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Book report: The ABC's (sic) of Real Estate Investing
Old 05-23-2005, 11:03 PM   #1
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Book report: The ABC's (sic) of Real Estate Investing

From now on I'm avoiding any book whose cover title can't properly use an apostrophe. (I guess the copy editor couldn't do it either.) It's a Business Week best seller, but that's because it's part of Kiyosaki's evil empire of MLM books. It'll probably be on BW's list until it's retired.

The book is typical of the ilk-- anyone can do it, you don't have to be a genius, plan your goals and work your plan, build yourself a team by interviewing experts over lunches and they'll be happy to work with you, make sure your team does everything that they're supposed to do for you, have them teach you everything you need to know, learn how to raise the rents & attract quality tenants, earn your way to riches by cash flow, and sell it in a few years for a gazillion dollars.

I particularly like the part where McElroy proposes sticking with multi-million $$ apartment buildings instead of "cheap" single-family homes. The "logic" is that you can start big, you can price the purchase offer on rent receipts instead of on a home appraisal, you can get financing on rent receipts instead of as a second/rental home, you'll never have an apartment building go completely vacant (unlike a condo), and you can put no money down by inviting "investment partners" to work with you. ("Hi there, investment partner, you can trust me to manage this deal-- I'm packin' a Robert Kiyosaki how-to book!")

Any questions?

If this was the only real estate book in the world then we'd all be renters, but luckily we can depend on the classics: (1) Investing in Real Estate, 4th edition or later, by Andrew McLean & Gary W. Eldred (who's taken over the new editions) and (2) Landlording by Leigh Robinson (7th edition or later).

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Re: Book report: The ABC's (sic) of Real Estate Investing
Old 05-24-2005, 07:29 AM   #2
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Re: Book report: The ABC's (sic) of Real Estate Investing

Quote:
Originally Posted by Nords
From now on I'm avoiding any book whose cover title can't properly use an apostrophe.* (I guess the copy editor couldn't do it either.)* It's a Business Week best seller, but that's because it's part of Kiyosaki's evil empire of MLM books.* It'll probably be on BW's list until it's retired.

The book is typical of the ilk-- anyone can do it, you don't have to be a genius, plan your goals and work your plan, build yourself a team by interviewing experts over lunches and they'll be happy to work with you, make sure your team does everything that they're supposed to do for you, have them teach you everything you need to know, learn how to raise the rents & attract quality tenants, earn your way to riches by cash flow, and sell it in a few years for a gazillion dollars.

I particularly like the part where McElroy proposes sticking with multi-million $$ apartment buildings instead of "cheap" single-family homes.* The "logic" is that you can start big, you can price the purchase offer on rent receipts instead of on a home appraisal, you can get financing on rent receipts instead of as a second/rental home, you'll never have an apartment building go completely vacant (unlike a condo), and you can put no money down by inviting "investment partners" to work with you.* ("Hi there, investment partner, you can trust me to manage this deal-- I'm packin' a Robert Kiyosaki how-to book!")

Any questions?

If this was the only real estate book in the world then we'd all be renters, but luckily we can depend on the classics:* (1) Investing in Real Estate, 4th edition or later, by Andrew McLean & Gary W. Eldred (who's taken over the new editions) and (2) Landlording by Leigh Robinson (7th edition or later).

I could sit down right now and write a book on small investor
RE with no more info other than what is in my head. Maybe no one would buy
it but it would be jam packed with good stuff that I have actually done
(35 years worth). Too lazy though. BTW, no partners for me.
Been there/done that.

JG
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Re: Book report: The ABC's (sic) of Real Estate Investing
Old 05-24-2005, 08:49 AM   #3
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Re: Book report: The ABC's (sic) of Real Estate Investing

"How to Make One Million Dollars In Real Estate in Three Years Starting with NO CASH" by Tyler G. Hicks. 1976 - just checked - still on my 'old bookshelf. Here we go again!

Will admit though - selling our duplex(after 15 yrs with good tenants) and eating off the proceeds in early ER was a big help.

At 62 - Vanguard REIT Index(10% of total portfolio) is just ducky.

Ground is hard to come by down here - let alone RE - locaction, location, location.
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Re: Book report: The ABC's (sic) of Real Estate Investing
Old 05-24-2005, 10:55 AM   #4
 
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Re: Book report: The ABC's (sic) of Real Estate Investing

Nords, you need to join the:

Apostrophe Protection Society!
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Re: Book report: The ABC's (sic) of Real Estate Investing
Old 05-24-2005, 11:01 AM   #5
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Re: Book report: The ABC's (sic) of Real Estate Investing

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Originally Posted by TromboneAl
Nords, you need to join the:Apostrophe Protection Society!
Well, it certainly seems that they're not endangered... abused, maybe, but not in danger of extinction.

I think I just need to go surfing. Rush hour will be finished in a couple hours and it'll be safe to seek the south shore two-to-four!
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Re: Book report: The ABC's (sic) of Real Estate Investing
Old 05-24-2005, 01:39 PM   #6
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Re: Book report: The ABC's (sic) of Real Estate Investing

Re: spelling and punctuation.

My town sported a "Kool Little Pre Skool" or some such thing until it recently went out of business. I wonder why.

It also has a probably co-owner coffee shop named "Kaffee Latta, Koffee, Katering and Things". Somewhere between the excessive and inappropriate use of the letter "K" to "Kute" up the name, and the "...and things" appelation, I havent had any desire to become a customer.
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Re: Book report: The ABC's (sic) of Real Estate Investing
Old 05-24-2005, 06:40 PM   #7
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Re: Book report: The ABC's (sic) of Real Estate Investing

Quote:
Originally Posted by Nords
From now on I'm avoiding any book whose cover title can't properly use an apostrophe.* (I guess the copy editor couldn't do it either.)*
* *A while back, I read a book -- actually a sequel of sorts -- in which the guy actually bragged that he didn't want to take the time (or likely spend the $$$)* to have his first book edited.* Nobody complained, he assured the reader.* *At least not to his face, I'm guessing.

*
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