The Weekend Millionaire's Secrets to Investing in Real Estate: How to Become Wealthy in Your Spare Time (Anglais) Broché – 1 octobre 2003
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Descriptions du produit
Quatrième de couverture
Control your financial destiny--and become a Weekend Millionaire!
"Jam-packed with practical ideas that work. Mike and Roger take the potentially complex topic of real estate investing and turn it into a simple process that shows you how to build real wealth, real fast. It's a must read!"
Don Hutson, CEO, U. S. Learning, Inc.
"If you're ready to be a Weekend Millionaire, read this book by brilliant friends Mike and Roger."
Mark Victor Hansen, Co-Author #1 New York Times Best Selling Series, Chicken Soup for the Soul
You don't have to be independently wealthy or a tycoon to get started in real estate. This step-by-step guide shows you how to look beyond price to discover the true value of an investment property. It gives you a long-term strategy, based on sound market principles, to leverage this value to create a substantial cash flow without major capital investment. You will learn how to:
- Find ideal investment properties
- Determine the investment value of a property
- Approach and negotiate with sellers
- Structure win-win proposals
- Manage and maintain properties
- Get started!
Biographie de l'auteur
Mike Summey has taught the Summey Method to thousands of people across North America.
Roger Dawson is a leading negotiation expert whose bestselling cassette program, "Secrets of Power Negotiating," has exceeded $28 million in sales.
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Commentaires en ligne
Commentaires client les plus utiles sur Amazon.com (beta)
Over the years I have done a lot of deals and different things work in different situations.
The Weekend Millionaire is one of the best books for an investor who wants to learn how to invest for long term income. It is not a get rich quick book. The book assumes you have a day job, you pay your bills and have a life other then real estate.
I was impressed that they take you from finding a property to inspecting it to coming up with the offer price and then what to do if the seller says 'yes' or 'no'.
The book does not cover all styles on RE investing. No book could and this one clearly does not even try to cover everything. The advice given is very practical and will help the reader create real wealth if the reader implements what they learn.
One generic comment. All the books, tapes, seminars and similar are worth what you pay or are completely worthless depending on if you apply the information. You can make a lot of money with real estate. You can also spend a lot of time and money getting ready and never have any success. You really need to get out there and pound the pavement. This book will be a great guide if you want to apply what you learn.
1. Buy a property very cheaply.
2. Rent it out so that you make a profit.
3. Repeat Steps 1 and 2 above over and over.
4. Live a charmed life and wait for the paychecks to keep arriving in the mail each month.
1. Finding foreclosures is difficult in this real estate market since any foreclosures that are not total disasters will be snapped up super fast.
2. Finding families on the verge of bankruptcy has to be as miserable a career as ambulance chasing. The authors try their best to sugar coat the fact that they are urging you to benefit from other peoples' misery. But no amount of sugar coating can cover up the fact that their advice is the same as ambulance chasers.
3. Asking real estate brokers to take their fee in a mortgage-like payment will usually get you laughed at right out of the brokers' offices. They often see suckers trying to use this program. Word to the wise: they don't fall for it (unless they have a lack of brain cells) because they want their money front and center, not bits and pieces of it for the next 10 or so years.
4. Finding something "cheap" in most of the major cosmopolitan areas is nearly impossible these days. If something is cheap in a hot market, that means either that the neighbors are members of a drug cartel or that there is a nuclear waste facility under the property. Unless you're buying sheds in the middle of the boondocks, nothing is cheap these days.
5. What about taxes, insurance, renovations, bad tenants, natural/man-made disasters and their effects on your property? Well, the authors pay some lip service to these concerns, but otherwise they don't worry too much about it.
The only thing of real value is the explanation of calculating ROI and some charts that you on your own can make into Excel spreadsheets. It also teaches you some accounting and home buying basics. Of course, you can get the exact same basics for free on many different websites.
Save yourself the cost of this book. Buying it just makes the authors even more fabulously wealthy and encourages them to write more books for unsuspecting audiences.
As other reviewers have pointed out, the sections on negotiating are excellent and should not be taken lightly. The techniques they describe were eye-opening, I was shocked at how they might be used, or used against me! To many, the section on negotating may even be more useful than the rest of the book.
To further motivate you to get started, the book includes 8 chapters at the end, each representing one week, that describe exactly what to do in your first 8 weeks of getting started. Very well written, i've already recommended this book to several others.
The authors correctly convince you that the terms of the deal are often as important, or more important, than the selling price. This is because you can still get a good return on investment (ROI) even if you pay more than the asking price. Then, to me, the only weakness in this book relates to financing homes in very expensive markets. The authors advocate only buying houses within a 10-mile radius of where you live. Sure, if you have so-so credit and little money, you can probably scrape up financing for homes in the $50000-$100000 range. But what if you're like me, in the San Francisco Bay Area, where 1300 sq foot homes in decent neighborhoods can go for $300-400k? This is a VERY high barrier for entry. This becomes laughable when the authors describe an example where they bought a 12000 sq foot manufacturing facility for $200k, and the challenges they faced with making this facility profitable when rented. I'm not sure that any amount of creative financing will be able to help some people in markets like this.
What the author shares in this book works as he has successfully used the same material he teaches in the book to build his own real estate investing business. I first became acquainted with the author Mike Summey when I purchased the "Wealth And Empowerment Training" course from Carleton Sheets Training Institute. Mike did a lecture on one of the video's as he is one of Carleton's most successful students. During the lecture he showed slides of his properties and he explains in detail how he built his Real Estate Investing Empire. If you are serious about becoming financially independent buy the book!