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The Real Estate Coach (Instant Success Series) Paperback – Illustrated, January 9, 2006
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From the Publisher
Bradley J. Sugars is a world-renowned entrepreneur, author, and business coach who has helped nearly a million clients around the world find business success. Brad is the founder of Action International, a global network of business coaches with nearly 1000 offices worldwide. Brad and the Action International team have refined over 500 business strategies and systems that are used by Action business coaches on six continents.
From the Back Cover
Stop working for someone else, and start living the dream!
It's a fact: you'll never get rich just working for a living. The only sure way to achieve real wealth and the freedom it buys is by letting your investments work for you. And, as self-made multimillionaire Brad Sugars proves, the quickest and safest route to the kind of "passive" income it takes to live the dream is real estate investment.
In The Real Estate Coach he delivers the same easy-to-understand-and-use strategies that brought him and millions of his clients success. Step by step he shows you how to:
- Find great investment opportunities
- Manage your properties for maximum profit
- Add value to your investments without breaking the bank
- Sell for a substantial profit
Get real results right now when you discover all that Instant Success has to offer!
Instant Advertising * Instant Cashflow * Instant Leads * Instant Profit * Instant Promotions * Instant Referrals Instant Repeat Business * Instant Sales * Instant Systems * Instant Team Building * The Business Coach * Successful Franchising * Billionaire in Training
- Item Weight : 11.6 ounces
- Paperback : 192 pages
- ISBN-13 : 978-0071466622
- Product Dimensions : 5.9 x 0.54 x 8.9 inches
- ISBN-10 : 9780071466622
- Publisher : McGraw-Hill Education; 1st Edition (January 9, 2006)
- ASIN : 0071466622
- Language: : English
- Best Sellers Rank: #207,026 in Books (See Top 100 in Books)
- Customer Reviews:
Top reviews from the United States
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I gave 4 stars because I would have liked more explanation or analysis with financial discussions, especially since getting the financial analysis right is key. For instance, there are tax rules associated with property investing and it's not clear what some of these inherent rules are which were used in financial analysis. For instance on page 35, it calculated a $1,615 after tax cash flow. I guess one must assume that even though you don't pay any federal income taxes on your investment property you can actually get a refund back from the government. If this is true, it's a pretty important point and should be considered being clarified and highlighted.
In addition on page 35 it says "let's assume it grows at just 5 percent". Then the lower table used an analysis of 6%. I think this might be a typo, but if not this too is not clear to the reader why there is a difference between the figures.
Also, he mentions to buy income producing properties with an interest only loan. However, it's not clear if one should do this all the time. For instance when you know the rates are going up do you still keep it in an interest only loan? When do you pay it off or refinance to a fixed, if ever?
Also, the financial cost of real estate agent fees were not calculated, and I suspect may make a difference between a buy, hold, or sell decision. There might be a reason for this but again it's not clear.
Overall it's a great book for beginners such as myself, and I would recommend this book along with a follow-on book which can go into detail on the financial aspects of real estate investing.
As I have already been in the real estate market a bit, there is *some* sound advice in it, but keep in mind that the author is from Australia. So when he advises that rents should be charged in weekly increments instead of monthly, that is not the 'American way', at least not in any market here in the States that I've been in.
One thing that I picked up on, was considering your investment goals in a long-term/capital growth strategy versus an income one. In the book Sugars states, "The reason I buy property is essentially for capital growth, but sometimes I have to buy properties with higher cashflow to balance my portfolio. Income from property is designed to cover costs while my property grows in value, not to generate a substantial cashflow." He outlines the importance of settings goals and assists in the thought process of what those goals should be. He also points out that you should pass up a 'deal' if it doesn't fit into your goals. Many people overcommit and get in over their head, because they can't pass up what seems like a good deal, but one that is not in line with their goals. This seems rather fundamental, but something that isn't necessarily easy to put into practice.
One item that I'm still pondering and that I don't totally agree with is his philosophy that it's the land value, not the building on the land that will make him the most money. He contends that buildings deteriorate over time and therefore they lose value. While this may be true, buildings generally last for a LONG time and it's the home sitting on the piece of land that is going to appreciate at a higher rate than the land will. Otherwise why don't we just go out and buy land? One reason we don't is because lenders don't like to do 15 or 30 yr. loans on a piece of land. He does contend that it's the building on the land that generates the income, and he does have a point - you can always build new buildings, but once the land is gone - it's gone. This is something to consider when you think of areas where there are bulding restrictions (environmentally sensitive areas like Lake Tahoe) or large cities where land is at a premium.
I gave this book 3 stars because it's storyline was written at an elementary school level and because I didn't agree with some of the advice, but it did give me some ideas and thoughts to consider.
When I ordered this book, I was going to order several Sugars' books, but decided to try this one first before ordering any more. I don't think I will be purchasing any of his other books.
"Remember this fact: How happy would you be if your grandmother had bought 10 properties 80 years ago in downtown Los Angeles, London, Sydney or Tokyo?"
"Investing is about your future- your family's future- it's not about tomorrow. Making money tomorrow is what your job or business is for; investing is about 3, 5 or even 10 years from now."
"Keep this one principle in mind: you don't have to be rich to invest, but you have to invest to be rich."
This book will give someone who is thinking about investing in real estate the push they need. It's a cute - quick story about a middle aged couple who are seemingly well off, yet want to build assets and net worth for their future and happen to be introduced to a real estate "coach" or mentor who explains the benefits and strategies involved with investing in real estate.
A particularly interesting concept was the "Property Wealth Wheel" which is simply a way of looking at or bunching different types of properties together so the quick profit from a flip will fund further property purchases and the cash flow from some properties will help cover others that don't have cash flow but are expected to appreciate at a faster rate.
By Kevin Kingston, Author of, A 20,000% Gain in Real Estate: A True Story...
Top reviews from other countries
Although it gives a good understanding of the BTL rental market, its important if you're just starting out that you don't take what's written as 'the rules'.
For example, the book goes on to say if you buy a renovation property, allow 10% of its value for renovation, then around 20-30% to end up at the end value. From experience, definitely don't do this. It could be misinterpreted to be cutting the grass, and painting a couple of walls, to proper renovation which most often includes rewiring, some re-plumbing, full decoration, and thats before dealing with damp and rot problems. Most of which you'll find in any 'underpriced' property in the UK.
Also, the book states that you can expect a seller to accept your 'low-ball' offer even in a boom market. Sorry but this statement is absolute rubbish, and even in the lower end of the market I've seen sellers getting offers of 20%+ over their asking price, and over the valuation report.
Generally an okay book, but if you're new to property I'd look elsewhere for more detailed info, or at least get yourself good tradespeople, etc who do have that experience.
a good property book would be one from sarah beeny, who goes more in detail about renovation etc. I did get the impression while reading this book that it had a lot of theoretical items in it from the author, rather than someone who had actually done it. Maybe I'm wrong on this, but that's how it came across.