Customer Reviews

Income for Life-From Real Estate: How the Tortoise Got Rich [With CDROM]

5 star:		(16)
4 star:		(0)
3 star:		(1)
2 star:		(2)
1 star:		(1)

 

 

[Another reviewer] doesn't get it! This book is about INVESTING, not LANDLORDING or MANAGING. The difference is that investing is essentially passive, while the others are really a job which requires you to live near your "investments" and to become expert at their many nuances. True investing uses hired experts to do the work, freeing you to pursue your normal life. Your wealth builds without requiring you to work. If you move, or retire, or become sick or disabled, or just take a long trip, all of your investments continue unaffected. Twenty years ago investing in income property was mostly landlording and managing properties and tenants. The advent of true professional management, with its own professional organizations, certifications, and code of ethics has opened the door for Al Lee's method of investing.

Also, this book includes the most comprehensive evaluation criteria (including computerized tools to help you) of properties available anywhere. The evaluation is based on objective financial criteria (as it should be for an investment), not some subjective feeling that you are "getting a good deal".

This book gives a very realistic method for investing in income property. It teaches you to be an investor, not a landlord! If you've ever tried being a landlord and dealing with the problems, the tenants, bad checks, and so forth, you will definitely appreciate the superiority of Al Lee's method. I have tried both ways now and I KNOW!
Dealing with good professional property managers (PPM's) is definitely the way to go. I could go an a 3-month trip to Australia if I wanted to (I do!) and everything will run just as well as if I were home. When I did not use PPM's I was tied to a "job" dealing with trivial issues and (worst) tenants.
If you buy stock in GM you don't have to become an expert at labor-management relations, or welding, or even selling cars--you are an INVESTOR. Al's method of owning income properties teaches you to be a true investor; literaly anyone ought to be able to do it.
There are plenty of books on how to be a landlord. If you want to learn a new "job", read them. Having been there, I prefer being an investor and this book is the one that taught me how. I've even joined Al's investor club at RentHouses org and own properties a thousand miles from where I live.

I have read the book and the concepts are easily understood by anyone who is truly interested in their financial future. We've all heard how lucrative it is to invest in rental homes, but the idea of late night calls and the hassle of maintaining these types of homes has always been a deterrent to actually doing it--until now. Al's method clearly defines how to make an 8-10% cash-on-cash annual return on money invested, and best of all, it's tax free. Overall, he shows how to get a minimum 25% annual return on your money.

Being able to invest in the relatively safe Real Estate rental market is clearly the best investment there is, especially when other investments either generate miniscule returns or carry a high risk. I'm out of the stock market and I am actively looking for suitable rental properties.

Bottom line-this is the best book I've ever read on the subject and beats Robert Allen's no-down-payment approach and Carlton Sheets hands down. Get this book now!!!

This a great book on investing in income producing real estate. It focuses on three areas of why real estate investing makes sense:
a) cash flow from annually increasing rents
b) tax savings through depreciation of the property and
c) equity gain by the renter paying down the loan.

No other real estate books I have read have explained these concepts this thoroughly (and believe me I have read a lot of r.e. books!) with real world examples and hard numbers.

This book is not about get-rich quick schemes. We've all seen these claims: "Quit your job in 2 months!", "Buy homes with no money down!", etc.

If you are looking for something like that, try a different book. This book is about growing wealth over time. Just like the title says "Income for Life"...

I bought the book at one of Al's seminars. I really liked it, so I bought one for my sister in Oregon to read. We have decided to become partners and follow Al's plan. We love the idea of not having to deal with tenants and earning tax-free income. My sister is an accountant and says she can't believe she hasn't thought of this before.

While providing a good general overview of real estate investing and why it's a good thing to do, the book is lacking in many details.

For example, instead of explaining how to find tenants, advertise properties, etc. the author simply recommends that you hire a professional management firm. In many parts of the country this would automatically make the property an alligator (meaning you have to keep feeding it money every month). It's tough enough to break even in most areas of the country.

The author seems to particularly recommend investing in Texas real estate (where appearently his formula works) as a member of his club -- that's fine, if you don't mind flying down to Texas to inspect houses, interview the property management company, review their performance regularly, etc.

Many management companies will take you for all you're worth with expensive subcontrators, from whom they receive kickbacks, unless you keep a close eye out on them.

Screening properties or details on the types of properties are also short. You're basically instructed to buy a "house" for a married couple with children. Multiplexes are not discussed at all.

I recommend: The Unofficial Guide to Real Estate Investing as a good solid book on the subject. It's the most thorough of the 11 real estate investing books that I've read.

The book cost me [money]... or about the price of four good meals at a restaurant. It wasn't worth it, especially considering the great number of books out there which include information on improving the value of the property, assessing neighbourhoods and trends, etc.

I have long known that many successful people believe in investing in real estate, but I never really understood why. It seemed to me that real estate values went up and down just like the stock market, so investing in real estate was no better than buying gold coins or penny stocks. This book explained it to me in a way that made a heck of a lot of sense. I now understand why CERTAIN TYPES of real estate investing are far better than just putting my money into a mutual fund. Al Lee explains it better than anyone else I have read, I always thought that people who had tax-free incomes must be doing something illegal. Now I see that it is perfectly legal and not even that difficult to do. I thought the book was great, but I now also subscribe to the free website and the articles Al publishes on the website have added a lot, too. I am now working on buying my first investment property. I am following the instruction in the book and using the spreadsheets and it all works like it is supposed to. I am buying them in another state using a professional manager that Al recommended and they are TERRIFIC to work with. I intend to buy as many more properties as I can. Thanks, Al.

This book is really helpful. When I see the comment of this reader, I can tell that he didn't read the book. The author never tells you to buy in Texas only and even more, he never asks you to let him manage your properties. The book explains why you should invest in real estate, why it is smart to hire property managers to manage your houses instead of trying to do it yourself, why single family residences are the best investments in real estate and why you should make sure to buy properties that will give you positive cash flow. The book even contains a CD to help you calculate if a house is a good investment or not. Then it is up to you to decide where you want to apply what you learned. The author buys in Texas but you buy wherever. I am from California and recently flew to Texas to see for myself and it makes the greater sense to buy there but it is up to you. The book made sense to me and helped me make my first investment. Too bad for the ones you do not understand it.

I read the book because 1) I am a licensed Real Estate Broker and Mortgage Broker, and 2)I am formerly the host of several Real Estate Talk shows on a couple of 50,000 watt AM stations in the D/FW area. In that regard, I have reviewed a lot of "Systems" on how to get rich in the Real Estate business, and have hosted several real estate investment shows. I met Al because he is one of my neighbors! In my initial conversation with him, it came out that he was a real estate investor, and a public speaker/author on the subject. Since I have been unhappily a landlord before, I reacted negatively to his being a landlord, until he explained his basic concept to me and I read his book. DUH! Who woulda thunk? It's not about being a landlord, it's about being an INVESTOR!! A landlord is in the toilet section of the real estate business, but an Investor uses his/her money to INVEST and professionals to do the business! When he should me that he has made as much as 48 TIMES his investment on a rental property, and he has never unstuck a toilet, I became a believer! I had the opportunity to become one of Al's Strategic Partners a few months ago, and I have met other Strategic Partnes and student/investors, and all have had the same reation that I did: Why didn't I think of this/Where have you been, Al? I have read all the reviews currenly offered on his book, and I have to say to the one negative reviewer: Are you crazy? Did you read the book? The reason the book is simple and straight foward is because Al's system is such - find competant professionals, invest your money, and go make some more to invest doing what you really do! The reviewer further complained that Al was promoting only Texas property and Al's own property management business. As far as I can tell, Al does not have an interest in any property management, real estate or mortage company. He does have a weekly radio show, on which some of his Strategic Partners advertise. I think he invests primarily in Texas because a) that's where he lives, and 2)there are a lot of good deals here in Texas! Al is currently looking at other areas for deals, and he tells me that that information will be made available to his Tortoise Club members. In summation, I think that if you are a serious investor, and you are tired of the vagaries of the stock market, check out Al Lee. I think that you will be glad that you did!

You either get it or you don't! This book is about investing not becoming a landlord. Al's strategies are based on facts and the ability to follow a disciplined plan. This book is not a get rich quick scheme but is based on sound and conservative investment strategies. Al demystifies the many negative stereotypes of investment properties and puts forth a simple yet effective investment strategy. I have read numerous books on Income properties and Al Lee has the best system I have seen for growing your net worth and securing a retirement. If that is something you are interested in then this book is for you.