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The Millionaire Real Estate Investor Paperback – April 7, 2005
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The book is full of super annoying oversimplifications like "do good deals"....and "buy a property that will appreciate over time"....umm duh! And there are direct quotes of similar nature from supposed millionaire investors like "partner with someone who knows what he's doing"....OMG, I can't believe this book got so many good reviews. And then there are the numerous contradictions like "buy a property in a great neighborhood where everyone wants to live", followed by advice to negotiate the least amount on price for that neighborhood where everyone wants to be. In many parts of the country its a seller's market for the great neighborhoods and you will easily blow your budget in a bidding war for location. Additional contradictions that drove me nuts were "decrease rental turnover by pricing monthly rent fairly" but then followed by the advice in later chapters to "maximize your rental income by charging extra fees for pets, storage, parking, utilities....."
At the age of 39 I've built and re-built a solid budget over time but I suppose that chapter might be good for many readers. Additionally, towards the end there is a chapter on taxes which I found helpful. Honestly, I've learned way more about the process of RE investing from some (free) blogs on the web.
I have bought this book for many friends and my recommendation is to find 1-2 things they can take away. Mine are the goals (think, buy, own, earn a million) and the personal balance sheet. This to me is GOLD. I update my balance sheet monthly which both allows me time to reflect on the good and also motivates me when I have a 'flat/inactive' month.
I read this book every summer and always pick up something new.
There is very little in terms of actual knowledge in this book. Do not waste your time.