Customer Reviews

Rich Dad's Advisors®: The ABC's of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss

5 star:		(48)
4 star:		(24)
3 star:		(8)
2 star:		(4)
1 star:		(2)

 

 

I have been investing in RE for over 20 years and I have read a lot of books. This one is the best so far and I would say it is a must read.

This book is not a Carlton Sheets (et al) get rich quick balogna book. This is a book for serious RE investors.

If you want to flip properties, this book is not for you. If you want to buy and hold properties, this is by far the best book I have ever read.

The most value of this book is how to properly assess value of a property. Assessing the value of a property is probably the most difficult thing. Not only does he teach you how to do this, he teaches you how to see through the sellers inflated balance sheets and possible misleading Realtor statements.

Also of tremendous value is how to properly manage properties for maximum cashflow. I had no idea I had so much to learn in this area.

What more can I say? Just get the book. I got the audio book and I listened to it at least 4 times.

My expectations were low at first. I've heard so many people bashing GURUs on the subject of investing in RE and thought I'd hear the same advice. I couldn't have been more WRONG!

Ken McElroy, takes the time to explain all the tools you will need in order to be successful in RE investing. The thing I found most helpful is the end of the chapter To Do List. Have you ever read a chapter and moved on to the next chapter without an action plan...Not in this book!

McElroy talks about the things that made him a success as well as a recommended path for you to be successful. He doesn't cover flipping properties. When he does mention Flipping Properties, he advises against it.

I would recommend this book to the beginner and intermediate investor. For 2 reasons, this book will move you into the doing stage of your investing career with its action plan. Secondly, there is no fluff here. He gives you fact after fact.

What I like most about the Rich Dad Advisor series is the lack of fluff and that the information is from actual experienced real estate investors like Ken McElroy. Many people who write books and/or conduct seminars have little if any in the trenches real life real estate investing experience.

What makes this program different are a number of things. McElroy shows how to calculate the right price for your property. He explains how to use comps and how to avoid the wrong properties.

McElroy goes into the mathematics of real estate investing more so than any other author.

The ABC's of Real Estate Investing mades a great addition to Real Estate Riches. In concert, these programs will help you achieve financial freedom via real estate.

First, I was a bit skeptical because although I really liked the Rich Dad series, I thought it was extremely light in the "how" department. Everything he said made sense, but how do I do it? Well the ABC's of Real Estate Investing will take it to the next step and tell you how.

I listened to the audio book version but I'm sure I'll buy the regular book as well because there is just so much information in this book, especially the checklists. Ok, so why is this book great? Because it's written by someone who actually did all this stuff and is successful. He uses real examples from properties he's owned in the Phoenix area. I lived in this area for 9 years, and I can say everything he said about it made a lot of sense. You don't need to be from Phoenix, I'm just saying that I think the author really knows his stuff.

ATTENTION! Here is a one thing you may or may not like (judging from other reviews): This book uses multi-family (apartment buildings) in all the examples. They cost millions. So although on one hand he makes it sound easy enough that I could do it, I'm not comfortable going after a two million dollar property for my first one! HOWEVER, I think everything he said would apply to an individual family home as well. This didn't bother me at all, and if I ever get a chance at a multi-family unit I'll have more confidence to do it.

If you listen to the audio book, the author reads it himself. Something I really enjoy. I don't like some guy reading as fast as he can, Ken McElroy reads it as if he's sitting next to you telling you face to face. While some of the phrases sound a bit corny or even fake, "Now we don't want any surprises do we?", I think it gives his reading a bit of charm.

Overall, not the only book you need but definitely one of the best I've seen. Great job Ken! Now if only the original Rich Dad series was this good! ;)

The content of this book mainly deals with buying apartment buildings. Although this is a profitable way to invest in real estate, it is not a book for beginners. The author talks about how he and his company search many locals across the country in finding good deals. This does not apply to the new or relatively new investor who doesn't have the time or resources to search the country. Most new investors start with single family homes in their own neighborhood, and this book competely glosses over this starting point.

I recommend this book for two reasons:

1. Easy to read
2. Practical information

Ken McElroy gives step by step instructions on how to properly evaluate and make offers on multi-unit rental properties. Having read the Kiyosaki books "Rich Dad Poor Dad" and "The Prophecy", I was happy to FINALLY read some practical information. The Kiyosaki books are great motivational material but offer little substance. This entire book is not perfect, but Ken's analysis breakdown of evaluating properties and making offers is absolutely required information. Will this book enable me to make profitable acquisitions? Time will tell, however I feel confident in the process now, with Ken's detailed checklist of how to approach the business.

The only criticism I have is the lack of information about acquisition financing. Ken states that you don't need much money to get started and mentions a deal where he used purely investor money. I would like to have read some detailed information on different acquisition financing he has brokered, and how to target and close investor equity.

Overall though I would say this is a must read for anyone interested in purchasing multi-unit rental properties.

This book is very well written - its organized well and is detailed enough so that you can apply it to real world scenarios. I actually began looking into several multi-unit properties for sale using the methods discussed in the book and was able to use the advice the author gives. One thing that is not clear from the description of the book that should be taken into consideration is that the author focuses on large multi-unit properties. One thing that separates it from the Rich Dad Poor Dad books written by Robert Kiyosaki is that it is more of a detailed "How-To" book.

Here's my book review on this real estate book.

PROS:
This book addresses two main myths that people have about real estate.

1. One is, since you don't have that much money, you shouldn't invest in real estate. Though this book doesn't cover how to finance your investments, it does name a few examples of how a few people who didn't have money managed to invest in real estate to make their millions.

2. The second myth is how big deals are too risky so don't go after them. The book gives an example of other people doing it.

The fact of the matter is, if you don't have much money, you'll either need to get some capital by borrowing or partnering. And when you face big deals, the risks are heavier but also the rewards are multiplied.

CONS:
1. In the end, this book covers real estate pros (but hardly any cons). So it is motivating but unbalanced. Care and risk management should always be part of your investment strategies.

-Matt
Illustrator for the Ultimate Foreclosure Kit
(ISBN 0978834658)

This book is a gem. The things I learned from Chapter 7 alone were worth the purchase of this book many times over. It shows you exactly how to analyze and accurately price any property, so that you can be 100% sure you are making a fair offer and getting the best price, not just a low-ball offer based on your "gut" instinct. To me, this kind of knowledge is priceless. Moreover, you will learn the ins and outs of every important thing you'll need to know in order to establish a long-term, highly successful career in real estate investing. Even if you're a seasoned real estate investor, chances are you will learn some new things from this book that you weren't aware of before.

The great thing about this book is that Ken McElroy isn't some novice trying to get rich selling a get-rich-quick book. His methods have been proven time and time again, making multi-million dollar investments for over 15 years. I've seen courses by Carleton Sheets and others, and this book absolutely puts them to shame. This information is 10x more valuable than most of the other garbage out there. It wastes no time getting straight to the point of how to be a successful investor. You can't lose with the stuff you'll learn from this guy!

Ken McElroy's writing style is a bit different from Robert Kiyosaki's. I personally prefer Robert's style, but the value of the information in this book is so great, most people won't mind the difference.

I'd definitely recommend this book to anybody interested in real estate. Ken lays it all out for you, taking away nearly all the guess-work, confusion and unexpected surprises of this investment class. By all means, buy this book and read it. It will be well worth your time.

It's an easy to read book with lots of information... Although McElroy talks a lot about apartment complexes, I suppose the same strategies could be applied to other types of properties. He explains how to find the right property in the right market, how to evaluate the property and calculate the right offer price, what to look for when you inspect the property, and how to manage it once you own it. The only thing he doesn't go into that I wish he did is financing. Otherwise he seems to have covered all the basics.