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2 Years to a Million in Real Estate Paperback – Illustrated, June 2, 2006
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"This is the success story of an ex-dot-com employee who got tired of working long hours at a great job for 10 years and watching his fellow workers lose their jobs. He accidentally discovered real estate's market-value appreciation, leverage, tax savings, cash flow, reliability and freedom from a 9-to-5 workday. In the process, he became a multimillionaire, and he shows readers how they can have the same result."-- (12/08/2006)
“This is the success story of an ex-dot-com employee who got tired of working long hours at a great job for 10 years and watching his fellow workers lose their jobs. He accidentally discovered real estate's market-value appreciation, leverage, tax savings, cash flow, reliability and freedom from a 9-to-5 workday. In the process, he became a multimillionaire, and he shows readers how they can have the same result.”-- Bruss, Robert J. ― San Francisco Chronicle. Published On: 2006-12-08
- Publisher : McGraw-Hill Education; 1st edition (June 2, 2006)
- Language : English
- Paperback : 240 pages
- ISBN-10 : 0071471871
- ISBN-13 : 978-0071471879
- Item Weight : 11.6 ounces
- Dimensions : 6 x 0.5 x 9 inches
- Best Sellers Rank: #374,901 in Books (See Top 100 in Books)
- Customer Reviews:
"A timely novel highlighting the worth and delicate nature of Nature itself." -Delia Owens Learn more
Top reviews from the United States
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The second problem I have is that the author recommends multi-family units e.g. duplexes to get started. Depending on the market you're in, this can be entirely impractical. Here in southern California, a multi-family unit starts at $300k and the median is more like $600k. If a $600k duplex is your first investment property, then I am truly impressed.
The book does contain good advice - everything from handling tenants to driving around looking for properties - but it's really more of a summary of each topic.
In short. If you buy this book, rip out the chapters about crazy bubble leveraging. Read the remaining chapters for an overview of finding properties, financing, attracting and retaining tenants. Then go find more detailed books devoted to each of those topics.
That isn't to say there isn't any good information in the book, because there is. Some of the advice surrounding being a property investor and landlord still apply today, and many of the basic tactics involved in analyzing markets and buying properties remain true. But aside from this information you're more or less reading about the experience of someone who made it big during the best boom years in real estate by using a lot of leverage and taking advantage of incredible short-term appreciation to amass his wealth. If you tried to mimic everything in the book today, you'd be nowhere near as successful. These days you don't go out and buy a property with little money down, realize 10-20% equity gains in a single year and then tap into that equity to finance your next deal, and so on.
This book is mainly trying to sell the dream. Just based on the title alone you can tell it was marketed toward people at the peak of the real estate boom and wanted to quit their job and get rich just buying up property. That's still the dream of many today, but this book won't give you all the answers to accomplish that in today's economy. I'd suggest a more recent book if you want to get a better idea of what it takes to make it in the business these days. Probably the best book out there is Investing in Real Estate , which I also just finished reading.
I gave this book four stars because it touches upon everything you need to know about real estate investing. 'Touches upon' is the key phrase here, because Martinez fails to go into any specific detail about anything. To his defense, this book was not designed to do that. It was designed to show you that there's really not much to it. Success does not take a ton of money, and it does not take a genius. But it does take hard work and dedication.
If you want in depth detail on financing, financial anaysis, and 1031 exchanges (etc), finish this book and then go pick up a book that focuses on those aspects of investing (and is likely 2x thicker). Do not buy this book expecting it to be a one-stop shop for everything you need to know. Use it as a primer (to find out how much you don't know) and then continue your education. I think Martinez did a fine job, and accomplished what he set out to do with this book.