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Building Wealth One House at a Time: Making it Big on Little Deals [Paperback]

John Schaub (Author)
4.5 out of 5 stars  See all reviews (23 customer reviews)
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Editorial Reviews

Review

"On my scale of one to 10, it rates an off-the-chart 12." -Robert J. Bruss, Nationally Syndicated Real Estate Columnist -- REAL ESTATE BOOK REVIEW REAL ESTATE BOOK REVIEW Real Estate Book Review, February 9, 2005

"On my scale of one to 10, it rates an off-the-chart 12." -- -Bob Bruss, Nationally Syndicated Real Estate Columnist

Product Description

Strategies for creating real estate wealth by star ting small--and always making the right moves

Nationally known real estate expert John Schaub learned his craft in the best way possible--on the job, and through every kind of market. Over three decades, he learned to bank consistent profits as he built an impressive real estate mini-empire. Building Wealth One House at a Time reveals how virtually anyone can accumulate one million dollars worth of houses debtfree and earn a steady cash flow for life.

Unique in that it focuses on buying houses in good-quality neighborhoods, Schaub's nine-step program includes:

  • Renting to long-term tenants, with financial incentives to pay on time
  • Avoiding the temptation of bigger deals, which invariably include bigger problems
  • A 10-year plan to pay off debt and own houses free and clear
(20050129)
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Product Details

  • Paperback: 272 pages
  • Publisher: McGraw-Hill; 1 edition (December 10, 2004)
  • Language: English
  • ISBN-10: 0071448357
  • ISBN-13: 978-0071448352
  • Product Dimensions: 8.9 x 5.9 x 0.8 inches
  • Shipping Weight: 12 ounces (View shipping rates and policies)
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (23 customer reviews)
  • Amazon Bestsellers Rank: #31,943 in Books (See Top 100 in Books)
    #95 in  Books > Business & Investing > Investing > Introduction
    #91 in  Books > Professional & Technical > Accounting & Finance > Industries & Professions
    #25 in  Books > Business & Investing > Real Estate > Investments

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More About the Author

John Schaub
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Front Cover | Table of Contents | First Pages | Index | Surprise Me!
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Everyone knows something about houses. Read the first page
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
more expensive house, less expensive house, loan balance, option payment
Key Phrases - Capitalized Phrases (CAPs): (learn more)
Making It Big, Jack Miller
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Customer Reviews

23 Reviews
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4.5 out of 5 stars (23 customer reviews)
 
 
 
 
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135 of 136 people found the following review helpful:
5.0 out of 5 stars Good Advice, February 7, 2005
This review is from: Building Wealth One House at a Time: Making it Big on Little Deals (Paperback)
This is a fascinating book, with plenty of good advice for investing in rental properties and learning to live off the income produced by your investments. Schaub talks about finding deals, negotiating for better terms, using agents, managing your properties, and protecting your key assets. The paragraphs below briefly discuss three of his key points.

Schaub's chapter on learning how to work yourself out of your day job hit home with me. Isn't this a goal we all share? Schaub's plan is easy to understand, but not necessarily easy to follow. In my action plans, I first wanted to be able to pay my electric bill with income that had spun off my investments. After reaching that goal, I wanted to pay my phone bill, car insurance, etc. I kept working to build investment income sufficient to pay my bills. Eventually, I reached a point where my investment income has almost equaled my work income. I'm using the bulk of my work income to make investments. Schaub suggests using your investment income to replace your need to work. I suggest you keep working, and use you work income to make bigger investments.

Schaub's entire thesis rests on the concept of buying quality properties that you manage and control, and striving to pay them off within a ten-year period. When you approach retirement, theoretically you will have the income of these properties flowing into your bank account. This is a great idea, and certainly doable; however, maintenance, tax, and insurance expenses will never go away. So don't forget that maintenance alone may eat up to 40% of your gross income. Insurance and taxes will eat another 10-20%.

Schaub talks about owning property out of town, and this is important info for all investors. Your main concern is control. I learned my lesson the hard way here. I owned a home free and clear in a different state. However, my property manager seen to it that every month I had a significant maintenance costs, such as $325 for removal of used stove. $459 for removal of tree roots from pipes under house. Month after month I put up with these outrageous costs, that I would have handled for pennies if the home was within a hour's drive of my home.

Schaub suggests you Focus on making small deals that you can understand and control. For example, a small investor can earn sufficient returns from several single-family homes in good neighborhoods, without having to negotiate for malls and apartment complexes, or get over your head in partnerships and complex land development deals.

You may also want to read "Think and Grow Rich" by Napoleon Hill and "The 17 Principles of Creating Wealth" by Phillip Collinsworth.

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53 of 54 people found the following review helpful:
5.0 out of 5 stars Covers the basic rules., February 14, 2005
This review is from: Building Wealth One House at a Time: Making it Big on Little Deals (Paperback)
John Schaub has been a house investor, author, and speaker for over thirty years. He presents a senario of buying a house, renting it out for enough to cover its cost and maintenance, paying it off over a ten year or so period, building an investment portfolio of properties that will then provide for a good retirement income.

As with a lot of things, the devil is in the details. And most of the book covers things like finding the right house, negeotiating the price, a quick look at accounting, borrowing and everything else connected with the real estate marketplace.

The book is dead on. There are an awful lot of people who have made a lot of money this way. There are two or three he doesn't mention. One is buying houses at auction when they have been foreclosed, something you should investigate in your community, particularily if you live in a one commodity area that is subject to boom and bust. Another point is that most of the people I know who have build themselves this kind of business do a lot of their own maintenance. You can pay for things like cleaning and painting, but it's expensive.

Investing in rental houses is a business. Like any business it's subject to working hard, making the right decisions, and having just a bit of luck. If the earthquake finds your house ....
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37 of 37 people found the following review helpful:
4.0 out of 5 stars Definitely a keeper, February 15, 2005
By D. Bouthillier (Buena Park, CA) - See all my reviews
(REAL NAME)   
This review is from: Building Wealth One House at a Time: Making it Big on Little Deals (Paperback)
I like this book. The author offers advice and strategies that I believe I can make work for me in the real world. There was nothing that I read in the book that I would feel strange or wrong about doing. In fact, I'm looking into making an offer using his methods.

The only conflict for me was that John recommends investing in your own area. He doesn't seem fond of investing out of town. I live in Southern California, and unless you are make large cash down payments, it's nearly impossible to be cash flow positive for a very long time. I'm going to adapt the information in the book and continue to invest out of town.

I'm definitely adding this to my investment book library. It's a keeper.
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Most Recent Customer Reviews

5.0 out of 5 stars Get rich quick by accumulating wealth slowly
This book focuses on strategies to creating wealth through real estate by starting small - and making the right moves. Read more
Published 1 month ago by David W. Miller

5.0 out of 5 stars Solid advice
There are books about commercial real estate that offer all kinds of arguments on why they are better investments than houses. Read more
Published 11 months ago by Mariusz Skonieczny

4.0 out of 5 stars Common Sense Approach to Building Equity
Schaub provides a common sense approach to building equity over time via long-term ownership of single-family homes. Read more
Published on February 13, 2008 by Jack Ramsey

5.0 out of 5 stars Great book
This book is especially great for a beginner. It made concepts that I have read about in other books much clearer. Read more
Published on February 8, 2008 by Mark

5.0 out of 5 stars Great Value
This is just great basic but very valuable information, and a keeper for a long term reference for anyone investing in houses. Read more
Published on September 11, 2007 by L. Olson

5.0 out of 5 stars Building Wealth One House at a Time Describes the Big Picture
This is one of the outstanding real estates investment books on the market. John Schuab writes as one who has years of experience and knows the ropes. Read more
Published on July 31, 2007 by Terry W. Sprouse

5.0 out of 5 stars Great Read for All RE Investors
John Schaub's book is a must read for all Real Estate Invesotrs. From the beginner to the experienced investor, all will gain some very useful insight from this book. Read more
Published on July 23, 2007 by Reginald Lal

2.0 out of 5 stars Entry level info
I was hoping for a text with more than the very basic, very repeated information in most books of this subject. Read more
Published on March 9, 2007 by Catherine Parker

4.0 out of 5 stars Excellent tips for the slow/steady investor.
I missed an opportunity to attend a seminar by John Schaub and thought I should at least read his book to see what I missed, and I'm glad that I did. Read more
Published on January 29, 2007 by Steve Haise

3.0 out of 5 stars A solid foundation for a beginner
This book is a solid foundation for a beginner. I've read about 6 or 7 real estate books, and I would put this one probably at #3. Read more
Published on January 20, 2007 by Aaron M. Pitt

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