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The Automatic Millionaire Homeowner: A Powerful Plan to Finish Rich in Real Estate [Kindle Edition]

David Bach
3.7 out of 5 stars  See all reviews (73 customer reviews)

Kindle Price: $11.99
Sold by: Random House LLC

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Book Description

David Bach’s Simple System for Building Wealth Through Homeownership Will Help You Finish Rich in Any Market—Automatically

Updated with a new chapter of success stories

Owning a home has always been the American Dream, and in The Automatic Millionaire Homeowner, David Bach shows that buying a home and investment properties is not only possible, it is still the surest way to reach your seven-figure dreams on an ordinary income. Whether you are a renter or already own a home, Bach’s book offers a lifelong strategy for real estate based on timeless wisdom that is tried and true—in any market. He includes everything you need to know, with step-by-step instructions, including phone numbers and web sites, so you can get started right away. As long as you’re alive, you have to live somewhere. Why not let where you live make you financially secure and ultimately rich? David Bach will show you how.

Editorial Reviews Review

Finish rich in real estate! Bestselling author David Bach is back with The Automatic Millionaire Homeowner, another user-friendly, motivational book designed to help you "build wealth through homeownership" and "finish rich in any market." Whether you already own your home or are renting, Bach gives you a long-term strategy with step-by-step instructions--making the process almost automatic!

More from David Bach

The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich

The Automatic Millionaire Workbook: A Personalized Plan to Live and Finish Rich...Automatically

Smart Women Finish Rich: 9 Steps to Achieving Financial Security and Funding Your Dreams

Start Late, Finish Rich: A No-Fail Plan for Achieving Financial Freedom at Any Age

Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner

The Finish Rich Workbook: Creating a Personalized Plan for a Richer Future

From Publishers Weekly

Starred Review. He's Baaaach, with a seventh book dedicated to helping readers store up a bundle. Though readers of Bach's Start Late, Finish Rich and The Automatic Millionaire will encounter some familiar material, the bestselling author offers a great book that first-time homeowners and anyone toying with the notion of investing in real estate will find immensely practical. From questions to ask a realtor to explanations of the fine print in loan contracts, Bach offers universally good advice on how to begin saving and building wealth through homeownership. The book is also wildly motivational; frequent asides urge readers to finish the book quickly and start accumulating assets. True to its promise, the book is a swift read, arming readers with everything they need to know in a simple, accessible manner. Just in case any confusion lingers, end of chapter action lists and free online audio supplements are also provided. Bach's extensive experience in leading financial seminars, motivating audiences to take financial responsibility and snagging appearances on Oprah are apparent in his ability to enthusiastically lead readers through even the most arcane aspects of home buying. (Mar.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Product Details

  • File Size: 976 KB
  • Print Length: 272 pages
  • Publisher: Crown Business (March 7, 2006)
  • Sold by: Random House LLC
  • Language: English
  • Text-to-Speech: Not enabled
  • X-Ray:
  • Word Wise: Enabled
  • Lending: Not Enabled
  • Amazon Best Sellers Rank: #410,320 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

3.7 out of 5 stars
3.7 out of 5 stars
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Most Helpful Customer Reviews
242 of 259 people found the following review helpful
1.0 out of 5 stars Be Extremely Cautious. March 17, 2006
By Mr. Lu.
David Bach came to fame as another of Oprah's protégées. He is another self-appointed financial guru that caters all those millions of Americans that haven't figured out yet that is better to save than to get the balance of your credits cards thru the roof.

He publishes about one book a year with different title and cover but same content, just know that if you have read "The Automatic Millionaire" or others there is no need for you to buy this book, there is nothing new here.

All things being fair he has offered in the past good and common sense financial advice, all that ends here with "The Automatic Millionaire Homeowner". The advice is bias; we know that Bach is now readily accepting endorsements from banks and financial institutions of the likes of Wells Fargo. This is also one book centered on the "glamour" of real state. Just makes it look so easy; but reality is that not everybody is prepared to invest on real state, the risks are tremendous and of course this book does not cover them deep enough.

It also states that owning is cheaper than renting, which it's true in most cases, but then again, check your financial situation before jumping to ownership and make sure you can handle it. By owning your expenses will increase and possibly double, apart from down payment and mortgage payments, you will have to pay insurance, taxes, trash removal, sewer, water, maintenance, utilities (if you move from a condo to a house this bill may be up to ten times higher than it used to be), and the list goes on, so understand what you are getting into and make sure your monthly cash flow can handle it.

The most concerning part of the book is the one devoted to the different types of mortgages.
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61 of 62 people found the following review helpful
3.0 out of 5 stars Rehash and Hackneyed March 26, 2006
The best in the series was the first book. He was careful in detail, respectful to the reader, and not sold out. There is a lot of decent advice in this book and he does not commit some of the sins he has been accused of by other reviewers. But, the book is not particularly timely (this is the kind of book that potential homeowners needed to see circa 2000) and it does seem to cater to the mortgage industry although with careful selection this may not be bad for most people. Despite the claims of several reviewers, the stories that drove the other books are also here in this book. I don't believe it is the complete rehash of the older books some others claim, but today it is hard to determine the market for this book. Most people that have enough money to buy a house are doing so or have done so, and many of those left are the nonqualifying mortagages and no-down-payment types. To write a book supporting those activities may not be a particularly consumer friendly thing to do in these times. Also, the rental and flipping advice seems trivial and flip. Plenty of people have been "gotten" in both activities. Real estate does not go up everywhere. Nevertheless, this book does contain, on the whole, some pretty good advice for the first time homeowner and the author does mostly recommend 30 and 15 year mortgages.
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26 of 26 people found the following review helpful
David Bach is very much a traditional investment adviser. He believes that over the long haul one can make a fair amount of money by saving and holding on to your investments. In this book, he makes a strong case that, by buying homes to live in, buying up, and obtaining rental properties, you can do very well for yourself. Ultimately, you can become a millionaire.

Still, had you followed Bach's advice in 2005, when this book was written, you would likely be deeply in debt now with no chance to even refinance and take advantage of lower rates. That is because the real estate market was in serious straits in 2005 and Bach, despite his reservations about 0 down mortgages (30% of the market the previous year) and interest only loans (a similar percentage) was overly optimistic about real estate. As an investment, it had "never" experienced a year over year decline, he noted, citing national figures. (Nothing like 4 consecutive contrary years to suggest a problem with the initial stat!) Sure, if you are able to hold on through the current economic crisis, then in a decade or so, you will come out ahead, but in the meantime, it would help if your investment advisor could tell the difference between cycles in real estate and a bubble brought on by irresponsible government policies and banks that were more than eager to accommodate them. Indeed, Bach suggests that one of the reasons real estate will continue to go up is because subprime mortgages are so common now (2005). Talk about a serious misreading of the market!

But once you get past the hype, a fair amount of the advice in this book is valuable. Bach does give good suggestions for saving up a down payment, finding a good mortgage and a good real estate agent.
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35 of 39 people found the following review helpful
1.0 out of 5 stars Buyer Beware March 18, 2006
Bach keeps taking the same information and recycling it with new titles. You just need one of his books and you will have enough information. 'Smart Women Finish Rich' or 'automatic millionaire' is enough.

Second, he encourages people to buy now and does not emphasize the risks strong enough. He encourages risky mortgage options to people with little financial experience which could get a lot of peopel in hot water if they are not careful.

third, he is buying into the real estate boom just like everyone else. This was the right time to write this book and make money so keep that in mind.

Four, he is really pushing that everyone buys a home NOW. this is very, very bad advice. He even encourages people with no down payment to look into risky options like piggyback loans without thoroughly going over the risks. not everyone should buy NOW and real estate CAN lose value. investments go in cycles just like anything else. People in California were in a real estate RECESSION for ten years. so these gurus who tell you real estate will never drop are full of it. You need to have enough money and you need to get a mortgage you can afford regardless of what the bank will give you. Buying now is NOT right for everyone, especiially if you plan to live in your house less than 5 years, you might be forced to sell as the market is sliding, and then you'll have all those people from the foreclosure seminars circling around you.

Be careful. There are much better books on the market about real estate that very throughouly tell you all the risks.

Remember how everyone had to buy stocks during the dot-com boom and look what happened. the market is still down from its peak in 2000. Again, buyer beware.
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Most Recent Customer Reviews
3.0 out of 5 stars READ ME!!!!
This is a good book. Nothing realy wrong with it but you can get esentialy all this info from his YouTube video and some research. Read more
Published 2 months ago by Thomas P.
4.0 out of 5 stars ... this book a 5-Star review if not for a bad feeling I got...
I would have given this book a 5-Star review if not for a bad feeling I got throughout the book. My concern isn't with the ideas at the core of the book. Read more
Published 4 months ago by DTrester
4.0 out of 5 stars Very good and knowledgeable book
very informative and useful. Definitely helpful to read when you are looking to purchase a home.
Published 9 months ago by Harry
5.0 out of 5 stars Five Stars
Good book
Published 9 months ago by Shane Dodd
4.0 out of 5 stars Good ideas
The most helpful part of this book was the paying it off early concept. Gave me hope to paying off my mortgage 6+ years sooner without hurting too much in my wallet.
Published 10 months ago by dm
5.0 out of 5 stars Gift for clients
As a Realtor, and an investor in real estate, I found this book very helpful. I give copies to my investor clients or anyone thinking of investing in rentals.
Published 13 months ago by Roberta
4.0 out of 5 stars Great for building understanding of real estate and mortgages, too...
This book was very practical for giving a general understanding of the way buying real estate works.
It had a little too much "motivational fluff" for my liking. Read more
Published 14 months ago by Jake Wiig
5.0 out of 5 stars Don't listen to the bitter reviewers, this book is great!
Yes - this book was published at the end of the last housing bubble. But if you actually paid attention in the book, he specifically addresses the issue of rising and falling... Read more
Published 22 months ago by Eric
5.0 out of 5 stars Lifetime changing
I advice someone who have trouble with financial literacy. This book helps me to understand the financial and house's equity.
Published on May 10, 2013 by Alaska_Girl1990
4.0 out of 5 stars Great Book
Great book , everyone needs to read, and they put everything in simple terms. Must read for everyone that owns a home
Published on February 17, 2013 by Mercedes
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More About the Author

David Bach has helped millions of people around the world take action to live and finish rich. He is one of the most popular and prolific financial authors of our time with nine consecutive national bestsellers, including two consecutive #1 New York Times bestsellers, Start Late, Finish Rich and The Automatic Millionaire as well as the national and international bestsellers Fight for Your Money, Go Green, Live Rich, The Automatic Millionaire Homeowner, Smart Women Finish Rich, Smart Couples Finish Rich, The Finish Rich Workbook and The Automatic Millionaire Workbook. Bach carries the unique distinction of having had four of his books appear simultaneously on the Wall Street Journal, BusinessWeek, and USA Today bestseller lists. In addition, four of Bach's books were named to USA Today's Best Sellers of the Year list for 2004. In all, his FinishRich Books have been published in more than 15 languages, with more than seven million copies in print worldwide.

Bach's breakout book The Automatic Millionaire was the #1 Business book of 2004, according to Business Week. It spent fourteen weeks on the New York Times bestseller list and was simultaneously number one on the bestseller lists of the New York Times, Business Week, USA Today, and The Wall Street Journal. With over a million copies in print, this simple powerful book has been translated into 12 languages and has inspired thousands around the world to save money automatically.

Bach's newest book, Start Over Finish Rich launches in December 2009. With its ten crucial moves you must make in 2010, Start Over Finish Rich provides the essential tools for readers to get back on track financially and recapture their dreams of a richer future.

Bach is regularly featured in the media. He has appeared six times on The Oprah Winfrey Show to share his strategies for living and finishing rich along with regular appearances on NBC's Today and Weekend Today shows, CNN's Larry King Live, ABC's Live with Regis and Kelly, The View, CBS's Early Show, ABC News, Fox News, and CNBC. He has been profiled in many major publications, including The New York Times, BusinessWeek, USA Today, People, Reader's Digest, Time, Financial Times, the Washington Post, The Wall Street Journal, Los Angeles Times, San Francisco Chronicle, Working Woman, Glamour, Family Circle, and Redbook. He has been a contributor to Redbook Magazine, Smart Money Magazine, Yahoo Finance and AOL Money. In 2009 Bach, was a regular on the Today Show Money 911 Segments and a contributor to ABC's Good Money.

David Bach is the creator of the FinishRich® Seminar series, which highlights his quick and easy-to-follow financial strategies. In just the last few years, more than half a million people have learned how to take financial action to live a life in line with their values by attending his Smart Women Finish Rich®, Smart Couples Finish Rich® , and Find The Money Seminars, which have been taught in more than 2,000 cities throughout North America by thousands of financial advisors.

A renowned motivational and financial speaker, Bach regularly presents seminars for and delivers keynote addresses to the world's leading financial service firms, Fortune 500 companies, universities, and national conferences. He is the founder and Chairman of FinishRich Media, a company dedicated to revolutionizing the way people learn about money. Prior to founding FinishRich Media, he was a senior vice president of Morgan Stanley and a partner of The Bach Group, which during his tenure (1993 to 2001) managed more than half a billion dollars for individual investors.

As part of his mission, David Bach is involved with many worthwhile causes including serving on the board for Habitat for Humanity New York and co-founding Makers of Memories, a charity organization dedicated to helping women and children who are victims of domestic violence.

David Bach lives in New York. Please visit his web site at

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Topic From this Discussion
Who does this book target?
Yes, it will.
Mar 17, 2006 by M. Rabe |  See all 3 posts
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