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The Automatic Millionaire Homeowner: A Powerful Plan to Finish Rich in Real Estate (Hardcover)

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Key Phrases: free audio supplement, advisor you can trust, down payment solution, The Automatic Millionaire Homeowner, Home the Smart Way, Find Yourself (more...)
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Learn the secrets of achieving financial freedom with bestselling author David Bach. Visit Amazon's David Bach Page.

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Editorial Reviews

Amazon.com 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!

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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.
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Product Details

  • Hardcover: 272 pages
  • Publisher: Broadway (March 7, 2006)
  • Language: English
  • ISBN-10: 0767921208
  • ISBN-13: 978-0767921206
  • Product Dimensions: 8.2 x 5.6 x 1.1 inches
  • Shipping Weight: 14.4 ounces (View shipping rates and policies)
  • Average Customer Review: 3.6 out of 5 stars  See all reviews (48 customer reviews)
  • Amazon.com Sales Rank: #351,592 in Books (See Bestsellers in Books)

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Front Cover | Table of Contents | First Pages | Index | Surprise Me!
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Inside This Book (learn more)
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
free audio supplement, advisor you can trust, down payment solution, great real estate agent, finishrich com, mortgage advisor, biweekly payment plan, ordinary homeowner, mortgage plan, tax free profits, direct lender
Key Phrases - Capitalized Phrases (CAPs): (learn more)
The Automatic Millionaire Homeowner, Home the Smart Way, Find Yourself, The Right Fit Mortgage Plan, The Automatic Down Payment Solution, Get the Best Deal, Mortgage Advisor You Can Trust, Latte Factor, Great Real Estate Coach, New York, Bubble Proof Your Real Estate Plan, United States, Home Savings Account, Rebuilding Together, Fannie Mae, National Association of Realtors, Freddie Mac, San Francisco, End Homelessness, Uncle Sam
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Customer Reviews

48 Reviews
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Average Customer Review
3.6 out of 5 stars (48 customer reviews)
 
 
 
 
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211 of 227 people found the following review helpful:
1.0 out of 5 stars Be Extremely Cautious., March 17, 2006
By Mr. Lu. (Denver) - See all my reviews
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. It advocates very risky choices like interest only loans, no down payment options with not enough emphasis on the risks involved. Again educate yourself before being lured into any of these very risky propositions. Remember that the rate of foreclosures is skyrocketing in this country and one of the main reasons is the amount of people that find out that can no longer make their monthly payments because they picked one of those mortgages and suddenly the monthly payment is much higher than it used to be.

Do not allow that to happen to you, for sure you will find somebody to give you a loan regardless of your financial or credit situation; take the time to understand what you are getting into, or there will be no financial guru out there that will save you of the consequences.

Summarizing, skip this one, if you want fair and no bias advise pick any of Bach other books and keep it simple, make a plan, save and one day, sooner than you think you will be able to get a house and call it your own without jeopardizing your future and your family's.
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55 of 56 people found the following review helpful:
3.0 out of 5 stars Rehash and Hackneyed, March 26, 2006
By James H. McDuffie (Huntsville, Alabama United States) - See all my reviews
(REAL NAME)   
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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13 of 13 people found the following review helpful:
4.0 out of 5 stars Good Introductory Book, March 21, 2006
By Mr Makochan (Los Angeles,CA USA) - See all my reviews
In response to a lot of these negative comments I thought I would take the time to qualify some of the content in this book.

I personally thought that the chapter on mortgages was fairly comprehensive and fair in explaining the pro's and con's of each type of mortgage.
Even though other reviews say that the author encourages "dangerous" "no-down loans", he does also state that a 30-year fixed is what he would personally recommend and also says that its the safest type of loan. He includes both sides of the argument and doesn't necessairly encourage the reader to over-strech oneself financially. If anything the author recommends using "rules" recommended by HUD and other goverment organizations that say stick with between 24-40% of your gross income. He includes a table that show what amount of mortgage would be reasonable for a certain income. He encourages to stick within these bounds and not use up an upwards of 50% of one's income towards monthly payments because its too risky.

I also don't think he is recommending to buy/own a house at all costs. But I do think he has a reasonable argument to say that the returns on buying a house could be advantageous over investments in equity/stocks/etc, considering the fact that he is recommending this "automatic" method needs to be a long-term investment. Sure the real-estate market can deflate for a few years, but he argues that if you stick through it, the average return on real-estate has been around 6% for the past 60? years. Factor in the fact that you can deduct interest paid from your income and the return on the investment rises even more.

In addition to the chapter on "Mortgages", the chapters on "saving up for a down payment", "finding a mortgage lender", "finding a realtor/real estate", are all have helpful information for those just starting out. I'm sure there's other books that will go into greater detail for each of these topics, but the author does a decent job summarizing each aspect while still covering a lot of information. There are a lot of good recommendations for different websites that could be of further help.

I would agree with the other reviewers that some of his content is recycled, but a lot of the material is new. If you are unwilling to spend the money, just go to a bookstore and read a chapter you're interested in and decided for yourself whether its all fluff or if there is information that is worthwhile. You can even go to his website and download the accompanying mp3's for free.

In the end, the book does a fairly good job of summarizing all the major steps of owning a home/investing in real-estate and why he believes that this financial decision can lead to great returns.
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Most Recent Customer Reviews

3.0 out of 5 stars A bit dated, but not bad
Not a bad book, however he talks a lot about how you don't need any money for a down payment, and he talks about 80/15/5 loans which really are a thing of the past, and were... Read more
Published 1 month ago by Achan0x

3.0 out of 5 stars It's a whole new market in 2009
What a difference a few years makes. This book was written at the height of the real estate bubble. Read more
Published 12 months ago by J. Klaus

4.0 out of 5 stars Enthusiastic Primer on Initial Home Ownership
The title of this book may be a bit over-reaching but this is a good primer for those who are looking to leave renting behind and embark on home ownership. Read more
Published on July 30, 2007 by Kevin Quinley

5.0 out of 5 stars Knowledgable
This product is well worth it's money. It has many pointers, directions, and links to better your knowledge. Remember, knowledge is power.
Published on July 30, 2007 by Elke Johnson

5.0 out of 5 stars Great New First Home Buyer Advice!
I bought the book not knowing what to expect , however it had so many good tips that are relevant to buying a home for the first time. Read more
Published on May 13, 2007 by C. Johnson

5.0 out of 5 stars What better way to help
David Bach couldn't be more right on with the "Automatic" part of his book. I am a real estate agent and for years when someone bought a house from me I would give them a fruit... Read more
Published on May 1, 2007 by Anthony J. Nitz

5.0 out of 5 stars Renters:Read this book
This book is a 5 star book if you are looking for a book to inspire you to be a first time home owner. Read more
Published on April 12, 2007 by Steve Burns

1.0 out of 5 stars Want to lose your home and your savings? Buy this book.
Shame on David Bach for releasing this book at the very peak of the housing bubble. (Actually, he released it about 9 months past the peak. Read more
Published on April 11, 2007 by JP

3.0 out of 5 stars Not bad, but spend your "latte factor" money on something else
This isn't a bad book, the advice is mostly sound and it did make me think about investment real estate (I already own my home). Read more
Published on March 27, 2007 by Mark R. Hamburg

5.0 out of 5 stars For Young people starting out
and looking to go from renting to owninig their own home, this is a very good starting point. Follow the advice and consult with the various experts Mr. Bach directs you to (i.e. Read more
Published on March 2, 2007 by Thomas M. Loftus

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