How to Retire with a Million Dollars [Hardcover]

Elaine Zimmermann (Author)

Book Description

Publication Date: March 4, 1998

For author and real estate owner Elaine Zimmerman and for an ever-increasing number of individuals especially women this grim reality has been all too familiar. For Elaine, left with little money and no financial plan after divorce, a comfortable retirement seemed an impossible dream. She realized, as we all do eventually, that Social Security and company retirement plans aren't sufficient to ensure financial secruity. So Elaine followed a friend's example and took the first step toward controlling her financial future. She found a bank that financed her postdivorce home at a lower interest rate and, within three years, owned three houses worth a half million dollars. Now, with Elaine's practical, detailed, step-by-step plan for financial security through real estate investing, every woman and man can do it, too.

If you run a household, bargain-hunt and know how to stretch a dollar, you can start with the plan.

Work on real estate investing on weekends and during the evenings, while keeping your regular jobPurchase homes far below market valueBuy in the best part of town for higher long-term appreciationRent your houses for the amount of the mortgage with taxes and insurance or greaterAssume fixed-rate mortgages for no more than 15 years in length

From start to finish, How to Retire With a Million Dollars covers the important topics and questions, including determining your monthly income goals; how much cash you'll need to get started; getting bank loans; down payments and financing your first house; the major tax benefits of owning rental properties; selecting neighborhoods and real estate agents; how to utilize your shopping skills to purchase properties; why choosing a house is like choosing a husband (good foundation no major structural defects; repairs what to fix what to forget); refinancing and financing house two, three, etc.; building your real estate portfolio; foreclosures, bargain homes and other deals; tenants and leases.

Complete with a glossary of mortgage-related terms, this indispensable book offers an easy-to-follow strategy to get you started in real estate investing and keep you motivated, whether you're working alone or with the help of a partner. Start building your financial future now one house at a time!

Editorial Reviews

From Publishers Weekly

Even as enthusiastically extolled here, the business of buying and maintaining rental houses to become a millionaire might seem as much trouble as any other line of work, but Zimmermann wrote the book mostly for "women [who] can manage a household budget and know... how to bargain shop." She delivers the details and makes it all sound like fun. Despite inconsistencies on what the rental rate must cover and the advantages of buying directly from a homeowner, this guide is loaded with real-life material: buying and fixing up cheaply "the dog of the neighborhood" (one such house rose $60,000 in value within a year); finding at a good price houses on sale because of job loss, transfer, divorce, death or foreclosure by government agencies; tenant screening, with specific rental procedures, along with sample forms for deposit agreement, rental applications, leases and the like. The author, who is based in Tennessee, touches only lightly on two important subjects affecting rental profit?real-estate taxes and property insurance?but never mind, this is a terrifically useful book.
Copyright 1998 Reed Business Information, Inc.

Product Details

• Hardcover: 160 pages
• Publisher: HarperBusiness; 1st edition (March 4, 1998)
• Language: English
• ISBN-10: 0060392231
• ISBN-13: 978-0060392239
• Product Dimensions: 9.3 x 6.2 x 0.7 inches
• Shipping Weight: 12.8 ounces
• Average Customer Review: 4.2 out of 5 stars  See all reviews (5 customer reviews)
• Amazon Best Sellers Rank: #2,685,507 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

8 of 8 people found the following review helpful:

4.0 out of 5 stars Not A Millionaire Yet..., June 23, 2001

By 

I. Gross Georg "imgeorg" (Edmond, Oklahoma USA) - See all my reviews

This review is from: How to Retire with a Million Dollars (Hardcover)

...but on the other hand, I haven't bought my first property yet. What I'll grade on is readability, timeliness, and feasibility. Mrs. Z obviously knows her real estate, and I never thought about living in the property first before you make it a rental. Makes sense, why rent out to someone else a house you wouldn't want to live in yourself? I give her high marks for the checklist to go through for in searching properties, and she recognizes the fact that not all of us WANT to be millionaires. It's a very readable book that doesn't get lost in jargon, but doesn't ignore the terminology a real estate investor is going to need, either. I also found the analogy for shopping for a house/husband very cute. I'm leery of the more creative financing ploys, though. I think her method is doable, but I'd also investigate the book Rental Houses for the Successful Small Investor by Suzanne Thomas and then compare the two outlooks.

4 of 4 people found the following review helpful:

5.0 out of 5 stars Easy reading, January 30, 2004

By 

Sam Santiago "Sam Santiago" (Phoenix, AZ United States) - See all my reviews

This review is from: How to Retire with a Million Dollars (Hardcover)

This book is VERY easy to read and informative. It points out what to look for in an investment home. The author shares some of the mistakes she has made in hopes that you avoid them.

As a friend told me "You can choose to learn by trial and error & lose thousands of dollars, or just read a book. It's your choice".

I highly recommend you read this if you are serious about entering the house rental business.

4 of 4 people found the following review helpful:

5.0 out of 5 stars A great book for women who are new to the real estate game., May 26, 1998

By A Customer

This review is from: How to Retire with a Million Dollars (Hardcover)

This book is excellent for single women who want to secure their financial future without tying up all of their available liquid assests today. The author clearly shows how good judgement and elbow grease can help you work for a secure retirement. By utilizing capabilities that all of us have, we can make our money go further and still maintain a comfortable cash flow. The statistics on women living below the poverty level after retirement are staggering. With the information in this book, it is possible not to fall into that category.