also great to read. It shows that success can come from all situations.
This book is really just an overview of the different options and strategies one can pursue in real estate investing. Although, I still use some of the spreadsheets outlined in the book; custom-tailored for me, of course. There are some very practical information in this book, but don't expect to be held by the hand through your first deal. Treat this book as your gateway into hundreds of other literature you HAVE to read to be successful.
My only warning is to keep in mind that this book was written pre-bubble, so any strategies employing aggressive property appreciation should be taken with a grain of salt. Overall, the book does lean towards the conservative side in regards to appreciation, but just be cognizant of which strategies may or may not be applicable in today's market.
No Better Place to Start
Keller's The Millionaire Real Estate Investor is a fabulous reference book for the aspiring real estate investor and anyone who may already be invested, but who got off on a less disciplined start. There is a fullness in the guidance offered here. The challenge is not with the guidance. The challenge will be in the disciplined implementation of what is being recommended. The reward will be for the investor who is so disciplined. This is a very valuable reference tool.
Good Overall Picture but Light on Specifics
I was hoping for more details on the different types of real estate transactions while the book is more focused on just getting you excited about real estate and getting started. Pretty good if you need something to lift you up and get you going but very light on details - models discussed are very high level.
An Outline to Guide You to Your Real Estate Millionaire Status
An excellent book. You should know that I have read well over 200 books on real estate investing. And been investing seriously in real estate for over 25 years, as well as teach seminars on the topic. And this is the best book on the topic to come out recently. I predict it will be a classic, on the scale of William Nickerson's "How I Turned $1000 into Five Million in Real Estate in My Spare Time," no longer in publication. The writing is clear and simple. Most of the examples are investing in single family houses, so most people could start investing using this guide. The volume covers a vast range of issues related to being a successful real estate investor. You should be aware however, this is a "theoretical" or overview volume. There is not a lot of detail on how to impliment any one investment strategy. But it does give you a grounding in how real estate investing works. It gives you the guidelines for how to develop your real estate investing business. The only part I disagree with is the need to have a bunch of other people surround you as you build up your wealth. All the multimillionaire real estate investors I hang around with did it pretty much on their own. Maybe that just means we have different personalities. Other than that, however, I'm impressed--and there are few books on the topic that will inpress me these days. This is a far better investment than a $3,000 week-end seminar. You will get more from it and at a pittance of the price. I will definitely add this to my list of recommended real estate investment books.
Fear keeps so many...
"Fear keeps so many aspiring investors from taking that first step. This book turns that fear into the confidence they need to begin building their financial future.”
- Pat Puckridge, Asheville, NC