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Rich Dad's Advisors®: The ABC's of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad's Advisors Series) Paperback – September 1, 2004
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Top Customer Reviews
This book is not a Carlton Sheets (et al) get rich quick balogna book. This is a book for serious RE investors.
If you want to flip properties, this book is not for you. If you want to buy and hold properties, this is by far the best book I have ever read.
The most value of this book is how to properly assess value of a property. Assessing the value of a property is probably the most difficult thing. Not only does he teach you how to do this, he teaches you how to see through the sellers inflated balance sheets and possible misleading Realtor statements.
Also of tremendous value is how to properly manage properties for maximum cashflow. I had no idea I had so much to learn in this area.
What more can I say? Just get the book. I got the audio book and I listened to it at least 4 times.
Ken McElroy, takes the time to explain all the tools you will need in order to be successful in RE investing. The thing I found most helpful is the end of the chapter To Do List. Have you ever read a chapter and moved on to the next chapter without an action plan...Not in this book!
McElroy talks about the things that made him a success as well as a recommended path for you to be successful. He doesn't cover flipping properties. When he does mention Flipping Properties, he advises against it.
I would recommend this book to the beginner and intermediate investor. For 2 reasons, this book will move you into the doing stage of your investing career with its action plan. Secondly, there is no fluff here. He gives you fact after fact.
This book addresses two main myths that people have about real estate.
1. One is, since you don't have that much money, you shouldn't invest in real estate. Though this book doesn't cover how to finance your investments, it does name a few examples of how a few people who didn't have money managed to invest in real estate to make their millions.
2. The second myth is how big deals are too risky so don't go after them. The book gives an example of other people doing it.
The fact of the matter is, if you don't have much money, you'll either need to get some capital by borrowing or partnering. And when you face big deals, the risks are heavier but also the rewards are multiplied.
1. In the end, this book covers real estate pros (but hardly any cons). So it is motivating but unbalanced. Care and risk management should always be part of your investment strategies.
Illustrator for the Ultimate Foreclosure Kit
What makes this program different are a number of things. McElroy shows how to calculate the right price for your property. He explains how to use comps and how to avoid the wrong properties.
McElroy goes into the mathematics of real estate investing more so than any other author.
The ABC's of Real Estate Investing mades a great addition to Real Estate Riches. In concert, these programs will help you achieve financial freedom via real estate.
I listened to the audio book version but I'm sure I'll buy the regular book as well because there is just so much information in this book, especially the checklists. Ok, so why is this book great? Because it's written by someone who actually did all this stuff and is successful. He uses real examples from properties he's owned in the Phoenix area. I lived in this area for 9 years, and I can say everything he said about it made a lot of sense. You don't need to be from Phoenix, I'm just saying that I think the author really knows his stuff.
ATTENTION! Here is a one thing you may or may not like (judging from other reviews): This book uses multi-family (apartment buildings) in all the examples. They cost millions. So although on one hand he makes it sound easy enough that I could do it, I'm not comfortable going after a two million dollar property for my first one! HOWEVER, I think everything he said would apply to an individual family home as well. This didn't bother me at all, and if I ever get a chance at a multi-family unit I'll have more confidence to do it.
If you listen to the audio book, the author reads it himself. Something I really enjoy. I don't like some guy reading as fast as he can, Ken McElroy reads it as if he's sitting next to you telling you face to face. While some of the phrases sound a bit corny or even fake, "Now we don't want any surprises do we?", I think it gives his reading a bit of charm.
Overall, not the only book you need but definitely one of the best I've seen. Great job Ken! Now if only the original Rich Dad series was this good! ;)
Most Recent Customer Reviews
Very Helpful in building a strong understanding of how real estate worksPublished 1 day ago by Wasiu A.
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I read this book to get an introduction into the process of real estate investing. It's a great read if you are interesting in making a tentative plan and get started on the... Read morePublished 6 days ago by Merwin McCrady