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 $$ apartment buildings instead of "cheap" single-family homes. The "logic" is that you can start big, you can price the purchase offer on rent receipts instead of on a home appraisal, you can get financing on rent receipts instead of as a second/rental home, you'll never have an apartment building go completely vacant (unlike a condo), and you can put no money down by inviting "investment partners" to work with you. ("Hi there, investment partner, you can trust me to manage this deal-- I'm packin' a Robert Kiyosaki how-to book!")
Any questions?
If this was the only real estate book in the world then we'd all be renters, but luckily we can depend on the classics: (1) Investing in Real Estate, 4th edition or later, by Andrew McLean & Gary W. Eldred (who's taken over the new editions) and (2) Landlording by Leigh Robinson (7th edition or later).
The book is typical of the ilk-- anyone can do it, you don't have to be a genius, plan your goals and work your plan, build yourself a team by interviewing experts over lunches and they'll be happy to work with you, make sure your team does everything that they're supposed to do for you, have them teach you everything you need to know, learn how to raise the rents & attract quality tenants, earn your way to riches by cash flow, and sell it in a few years for a gazillion dollars.
I particularly like the part where McElroy proposes sticking with multi-million $$ 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).
