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214 of 232 people found the following review helpful
on March 1, 2003
Finished reading this book quickly and am very interested in starting a RE investing career. The Authors paint a lovely picture of financial freedom. The purchase option lease in theory sounds very inticing.
I have 3 problems:
1) They never give you the language to use in with the seller in hammering out a contract. And knowing the bare minimum about investing in real Estate I am thinking you need some VERY specific legal language in any kind of deal like this. So now, i need to go about paying a real estate lawyer a big chunk of change to write the contract for me? And this can be done overnight? Before the owner changes his mind..?
2) It could take literally months and months to find a tenant-buyer - and then what, $2,000 a month that I dont have is coming out of my pocket?
3) The big red flag here: - I had come to the review section looking for some honest feedback - And then proceed to find about 30 of the 50 reviews all posted on or about July 16, 2002.
And 90% all give 5 stars. Unfortunately Ive become more skeptical because of this.. And not many actual testimonials of people giving actual sucess stories.. Only things like "what a great book" and "the best real estate book money can buy" etc etc
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33 of 33 people found the following review helpful
This is a great motivational book to help you get started in real estate investing. This book inspired me to get started in real estate investing and in my first year I acquired 13 properties.

However, there is still A LOT of risk. The authors make everything sound like it is very simple and I can tell you from first hand experience that it is not. The book will give you a good background of how a lease option works and how to get a homeowner to lease option their home to you.

Where the book falls short is on the fine details and the risk. For instance, the book does not give you any sample contracts. The authors instead want you to buy their CD ROM of forms which they charge a small fortune for. I found the lease option contract form I use on the Internet for about $25 and saved myself a bundle.

And now the risk. Problems you WILL face are:

1. Tenants making late rent payments. Can you afford to cover a lease payment to the homeowner if your tenant is broke and 15+ days late paying his/her rent? For each home you put under a lease option, you face the risk of your tenants being late on their rent and you having to cover the lease payments you are legally entitled to pay the homeowner.

2. Tenants who back out of their lease agreement and stop making their lease payments. It may take you 2-4 months to find a new qualified tenant, especially if it happens in winter and you live in a northern region (people don't like to move when it is cold and there is snow). Can you afford to make lease payments to the homeowner during this period?

3. Bounced rent checks from your tenants. This is a fun one. You deposit your tenant's check and then pay your lease payment to the homeowner. Then, your tenant's check bounces. Hopefully you have enough money in the bank to cover your lease payment to the homeowner or your check will bounce too.

If you want to get into real estate investment, this book is a great place to start. Just be aware that it is not nearly as easy as the authors want you to believe it is and there is a lot of risk involved. But then again, in any type of investing, there will be risk, and the rewards of real estate investing almost always outweigh the risk.

I am thankful I read this book because it gave me the motivation and confidence I needed to get started investing in real estate. And, in my first year of investing in real estate, I have made over $50,000.
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76 of 89 people found the following review helpful
on February 15, 2003
Yet another book written by authors with slim or no real world experience. Sure, they are master salesmen who say all the right words and assemble all the standard ideas we've all seen a hundred times before into one neat package, but they are ACTING the part of real estate investors. Sure, they've done a deal or two, but the money they've made in the real estate investment business pales in comparison to the money their books imply they've made. And don't get me started on the money they're making selling books, tapes, boot camps and mentoring services.
Image is everything and believe you me, they know it. Real investors reading their books may be impressed at how well they are organized and how they include all the right forms and scripts and all that other jazz. I'll give them that much. Yes, they understand how to assemble pretty books that are highly readable. But, there are NO new ideas, certainly NO ORIGINAL IDEAS, and much of the information is recognizable as being lifted from other authors' books where those original ideas were first mentioned.
The authors are excellent students of the teaching game. When they set out to write a new book, I'm betting they order every other book on the subject, take notes, make lists and outlines, and eventually assemble a book that "defines" the subject. If that's what you consider a good value, then this is a book for you. But don't you think they should be required to add something new to the mix? Heck no, just throw in a very general success story or two from students who did something similar to what they teach and voila, bestseller.
Finkel and Conti have mastered the art of packaging. Do that well, include all the buzz words, pretty charts and forms, and then add a couple testimonials from past students and you will sell millions...to wannabee investors who just don't know better.
Real real estate investors don't care about image or tons and tons of generalized, shop worn ideas that get dragged out every decade or so by the lastest and greatest guru on the real estate seminar circuit. Real investors want to make money in the real estate business and will gladly pay for new, cutting-edge ideas they can use to make money in their investment businesses. This book simply FAILS TO DELIVER ANYTHING NEW that will assist them in doing just that.
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16 of 16 people found the following review helpful
on February 10, 2003
I bought this book and its predecessor in New York recently. Both books are easily readable and detail an excellent way to develop real estate investment without bank funding etc (but conditional on finding motivated sellers). Both books, however, are similar in content and are thinly slanted to get the reader to invest in the ongoing programmes available direct from the authors (an approximate $2,000 of additional investment).
I've been involved in the UK property market for some years and would find it very difficult to lead a motivated seller to a believed sale and then pull out if I couldn't find a tenant buyer for the arrangement (on any purchase terms). In addition, the voicemail telephone sales script for incoming motivated seller calls would be vital to any marketing of this system but is not detailed in either of the books.
The assumed financing (as detailed within a "subject to" trust arrangement) is very American and would have limited success in the UK; personal guarantees would be a must.
Neither books clearly answer what the reader would need to do if the property market became depressed and a number of tenant buyers vacated their intended purchases leaving the reader/investor to meet the monthly payment responsibilities.
All in all, both books provide a good basic grounding to start your creative thinking, if you want to progress in the world of property acquisition with minimal risk, and for this reason alone are worthy of the investment.
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34 of 40 people found the following review helpful
on August 26, 2003
I read this book earlier this year and went out to try out the techniques. It was much more pain than I had ever imagined, and as an ex consultant I was prepared for the worst! The book is definitely nicely dressed, but now I have no faith in its value. I wasted 6 months of my time and the opportunity cost of such foolish ventures is too high for me.
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11 of 11 people found the following review helpful
on October 15, 2002
Peter and David's book gives you a broad overview of some of the creative financing techniques used in RE investing today. The techniques presented REQUIRE motivated sellers and the authors are generous enough to tell you how to go about finding them. Please note that motivated sellers are not a dime a dozen in most markets, but they do exist all over the country. As for the man who says the techniques don't work in the Midwest, my very first call was to a seller in Kansas who accepted an offer using these techniques. Getting deals done is methodical and requires perserverance and practice. Also note that one single book will not be all you need to become an investor in RE, continuous education and hands-on experience are a must. Combine what you learn here with information from others, meet with real investors, talk to real estate attorneys, and then decide for yourself. To the doubters, at the very least do yourself a favor and read about Peter and David's methods for rent-to-owning your current home when you decide to sell it, you WILL earn thousands in profit.
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11 of 11 people found the following review helpful
on August 8, 2002
This book gives you good practical ideas on how to get started in investing in Real Estate. There are some key items left out that you cannot get unless you sign up for their mentor program. For a beginner in Real Estate investing using Lease option purchase agreements it is a lot to chew. An experienced Real Estate investor will be able to apply these concepts immediately. This book is not for the lazy or faint of heart. If your are a first time investor this book will only take you half way to your goal of getting started. The rest is left up to you.
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9 of 9 people found the following review helpful
on July 16, 2002
This book gives you a good outline on investing using lease options. I'm a real estate agent in NC and I can tell you that real estate is a very profitable business. After reading this book you can't go out and make a million, but with a little time and work you could make some very profitable investments. Real estate deals aren't born they are made. This book gives detailed
examples and good techniques to use when you start to Create a deal. Most books give you just enough information and then tell you to buy their $250 program to find out more. Mr. Conti took one real estate investing technique (lease option) and went into detail about it. The only thing they don't give you is the actual contract they use to invest for themselves, but they do give some great claues that will help you.
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43 of 55 people found the following review helpful
on July 25, 2002
I have read both of Peter Conti's books and received personal instruction from him at a seminar in Colorado.
You will find no useful additional material in his new book. Their techniques only have a slim possibility of working in locations of the country where real estate prices are rising rapidly. The current economy makes this even more difficult to achieve.
I live in a area of the Midwest where I didn't make a dime after a year of following Peter's strategy outlined in the book. Watch out for these guys, their techniques and false promises.
The book can easily be summed up as follows: Lease options can trigger the "due on sale" clause of the mortgage which can lead to serious complications. You own personal finances including your home could be jeopardized.
The reaction of Peter's company to critical book reviews in the past has been to E-Mail former students asking them to post positive responses to bury reviews like this further down in the list. They sent out an E-Mail to their students on July 16 ... notice how 'magically' 18 reviews were posted the same day?
Buyer beware. I feel there are much better resources on Amazon than this book.
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10 of 11 people found the following review helpful
on October 7, 2002
I've been a fan of these guys books since I read their first one two years ago. I've read a ton of other real estate books and think there stuff is quite good. I thought a few of the personal attacks posted were out of line and wanted to say to anyone who is reading a few of the , listen to what Robert Bruss said (I've been reading his syndicated real estate column for four years now.)
He says, "This book contains the best real estate negotiation strategies I've ever read. I wish I had known their techniques when I started investing in real estate... On my scale of one to 10, this outstanding book rates an off-the-chart 12."
Then read the few negative reviews with a grain of salt. THe book is worth it if you're into real estate. That's all I wanted to say.
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