Editorial Review

Who killed the economy?

A page-turning, true-crime exposé of the subprime salesmen and Wall Street alchemists who produced the biggest financial scandal in American history

"It's hard to have a guilty conscience if you don't have a conscience. Anything that benefited production - that benefited me and benefited my wallet - I'd do it."

The sales force at Ameriquest Mortgage took this philosophy to heart. They watched the Hollywood white-collar-crime flick "Boiler Room" as a training tape, studying how to pitch overpriced deals to unsuspecting home owners. They learned how to forge signatures on mortgage paperwork and create fake documents in "cut-and-paste" operations they dubbed "The Lab" or "The Art Department."

In this stunning narrative, award-winning reporter Michael W. Hudson reveals the story of the rise and fall of the subprime mortgage business by chronicling the rise and fall of two corporate empires: Ameriquest and Lehman Brothers. As the biggest subprime lender and Wall Street's biggest patron of subprime, Ameriquest and Lehman did more than any other institutions to create the feeding frenzy that emboldened mortgage pros to flood the nation with high-risk, high-profit home loans.

It's a tale populated by a remarkable cast of the characters: a shadowy billionaire who created the subprime industry out of the ashes of the 1980s S&L scandal; Wall Street executives with an insatiable desire for product; struggling home owners ensnared in the most ingenious of traps; lawyers and investigators who tried to expose the fraud; politicians and bureaucrats who turned a blind eye; and, most of all, the drug-snorting, high-living salesman who tell all about the money they made, the lies they told, the deals they closed.

Provocative and gripping, The Monster is a searing exposé of the bottom-feeding fraud and top-down greed that fueled the financial collapse.

Reviews

Strong account of predatory lending, October 31, 2010
This was a strong book. Strong in the sense of well documented and researched, and strong in vivid detail and tone. The author says he has been covering predatory lending since the early 90's and I can believe it. He has many anecdotes, many stories of individuals being defrauded, and many interviews of persons who worked for predatory lenders. This is the first writing of any kind I can find to enable me to understand predatory lending, as opposed to just dumb subprime lending. This understanding arose when the author cited statistics that show 99.75% of these lenders' loans were not to purchase a house but to people who already owned a house. The book conveys in very strong detail the ways in which First Alliance and Ameriquest "preyed" on elderly, minority, sometimes incompetent homeowners and tricked them into putting their homes at risk for loans that were unnecessary, more expensive than called for and in many cases based on fraudulent documentation. There is no doubt that these are stories of outright criminal behavior and many more people should have been prosecuted for what they did (the owner of First Alliance and Ameriquest has died). Mr Hudson depicts thoroughly the business model of predatory lending, their hiring and training and sales practices, their advertising budgets and their lobbying prowess (he absolutely impales Deval Patrick, ACORN and many other organizations as being bought off by the predatory lenders). He provides real insight when he demonstrates that the owners of these businesses appear to take it for granted that they will only be in business for a few years. I was stunned that it appears to have been incredibly easy for someone who has previously run one of these companies and bankrupted it to set up another such business and go right back to defrauding homeowners. There should be some licensing or process that companies have to go through to get into that position. (I was reminded of another book I read recently called Dark Harbor about the mob dominating the NYC waterfront in the 1940s and 1950s, where the mob was able to obtain one union charter after another without any investigation of any kind).

The subtitle of the book refers to a gang on Wall Street but, although there was some content in the book that related to Wall Street, I would estimate it was no more than 20% and it was much less substantial and vivid than the dominant story about the predatory lenders. There was a page or two on rating agencies, about 20 pages on the relation between Lehman and First Alliance including a short summary of a trial that I found quite anticlimatic and a page that seems to have been taken right out of a recent book about Lehman called A Colossal Failure of Common Sense. I suspect there was some effort to position the book in buyers' minds as an anti-Wall Street book and while the author does have that perspective there just isn't that much content on that subject, compared to the detailed accounts of the predatory lenders fleecing their customers. Also, the majority of the book is set in the 90's (indeed, it begins in the 80's). Only the last 100 pages of the text are set in the 2000's. So I do not think such marketing is particularly accurate, which is ironic given the book's point of view.


A small point: when I bought this, Amazon's links were confusing the author, Michael W Hudson, with a Michael Hudson who is a different author.

Demonstrates that the major subprime lenders engaged in massive fraud, October 31, 2010
The author has done an excellent job in demonstrating that the major subprime lenders,the great majority being concentrated in or near Orange County ,California,such as R Arnall's Ameriquest and A Mazilo's Countrywide,were engaged in a pattern ,repeated over and over again thousands of times,of deliberate misrepresentation,forgery and fraud.The goal was to misinform potential buyers seeking fixed rate loans so that they could be manipulated and maneuvered into signing variable rate adjustable loans with initial ,low ,teaser rates that would then increase dramatically after 2-5 years.The basic sales pitch was the old " bait and switch " gambit.

The author demonstrates that the major subprime lenders especially targeted older,elderly,single, black women with low incomes who owned their homes outright and /or had low fixed rate mortgages on their homes ,but who were either in poor health and/or seeking loans to upgrade /fix up their homes.The author provides numerous case studies demonstrating precisely how these black women were tricked and manipulated into agreeing to adjustable rate loans that dramatically increased their monthly payments over time.The same initial customer would then be victimized over and over again by affiliated subprime lenders who would claim that they could reduce the monthly mortgage payment .

The author shows how these firms were directly connected to the major Wall Street investment banks,especially Lehman Brothers.He then traces the securitization practices of the commercial banking industry and shows how the loans were spread and sold worldwide.

This book shows that the subprime real estate mortgage loan industry collapse was very similar to the collapse of the Savings and Loan industry in the 1988-1991 time period that resulted from highly speculative,Ponzi loan practices that started in the early 1980's .

I recommend this book for purchase.It is the first book to concentrate specifically on analyzing the subprime crisis as a criminal enterprise.

Explodes politically self serving myths of economics and rational choice, November 18, 2010
The previous reviewers have done a good job of explaining basically what The Monster is all about. However, I would like to highlight why the book presents a unique challenge to academic economic theory, particularly as it applies to public policy.

The foundation stone of Neo-Classical economics is that market participants are inherently rational, are capable of "discovering" the best available deals, and will quickly put destructive market participants out of business. This is the Revealed Truth of Milton Freidman, the bonkers Objectivist philosophy of the beyond bonkers Ayn Rand, the rigid simple mindedness of the economics texts by Gregrory Mankiw and the Harvard kids who have been force fed this abstracted, idealized, establishmentarian slop....

Micheal Hudson never explicitly sets out to torpedo theoretic economics, he simply sets forth the way a set of perverse incentives, aided and abetted by an utterly dysfunctional regulatory apparatus, could make an absolute, unrecoverable hash of the Ivy League worldview... one in which all markets naturally seek the most efficient (and in Friedmanite orthodoxy) most moral allocation of assets and talent.

Hudson instead shows a nested structure of economic actors that behave more like criminalized, methamphetamine soaked, reckless, soulless swine. It is abundantly clear that "incentive structures" can, quite easily, produce outcomes that have a high degree of local rationality, i.e. individuals maximizing their gains, while at the same time have a higher degree of systemic irrationality.... i.e. stuffing grossly fraudulent paper into the securitization system in wholesale quantities with zero regard for the ultimate consequences. Such as imploding the credit markets...

Frankly, Hudson's book should be a mandatory text in every introductory economics class taught in this country, because it dispositively proves that the Neo-Classical/Washington Consensus model is a broken model.

A good micro view of the history of subprime mortgages, November 10, 2010
This is an interesting history of the development of the sub-prime mortgage bubble. Compelling narratives and good information, told in a series of character profiles. It is an excellent start for anyone wanting to understand how we got into our current financial mess, and for anyone questioning whether Lehman should have been bailed out.

While this is an excellent micro perspective, it is weak on the broader perspective. There is little explanation of how broader economic issues affected or were affected by subprime mortgages. Although Hudson explains in exquisite detail how individuals were defrauded by hard-sale techniques, he does not explain how the supbrime securitization system could have run for so long (over 10 years), if so many people were put into mortgages they could not afford to pay and thus would have quickly defaulted on. All bubbles burst, as the housing bubble did, when interest rates rise and running debts cannot be turned over. Hudson provides virtually no discussion of this aspect of the history. For that, one is better off reading "This Time Is Different."

Hudson also simplistically paints all republicans as villains and all democrats as dupes at worst. That is lazy and inaccurate. Also, in Hudson's telling, free-market advocates are nothing but shills for evil corporate interests who are just looking for another way to screw the unsuspecting poor out of their pittances. That is cartoonishly simplistic. Those weaknesses are easy to skip over, however, and they do not interfere with the heart of the book, which is a well told narrative of the characters involved.

The Kindle version works well, although the publisher decided not to use footnotes or any other indication of what material is included in the endnotes. Use hyperlinked footnotes!

by far, the best book on the financial meltdown, November 27, 2010
I have a thirty year background in financial services that includes working for the largest banking companies in three countries so have been an avid reader of many books written in the last couple years that try to explain the global financial crisis. This book is really good so have no problems recommending it; a plus is that it avoids getting too technical but, instead, keys in on the players. And, what a bunch they were. Sadly, most of them are still around and still out there fleecing those that can least afford it. There is no doubt in my mind that the mortgage crisis coupled with two expensive wars have put this country in financial jeopardy that will take years to come back from, if ever.

A Different Monster Gets Exposed, December 16, 2010
I can not believe it has taken this many dozens of books for me to get to one where the great enemy in the financial crisis of 2008 is not merely Wall Street, or Fannie Mae, or Congress, or the Federal Reserve, but rather, the mortgage brokers all over the country (particularly the subprime ones) who served as the "drug dealers" in this whole affair. I am not saying I necessarily agree with that perspective (indeed, if there is one thing my own "final assessment" is going to reveal is that it is utter foolishness to try and narrow down the bad guys in this saga to one or two or even three players). In fact, I actually disagree with this author rather dramatically on a few points. However, there is no question that The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned a Global Crisis does something that needed to be done: It at least adds to our list of villains around the country not just the subprime lenders themselves, but their various dirtbag employees who wouldn't know a moral action if it hit them across the face.

A few clarifications are in order: I do not believe all mortgage brokers are or were bad people. In fact, I not only a few good ones, but even know a few bright ones (yes, a few). I believe the most insidious of actors in this affair (the ones who from 2000-2006 were making roughly 10x their actual intellectual and financial contribution to society) are all out of the mortgage business now, and have likely returned to their prior careers of pizza delivery or make-up sampling at the mall. There are exceptions, of course, and I am sure the business still has its fair share of unseemly folks (as any business does). But there needs to be an analysis done as to why 2000-2006 lent itself (no pun intended) to such an exaggerated stage of dirtbags and utter morons being empowered to have such an authoritative role in almost ruining the world. The Monster is an acceptable attempt at that.

Michael Hudson's underlying thesis is that the now deceased Roland Arnall of Ameriquest fame was the anti-christ. He certainly overstates his case that the culture of Ameriquest (and all the subprime lenders) was as evil as the day as long (riddled with fraud, corruption, bullying, and a total lack of regard for what was best for their customers). I suspect Arnall was as bad of a guy as Hudson says. But I have to say, it is just unfathomable to me that somehow we are supposed to vindicate the morally bankrupt brokers who actually committed the fraud and deceit around the country just because there was not a good compliance structure in place, or just because the higher-ups were looking for fraud and deceit to take place. Hudson would have written a better book, in my opinion, if he not overstated his case for the bad culture at Ameriquest, and instead evaluated how it was even fundamentally possible that such low-lifes were ever in a position to benefit from that bad culture to begin with. Whether or not I think the book's conclusions (or implied conclusions) are correct, namely that better regulation would have made all the difference in the world, I do believe the book is valuable in showing how the distribution phase of this crisis went down. Yes, securitization (the willingness of Wall Street to buy fraudulent loans knowing they could sell them off to yield-starved clients) is a huge part of this story. And yes, monetary policy helped fuel that firey drive for yield, and yes, flawed policy made housing a holy grail it never should have been. But inside of the perfect storm that all these factors helped to create, there had to be "soldiers" - minions who blindly went about their business getting folks to sign on the line that is dotted. Hudson portrays them as the immature, selfish, greedy, and utterly bush-league force of evil that they were. So kudos.

But Hudson really, really misses the mark in a major part of this book. And that is in his inexplicable desire to vindicate Main Street for their role in all this. If one didn't know better, they would read Hudson's book and actually believe that no American consumer ever understood what he was signing, or ever understood the terms of his loan. Were there isolated cases of fraud and deceit and "predatory" practices? Of course! But does Hudson actually believe that those extreme outlier cases where people thought their rate was 7% and it turned out to be 15% were the rule, and not the exception? Does he believe that the 80-year old couples in Minnesota who got duped were what brought the world's financial system to its knees? Oh please. Give me a break. All commentators who evaluate the 2008 financial crisis with a bias towards defending the American people are attempting the impossible, and defending the indefensible. I will join Hudson in his moral consternation of the mortgage lending industry all day long, but to paint a picture as he does that the American people were just innocent sheep being led astray by predatory lenders is the most ridiculous thing I have ever heard, and Hudson HAS to know this.

But maybe he doesn't. If there is one thing I am convinced of at this stage in my research, it is that people are willing to believe some horrific things if it fits their ideology. This crisis desperately needs a full-orbed analysis. My reading and writing continues.

A lesson on how to make crime pay, December 6, 2010
I knew there was a great deal of shady activity in the subprime/real estate derivatives business. How shady and how pervasive I had no notion. And they were ARE all involved and knew what was happening and either looked the other way or raked in millions. "Everyone" here means the lenders, the appraisers, the bankers, the bonds-raters, the investment houses, the politicians--particularly them--and even a certain few who signed loans they knew they could never pay back. It's this last group that's been getting much of the blame, and going in I thought the blame was was justified. But the fraudulent practices (fake paperwork, bait and switch, lies about what complex contract language meant) that led to the signing of the loans and the lack of govt regulation and/or collusion between lenders and regulators--that's the real story. Thanks, mr. Hudson for telling this story at least to this point, cause it's not over yet. Caveat emptor: reading this book could prove dangerous to the hypertensive

The FIRE sector rules., November 22, 2010
The title says it all. Hudson does a great job of describing how Brokers, Mortgage Lenders & Wall Street firms deceived both customers & investors.

To put Hudson work into context at the macro level..What were the three things which enabled the whole ripoff to take place? (1) An easy money policy by the Federal Reserve (2)The "Big Three" rating agencies giving stellar ratings to junk derivatives (3) No Assignee Reponsibility to hold any interest reponsible for the toxic investments they peddled. The true genius of the whole ponzi scheme went something like this.. Bundeling crappy loans with few more good ones by "securitizing"..then passing it off as low risk investment grade stuff by the prestigiuos rating agencies (which earn fees from the same Wall Street clients which packaged the garbage).. ultimately offloaded onto the public..Then a political sales job by mainstream Dems & Republicans alike which attempted to convince the public that "we the people" must subsidize those poor ole Wall Street banks & well connected Hedge Funds/Private Equity firms by swapping US Treasuries for the junk derivatives they were left holding. Blowing smoke up the public's *** by saying the junk mortgages will somehow turn into investment grade stuff... What a joke.



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Editorial Review

A fully revised, new edition of one of the bestselling real estate investing guides of all time

Through its five previous editions, Investing in Real Estate has shown investors how to intelligently build wealth with their investments in houses, condominiums, and small apartment buildings. Unlike many titles in this genre, Investing in Real Estate steers clear of the hyped-up “no cash, no credit, no problem” promises. Instead, it provides sound, real-world advice and instruction that reflects the author’s time-tested wisdom and experience. This book shows you how to invest profitably, safely, and reliably as you navigate the risks and opportunities of today’s property market. It covers all the topics investors need to master, including how to find, negotiate, finance, lease out, and manage your property acquisitions. Plus, you will discover how to add tens of thousands of dollars of value to nearly any property. Whether you plan to start investing or move   your current investing strategy to a higher level, two decades of sales success testifies to the fact that this investing guide stands superior to any others that you will find.

This new edition covers all the recent changes in the market, including the latest housing rescue legislation from Congress, a historical review of how to profit from property cycles, and insightful new ways to gain from the current excess inventories of for-sale properties, foreclosures, and REOs.  

• Author Gary W. Eldred has also authored ten other successful real estate titles, including The Beginner’s Guide to Real Estate Investing, The 106 Mistakes Homebuyers Make—and How to Avoid Them, and The 106 Mortgage Secrets that All Borrowers Must Learn—but Lenders Don’t Tell
• Completely revised to cover current ways to prosper in today’s property markets
• Includes new, insider techniques for foreclosure investing
• Features fifteen new ways to profit with property investments
• Shows you how to buy properties for less than they are worth from many sources including auctions, bank sales, and homebuilders

Investing in Real Estate, Sixth Edition retains its premier position as the most reliable, informative, and comprehensive guides to successful real estate investing.
... Read more

Reviews

Packed with knowledge and techniques, June 13, 2002
I bought the top 3 r.e. books (Investing in Real Estate, Real Estate Riches, Unofficial Guide). I could have bought just this one. It covers EVERYTHING the other books go over, AND it gives you FAR MORE DETAILS and far better explanations. I urge you to compare the contents--buying foreclosures, buying bargains, creative improvements, financing, paying less taxes, predicting appreciation, valuing properties. You will see what I mean. While Unofficial clearly beats Riches, it still gives you wrong or glossed over info much of the time. Unofficial is especially weak on financing, buying bargains, foreclosures, and valuation, though it's pretty good on management. I can offer this critique because Investing In Real Estate set the standard from which I could make an intelligent comparison. All of those readers who rated UNOFFICIAL with five stars could not have known much about real estate. They surely believed that they learned more than they actually did. Over and over, I read similar topics in IRE and Unofficial, and each time I developed my understanding from IRE and quickly spotted the glibness of Unofficial. Don't take my word for it. Go into a bookstore and compare for yourself. As to Real Estate Riches, DON"T BOTHER--unless you're a rich dad groupie.

On target for today's market, May 15, 2002
This is the 5th r.e. book on investing I've read. But it was the first one to recognize that we're no longer living in the 1980s or even the early 90s. Sorry folks you can't buy foreclosures at pennies on the dollar. You can't find "motivated" sellers who will let you steal their properties for 60 cents on the dollar. Non-qual assumptions? Good luck trying to find one that's workable. Cash back at closing--dream on! Yes the gurus will lead you to believe that anyone can use these and many other outdated and super risky "creative" techniques. I know from experience because I wasted much money, time and effort chasing after their promised rainbows. Luckily, this book offered welcome relief. Factual, up-to-date, and very specific about the real opportunities (and pitfalls) in foreclosures, high leverage, property improvements, and tenant management. Do yourself a favor. Before you run amok with illusive hopes, read this "state-of-the art" guide. Some years ago I read a great book (Million Dollar Habits) by Robert Ringer. The first chapter was called "The Reality Principle." Well, Investing In Real Estate stands as one good dose of reality. This is the most real-world introduction I've found.

A must for Real Estate Investors (Novice or Expert), August 7, 2001
This book is a very long read, so be prepared for it. It is jam packed with information and is probably the best real estate investment book I've read so far. The difference between other books and this one is that there is no hype or BS. I can't stand Carlton Sheets and just love the slamming of the "investor wannabe who just graduated a nothing down course." This book puts all hype to rest and reads facts. If there was a college textbook for Real Estate Investing this would be the one. I would have to say the only downside is the lack of detail when dealing with Probate and Sheriff's Sales. I think they were so brief is due to the localized nature of them and differing laws from state to state. Other than that is excellent. But like I said, it's a long read, but well worth it.

Helpful For Everyone, April 26, 2003
You're not just buying a book to read here. The amount of information in "Investing In Real Estate" makes it an investment. These are the facts. The way things are. There has been spiked interest in RE recently because of the recent low interest rates which has caused an upsurge home-buying in many parts of the country. With all of the real estate courses, seminars, tapes and books being marketed, how rare is it today to hear the facts and not just the hyperbole? This is the most comprehensive and detailed, to-the-point real estate book available.

If you're a normal home owner and want to increase your home's value with some shrewd fixing-up before you sell it, you can get tons of pointers here. Want to find the best bargain with your first purchase or your new home? Manage your property(ies)?
What criteria do you use to find the best property? How do you check to make sure? Creative financing is also covered.

This is not just for those investing in apartments or a duplex but everyone. Want to rent-out your house? You will learn the basic laws and procedures, and how to write up the most appropriate lease and how to cross your "T's" and dot your "I's." Almost all of us know people who've rented their homes out and had "bad tenants." You'll learn how to screen properly here to avoid them, and how you can use the (local) law.

There are many simple and proven math models on how to calculate the return you'll get from buying a detached house, condo, duplex, tri, fourplex, or multi-unit apartment complex. The Gross Rent Muliplyer (GRM), Income Capitalization "Caps," Net Operating Income (NOI), Return on Investment (ROI), and Before Tax Cash Flow (BTCF) etc. Add these simple equations and formulas to the fact that you likely live in the community (familiar with) you'll be buying/investing in, and you'll have the best chance to earn some positive Cash Flow, and choose the best option available. Ways to evaluate neighborhoods and areas that are up-and-coming, paying less taxes, and using depreciation and deductions properly are also covered. Very important for homebuyers and owners yes, but this is the most comprehensive book written for people who are looking to purchase property to plan ahead.

Great book if you're thinking of getting into real estate, November 24, 2004
I've read many real estate books and this one is the best at covering the broadest spectrum. The best part about the book is that as other reviewers have stated, the book is up-to-date and not outdated like some other "get rich" quick real estate books. Those times are over. One word of caution is that the book does not touch on multi-family properties and could use a little more by the way of how to measure performance.

exceptional introduction to real estate investing, August 8, 2004
i've bought and sold a few pieces of personal real estate, but i'm new to real estate investment. i looked long and hard for a book that was short on hype and "get rich quick" and long on the facts, both good and bad. this book is it- the authors cover all of the major types of real estate investing (though they focus primarily on residential) and give you the tools to get started. highly recomended.

Best of breed, October 28, 2001
After reading a slew of real estate investing books ( I'm convinced that realty investors can outperform the stock market), I would award this book the best of breed title. It covers more topics in greater depth than the others. I agree,too, with the reviewer below--these authors seem to really know what they're talking about. It's not all about real estate as a wonderful investment. The book talks about the difficulties, but does do a good job of showing how to deal with them, e.g. management, repairs, bad tenants, etc. But on the other hand, do people really think they can become "financially independent" by buying stocks that pay dividends of less than two percent and whose appreciation remains iffy. Gain without pain--the dream of millions--won't likely prove to be as easy as the stock hypesters have led us to believe. As for me, I would rather own tangible wealth (with some effort) than hold so-called "financial assets" whose value can evaporate overnight. If you agree with this truth, then get a copy of this book.

Must Read! Gotta Have!!, August 30, 2001
Execellent book for beginner or experienced investor. The chapter on 'legitimate' funding sources for low down payments is an eye opener. It also includes the relevent web-site addresses, and provides an illuminating view of the loan process from the lenders perspective(what they want to see before approving your loan). There is also top notch information on setting accurate valuations on prospect properties (the author explains 3 ways you should value a property before running a 'break-even' analysis). Also include several solid formulas for examining a property from an investment viewpoint- debt coverage ratio; before tax cash flow (will my property really make any money?); and the all important ROI (return on investment). This book will take awhile to digest because it's not a 'lite' read. The author also gives a good rebuttal to other '0 down' program and exposes the dangers of high-risk, high-leverage deals. Well worth the investment! Don't waste your money on the other 'introduction' type books before you read this one. If you are looking for nuts and bolts, practical investing info- this is the one to buy first! Includes a lot of info on rehabs as well, but covers all property types; single family and multi unit apts. I examanied 10- 20 other RE books before selecting this one- you won't be disappointed!!!

Reads like a Book Report, December 27, 2002
See this book....see that book...see my other book....I felt like I was back in school and doing research. This book had a lot of good tips but it was a pity that I already knew them from a great website called Creative Real Estate Online. Bought this book in conjunction with The Unofficial Guide to Real Estate and I read that one first. Maybe THAT'S why this book seemed dry and boring in comparison. Can't understand why this book got such high reviews. I recommend the earlier mentioned book and website.

Great book, great professor, February 19, 2002
Full disclosure: Dr. Eldred was my professor of real estate when I was in the Stanford M.B.A. program. Unfortunately, I never put his advice and teachings to work.I was too busy with stocks and investment banking.But, having been downsized with the slaughter on Wall Street, I've now decided to turn to real estate and by coincidence I ran across Dr. Eldred's book. I strongly recommend it. Just like the professor himself, this book brims with practical wisdom and a cogently reasoned approach to investing. I only wish I had put this advice into action 15 years ago. I've learned from hard experience that monied investors need to diversify into income properties--and small investors need real estate to provide the income and security that they can't get with stocks or Social Security. ... Read more

Editorial Review

Underwater on your home? Don't know what to do?Let one of the the nation's leading experts guide you to the right decision.In Underwater Home, Professor White addresses all your concerns and helps you work through the emotions and practical realities of being underwater on your home. He explains your options and gives you the facts that will empower you to make the best decision for your family, free from guilt or fear, and with clarity, confidence, and peace of mind.Underwater Home is both an emotional and practical guide for the underwater homeowner. Professor White explains when it makes financial sense to stay in your underwater home and when it makes sense to get out.And he offers no-nonsense insight into how to negotiate with your lender.If you're underwater on your home, you can't afford not to read this book. ... Read more

Reviews

White will challenge your preconceptions on this topic, but also on how you view the consumer/producer relationship as a whole., December 3, 2010
This is a book beyond the false parity of 'he said/she said'. White delivers a solid rationality-based hook to the baseless, glossy-brochure corporatists and media analysts who blame the homeowners and working people for the financial crisis.

White writes decisively and pulls you along with glowingly succinct reason. His logic will challenge your conceptions and leave you thinking more clearly, not just about the housing crisis, but also about how the media are used by corporate power to promulgate convenient and profitable memes.

In fact, you may recognize some of the memes in your own speech. I did. White has taught me more than one lesson.

I highly recommend this book. Read it before you read just another shouting match.

Must Read for Underwater Homeowners!!, December 21, 2010
Like so many of our friends and family, my husband and I are underwater in our home. This book allowed us a moment of clarity to set aside our fears and thoughtfully consider our options. Underwater Home is a necessary read for any underwater homeowner wondering how to cope with such a large financial burden. The book addressed each of our concerns about foreclosure, short sale and loan modification clearly and compassionately. It also educated us on the options we have available to us, and how we might begin evaluating them. Although we have a long road ahead, what a relief to have access to trustworthy foreclosure information! If you or someone you know is in this situation, I highly recommend this book.

Excellent Reviw of Underwater Homeowner's Options, December 26, 2010
I have just finished reading Professor White's book and found it extremely informative. He examines the plight of a homeowner who has an underwater mortgage and provides excellent advice as to the available options. More than that he helps demystify the choices you have and helps remove the emotion involved with the decision to walk away from an underwater mortgage.

He also provides numerous websites and simple calculations that will help you decide what is your best option. His explanations help to reduce the emotional ties a homeowner has to his house, explains them and then encourages you to make a logical decision based upon your own particular situation. He helped me make up my mind as to what I should do and I know can help others who are facing one of the most critical decisions they will ever have to make.

Highly recommend to anyone who is facing an immediate foreclosure situation or would like to know more about this subject.

One of the first to see the homeowner's point of view, November 30, 2010
Disclosure: I have not yet read this book but am ordering it now; I have avidly read everything I could get my hands on that Prof. White has written, though. He's one of the first, and maybe THE first writer out there who put an end to the emotionality of defaulting on an underwater house; far too many pundits want to demonize mortgage holders as 'deadbeats' when the reality is, it's just a business deal with foreclosure on the property being the end result of not paying the monthly mortgage; it was a deal entered into with much savvy on the bank's side, and far more innocence on the buyer's side, no matter how educated they may be. They blew up this housing bubble, making your payments larger all the while; think about it; if anyone can get a loan without 'qualifying' the way was done 40 years ago, then there's a lot more money out there for the asking, and prices will skyrocket; that's exactly what happened. The banks didn't care, they make money on the origination, the fees, and again on the securitizing and will again on the foreclosures.

Some things all borrowers should know: The money you 'borrowed' was created out of thin air; you pay far more back in interest (front loaded at the beginning of course)than the place could ever be worth in your lifetime; the banks have made even more money turning your mortgage into investments that have now blown up the world economy; and it is now coming to light that an awful lot of mortgage notes were sold without the proper paperwork, or the paperwork even being started...

Don't feel sorry for the banks, it's increasingly looking more and more like they are criminals. I'm sure Prof. White will have much more to say about it and more eloquently than I could. He's a great writer, making a complicated and nerve-wracking topic an easy and enjoyable read, and had the courage to point out what was going on long before anyone else did.

Strategic Default, December 1, 2010
Disclosure I have not yet read this book, but I've read much of what the professor has written on the subject of strategic default.

For over a year, I've been reading academic documents written by Professor Brent White, newspaper articles about "strategic default" and Op Ed pieces written by Professor White. His writing is logical, precise and very readable. I'm sure his book will deliver great value, particularly for those who are faced with the underwater home problem.

I've also enjoyed a few email exchanges with Professor White. After reading a New York Times article about strategic default which mentioned Professor White's name I contacted him and I sent him an email which, I think, provides an parallel example which might give some solace to underwater mortgage borrowers who are considering strategic default:

New York Times - BUSINESS | February 03, 2010
No Help in Sight, More Homeowners Walk Away
By DAVID STREITFELD
By June, about 5.1 million people will own a home whose value is below 75
percent of what is owed.
________________________________

As I read this article and it mentioned that institutional borrowers and
corporate borrowers seem to have no ethical qualms about abandoning their
contractual obligations to pay THEIR mortgages, I thought of another
situation which further exemplifies the double standards practiced by
financial institutions. (Do as I say, not as I do).

If you held securities in a brokerage margin account (using borrowed money
for a portion of your holdings) and the securities in your account lost
value, the financial institution holding your securities would demand that
you bring your 'equity' in the account back up to a minimum margin value
(plus a small "cushion"). If you did not do so, within a very short period
of time, they would liquidate your account and come after you for the
difference between the liquidation proceeds and the margin debt - as it
stood at the time of liquidation.

It seems homeowners now have the opportunity to turn-the-tables on financial
institutions by "liquidating" their home mortgage. It's unfortunate
homeborrowers can't go after the lenders for the money they lost as a result of
lenders providing so many loans to speculators and unqualified and incapable
borrowers.

Reasonable down payment requirements (like those for conventional mortgages)
would have prevented the lending excesses and the speculation that led to
the housing crises.

And another email reply:

Because some people seem to get 'exercised' by the concept of "strategic
default" I want you to know, I have no prejudice against people who choose
"strategic default" as the solution to the the misalignment of their home's
value to their mortgage payment (and their home equity). Actually, I believe
in the long-run the cumulative effect of the strategy will be to force the
recognition of the true risks of home ownership and mortgage borrowing and
lending, (I can't resist including here Lord Keynes' wise observation, " .
. . however, in the long-run we're all dead")*.

The strategic default strategy might even force sobriety on the Congressional banking committees, the Government Sponsored Enterprises, on 'private' mortgage investment bankers, and on HUD and the VA. And, another salutary effect of the mortgage mess is that real estate agents may never again be able to say "go ahead buy, there is no risk, you know that home values never go down" without red
flags popping-up in prospective buyers' minds. However, I am a bit concerned
about how mortgage lending and mortgage interest rates will look in a more
sober world.

... Read more

Editorial Review

Anyone who wants to turn their real estate practice into a highly successful business must understand the fundamental models that drive the best real estate agents in the industry. In The Millionaire Real Estate Agent these models are revealed and explained. This book represents the culmination of decades of real estate experience, research, and consulting, with case studies from some of the top millionaire agents in the U.S.

In this revolutionary handbook youll learn:

* Three key concepts that drive mega-agent production.
* Essential economic, budgetary, organizational, and lead generation models that are the foundations of any high-achievers business.
* The distinguishing characteristic of Millionaire Real Estate Agents--the way they think!
* How you can get on the real estate career path to Earn a Million, Net a Million, and then Receive a Million dollars in annual income.

The Millionaire Real Estate Agent is not about quick fixes. It is about the innovative application of proven business techniques to the real estate industry. Isnt it about time you put your career on the path to becoming a Millionaire Real Estate Agent? ... Read more

Reviews

Made My First Year In Real Estate a Huge Success!, July 15, 2004
I found this book on Amazon when I was just starting out in Real Estate. I read many of the how-to books because I wanted and needed to hit the ground running in my new career. This book, by far, was the most information-packed and practical guide to starting a real estate business. (By the way, another excellent book is "How to Become a Power Agent in Real Estate" by Darryl Davis).

I am an attorney and before starting my real estate career, I had my own law practice; and before that, I had my own computer consulting company-both successful ventures. I approached real estate from a businessperson's perspective and this book definitely speaks to the serious businessperson. There are so many books and articles telling new agents where to spend their time and money that by the time the agent figures out what works and what doesn't, they have spent their entire budget and an entire year, and have not made enough money to move on. That's why 70% of new agents drop out of the field by the end of their second year.

This book helps agents, new and seasoned, stay focused on the bottom line. Moreover, it answered the most important question for me--If I need to generate $80,000 in income per year (salary, not gross commissions), what activities do I need to do and how much will it cost me?

So many of the other books and articles claimed to have the winning formula by telling you that you must knock on 50 doors per week and make 50 cold calls per week to generate business. Their theory is that it must be painful if you are to be successful.

This book, however, gives you lists of ideas and says if you do "x" number of activities from this list, you can expect to receive "x" number of transactions per year. YOU get to pick which activities you perform (if you don't like knocking on doors, pick another activity--it does not have to be painful for you to be successful).

The other books tell you that you must know a lot of people--friends and family--and that you MUST call and hound them in order to get business. This book, alternatively, says that if you do not know a lot of people (if you are new to an area) or if you don't want to call your friends and family and beg for business, you don't have to. It gives you the formulas so that you can determine how much marketing you have to do with the "people I haven't met yet" group to generate the same results as you would have with your "friends and family" group.

Using this book as a business modeling guide, I closed just under $3 million in volume in my first year; and just over $7 million my second year. By my 3rd year in real estate, I had already broke through the $6 million volume cap that many seasoned agents hit as a glass ceiling and cannot move beyond. My manager with my first real estate company (Long & Foster) was hostile to my business model because she didn't understand it and because I was taking control of my own career. She wanted me to follow her formula and she wanted me completely dependent on her for my success (even though she never provided me with leads!)

Then Keller Williams came to Maryland! (Gary Keller, the author, founded Keller Williams to empower real estate agents to run their own successful businesses). I joined Keller Williams and now I am surrounded by agents and brokers who realize that the business is mine and that the broker's role is to support my success. They do not believe, like so many other companies, that the agent's role is to make the broker rich. This is obvious by the fact that they offer one of the highest commission splits in the industry, without charging a monthly "desk fee," and they share the profits with their agents! And their entire culture is based on the "Millionaire Real Estate Agent" business models.

If you are serious about approaching real estate as a business, you must read this book.

The Real Deal, Can't Recommend Highly Enough, July 16, 2003
After reading this book three times through I'm struck with one overriding sense, "OK, this guy gets it". Can one book successfully sum up what's needed for a successful real estate career.....yes.

I've been a real estate broker for 11 years and I've been to and heard just about every major "real estate trainer" out there: Wickman, Buffini, Stumpf, Kennedy, Ferry, Knox, Droz, DeLuca, etc. What they all offer are specifics of how they were successful realtors in their time. Which is really helpful, but what sets this book apart is that Keller looks at the challenge of treating your real estate sales career like a business. There is real wisdom here, not just about having a "successful" real estate career, but life balance, and personal fulfillment through our real estate business.

I know a number of other agents who have read this book and one thing I've heard a few times is "I wish something like this was around when I got into the business", which are exactly my thoughts. Keller has kind of a tough love approach to spelling out exactly what is involved in true mastery as a realtor producing at a very high level. Another thing I find interesting is that this book could be about any industry, any career. The disciplines and business concepts he describes are universal.

Keller starts with the open questions of essentially "what would it take for an agent to succeed at a really high level, and let's use a million dollars as a kind of random goal." He then builds with 1) finding the motivation within to climb this mountain, 2) How to earn a million, 3) how to net a million, 4) how to receive a million in passive income (a true business owner), and finally 5) how to put it all together with the key of focus driving your business.

Keller has a direct common sense outlook and writing style which I found refreshing.

This book applies to the new agent as well as a realtor who is already producing at a high level.

Excellent, Applicable, Readable, January 19, 2004
Ill keep this short cause I see my opinion is shared by many other reviewers, but I found this book to be both inspiring and applicable, and much better than other real estate books Ive read, whether you are a seasoned realtor or a rookie. Heres why:
1. Unlike other real estate books Ive read, its not full of fly by night "creative" ideas that may or may not work. Ive read several books that want to spend all there time talking about everything from FSBO's to borderline deceptive approaches. This book gives you more of ground up approach and encourages the reader to discover his own techniques for producing listings.
2. Most real estate books Ive read are either too broad, or too specific. This book blends the two nicely, giving solid principles to form your practices on, and good ideas to sharpen your techniques, suggesting PRACTICAL ways of determining which methods work for you. Furthermore, it is NOT based SOLELY on what worked for the author, the information is based on empirical data gathered from the most successful realtors in the country. Very scientific approach.
3. This book goes beyond how to close the deal with John Customer and talks about how to build a business from the ground up, and what to do on the way there.
4. Finally, it gives dozens of histories of successful realtors which are fun and interesting to read.

I highly recommend this book to anyone in the real estate sales field. Good read, inspiring, interesting, and practical.

Have a successful business AND a life + security for the future, September 28, 2006
My sales went from $2.7 million in 2004 to $8.5 million in 2005. Now we're heading to towards $12 in 2006. Hot dog!

But it's not about the money! It's about being the best I can be. I have more time for my friends, family, and I am out of town enjoying myself about 8 days per month. Mostly weekdays... And I have the security of knowing that I am on-track for the business to run itself while I am unavailable for vacation, semi-retirement, or if something happens to me. (!!)

All it took was the change of MINDSET and mode of operating that I learned from The Millionaire Real Estate Agent: It's Not About The Money.

Gary Keller gives you the formula for success in Real Estate. MREA (Millionaire Real Estate Agent) DOES have plans to help you make more money. YOU identify what you want your Net Gross Commission Income to be, and how many weeks per year you want to work. KELLER shows you how to draw a map from that future goal, backwards, to where you are now. Then you can start your journey, step by step, to success. Simple.

Keller likens your approach to becoming a successful agent to training for your first marathon. If you had set your goals for only 10 miles, you would work long and hard and painfully to hit that mark in a few months. However, if you had set your goals more long-term to run the full 26.2 miles AND had a plan to get there, you would be breezing through that 10-mile mark with ease and grace. It would have been a foregone conclusion that you would have that 10-mile level of success.

The marathon is a great metaphor for real estate. How far can you run or walk comfortably right now? 1 mile? 3 miles? If you got up early and ran or walked and ate right and had a plan, you know that you be able to run or walk farther, faster AND you would probably be in the best shape of your life. The confidence and success you would feel would spill over to your improve your personal life.

Think of each mile as $1 million in production. $1-3 million is attainable by accident. After that, you need a plan.

Unlike the marathon, you don't have to get up and do a bunch of stuff you weren't doing before. You are going to be doing the same real estate stuff you were doing already, just a little differently. Ultimately, you get to sleep in!

By the way, my clients love the service they get from The Joe Barfield Group and they are delighted with their results... That feels good.

Developing a Real Estate Business: This is the Best!, November 12, 2005
I have to laugh at the people who complain about this book, they are not reading the same book I am. I turn to Kellers book almost weekly. I went from no sales and no listings to 3 listings in 3 weeks since reading his book. Just his 8x8 touch technique alone was worth the price.

This book is not for everyone. If you are satisfied with your career as is then you will not go the extra effort Keller suggests. For the serious Realtor looking to go out on their own, this book is the roadmap on how to do it. My ten year plan is to develop the skills and relationships needed to go out on my own. This book will take me there with some hard and smart work.

Just the fact that Keller has such details in one book is amazing. Everyone from Michael Gerbers to Tony Robbins systems are in this book. What makes it a classic is the fact that the book can combine such a wide range of information in a clear and simple format. Thanks to Keller for writing such an inspiring book.

Much Success!

A business guide only!, December 8, 2004
If your looking for a book to teach you how to become a Real Estate agent, prospecting, scripts that work etc., then this is not the book for you. This book gives a model to follow, a business plan on how to run your real estate career as a business. It stresses how to think, what to think and how to stay structured as your
business grows. There are no real practical ways shown on how to get business or any sample letters or practical advice that is proven, it just states that it is a numbers game, and you have to stay focussed and go for it. I was dissapointed in this book. The reviews I read about it were misleading. They stated that this is the only book you would ever need and it is the complete authority on becoming a real estate agent. It is not, as I stated it is just a business model not a teaching tool.

Millionaire real estate agent: Its not about the money, May 17, 2003
Tremendous!!!,
Gary Keller, Dave Jenks and Jay PApasan have really laid this business of real estate sales out for the Real Estate agent that views their practice as a business. Agents that read this book-- get ready to get control of your business. He talks about mastery in the areas of lead generation, Profitablity, accountabliity, tracking, Recruiting help, grooming lead help and growing a Mega Agent practice within your current work environment. I've already experienced unbelievable results by using the principles taught in this book. I have made adjustments in my practice that are already producing significant results and profit after just a few short months. I'm on my second reading of this book and I am discovering things I missed the first time around. I think this book may revolutionize the real estate business form the agent's prospective. This is a must read for anyone that wants to take their business to its full potential!! Buy this book!!!
Tom

An excellent step by step plan to run a succesful real estate business, January 20, 2006
I Actually recieved this book with the online course for my state license (Californialicense.com). At first I couldn't figure out why, because it had NOTHING to do with passing the state test, but now agree that it should be REQUIRED reading for all new agents. Yes, it starts out a little dry, especially if you're new to the real estate business, but by halfway you're wondering why they don't have these step by step books for ALL businesses. It answers alot of good questions that I have yet to see even asked in other RE books. Gary Keller gives advice, motivation and real, practical examples that make your goals not only attainable, but realistic.

If you're serious about making it big in the RE business, rather than just making a living, do yourself a favor and buy this book, apply the models, and refer back to it often!!

John

Kiyosaki Fans Take Note, May 9, 2003
Robert Kiyosaki introducted many people to the principles and theories of money, but he never provides a plan for the reader. Mr. Keller fills that void with the Millionaire Real Estate Agent by providing a precise, step by step plan on creating a true "B" enterprize. This is the "how to" book that Robert never got around to writing. Thanks for filling the gap!

Motivational book to get you started., November 14, 2006
I began my career in real estate in July 2004 with a company called Keller Williams, which the author founded, therefore I was required to purchase and read this book. While my relationship with Keller Williams did not pan out past two months, I will say that this book was an excellent starting resource. For the most part, it inspired me to get out the door and prospect, discussed budgeting, some broad marketing ideas, and goal-setting. Specific marketing ideas were not discussed in detail, which is not the purpose of this book. The purpose is to inspire and discuss basic business fundamentals as a real estate agent. [If you are looking for specific ideas, I recommend going to a CRS event... it's amazing what agents from other markets will spill that local agents won't share.] Once completing this book, I was on fire and wrote a very detailed "action plan" stating exactly what I would do each day for the next 1 month and held myself accountable to this each and every day. This was updated month after month. Thanks to the focus this brought me, I closed $11.3 million my first year! At the point I was at in my real estate career, that was the "pearl" I received and utilized from The Millionaire Real Estate Agent. I know that when I pick up the book and read it again, now a few years later, something else will speak to me as I am at a different point in my career now.

Sean Remington is a top rated Albuquerque REALTOR(r). To learn more, please [...] ... Read more

Editorial Review

Formulas that make the difference between making profits and losing equity

The only way to win the real estate investing game is by mastering the numbers. This revised and updated edition of the popular reference shows how to target the best investments in the present market. It answers all your real estate questions, and provides new discussions of capital accumulation and internal rate of return. This book’s basic formulas will help you measure critical aspects of real estate investments, including

• Discounted Cash Flow
• Net Present Value
• Capitalization Rate
• Cash-on-Cash Return
• Net Operating Income
• Internal Rate of Return
• Profitability Index
• Return on Equity ... Read more

  Reviews

  The Definitive Guide, January 21, 2004
  I recently decided to look into investing in residential real estate, but I didn't know enough about the financial risks and rewards to determine whether this would make sense for me. So I decided to give myself a quick education by reading the best books I could find on the subject. I had to wade through a lot of get-rich-quick-without-any-money books to find the good ones, but I wound up with ten books that looked like they had good, solid information for would-be investors.

  After working my way through all ten books, I can tell you without reservation that Gallinelli's book is head and shoulders above the rest. There was something to be learned from each them, of course, but the others tended to get a bit fuzzy about the financial details, often substituting simplistic rules of thumb for real analysis or doing a hand wave just about the time I needed hard information. Worse, there was a disturbing lack of consistency among the books where they did provide financial details, and there was no obvious way to sort out which book had the right take on a particular calculation or financial ratio. And it seems to me that, important as general principles may be, if the financials don't work then nothing else matters very much.

  Fortunately, Gallinelli took me right down into the nitty gritty stuff and showed me, step by step, just how the whole business works. He was also the only author to even consider the possibility that I, as a modern-day investor, might have the ability to run these calculations in a spreadsheet, and he provides clear instructions for entering the required formulas in Excel. Not that you have to be an Excel user to benefit from this book; the financial analyses he describes are absolutely essential to knowing what you're getting into, and you need to run them whether you do it on a calculator, use packaged financial analysis software, or build your own spreadshet. But for those who do know how to use Excel, it's a tremendous benefit to have the step-by-step instructions right there.

  After reading this book, I now understand how to figure out the total return on a residential property from all it's sources, including operating income, depreciation writeoffs, equity accrual, appreciation, and capital gains benefits, and I know how to calculate the effect of leverage on each of these sources. Better still, based on the formulas Gallinelli provides, I can quickly see how these sources play off against each other to predict my total return on investment in any particular scenario. More than any other book I read, this one prepared me to analyze a candidate property and evaluate its potential return, allowing me to determine whether it's a good investment and, if so, under what price and financing conditions. Based on what I've learned, I'm now shopping for apartment buildings to make my first acquisition.

  Of the ten books I purchased, nine now sit on my shelf within easy reach. But this one sits right next to me and will always be close at hand. If you are thinking about investing in real estate, buy this book and read it before you do anything else. It's that good.

  Required Reading for Real Estate Investors, April 23, 2004
  Before you invest $1 into income-producing real estate, be sure to pick up a copy of Frank Gallinelli's excellent book, What Every Real Estate Investor Needs to Know About Cash Flow...And 36 Other Key Financial Measures: Guidelines, Formulas, and Rules of Thumb for Making Money in Real Estate. While the title may sound somewhat forbidding, the book is so well-written and accessible that even novice investors who wouldn't know a cap rate from a rate of return can quickly and easily master key concepts such as present value, gross scheduled income and discounted cash flow. Better yet, Gallinelli offers free spreadsheets that you can download from his site that do the numbers-crunching for you. I like to think that I'm a pretty savvy investor, but, thanks to Frank and his amazing formulas, I narrowly avoided overpaying for a five-story office building in the Chelsea section of Manhattan. While there's no guarantee that the seller will accept my lower offer, I feel confident that, if I do get the deal, I will be paying a fair price now that Frank has taught me how to do the math.

  So you think you know real estate math?, September 5, 2005
  I recently asked a potential joint venture partner to send me some profit projections. What I got was an eye opener. My prospective partner was clueless about rates of return, generally accepted accounting terminology, and real estate calculations in general. Her seven year projection spoke of: "Money Partner ROI" (180%), "Average Yearly ROI" (25.8%) and "Average Yearly Compounded ROI" (15.9%). How the first two were computed (or what they meant) were impossible to ascertain. Apparently they were returns without compounding. The third was an unsuccessful attempt to compute the Internal Rate of Return (the correct calculation was 17.3%). IRR, the industry standard and the means professional investors use to compare alternative investments, was unknown to this mathematically-challenged young lady. If, like my prospective partner, you feel your grip on the mathematics of real estate investing is a little shaky, then this is the book for you.
  The first half of the book is an unusually clear and up-to-date discussion of the gathering and use of data needed to make investment decisions--plus a running commentary, sometimes humorous, on real estate investing in general. This section alone is worth the price of the book.
  But wait, there's more! The second half lays out most of the mathematical tools needed to invest in real estate. Each short chapter covers one topic with definitions and examples offered in clear, jargon-free prose. Topics include: Internal Rates of Return, Net Operating Income, Gross Rent Multiplier, Net Present Value, discounted cash flow, calculating taxable income and much more.
  Plus, there's a nice bonus. The book directs you to their free website where calculators for many of the more complicated transactions are available. I recently used the website's IRR calculator to compute the return of seven years worth of annual cash flows plus the sales proceeds from reversion. Elapsed time: under one minute.
  Oh yeah, I recently purchased a second copy of the book for my mathematically-challenged woman friend. Hey, she understands real estate--she just can't do the math!

  Frank Gallinelli takes you from ground zero to infinity>, April 11, 2005
  As a duel licensed real estate agent, appraisal certified 15 year real estate investor and real estate website operator, I can honestly say that I have never seen anyone that gives you the nuts, bolts and tools of mathematical computation and analysis like MR. Gallinelli.
  
  Of the hundreds of real estate books that line my shelves, Franks book here has a place above my desk that is within arms reach, this book doesn't collect any dust!
  
  I can't stand books that leave you with some off the wall idea that only the author has figured out how to use, those are worthless, Frank takes you by the hand and knocks the fear of math right out of your head and gives you a monstrous calculator data base at no charge to actually DO the math while you're reading along.
  
  I'm going to have to give up a little secret here too, Frank is reachable, you can actually get in touch with this man when you have a question. He also teaches in his spare time at Columbia University to keep his skills sharp while giving back to his community in more ways than most.
  
  I'm a stickler for ethical treatment of the consumers in real estate and without going into the details of Franks mathematical formulas, models, presentations, examples, hints and rules of thumb, I will say that for less than $20 your are getting what many boot camp promoters charge thousands for.
  
  This is a full blown investment course that gives you the ability to accurately project forecasts that directly impact the bottom line, I may be a little biased as Frank can be found at my site www.magicbullets.com but I'm not exaggerating when I say Frank Gallinelli is the best in the business and I have never seen anything better than what Frank is offering you here! Dan Auito of www.magicbullets.com
  

  Complete lack of fluff!, March 4, 2005
  One of the most annoying things I find about real estate investment books is that most of them can be condensed to about 30 pages. The other 170 pages usually try to sell you on the idea of getting into real estate in the first place, and offer plenty of examples that don't have anything to do with anything.
  
  This is 252 pages of pure information. There are examples, of course, but they relate directly to the concepts he's working with and illustrate them clearly.
  
  It's heavy on math, but that's why I bought it. I'm a math person and have been jonesing for something like this book for a long time. It's not difficult - all the calculations are high-school algebra at their most complex- but if you're not a math person, as stated, he gives out free spreadsheets that do them for you.
  
  Also as stated, if you have a finance degree this book isn't for you. If you're like me, and want to know what to do with the numbers, then this book is a must.

  Real Estate Math Made Easy, August 10, 2005
  I highly recommend this book for anyone thinking about getting started in Real Estate. It is very easy to read and understand. There are sufficient examples to highlight the ideas, without overwhelming the reader. The style is conversational without getting cute. After reading this book, I was able to figure what was wrong with my rental property and what I needed to do to fix it. Buy it today.

  Not what I expected, September 6, 2005
  I saw a lot of good reviews, so I picked up this book and it's not exactly what I expected. The book only has about 89 pages of information and the second part of the book is math formulas. The book covers these formulas and then they post excel sheets and there's a calculator on their web site that does the calculations for you, so most of the reading is a waste of my time. Also the majority of examples are for people who want to own office buildings or apartments and not single family homes.
  
  The one positive thing I can say about this book is that it gets you to think and you can have a more accurate picture about how much something is goign to cost you before you buy it and what you can expect and a lot of good rule of thumbs

  Problem, December 27, 2004
  There is a lot of good criticism here. So, I will only add that the next printing should include an index, and possibly a glossary of terms. Only then will it be a truly useful reference work.

  The book is as good as the software---GREAT!!!!!, January 22, 2004
  Initially when I began to read the book, I thought it was going to be a well written work that might be useful to me. Well, it is cetainly much more than that.

  Physicians have their chief referance book called the Physicians Desk Referance,(PDR), and Attorneys have various desk references which are used in their specialties. Now real estate investors have a wondefully written "desk book" that is suitable for the novice through the most highly qualified professional.

  All students of real investing should have this book. It will be perfect for beginners as well as "old-timers" who have been around. The presentation is extremely easy to read and is precise and accurate. The 37 calculations, explained in detail, are absolutely the calculations you have either already used or will need to perform -- at times on a moment's notice.

  There are also discussions and examples of much of the material found in the real estate analysis software published by realdata.com. If you are in a rush and don't like to waste time thumbing through volumes of vague examples and poorly written explanations you will absolutely appreciate this book.

  I wholeheartedly echo the comments written by David A. Taylor whose thorough analysis is "Right On."

  Keep the book handy on your desk

  The Investors Bible, July 16, 2004
  Everyone wants to retire on real estate but no one shows you how to, today. Frank G does; he shows you what to look for when evaluating a prospective property and what financial analysis to do to see if it will even produce enough income to carry itself. Franks book is a great start and will give you all the basics to develop a cash flow from real property for your entire life. You need to buy this book to be successful investing in real estate. ... Read more

Editorial Review

Reviews

Excellent Reading for Real Estate Investors, October 19, 2009

This book is worth it's weight in gold! I've liked all of Kiyosaki's books and courses but this one really stands out.

Mr. Kiyosaki has brought together some brilliant minds and what they wrote is easy to understand and makes absolute sense.

As an investor specializing in lease options, I tried to do it all on my own and got 4 contracts but then they were not with motivated sellers.

While reading this book, it became very clear to me the importance of having a team of people to help you out. My biggest take away is "Investing is a team sport." Yes, I know that's a 'no-brainer' but now I truly realize what he and the others who contributed are trying to say in this volume.

Lately, I've switched over to specializing in tax deeds and liens and the chapter on lien investing by Mr. Wheelright is very good - he makes it very simple and easy to understand.

I highly recommend this book. It is in the top 3 books on real estate investing that I've ever read, and I'm a book and seminar junkie. Get this book today!!

Very Repetitive, March 2, 2010
Theres alot of information in this book in regards to RE, but most of it is geared towards Commercial RE as opposed to Residential RE. Being that this book is a compilation of 22 different people, it will repeat itself more than once. So I would recommend it for the info just be prepared for repetition.

Good Tip book from a group of real estate professionals, April 6, 2010
If you want to gain some insights from real estate professionals do check out this book. It is like a tip book from a group of real estate professionals (investors, lawyers, accountants...) on their top past mistakes or right things they did. Learned couple of new ways to invest in real estate.

If you are just getting into real estate investing, first go read something from Ken McElroy, his books are more hands on.

Conspiracy of the rich, December 4, 2009
Some of the reviews of Robert's books and articles from some people remind me of the saying. "People have the right, to remain stupid." Robert is a teacher of wealth's truths. I understand them and I am applying them to my families lives and so do others. I am glad Robert has a deaf ear to these criticisms. One day the light bulb will go off in the non believers. By then it will be to late to start over again. I would rather listen to a rich person who has done it, that a person who hasn't.

That's why there are companies that print books. To share the knowledge of someone who has done great things with their life. Because I believer that, "If I do what the rich do, I too will get the same results!" Just copy Robert and get the same results... That's how simple it is, Robert has even written down for you. To apply it to your life, you can even teach your children because you will already have the books!

SECRETS REVEALED!, July 31, 2009
This book has made all the difference in my decision of joining the real estate industry. I love the countless real life stories written by some of the best experts in the field. This book will equip me w/ the knowledge needed to become a knowledgeable, well-rounded real estate professional! Anyone looking for the secrets of real estate before getting started...this is the book for you!

Best Book, March 30, 2010
One of the best new books Robert has put together. A real Bible to Real Estate..

Real Book of Real Estate, July 14, 2009
A fantastic book. A first class Bible for all in the trade of Real Estate. Robert has kidnapped 22 of the finest people in this trade in USA. And all of them have delivered quite well. Congrats to Robert for compiling this book. It will become a must reference for atleast two decades in the future.

Real Book Of Real Estate, March 27, 2010
I work for a company that provides car loans to people with Bad Credit [...].I mastered hard to do car loans.Over the past few years Ive been studying Real Estate.I read other books and they were OK,but this book is the real deal.I am ready to get started with Real Estate.I learned so much.This book is Dam good..I am very happy with it.


Rowland Laird Chicago Heights IL 708-663-8670

Are these reviews for real?, November 26, 2010
Does anyone else notice how most of the reviews are 2 or 3 lines at best? Also, most of them are super-vague saying things like "I can't get enough of his books" and this is "the Bible of real estate." So much fluff, hard to believe these people read his book at all. There are only a few reviews that summarize the actual content of the book here.

Hmmmmm.....

The Real Book of Real Estate: Real Experts. Real Stories. Real Life. (Purchased on 04/21/2010), May 24, 2010
The Real Book of Real Estate: Real Experts. Real Stories. Real Life. (Purchased on 04/21/2010) (Purchased on 04/21/2010)
It is a great book.
Many thanks to the seller with fast service and great products ... Read more

Editorial Review

The only book on tax deductions specifically for residential landlords!

Named a "Top 10 Real Estate Book" by Robert Bruss, syndicated real estate columnist

If you own rental property, you should be taking advantage of the many tax write-offs available. Every Landlord's Tax Deduction Guide gives residential landlords the plain-English guide they need to save money on taxes -- without the services of a pricey accounting firm.

This book explains how to maximize your deductions without drawing the ire of the IRS. Find out how to:

Editorial Review

Want to get rich through real estate? Then you need The ABC's of Real Estate Investing. It's the definitive guide that will teach you how to find property, evaluate its worth, negotiate the deal and make money in the process. There are no 'get rich quick' tricks on these pages, just proven methods that deliver bottom-line profits and increased property values. -Ken McElroy, Real Estate Investor, Property Management Expert, Business Owner, and Author The ABC's of Real Estate Investing will: * Achieve wealth and cash flow through real estate * Overcome the myths that are holding you back * Find property with real profit potential * Evaluate a property and set your own purchase price * Negotiate the deal based on the numbers * Discover hidden profits in the properties you buy or own * Increase your income through proven property management techniques. ... Read more

Reviews

Finally a "How To" Book on Investing!, January 24, 2005
I have been investing in RE for over 20 years and I have read a lot of books. This one is the best so far and I would say it is a must read.

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.

Great addition to Real Estate Riches, September 7, 2004
What I like most about the Rich Dad Advisor series is the lack of fluff and that the information is from actual experienced real estate investors like Ken McElroy. Many people who write books and/or conduct seminars have little if any in the trenches real life real estate investing experience.

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.


... Read more

Editorial Review

Now updated — America's #1 bestselling home-buying book!

Want to buy a house, but concerned about the market? Have no fear — this trusted guide arms you with Eric Tyson and Ray Brown's time-tested advice and updated strategies for buying a home in current market conditions. You'll discover how to find the right property, make smart financial decisions, and understand the latest lending requirements and tax implications.

• New to this edition — new and expanded coverage to help homebuyers take advantage of low home prices, understand the subprime mortgage crisis, obtain a mortgage, and improve credit scores

• To buy or not to buy? — weigh the advantages of owning versus renting, get your finances in order, and know how much house you can safely afford

• Handle financing — understand your credit rating, navigate the different types of mortgages, and complete all paperwork

• Play the real estate game — find the right location and property, assemble an all-star real estate team, and make the most of the Internet's real estate resources

• Let's make a deal — negotiate with finesse, make successful offers, inspect and protect your new home, and cover all your bases in escrow

"Invaluable information, especially for the first-time home buyer."
—Fort Worth Star-Telegram

"A reference you'll turn to time after time."
—St. Petersburg Times

Open the book and find:

• Reasons why home prices rise and fall

• Hands-on instruction for buying a home in up or down markets

• How to pay the price you want

• The best mortgage options

• A sample home-buying contract

• Pros and cons of comparable market analysis

• Tips for overcoming mortgage and appraisal problems

• How to cope with buyer's remorse

• The best real estate Web sites

Reviews

Good basic reference.... but very CA biased., July 2, 2009
A friend recommended this book, and it is a helpful reference that covers all the basics. Confused by inspection and what to expect? There are helpful hints and good definitions to help you figure that stuff out. This book helped "calm me down" by explaining all the processes of home buying in a simple way so there were no surprises.

My only real gripe is that the book is VERY California biased. While it is impossible to clarify all the nuances of buying a home in different states, counties, and towns... the homebuying process differs significantly in California than most of the northeast. Well, the process may be the same - but escrow agents? Huh? We got lawyers for that. Some terminology was a bit confusing. And there was plenty of coverage about earthquakes... but what about snow? Or what to look for with different types of heat? These are HUGE concerns when buying a house in the northeast and these issues aren't even discussed. I felt the book could be more comprehensive in addressing homebuying across the USA... not just in Cali.

Extraordinarily Detailed, May 26, 2009
New home buyers might be tempted by the 2009 combination of low home prices, low interest rates, and federal incentives to start searching for a home. If you do, and especially if you live in a heavily regulated state like California, books like this one are extremely valuable. Much of the advice might seem "obvious" when you think about it (why do you "need" title insurance anyway?) but no one thinks about all aspects of purchasing a home when they first enter the market. This book spells out all the steps you need to take from deciding whether you really need to buy a home at all (if you are planning to move soon, don't) to saving for a down payment all the way through escrow. Mortgage options (15 v. 30 year, adjustable or fixed) are also covered in some detail so potential homebuyers can make sound choices. It is, on the whole, a very useful book.

This For Dummies guide also includes quite a bit of valuable information most people would not think of when buying a home. Sandbagging by mortgage companies is moderately more common than you might expect in a down market and this guide tells you how to recognize it. The authors also explain why sellers, in general, are not very realistic about what their property is worth and how to effectively use the internet when searching for a home. Hint, mortgage calculators are not nearly as useful as they are convenient. You should know from your own budget (including contributions for retirement savings) what you can afford, and not be pushed into a house beyond your means by a calculator that only considers your income and debt ratios. Finally, the book covers the psychology of home purchases, including buyers remorse and negotiations.

There is simply too much in this book to cover it all. Suffice to say, this is not a guide to getting rich in real estate. The authors (wrongly, in my opinion) do view real estate as an investment but first time home buyers, the target audience for this book, should not. Homes can in fact be something of a liability. But the 4th edition of 'Home Buying for Dummies' can help you limit the costs associated with buying your home and for this reason alone the book is invaluable. And if, in the future, you should actually make money on your purchase, more power to you. Besides, the authors have another title for you on how to sell your home. If it is even close to as comprehensive as this book, you should buy it too when the time comes.

4th Ed probly not necessary, January 7, 2010
I was hoping the 4th Edition of this book brings more relevant items pertained to the 2008 crash and what's happening in the last 12 mos. But I should had known, paper books take awhile to edit, publish, stock, so I feel I kinda wasted my money and could had borrowed a 3rd Ed from the library instead. But if u are not paying full retail like I did go4rit. Overall excellent info for the first-time buyer. I personally wish it has gone into more details of some of the items. To complement this book, you most likely have to get another one on FORECLOSURE unless u absolutely shunt going this route. A separate book on MORTGAGE is also recommended for completeness.

Home Buying for Dummies, September 14, 2009
First time home buying can be a daunting and confusing process. This book spells out in detail all the steps required from evaluating how much money you can use to buy the house to actually closing on the property. I was half way through the act of buying a house and found if full of facts and tips to help me understand the process. In fact, I still reference the book to make sure that I completley understand and am aware of what exactly is happening. Additionally, there are tips for investing, both in money markets and in property. I would reccomend this book to anyone who is about to buy a home, whether for the first time or a seasoned second or third time home buyer. Great job!

Don't feel stupid using this 'dummy' book, June 24, 2010
Read this book before shopping for our first house and it helped. The most helpful sections are the finances checklist of renting vs. owning that everyone should complete before even thinking about looking for a home, as well as the mortgage rates table and home inspection section. Definitely a worthwile primer for a first time home buyer like myself. Buying a home is definitely a geographically based purchase - buying a home in the Northeast is different than in the Midwest, the Rust Belt, The Bible Belt, etc., so the book can't get too specific to your area but helps with the nuts and bolts.

great info, September 13, 2009
This book has the information first time homebuyers need. It takes you step by step through the home-buying process. Very helpful!

from a dummy with a Ph.D., January 24, 2010
received this book as a gift from one who knew that my husband and i are embarking on the search for our first house. it seemed pretty thorough and informative, but when tested for nuts and bolts, i've found it lacking. for instance, we've been to a few open houses and determined our budget, so what now? do we talk to an agent first? get pre-approved for a loan? impossible to figure out from the book. and on a more basic level, i can't stand to read the prose for very long with all the snide comments, that i guess are meant to be funny.... i was inspired to come rate the book on amazon by the especially involved dig at people who have supplemented their education with graduate degrees, or should i say 'extra pieces of paper for the wall'? blech. i've heard it before. spend a little more time on the homebuying advice and less on the self-derogatory humor, eric.

Great Book, September 17, 2010
The book has been a wonderful help!! My husband and I were so lost when it came to buying a new home!!!

Everything you want to know about home buying..., January 5, 2010
I am looking for my first house and not very knowledgeable about the subject. This book provided with excellent information about the home buying process, things to watch out for, and great tips that will save you money... Highly recommend it.

You are not Dumb for reading this book, July 20, 2009
Although the title is a bit weird, the book and it's content is GREAT for the beginning home buyer!

The information is what you need to be on the cutting edge of what goes on in this arena of buying a home.

I would recommend you read this first BEFORE you go to look at houses.

Enjoy!
[...] ... Read more

Editorial Review

Thinking about becoming a landlord? Property Management Kit For Dummies, 2^nd Edition gives you proven strategies for establishing and maintaining rental properties, be they single family or multi-resident. You'll see how to prepare and promote your properties, select tenants, handle repairs, avoid costly mistakes and legal snafus — and meet your long-term goals. You’ll learn all the basics of the rental housing business — from finding and showing properties and dealing with tenants to record keeping and paying your taxes.

Now you can find out if you really have what it takes to successfully manage rental property and you’ll learn all about the various options for hiring someone else to manage your property for you. You’ll find out the right way to prepare your properties for prospective tenants, set the rent and security deposit, clean up properties, and verify rental applications. In no time at all, you can become a top-notch manager by working efficiently with employees and contractors to keep your properties safe and secure. Find out how to:

• Manage your time and money wisely
• Acquire a property and prepare it for tenants
• Make your property stand out and attract tenants
• Keep good tenants and get rid of bad ones
• Collect and increase rent
• Evaluate the different types of insurance and understand income and property taxes

Complete with lists of ten reasons to become a rental property owner, ten ways to rent your vacancy, and the ten biggest mistakes a landlord can make Property Management Kit For Dummies, 2^nd Edition will help you achieve your dream of being a successful rental property owner.

Note: CD-ROM/DVD and other supplementary materials are not included as part of eBook file. ... Read more

Reviews

Excellent Guide with Forms you need!, August 13, 2009
I truly felt this book was a gem. I read it non-stop for two days. It contains many different tenant scenarios with solutions as well as the author's experiences, which are all very useful. it takes you from beginning to end in that the author explains the importance of things like thorough cleaning before showing (granted you know this but sometimes you think well they will understand if I am right in the middle of getting it ready!... they do not), first impressions and such and even pet agreements (like meeting the pet itself before the lease signing to see how it acts) and taking a picture of the pet so the tenant cannot play switch on you (which they do). It gave lots of practical advice as well and what may or may not stand up in court. This guide was also very helpful in that I no longer have to search the internet when I need a form for something. It also gives the new landlord confidence in their ability to rent out and manage their properties. I have even passed on tips to professional property managers and they found it useful too! I loved it! GREAT FIND! Well worth the money.

Very readable, February 17, 2009
Even if you are going to hire a property manager, I still highly recommend this book. It gives you excellent tips on working with a property management firm and the tax benefits available for landlords.

Great Resource!, September 29, 2008
This is a great book for those just starting out and those who've been doing property management for a while. Its a great reference to keep around and the CD has lots of good stuff too. I'm glad I bought this...I threw out many of my other book!

Pretty good book, May 29, 2010
This book has a lot of good information if you're a first time landlord. It's organized in a linear and easy to follow format. It even includes a CD that contains a lot of the forms you will need as a landlord. Great book!

Property Management for Dummies, September 25, 2010
This book is very good if you plan to be a landlord. It did not turm out to be what I expected since I was looking for a book for condo or townhome property management. But since it is a good resource, I will keep it.

Prop Management for Dummies, July 31, 2010
Very good detailed informataion. Helped me feel more confident when talking to prospective tenants and I love the forms included.

Just what we needed as first time Landlords, April 8, 2010
This book is worth EVERY penny!!! Do not hesitate in this purchase espically if you are new to property management. This book has been very helpful to us in our new adventure of property management.

The title fits me!, February 22, 2010
Learned a lot and what I liked most was the ease of reading and understanding material ... Read more

Editorial Review

FLIP, the third book in the National Bestselling Millionaire Real Estate Series (More than 500,000 copies sold!) FLIP provides a detailed, step-by-step process to analyze each investment, identify the best improvements, accurately estimate the costs and intelligently oversee the construction. It takes out all the guess work and almost all of the risk. Here's what industry experts are saying about FLIP:

"Read this book before you flip that house! FLIP is an indispensable step-by-step guide to flipping houses that you will refer to again and again."-Carlos Ortiz, Executive Producer, "FLIP That House" (TLC's most popular real estate TV show)

"At HomeVestors, we're in the business of buying and selling homes for profit and I can attest that there are few, if any, who can rival Rick's and Clay's expertise when it comes to fixing up houses for profit. This book is a must-read for any investor."-Dr. John Hayes, President and CEO of HomeVestors of America (the largest homebuyer in America)

"FLIP is a must-read book for everyone in the real estate business. Every agent should have this book. They should read it and master its contents. Why? Because it is the best guide ever written on how to evaluate real estate and how to add value to a house."-Gary Keller, Founder and Chairman of the Board of Keller Williams Realty International and author of bestselling The Millionaire Real Estate Agent and The Millionaire Real Estate Investor

"For anyone looking to build wealth in real estate, FLIP provides a step-by-step approach that really works in any market."-Loral Langemeier, bestselling author of The Millionaire Maker

FLIP extends the national bestselling Millionaire Real Estate series with a step-by-step guide that is quickly becoming "the model" for successfully finding, fixing and selling investment properties for profit. Based on their involvement in over a 1,000 flips, Rick Villani and Clay Davis walk you through the proven five-stage model for successfully flipping a house: FIND: How to select ideal neighborhoods, attract sellers, and find houses with investment potential; ANALYZE: Identify which improvements to make and analyze the profit potential of any house; BUY: How to arrange financing, present the offer, and close on the purchase; FIX: A 50-step, easy-to-follow plan for fixing up houses that keeps you on time, in budget and assures top quality; SELL: How to add finishing touches to quickly sell for maximum profit. Woven through the book is an entertaining narrative that follows the flipping adventures of Samantha, Ed, Bill, Nancy, Amy and Mitch as they find, buy, fix and sell their first investment houses. With all this plus the experience of over a thousand flips condensed into one book, FLIP gives new investors the tools they need to avoid common pitfalls, make a profit, and enjoy the process of house flipping. Rick Villani and Clay Davis are senior executives at HomeFixers, North America's leading real estate rehab franchise. HomeFixers has been involved in more than 1,000 flips nationwide.

Reviews

Don't FLIP Without This Book!, February 16, 2007
I am a 28 year licensed real estate veteren and can honestly say that I learned a great deal about not only buying and fixing homes for profit but buying homes in general when it comes to homes needing repairs. This book is exceptional. It builds a model to follow if you want to consider investing in properties that need repair. It is simply the best "how to" book on any subject I have ever read. The book can save you a great deal of time, money and heartache if this is a subject you would like to pursue or even if you have already engaged in flipping properties. No investment is fool proof meaning even if you are knowledgeable you can still make mistakes. FLIP clearly demonstrates and shows you how to avoid as many problems as possible and more importantly when to say NO to what might at first appear to be a good opportunity. I could not recommend a book more than FLIP!

This is a GREAT real estate investment book, February 19, 2007
What I find so helpful about this book, and I have read a lot of them, is the logical way in which the authors divide all aspects of real estate investing. They have experience, they have the data, and they present it so well. I have been investing for a few years, and this book not only sums up much of what I have learned, but it really has taught me things I didn't know. It has made me think about my business in a smarter way. They don't promote a get-rich-quick scheme. This is hard work. They present the business in an honest way.

A DEFINITE READ for Investors and Professional Real Estate Consultants, February 6, 2007
As a Certified Residential Specialist from Fayetteville, North Carolina, I am constantly exposing myself to every kind of training and am constantly reading about the real estate industry so I may be best prepared to serve my clients. I have been watching for this book for weeks and was so excited when I finally found it. WOW! I couldn't put it down.

This is such a well written, practical and informative resource on the processes of flipping. It could easily be named - FLIP- THE REALITY CHECK. There is certainly a method that makes the process of rehabing and reselling a home a financial success. This book really educates the layperson about the importance of making buying decisions based on information gathered through predetermined systems and processes rather than on emotion. Valuable!

FLIP also clearly communicates the power of good advocacy which I hugely appreciated and agree with. I see some people who discount the enormous value that Realtors and other professionals bring to the success of real estate processes. This writer GETS IT!

From A-Z, this is a grand guide. Through the use of personal stories it is easy to "feel" the temptations to make rush decisions not solidly based on factual evaluation and profit projections and, through the stories the reader could get a little taste of the frustrations, fears and celebrations that are part of the challenge. The stories make it clear that stuff just happens and there is no perfect purchase that yields only great returns with no surprises. That prepares the reader to know it's just a part of the ride and there is not an unreasonable expectation that their attempts have to be perfect all the time. Looking at multiple investor stories, the reader also learns that there's more than one way to hit a home run. The "Lessons Learned" and the "Successes Celebrated" are both parts of the Real Estate adventure I love and they were well portrayed.

I was most appreciative of the generous sharing of forms already prepared which I will use in assisting clients evalutate personal purchases and also use for my own personal investments. I'm ready to Flip one for Donna!

I just had a consultation this afternoon with an investor client and felt I was able to perform at a caliber that was way above what I would have known just days ago. He left with his homework- one of the first steps of which was to buy and read FLIP. We are both going to be informed and well prepared and successful! What a team we will be!

I encourage seasoned or potential investors and especially my peers in the Real Estate industry to buy FLIP and read it today! Thanks for a great job in producing a great resource that will open doors for increasing wealth through real estate to many.

Knowledge is Power!, January 10, 2007
When I ordered my FLIP book, it was back-ordered for about 2 months, I forgot about it and ordered another course in the meantime. I wish I had waited. The step-by-step approach is informative and just what I needed. The real life scenarios help you envision actual conversations that I have personally had with others. I could not put it down because it is an easy read. The online property analyzer tool is very useful. I wish the software mentioned in the book was available; perhaps it will be in the future.

As a retiree and Real Estate invester, I am looking to supplement my retirement fund. I feel I now have the knowledge, which makes me more powerful in approaching new opportunities that can be somewhat challenging for a novice investor/rehabber. I have learned that I do not have to do all the work myself. Work smarter, not harder.

Real estate will always be a good way to make money. This book teaches you how to do everything and not miss the important details. I was looking for something that is easy to read and informative. There are lots of other courses that charge much more money, but none better.

For the price, its worth its weight in GOLD!

From a guy who does 50 flips a year - "best book on the market", April 15, 2007
I recently read the book from cover to cover and was highly impressed - it is without question the new "bible" on flipping houses, and the authors addressed each concern a flipper might have with aplomb; direct, honest, unbiased, etc. I "flip" about 4-6 houses a month, and I found the topics covered to be very valuable. One piece of advice for the follow up that would be helpful - advice to flippers of how to deal with the "seasoned title" issue where underwriters for mortgage companies used by the flip buyers to fund the deals can get spooked about short title seasoning.

'Enough said', May 12, 2007
If you look at the authors' bio, it's short and sweet. What it says is, I know what I'm doing because I've done this before. The steps are laid out in this book: (1) Finding a home with potential (2) How to make an offer without costing you an arm and a leg (3) how to finance (4) How to fix your house and manage it (5) How to sell. These 5 simple steps are delivered to the point, and with expertise.

Just one last point, I only recommend reading books by investors. Don't buy books from 'writers'. They don't write from an investor's perspective. Other books I recommend along with FLIP:

The Pre-Foreclosure Property Investor's Kit: How to Make Money Buying Distressed Real Estate -- Before the Public Auction by Lucier

Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days-Investing Without Losing Series by Sausa

Investing in Duplexes, Triplexes, and Quads: The Fastest and Safest Way to Real Estate Wealth by Loftis

New foreclosure book - A+, February 13, 2007
FLIP is a well-written book about flipping properties whether it is a rehab or something you've found as a trend. With real estate gurus like Gary Keller giving the foreword, you know the content is dependable, and authoritative. The book is basically laid out in 5 different sections and I'll lay them out as follows:

1. Getting leads/find target market - it's like running a business. You find your niche market. It might be condos on South Beach or lodges in the Colorado mountains or single family homes in Cali. Know your market and know the exact target plus statistics, comps in the area, etc.
2. Making offers - negotiate so that you have good profits. You look at your trends and other data to determine how much of a market flux is there.
3. How to finance/close - self explanatory.
4. How to plan/rehab - self explanatory.
5. How to sell - self explanatory.

HIGHLIGHTS:
* The financing part is excellent and should be one of the reasons why you buy this book.
* How to sell even in a buyer's market is also covered.
* You're briefed about niche marketing on the first section, something not usually covered in foreclosure books.

Hope that helps!

-Matt
Illustrator for the Ultimate Foreclosure Kit (ISBN 0978834658)

Excellent Book!!!, February 5, 2007
I am a female currently researching rehabbing and flipping, and I've read numerous books on the subject. In MY opinion, FLIP is by far the best book on the market. It's very detailed and easy to understand. It takes the guesswork out of figuring out how to prepare estimates by including sample prices and breaking everything down. Not only are the sample estimates based on real prices from real stores (at the time of the book's writing, of course), they also factor in average installation times and labor rates. Although you should research your own prices and adjust them accordingly, this book will show you how to tie everything together to come up with your prices. I believe the information in this book will get you off to a great start. I highly recommend it!

A "Grand Slam" of a book!!, March 23, 2007
Prior to reading FLIP, I'd read six or seven other rehab/flipping books and while I can't deny I learned something from each, those books - either individually or even collectively - weren't nearly as informative as is FLIP. Matter of fact, I've now termed it "The Book" because of its thoroughness, clarity, logic and realism (and at times, touches of humor!).

The authors are highly experienced investors (I don't think all authors covering this subject truly are!) who present their collective experience in a very logical and easily understood manner. FLIP's authors utilize the very effective and time-tested method associated mostly with public speaking: "Tell 'em what you're going to tell 'em, tell 'em and, tell 'em what you told 'em." In doing so, the reader is introduced to a specific topic, then it's explained in detail and finally, it's recapped. Furthermore, the material presented "builds" on itself in a very logical manner, all the way from finding a rehab project to selling it - and all the stages/events in between. This structure is further aided by sequential "flow-chart" diagrams throughout, which helps one learn and retain information even more effectively. An interesting teaching tool utilized in FLIP is a narrative which follows a handful of investors and their respective rehab projects from inception to conclusion. This narrative "brings to life" the concepts presented in the book and is intended to illustrate the many aspects (and twists and turns!) of the rehab process.

Of particularly great value is the project roadmap the authors provide, i.e. the fifty sequential steps of successfully rehabbing and flipping a house. It condenses - but does not ignore - hundreds of tasks into orderly "steps." This "map" by itself is easily worth the price of the book - and then some!!

I could go on and on, but I think it's clear that in my opinion, FLIP is in a class by itself...but if it's not, "it sure doesn't take long to call the class roll!" Buy "The Book" - it's an investment in yourself and your future - and one you won't regret!!

Excellent Read, April 7, 2007
I thought that "FLIP" was an excellent book. The information contained in it's pages is priceless. I am a Realtor in California and I found the systems and models that are used in the process to be very good. For those who are not in the Real Estate industry but want to invest in Real Estate by flipping homes this book is a must read. It will show you what the most common failings are and help you avoid them. This book will set you way ahead of the curve. To Realtors out there I would recommend that you give this book as a gift to any friends or clients that are thinking of flipping homes. The book is very easy to understand and is very well written. Definitely a winner! ... Read more

Editorial Review

Reviews

Excellent, Excellent, Excellent, Excellent -, May 18, 2009
The current housing and economic crises are fertile grounds for slanted and one-sided accounts. Sowell's "The Housing Boom and Bust" has none of that - it's an honest accounting of how we all participated. Lenders, government entities Fannie Mae and Freddie Mac, builders, local government regulations, local homeowners, government regulators (HUD and bank authorities), the Congress, and presidents each played a part. Both parties were involved, though the Democrats involved outnumber the Republicans.

Sowell begins with an accounting of how housing prices across the U.S. diverged from their relatively low prices of the early 1970s, especially along the California coast. The "standard" for housing expenditures used to be about 25% of gross income - this recently grew to as high as 60% in some areas (eg. Salinas, California).

Sowell contends that a major cause for California's rapid rise, beginning in the 1970s, was land restrictions that set aside areas for "open space," "protecting the environment," "historical preservation," etc. (The population increase during that period was almost equal to the national increase rate.) He cites an international study of urban areas around the world that found 23 of 26 areas with the highest land-price increases had strong "smart-growth" policies. Minimum lot-size laws also raise land costs of building a house - here, he points to Houston (incomes rose faster there than in the nation overall, but also lacks zoning laws) and a Coldwell Banker estimate that homes there costing $155,000 would cost over $1 million in San Jose.

Sowell goes on to point out that first-time buyers are limited in their ability to provide a large down-payment - averaging less than $30,000, vs. over $100,000 for repeat buyers. Meanwhile, housing prices began to escalate (the extreme was probably March, 2005 in San Mateo County where they rose $2,000/day), and houses moved rapidly (median time a home was on the MLS in California was less than 2 weeks in 2004, and just over that in 2005).

But, I'm getting ahead of things. Prior to the rapid escalation of home prices, federal bank regulators began using the 1977 Community Reinvestment Act (CRA) to press for racial equality. The issue was the statistical difference in approval rates, not a claim that most blacks could not get mortgage loans. New regulations required that the banks not just look for qualified buyers, but make a requisite number of loans to low and moderate income buyers (quotas). Then, when legislation was proposed in 1999 to permit banks to diversify into selling investment securities, the Clinton White House urged "banks given unsatisfactory ratings under the CRA be prohibited from enjoying the new diversification privileges." The Congress happily obliged. Another factor was HUD's beginning legal action in 1993 against mortgage bankers that declined a higher percentage of minority applicants. HUD also set a 42% target for Freddie Mac and Fannie Mae (FM & FM) to buy mortgages for people whose income were less than an area's median. Banks, sensing that FM & FM were implicitly guaranteed, where only too happy to not only issue these mortgages, but to buy FM & FM debt as well. (In 2003, about 3,000 banks held FM & FM debt for 100% of their capital requirements.) The "icing" was FM & FM's creative accounting that misclassified $11 trillion of sub-prime assets. Then in 2002, Bush II urged Congress to pass the American Dream Down Payment Act, subsidizing down payments of prospective buyers with incomes below a certain level.

Sowell has now set the stage, and readers have no problem understanding what happened. Interest-only teaser rate ARMs rose to counter rising prices and down-payments. By 2005, interest-only mortgages had risen to 31% of all new mortgages, up from less than 10% in 2002. In Denver, Seattle, and Phoenix it was 40%, and 66% in the S.F. Bay area. Speculators jumped into the fray (28% in 2005, 22% in 2006) adding further fuel to the fire, and happy homeowners took out $1.13 trillion in home equity loans in 2007. However, the storm on the horizon was the rise of interest rates to avoid inflation (1% in 2004, to 5.25% in 2006), making monthly payments more expensive and reducing the demand and prices for housing, and everyone takes a loss - including the banks (about $40,000 per foreclosed house), and especially speculators, minorities, and those with ARMs and interest-only loans. (Interesting Note: As of October, 2008, 7% of Bank of America's mortgages were CRA lendings, and 24% of its defaults.) Bailing out FM & FM, with their sub-prime laden inventories, cost the government more than that for all the private banks put together.

Sowell also has no problems believing that many sub-prime loans were foisted upon unaware and uninformed buyers by predatory lenders - especially involving contracts for repairs or remodeling on credit.

Bottom Line: The law of unintended consequences strikes again - helping minorities was a good intention, but backfired. We're all to blame, though admittedly some more than others. Deregulation was not the problem, rather misguided regulation. Further, the economy is not likely to reach former levels for a LONG time, lacking the frenzy the rapidly rising home prices brought to consumer buying.

A Must Read to Whoever's Interested in the Facts of this Subject, May 5, 2009
A must read to all of us who are interested in the housing boom and bust, which led to the current financial crisis. Thomas Sowell is not taking side in this book, but rather presenting the facts, the cast of characters, and the policies made that had contributed to the collapse of the housing prices and financial institutions. This book contains large quantity of data, which Dr. Sowell had eloquently presented to a lay-person like me. After reading this book, I cannot help but imagine the consequences that would entail if similar cast of characters and policies were to be made on the nation's health care. This book should go hand in hand with Dr. Sowell's "thinking beyond stage one" message presented in his "Applied Economics" book. It is time to get ourselves educated and refute the rhetoric from the media and politicians who are only interested in getting elected into office.

The Definitive explanation of our current financial crisis, May 15, 2009

Money, Greed, and God: Why Capitalism Is the Solution and Not the Problem

Thomas Sowell has done it again. Using his inimitable clarity, he analyzes just went wrong with the housing market, and how it contributed to a cascading, international financial crisis. The short answer? Government attempts to "create affordable housing" for lower income Americans. Who could oppose that goal? Unfortunately, the goal bore no relation to the actual consequences of the policies. A series of decisions over a number of years led to a degrading of eligibility standards on mortgages. This not only created a housing bubble. It filled the financial system with extremely risky, and unsustainable, financing schemes that would never have existed if the federal government had not attempted to manipulate the market in the first place.

The book is remarkably timely. Sowell applies his analysis to the current "stimulus" plan, and suggests that the Obama administration is using the crisis "to fundamentally and enduringly change the institutions of American society." Sound harsh? Here's what President Obama's chief of staff Rahm Emanuel said just before the President took office: "You never want a serious crisis to go to waste.... What I mean by that is that it's an opportunity to do things you could not do before." Indeed.

Jay W. Richards, author of Money, Greed, and God: Why Capitalism is the Solution and not the Problem

Should Be Required Reading for Every American, May 26, 2009
This superb analysis of the causes of the current financial crisis should be required reading for every American who considers himself well informed. In a straightforward style, economist Sowell lays out step by step how we find ourselves in today's economic collapse including, governmental restrictive land use policies which led to skyrocketing prices for houses in certain select areas of the country, political pressure on banks to lend to those who could not normally qualify for mortgages, the press for 'creative' financing in order to ensure a policy of affordable housing for all, real estate speculation, 'creative' accounting practices and the failure of credit rating agencies to assess the risk of subprime backed securities.

The frightening part is that those in government who put the practices into place that led to the economy collapsing like a house of cards are still in power and running things in Congress, and the new administration sees the crisis as an excuse to implement policies that will have far reaching effects on the future of this country.

If there is one flaw in the book I would have liked Sowell to go into detail about the use of subprime backed securities that caused toxic assests to infiltrate every aspect of our economy and the economy of the world.

Sowell Nails it Again, May 19, 2009
This book debunks the idea that the housing boom and bust are the result of the "free market" failing. Sowell explores various ways that government policy created incentives for people to behave in ways which contributed to the crash. For example, the creation of Fannie and Freddie lead to more loans being made available at riskier terms than would have taken place in a free market. The Community Reinvestment Act, HUD, and other government programs and policies sought to expand home ownership to more and more of the population. Land use restrictions and environmental policy drove up home prices in many major cities, contributing to the need for nonconventional means of financing home purchases. As usual, Sowell does a fantastic job analyzing government policies not just on their stated goals, but by looking at the long term unintended consequences they produce in the country as a whole. This book is definitely worth a read to better understand the economic mess we are in.

The Truth Often Stings, May 17, 2009
The television and print media would like you to believe that the Housing Crisis is a fabrication of greedy Wall Street charlatans creating esoteric financial instruments such as mortgage backed securities. And that more regulation is the needed remedy.

Thomas Sowell argues that those mortgaged backed securities would have remained secure had pressure groups and politicans not coerced banks into lending to previously unqualified borrowers. Additionally, banks were encouraged to make risky loans by the guarantee that loans made to low income groups would be purchased by Government Sponsored Enterprises, Fannie Mae and Freddie Mac. So, the seeds of the housing bust were sown in 1990s with Affirmative Action in Lending policies.

Sowell makes a comprehensive and convincing argument for his case. He backs up his work with an extensive bibliography in the back. The book is short and concise and can be read in 3-4 hours.

I am encouraging my friends to read this book if they want to understand the origins of our current economic problems.

Race Guilt is Severely damaging the American Housing Sector, May 16, 2009
Thomas Sowell highlights the damage caused to the housing sector due to race guilt. Well meaning and opportunist Democratic Party politicians literally demanded that lenders provide mortgages to minorities possessing poor credit histories. Those who even hesitated to go along with this madness were often branded as racists and severely harmed by left-wing government regulators. The free market argues the author did not dictate policies. No, they were instead set by out of control politicians like Barney Frank and untouchable bureaucrats. Democrats deserve most of the blame. It was the Jimmy Carter administration, after all, in 1977 that started the innocuous sounding but highly destructive Community Reinvestment Act. Nonetheless, a number of Republicans also deserve to be criticized. The politically correct George W. Bush substantially added to the problem.

Professor Sowell also helps to increase our understanding of the Great Depression. Franklin D. Roosevelt was essentially Herbert Hoover on steroids. Both men strongly believed in government interference in the marketplace. FDR's New Deal policies, however, dramatically worsened an already bad situation. The Housing Boom And Bust is relatively short---and to the point. This is perhaps the best work available to help the typical American to better understand the immediate threat to our financial future. Trust me, you want to purchase a copy. It contains much of the intellectual ammunition required to combat those pushing our economy to the breaking point.

The doctor does it again, May 17, 2009
I'm a big fan of Dr Sowell, read his other books and articles. This book explains the actions of politicians of both parties that has led to the curent problem. Agree with other reviewers that this book is designed for the lay person. Would make a good read in high school economic and social science classes. For an even better understanding of the history and failures of government intervention I recommend "How Capitalism Saved America", published in 2004. Great companion book because those authors could see it coming and with their knowledge of history knew just government would react (does not matter which party).

The Truth Can Be Painful, May 29, 2009
President John Adams once said "The truth can be painful" and that is the case for today's situation.

Thomas Sowell not only educates you in plain English about how we got into this mess through government intervention into the housing market, but he also talks about why politicians do what they do. He also includes a great chapter on the past and the future of where this kind of domestic/economic policy is going and has been. He gives an overview of the Great Depression and a basic understanding of what happens when government intervenes into the economy.

I hope Dr. Sowell continues to live long and produce a book a year. Those fighting for common sense cannot take a break just yet.

Great introduction to part of the story, June 29, 2009
The first half of Housing Boom and Bust is like the housing market in the first half of this decade--seemingly endless potential. While I disagree politically with some of what Sowell believes, he is a clear-thinking, thoughtful writer. His book "Basic Economics" is a five-star work. He has the ability to lucidly explain arcane subjects without talking down to readers.

But this book only begins to tell the story of the housing bust and ensuing financial crisis. It's the equivalent of watching a football game and the t.v. station only shows you the first half. It was a great two quarters, but I want to see the rest of the game.

This book does an excellent job of explaining the political origins of this crisis. The main thrust of Sowell's argument is that government action usually leads to the opposite of intended consequences. The mantra of "affordable housing" led to government interference into banking which weakened standards of due diligence for home buyers. The government's most significant act was the pressure put on Fannie Mae and Freddie Mac to buy mortgages from lenders who had lowered their standards in the pursuit of providing "affordable housing." Only banks that played along in the late 90s were allowed to offer more exotic securities, and thus increase their potential for profit.

What isn't here is the extent to which lenders and investors took every advantage of this system, flooding the market with new investment tools that didn't hold up to the light of day (mostly due to the unsoundness of many of the mortgages that provided their foundation). Just like any other market or opportunity that is offering unusually high rewards, huge numbers of lenders and investors were drawn to mortgage-backed securities at the beginning of this decade. It was the dangerous extent to which major creditors were heavily leveraged with these securities and their by-products, such as credit default swaps, that has led to the severity of this crisis.

Even Sowell explains that rotten mortgages weren't enough to create this recession: "Unlike the bailouts of financial institutions, where the argument could be made that the shrinkage of credit if these institutions collapsed would hurt the whole economy, no such claim could be made for preventing mortgage foreclosures (78)."

I recommend this book for Sowell's explication of the politics behind "affordable housing" and the damage this continues to do to our economy. For politicians, the conflict between getting reelected and serving the American public has time and again come down on the side of the former, with horrible consequences for this country.

However, the reader would do well to find other sources to tell the rest of the story. ... Read more

Editorial Review

Editorial Review

This book is the ultimate game plan for prospecting. It carefully outlines methods to select likely groups of prospects, how to contact those target groups, what to offer them, and how best to follow up. ... Read more

Reviews

The only start to finish prospecting book, October 25, 2008
As with everything I've read of Keim's, this is well thought out and well written with lots of examples.

The book starts by explaining the 4 parts to a prospecting system, then lays out dozens of target markets, lots of different methods of communication and then how to follow up with prospective clients and built a database that keeps you in business through tough times.

He has dozens of phone scripts, sample letters and some of the most unique prospecting approaches I've ever heard of. This is simply a great read.

I think anyone who follows this program can achieve a high level of success in Real Estate Sales.

Exceptional - a full training guide for Realtors, February 25, 2009
Don't let the title fool you. This guide is an action plan to sell real estate. He covers the principals of prospecting, how to select target markets, what to send, email, mail, say and do to get people to notice you.

There are plenty of samples throughout the book, and there are specific sections on Expired Listings, For Sale By Owners, Farming, Attorney Referrals and more. He packs it into a dynamite book that's easy to read and follow.

Great book!

Packed with Information, Humor and Great Ideas, November 17, 2008
The author explains the difference between realtors - those who pray for business, those who wait for business and those who go get business. He lays out a foundation for different methods of identifying target markets, selecting what works best for you, the best methods of contacting those groups and then how to get your message heard.

There are whole sections on approaches to expired listings and FSBO's that are wonderful as well, but I think the real meat of this book is the step by step process to building a prospecting system.

The book has lots of examples, sample letters, calling scripts and is interspersed with humor. This is a real winner of a book.

An exceptional resource for Realtors, November 28, 2008
Don't be surprised. This is not a "big" book, but it is completely packed with information. The book lays out a great foundation of how to find target markets, how to effectively communicate with those targets and how to build long term streams of income.

Loren develops full plans for FSBO's, Expired Listings, Sphere of Influence development, Farming Techniques and dozens of targeted markets. He has sample dialogues, sample letters, sample postcards and more. It's written clearly and in a very entertaining way, and I must say that I'm impressed with how much he packed into this book.

This is very different from Loren Keim's other book How to Sell Your Home in Any Market: 6 Reasons Why Your Home Isn't Selling... and What You Can Do to Fix Them which also delivers great information, but is full of entertaining stories. This is more of an "action, do, develop" type book.

Real Estate Training on Steroids, February 7, 2009
Keim's latest book is a definite winner. He uses attraction techniques, direct response marketing, guarantees, and humor to build a solid connection with prospects.

In this book, Keim also does a wonderful job outlining how to identify likely buyers and sellers and how to attract them to contact you or work with you as their real estate agent.

There are plenty of examples, actual scripts and dialogues, sample ads and more. He has packed more into this book than entire 2 week real estate courses!

If you're going to read one good book to get started in real estate, I think this is it. If you're floundering in your career, and you need to jumpstart it, this is the book to get you back in the drivers seat. I give this book an enthusiastic 2 thumbs up!

In this market Loren Keim get's it right, November 19, 2008
In today's real estate market, actually in any real estate market, you first need prospects to make sales. Mr Keim's approach to prospecting is right on target. Anyone even thinking about going into the real estate business should read this book first.

The best business builder book for Realtors, July 24, 2009
I bought this because I really enjoyed the stories in Keim's book How to Sell Your Home in Any Market. Just like his last book, this book explains how to be successful by outlining the process and then showing specific examples of what works, how and why.

Not only is this a great book for prospecting, it's a great book for understanding how a real estate agent can go from surviving to flourishing regardless of market condition.

I can't recommend this highly enough.

Best book on the market, May 13, 2009
Absolutely the best book on the market on this topic. I've been in real estate for 5 months now and this book has answered so many of my questions. Can't wait to try the new ideas suggested in the book.

Excellent!, July 20, 2010
Excellent book with lots of great ideas and encouragement. I highly recommend this book to newcomers and old timers. Easy and fun to read with so much good information that I can't wait to read it again.

The Ultimate Resource for prospecting...just like the title., June 2, 2009
This really sums it up if you're looking for ways to prospect. Everything I've investigated has been touched on in this book. I liked it. Very informative. ... Read more

Editorial Review

Forget the old paradigm of financial success—that a big house, a fancy car and a great job mean you’ve made it. True financial wealth has a different measure—it’s about having the unearned income to finance your life mission without having to work. Gary Keller, best-selling author and self-made millionaire, teaches you what school never did—how to leave the daily grind and acquire long-term financial freedom through investing real estate.

 

The Millionaire Real Estate Investor offers straightforward strategies and wisdom gleaned from research and interviews with over 120 real life millionaire real estate investors. Ordinary people who have achieved extraordinary financial success. Like Wendy Patton who bought her first investment property when she was living in a hotel, made just $20,000 a year and owed as much in student loans—Wendy has since sold over 600 homes. Like Carlos Herbon who immigrated to the US with only $120 in his pocket and who now owns over 250 rental units and his own property management company….  The Millionaire Real Estate Investor is the first investment book to take a serious look at how anyone can achieve financial freedom.

 

Learn how to:

• Think Like a Million: Develop the mind-set and financial strategies of a millionaire investor

•  Buy a Million: Amass a portfolio with a market value of a million dollars

•  Own a Million: Turn investments into a business with ever-increasing net worth

•  Receive a Million: Build an investment empire that provides a million dollars a year in passive income

 

A blend of insights, instruction and inspiration, The Millionaire Real Estate Investor is a priceless tool for novice and veteran alike. ... Read more

Reviews

An outline to guide you to your real estate millionaire status., July 2, 2005
An excellent book. You should know that I have read well over 200 books on real estate investing. And been investing seriously in real estate for over 25 years, as well as teach seminars on the topic. And this is the best book on the topic to come out recently. I predict it will be a classic, on the scale of William Nickerson's "How I Turned $1000 into Five Million in Real Estate in My Spare Time," no longer in publication. The writing is clear and simple. Most of the examples are investing in single family houses, so most people could start investing using this guide. The volume covers a vast range of issues related to being a successful real estate investor. You should be aware however, this is a "theoretical" or overview volume. There is not a lot of detail on how to impliment any one investment strategy. But it does give you a grounding in how real estate investing works. It gives you the guidelines for how to develop your real estate investing business. The only part I disagree with is the need to have a bunch of other people surround you as you build up your wealth. All the multimillionaire real estate investors I hang around with did it pretty much on their own. Maybe that just means we have different personalities. Other than that, however, I'm impressed--and there are few books on the topic that will inpress me these days. This is a far better investment than a $3,000 week-end seminar. You will get more from it and at a pittance of the price. I will definitely add this to my list of recommended real estate investment books. Ronald Starr***tigerinpa@yahoo.com

Best book for growing any type of business, April 27, 2005
Gary Keller's two books "The Millionaire Real Estate Agent" and "The Millionaire Real Estate Investor" are the best books on the market for real estate professionals, and there's not even a close second. Beyond that, though, together they are far and away the most practical and effective roadmap for laying the foundation for any growing business. Not only that, these books are packed with incredible wisdom for living an effective life. For example, I use Keller's advice on accountability not only to do a better job of running my business, but also to be a more effective parent. I also find myself frequently referencing the powerful ideas included in these books in my speeches on values-based life and leadership skills.

You will want to read these books with pen and highlighter in hand, and you will find yourself returning frequently to remind and refresh yourself of the many valuable ideas that are hidden away in these incredible textbooks for a successful business and a successful life.

College Student's Review, March 21, 2006
I think this is a great book for those who are looking into investing in real estate. This book will not tell you exactly how to buy real estate. I don't think that was the point of the book. After reading it I feel more confident now about why investing in real estate is a great idea. This book does give you a good foundation on real estate investing; it covers topics on a broader scale rather than telling you exactly what to do.

This book would be very usefull if you are:
Interested in real estate and would like to know more.
You are about to invest.
Have never thought about real estate as an investment.
Or if you have any doubts and questions.

It would not be usefull if you are:
A real estate agent.
You already have investment properties.
Or if you already have a good foundation in real estate knowledge.

Of all my real estate investments... this book ranks #1, May 17, 2005
My daily mail arrived as it does each day at 3:00. A stuffed Express Mail packet at the bottom of the stack catches my attention. It's my copy of 'The Millionaire RE Investor.' I fan the pages casually when the phone rings. It's my 3:00 appointment. The conversation ensues while I hold open to page one. I'll read it after the call. First few pages. Then shelve it. After all, I have a technology company to run and a big contract to close.

3:35 - deal completed. Another notch on a belt riddled with notches. Gonna need a new belt pretty soon. I look down and think back on all the books responsible for my success. Both personal and business. Books that honed my skill to reel in the type of contracts that grow companies. That can be closed in a 35-minute call.

I scan page one. Basically I'm not committing. After all, I'm an experienced investor. What I don't know I can fit into ...

... this entire book. 75 pages later. It's 5:35. I've held all calls. Put off my end of day meetings with staff. It's me and Keller. The Millionaire Real Estate Investor. The book comes home with me. I take it to bed. And proceed to stay up until 4:00 a.m. and just about finish it. And I thought only Dan Brown and Elmore Leonard could do that to me.

8:00 a.m. I'm back at my desk. A Starbucks IV inserted into my veins. My conference bridge has my mortgage guy here in CA. My Cyberstar Realtor in Portland. My financial planner in NYC. I'm orchestrating a real estate deal I never thought possible. And it was there under my nose all the time. Only two things could have made this happen; a nose job or this book.

Kellers book is for those who invest. But truthfully it's really for those who don't or who will someday. The psychological path Keller takes especially in the re-enacted dialogue with his students throughout, reads with a Hollywood script like fluidity. Think Mamet. Calculated. Pinpoint. With a clarity that marks Keller as not just a great thinker and teacher but as a great writer as well.

To that end, it is going to be a while before the book finds its home on the shelf. I have 4 children and this is going to be their required reading. Not out of greed to amass fortunes. But for reasons far nobler than you could imagine. Read and become enlightened.

Exactly what I've been praying to find., May 15, 2005
I ordered the book before its release because I knew it would be great. After having been to many of Gary and Dave's classes and seminars I purchased Millionaire Real Estate Agent believing it would be the icing on the cake and it is. However, this book arrived in the footprints of book #1 and had quite a bit to live up to for me. To put it conservatively, I'm blown away at the clear, concise communication from this book and the explanation of the systems. I've been an agent for 10 years and have worked with many investors. I'm an investor as well that has dreamt of the millionaire stage but now understand the reality of what I can look forward to in the not-so-far-off future. I can look around my office right now and count 20 to 30 books on investing, managing and financing investment property. Not one of those books comes close to the clarity of the true, proven path that investors should take that is a cumulative system of several millionaire investors versus the story of how one guy got it right. This book nails it! I've met some of the people spotlighted in the back of the book and know they're real - so don't doubt that. I bought two cases of this book to give to my clients that are on the investment track and those that want to get there. It's probably the best gift I could give to my clients and it is absolutely the best gift I've given to myself in quite a long time. The level of excitement and motivation this book has created for me tops the scale - my wheels are spinning on new bearings and the opportunities that have been right in front of my face but I couldn't see - I'm seeing 'em baby! If you're not sure where or how to start on your journey and you're looking for simple understanding of real estate investing and a REAL system to get you where you want to be - this IS the path, the thought process and the book you want. If you THINK you know what you're doing and don't need this one - think again. Even if you're seasoned, Keller's book is so incredibly eye-opening that it's a relief to read. Do yourself a favor and dive in to this one! If you buy anything else first you are definitely wasting precious time and M-O-N-E-Y!
ps ... I work for one of the other real estate brokerages so don't think this is an inside job! Get the book!!!

Millionaire Real Estate Investor, April 5, 2005
I have been a real estate professional for 9 years and have dabbled in investment properties. This book gives you the model to be successful in real estate investing and truly change your life. Before you buy one property read this book and have a plan with a proven model to support it. You will be glad you did!

Outstanding book, February 25, 2006
This is an outstanding book that is a must for anyone wanting to learn the process for attaining wealth in real estate. The reviews posted on Amazon were all true and I would highly recommend this book. Bear in mind it is not a get rich quick scheme and you must have an ability (either through guts or gumption) to follow through with his suggestions. Just reading the book won't make you a millionaire, you are still going to have to work for it!

Another Winner! Another Must Read!, April 26, 2005
If you liked The Millionaire Real Estate Agent, you are really going to love The Millionaire Real Estate Investor. Anthony Robbins, noted motivational/inspirational/self-help speaker and author has said many times, "Success Leaves Clues!" Gary Keller has taken the clues of many real estate investors and has created a book that shows you how they did it and explains how you can to. Most millionaires in the U. S. either started by investing in real estate or a prominent part of their financial portfolio contains real estate investments. This book takes you from the first investment sale to investing in many sales and clearly demonstrates how to avoid the pitfalls and going it alone mentality (no one can do it better than I can). I have been in real estate for over 25 years and can only imagine where I would be today had I had access to this book 25 years ago.

Excellent Guide to Beginning an Investment Career, June 3, 2005
This book is absolutely fantastic. Gary Keller has written a guide that is extremely easy to understand, motivational, and overpowed with knowledge of investing in real estate. I do not currently own any real estate, but I now have meeting setup with an agent next week - no joke. This book provides the tools necessary to get over the fear I had of investing in real estate. I know that with this book as my guide, my investing strategy is going to change substantially. I now realize that you do not have to be wealthy to start out in real estate. The opportunities are there. You just have to be willing to take the next step. I look forward to the future and my future as a Millionaire Real Estate Investor.

Very informative and inspirational, November 4, 2006
One of the better books I've read on real estate investing and I've read many. Gary Keller covers lead generatiion strategies for finding good investment properties and selection criteria that can be used successfully whether a person is buying to sell or buying to hold. I especially liked the inspirational section titled "Profiles of Real-Life Millionaire Real Estate Investors" where experienced investors from all over the country share their personal knowledge and tips for investing in real estate. ... Read more

Editorial Review

NEW YORK TIMES BESTSELLER

WALL STREET JOURNAL BUSINESS BESTSELLER

USA TODAY MONEY BESTSELLER

"Tough times make or break people. My friend Gary teaches you how to make the tragic into magic. Read & reap from this great book."
--Mark Victor Hansen, Co-creator, #1 New York Times best selling series Chicken Soup for the Soul
Co-author, Cracking the Millionaire Code, The One Minute Millionaire, and Cash in a Flash.Author, Richest Kids in America

"Real estate buyers and sellers have to SHIFT their mindset to new and more creative strategies in this challenging real estate market. This book shows them excellent ways to survive and thrive."
--Robert Allen, author of the New York Times bestsellers Nothing Down, Creating Wealth, Multiple Streams of Income and The One Minute Millionaire.

"Change happens. It's natural. It's ever present. It's reoccurring. So when markets shift you need to as well. No one explains this better in the real estate industry than my good friend Gary Keller and his team of talented co-authors. Their latest book, SHIFT, is perfect for all real estate professionals. It captures the very essence of a shifting housing market and what Realtors need to do to thrive therein. SHIFT will help you alter your focus and your actions to ensure that you get your head back in the game and increase your market share, irrespective of strong or weak market conditions. It's a great book – read it today."
--Stefan Swanepoel, author of Swanepoel TRENDS Report, 2006-2009

"Need help weathering the storm in today's real estate market? If so, reach for Gary Keller's new book, Shift-- it's the lifesaver you need today to thrive tomorrow. Shift is rich in easy-to-understand strategies, charts, and illustrations that show you exactly what you need to do to thrive in today's very challenging and 'shifted' real estate market."
--Bernice Ross, Inman News

The Millionaire Real Estate Series
More than 1,000,000 copies sold!

SHIFTS happen…

Markets shift, and you can too. Sometimes you'll shift in response to a falling market, and other times you'll shift to take your business to the next level. Both can transform your business and your life. You can change your thinking, your focus, your actions, and, ultimately, your results to get back in the game and ahead of the competition. The tactics that jump-start your business in tough times will power it forward in good times. No matter the market-shift!

SHIFT explores twelve proven strategies for achieving success in any real estate market, including

• Master the Market of the Moment: Short Sales, Foreclosures, and REOs
• Create Urgency: Overcoming Buyer Reluctance
• Re-Margin Your Business: Expense Management
• Find the Motivated: Lead Generation
• Expand the Options: Creative Financing

Reviews

Outstanding guidebook for real estate agents/Realtors!, March 23, 2010
Any agent, new or experienced, independent or franchised, big broker or little broker, can benefit from this book!

Shift is truly a guidebook for real estate agents/Realtors old or new, IN ANY MARKET even though it's marketed as (see the title) helping agents through the current "buyer's market". Many agents - with experience limited to the booming "seller's market" we experienced in the US between between 2001 and 2007 - were (and some still are) SHOCKED by the shift in the market and what that did to their business, income, lifestyle, etc. Gary Keller explains what happened (and how it's happened before and will happen again) and what the options are for real estate agents. Those that choose to tough it out and stay in real estate, can learn viable strategies to get leads, convert the leads to contracts, and close and get paid in the current market. In fact, the strategies can (and will) be aptly applied in any market.

Tip/hint: Gary recommends taking the book to a local office supply store and having them spiral bound it so it can be used as a field guide of sorts. VERY GOOD IDEA. Thanks for awesome book-delivered coaching/mentoring Gary!!!

Mindset is key, May 11, 2009
In the beginning of the book, Keller outlines his history in real estate and the challenges he had going through recessions. He brings that point to the current marketplace and how we all have to "shift" our thinking in order to cope with current conditions.

Like his Millionaire book, the ideas in the book are not rocket science, but the foundation is great and I believe the way he lays out the book is better than anything else on the market.

One of the keys that too many agents and brokers miss is mindset. You have to be looking at every situation the correct way. There are opportunities in every market, even this one.

Great read!

Good but not great, November 30, 2008
I am glad I bought this book. I bought and enjoyed the Millionaire RE Agent and RE Investor.

That being said, I don't think it is a great book and that's why I gave it 3 stars. I think the author is a little too dependent on scripts and formulas to work your way out of a slump. If he would update it a tad to account for the fact that most consumers are extremely averse to script heavy agents, it would have been better.

But I do like the fact that he is inspiring, and stresses the can-do attitude that hey, no one's coming to help, you have got to do it yourself. I appreciate that inspiration. I wish he would have written more on that.

On the other hand, if you are a less tech heavy agent, you will like his very detailed and practical methods. It is not my cup of tea (yet, maybe the shift will change my mind!).

Great guide to these tough times, August 17, 2009
I think that this book is a must for the real estate agents especially during these difficult economic times. It is very helpful to read about how the authors explain real estate cyclicality. They say that seasonal cycles occur within a single year, while economic shifts happen over several years. Seasonal cycles are short, and agents are able to deal with them better because they feel predictable and manageable, and economic shifts feel unpredictable, indefinite, and overwhelming.

In this book, the authors introduce readers to the Twelve Tactics for Tough Times, and I believe that if agents follow them, they will increase the chances of making it during this recession. The good thing that many of these tactics do not require you to spend much money, which is key in this environment. If you like other books by these authors, you will love this book and it will give you inspiration.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market

If you're in real estate, you need this book., February 8, 2010
I'm not an agent but I buy and sell property. Moreover, a large number of my clients are real estate agents. I found this book very useful and profitable. My clients who report having read this intriguing book have greatly enhanced their income and are coming through the Big Recession and meltdown with flying colors.

The writing is easy-to-follow and understandable. Anyone can apply the methods and, if you do, you should find yourself doing great in any economy while others flounder and fail.

Highly recommended.

- Susanna K. Hutcheson

Exactly What Every Real Estate Agent Needs to Know in Today's Market, August 20, 2008
I waited for this book with great anticipation and was not disappointed when I finally got my hands on a copy -- this is career-changing, paradigm shifting information.

I work as the manager of an 80 agent office in Palm Beach, FL and know first-hand the challenges that agents today are facing. The advice given in this book is the exact same advice I've been preaching for months now, delivered in a concise, action-oriented, laser specific format that covers all of the bases and provides all of the key insights needed by any agent committed to growing their business and prospering in today's market:

* Mindset -- getting your 'head-straight' for today's market environment.
* Expense Management -- leading with revenue in tough times.
* Leverage -- accomplishing more through collaboration with others.
* LEAD GENERATION tactics that work.
* LEAD CONVERSION skills and scripts that get results.
* How to maximize your use of the internet to capture and retain clients.
* PRICING RIGHT so your properties sell faster than your competition's.
* Staging strategies that get your properties sold more quickly.
* Skills and scripts for overcoming you buyer's reluctance.
* The basics of creative financing strategies to get your listings sold.
* Short sale, foreclosure and bank owned property strategies and tactics that work.
* Special advice for seeing your properties through to closing.

As a real estate author myself (The WealthLoop Series Beginner's Guide to Building Wealth Buying Houses: The Foolproof Roadmap to Real Estate Riches Without the Risks and Hassles of Landlording) I realize that the shelves are brimming with real estate books. I can honestly say that given today's real estate market environment, if an agent were only allowed to read one real estate book in the coming two years, THIS would be the book that I would recommend! In fact, we are in the process of implementing a complete twelve week training program for my Palm Beach office that's wholly based on the insights gleaned from this book -- I believe it is that important.

Success is as easy as reading this book!, October 5, 2008
SHIFT was fantastic! If you are a real estate agent I'm sure your business has shifted to some degree. If you don't implement these 12 tactics, you may find yourself working in another field, or maybe you already are. It was so refreshing to read a real estate book that is accurate with what is going on! Sounds easy? Well it is. The truth is everyone can do, but not everyone will (quoted from the book). Agents in my office that have implemented these 12 tactics are pulling unbelievable numbers. Our entire training system is now revolving around these 12 tactics and by the way, it's not a spend money book. You can implement these tactics in your business without spending anything. If you are an agent, do yourself a favor, get the book and master it!

Another Classic to any real estate agent's library!, October 5, 2008
This book is POWERFUL and exactly what every agents needs that is trying to survive in this real estate market. It is the plan of attack to become an agent who doesn't just survive but thrive and builds market share that will impact and shape their future real estate business. Gary and his team create a road map on what an agent needs to do to turn this real estate market into an real estate opportunity. Every agent should have this and all of Gary Keller's book in their library. Shift knocks it out of the park!

Gary Keller has done it again!, October 4, 2008
Gary Keller is an exceptionally clear and insightful thinker. He does a brilliant job of organizing and presenting material in such a way that his reader can more easily understand it and, of greater importance, then put it to effective use. If you want great information about how to implement proven ideas, this is the book for you! 'Shift' is a road map which could guide and inform the development of real estate agents' careers during trying times. Agents can now push aside fear and transform their businesses!!

A must read for ANYONE in business, October 4, 2008
Although SHIFT is intended for those in the real estate profession, the 12 tactics and strategies presented are just as applicable to anyone who is in business. The market will always shift, and this book clearly identifies why and then goes the extra mile by providing strategies for real estate professionals to get through this market instead of waiting for the market to change. This should be a must read for anyone even thinking of getting into real estate ... and a must read for those who already are! In a time when just about everyone is nervous about what has happened, this provides some "sense and sensibility" for us to share with the consumer. ... Read more

Editorial Review

Real Estate Investing For Dummies, 2nd Edition, is completely revised and updated to help you overcome the challenges and and take advantage of the opportunities in any real estate environment, including a down market. But Eric Tyson and Robert Griswold's core message remains as relevant today as it did upon the initial publication of Real Estate Investing For Dummies -- investing in real estate is time-tested vehicle to build wealth in the long term. Tyson and Griswold don't tell you how to become a millionaire overnight. Instead, they offer proven, practical, and actionable advice so that if you chose to invest in income-producing properties, you can do so wisely and confidently. ... Read more

Reviews

A New Standard For Other Authors To Follow., March 16, 2005
Upon the completion of reading this book, I realize that the authors have set a new and comprehensive standard for real estate investors. Investment in Real Estate is an interesting and often frustrating process. Don't let the title fool you, this is a SERIOUS book for serious real investors whether novice or veteran.

The authors obviously know their subject, which is highly diverse. You are guided around pitfalls, and problems. It's almost like you have a wise sage holding your hand because the authors have "been there and done that". I appreciated their candor and honesty throughout the book, but in particular their take on the "information guru's" who sell their get-rich-quick real estate tapes and CD's on the unsuspecting public.

All you other real estate authors take note. You have a new standard to shoot for. Five stars, easy.

Just what the doctor ordered, February 3, 2005
I have done some investing on my own but wanted to learn more about real estate. This book is awesome. It covers the basics and more complicated real estate investments. I now know what types of real estate I am going to pursue and how to analyze them. I read the entire book but I am sure I will keep coming back to it for the worksheets and checklists.

Wish I had seen it first, September 14, 2006
I am only mid-way through this book but it has already answered so many of my questions (that another book did not)! I am new to real estate investing but not new to real estate. This book is layed out (like the rest of the Dummies books) in a very easy to follow format. It points out items to definitely remember when considering transactions and also points out warnings.

Also, since they have no agenda other than to help you understand the process, they did not try to sell you anything (i.e.; get rich quick schemes). This Dummies book gives it to you straight -- Why you should invest in real estate; How real estate investments stack up against other types of investments, such as stocks, etc.; The benefits of building your wealth by staying in for the long term; What cash flow to expect in the short term, including the possibility of negative cash flow.

Real Estate Investing for Dummies, February 11, 2006
This is an excellent book for beginners as well as experiences investors. It covers all of the basics and full of tips for all, experienced or not as of yet.
They speak in a common language that is easy to understand, not so complex or over your head. They are very knowledgeable in the real-estate field and it shows through this book.
At this time I own 2 doubles, 1 condo, and a 4-unit and I found it full of useful information and tips. I would recommend the purchase.

Very Good Book on Real Estate Investing!!, August 14, 2006
I've purchased several books on real estate(RE) investing and this book by far is the best of the lot. It is written in a concise yet informative manner and provides beginning investors with the techniques and strategies to get their RE investment careers off to a solid start. I'm sure I'll be referring to this book many times throughout my RE investment career.

I would highly recommend this book!

Puchase a Highlighter along with this book!, November 8, 2006
I bought this book some time ago and read it as soon as I got it. I'm a realtor in the Florida Keys and continually work on my education and training. I have never read a "dummies" book before now and I was very impressed. This book was a review of much of the material I learned and great source of information that's easy to follow. The content of the book will help you decide what type of property investment is right for you. It's a must have for anyone considering investing in real estate no matter what your background, and I strongly urge you to read with a Hi-liter for easy reference when you need it. [...]

MY FIRST REAL ESTATE BOOK!, November 6, 2006
It was some time ago since I bought this book. And if you read all of my reviews about real estate books, you'll know I grade honestly (see my other reviews).

This book I give 5 stars because it truly explains everything to the average Joe. It isn't boring. You get to learn the different aspects of real estate investing. This was my first book and it made me get interested in real estate not because of the "riches that's promised" but the potential that this field has and so many branches of it. Real estate investing isn't limited to just flipping houses, you'll find by reading this book there's many more roads that's equally profitable.

-Matt
co-author of the Ultimate Foreclosure Kit

An Well Written and Throrough Book, February 3, 2008
Real Estate Investing for Dummies is yet another excellent real estate book in the Dummies series. I have "Home Buying for Dummies" and "Property Management for Dummies." Both are highly valued, and frequently utilized, volumes in my investing library.

I have long thought that "Real Estate Investing" by McLean and Eldred was perhaps the top book for beginning real estate investors. But after reading "Real Estate Investing for Dummies," I now think the Dummies is equally as good, although it may not cover quite as much ground. Dummies is excellent in what it presents because it written in a manner that is easily understood, it provides sufficent depth, and it covers the key topics.

I particularly like the chapter on "Due Diligance." The chapter does an outstanding job of describing the components of reviewing books and records, and inspecting a property that you have bid on and have had the bid accepted by the seller. Purchase contracts provide that the sale can be canceled without loss of earnest money if the buyer's physical inspection isn't satisfactory. Following the suggestions in this chapter assure that you won't be surprised with what you get, and gives tips on how to cancel or renogiate the deal, if you need to.

I also like the final chapter, which lays out in plain English the time tested (non-infomercial guru) principals of how to make money in real estate. Buy when market conditions are conducive to buying, when properties are distressed and available as forclosures or on favorable terms with seller financing. Add value to properties. Hold on to properties that offer long-tem stable growth in rental rates. Refinance to tap into investment property equity and to further your real estate investments.

Good solid advice.

Good read, April 10, 2007
I'm still reading this book. It is organized well, easy to understand and perfect for anyone who is considering entering the world of real estate investing.

Details, details and more details ..., July 8, 2007
This book is a great companion to other books of a more thoeretical nature. Many real estate books focus on why you should invest and the benefits of investing.

This book does that, but then goes one step further. I think the authors and the 'For Dummies' team need to be congratulated as they have given everyone enough detail to make some very solid decisions about your investing.

Very worthwhile and definately well worth the $$. And very solid to know it's written by investors not salespeople. ... Read more

Editorial Review

Reviews

Fresh Water: The Defining Crisis of the 21st Century, April 19, 2006
British author Fred Pearce has collected together some of the most interesting, nerve-wracking, disappointing, and infuriating stories and statistics on water politics worldwide into this gripping volume, titled When the Rivers Run Dry. The depth with which Pearce treats the subject and the diversity of angles from which he approaches the issues facing water management (and rather more often the appalling mismanagement) makes this book required reading for those who wish to be environmentally literate.

Actually, let me elevate that statement to say instead that this book should be required reading for anyone over the age of 15, regardless of their language or nationality or cultural background. Many people think that water comes from the tap in the same way that milk comes from the carton, and this simplistic ignorance is dangerously impermissible in a supposedly educated society. Pearce's work is illuminating and educational while also being an engaging read, and given the fact that water is even more fundamental to life than oil is, everyone should know much more than they generally do about the water cycle. More to the point, we need to know how that cycle supports human life and civilization, and how it is being disrupted and abused for selfish political gains, economic control, and narrowly commercial self-interest.

This abuse is being perpetrated by a handful of breathtakingly arrogant government bureaucrats, working in concert with wonkish engineers disconnected from ecological realities and corporate thieves seeking to commandeer common and collectively-held resources for their own private empires. Prepare to be shocked, dismayed, and appalled as you read about what has happened to the world's rivers, lakes, marshes, and estuaries. Worse yet, you'll likely be disheartened by what is planned for the future. Said future looks grim unless the world's people wake up to what is happening and disallow the destructive centralized planning that is threatening to wreak massive negative change upon what remains of the world's freshwater ecological systems.

No nation is exempt from the potable fresh water crisis, although the most immediate and well-publicized dilemmas are occurring in arid and semiarid regions. It is indeed logical that water is one of the most embattled resources in arid regions, but Pearce demonstrates that even rivers in abundantly wet areas suffer under environmental strains as varied as climate change, hydroelectric projects, and pilfering for export to drier neighboring climates. From Cambodia to Israel, and from Mexico to Germany, Pearce dedicates chapters to specific types of water-related problems that will astound you and will hopefully act as a wake-up call to action before it is too late.

Lest I give the impression that the book is nothing but doom and gloom, it is important to state that the final few chapters end on a positive note, with success stories and reversals of major and catastrophic disruptions giving a glimpse of light at the end of the dark water tunnel. Solutions with widespread applicability to many neighborhood situations are explored, and there is always the possibility of small local movements turning into global grassroots phenomena. One can take heart in the tentative steps towards sustainable water use being made in places like rural India and downtown Los Angeles even as the looming specters of unparalleled water shortages cast long shadows over those regions.

Anyone who has ever read Cadillac Desert, Marc Reisner's seminal book on water politics in the Western United States, will want to read Fred Pearce's When The Rivers Run Dry. This is a definitive work on worldwide water issues, and ought to take its place in the annals of environmentalist and social justice literature as the message filters through the aquifers of the public's subconscious. Tapping the well of knowledge where water is concerned is going to be critical to global survival. We are all in the same boat, so to speak.

The Global Water Crisis Spelled-out, January 3, 2007

Fred Pearce has traveled the world researching and documenting water issues for over 20 years and in this alarming book, he has spelled-out current trends of misuse of our precious water resources. Aquifers, lakes, and rivers are being drained faster than can be replenished. Worse yet, these bodies of water in many areas are being infiltrated by sewage, toxic chemicals and sea water rendering them useless for future use. Unnecessary dam construction, lake and river diversions goes on despite an abundance of historical and scientific facts demonstrating the adverse effects they cause-- displacing millions of people; flooding useable land while drying-up downstream environs and altering historic weather patterns.

Pearce finishes the book on a lighter note by relating the many sustainable alternatives to depleting aquifers, dam building, and lake diversions, although at current usage, one wonders if this will help reduce the rate of depletion and escalating environmental damage. Pearce makes it clear that we humans must immediately come up with a new world-wide ethic on water consumption and distribution before we hit the point of no return.

After reading this fine, in-depth expose' of the world water crisis, I was reminded of the potent quote attributed to Benjamin Franklin: "When the well runs dry, we shall know the value of water" (one of many variations spelling-out the same profound message).

When the citations run dry, June 19, 2006
This book deals with a very important subject and describes the author's first person observations with passion in a very readable manner. However, the book suffers from several glaring flaws.

First, almost every page has a discussion based upon at least one major statistic. Unfortunately, the source of none of these statistics is provided. There is no bibiliography, no footnotes or endnotes. A critical reader is given little help in following up on the issues raised. From a policy perspective, this book will not be helpful to anyone attempting to persuade non-believers.

Second, the discussion eventually becomes repetitious. I don't mind that he is clearly extremely biased, but after a while the diatribes grow tedious, and detract from an otherwise impressive presentation.

It is a real shame that such passion and effort should result in a book that doesn't share the sources of the research so that others can verify its contents and persuade others to take action.

First-Person Account, No Notes, June 11, 2006

This is a good book if you like first-person accounts with no notes that fail to mention other stellar works. I confess to being spoiled by Marc de Villers "WATER: The Fate of Our Most Precious Resource," and by David Helvarg's "Blue Frontier: Dispatches from America's Ocean Wilderness" as well as William Langewiesche's "The Outlaw Sea: A World of Freedom, Chaos, and Crime."

It also falls second to "The Winds of Change" and to "The Weather Makers" (I tend to read books in sets to tease out varying perspectives), and ties with "Plows, Plagues, and Petroleum."

The author's most exciting idea, absolutely worthy of global implementation, is to call for the marking of all products with their "water content." He is stunningly education, truly original within my reading as reviewed at Amazon when he itemizes the amount of water needed to create a pound of rice or any of a number of other products. I would advise any future leader to demand that products be labeled as to their water content, their oil content, and their chlorine content (see my review of Joe Thorton's "Pandora's Poison: Chlorine, Health, and a New Environmental Strategy."

The author notes that the US is exporting ONE THIRD of its water in the form of products that consumed that amount of water.

Other highlights from this book, for me personally:

Six water winners are Brazil, Canada, China, Colombia, Indonesia, and Russia, with Mongolia as a water wild card.

Treaties about water are out of date. Technologies, including cement as an answer for re-directing water, are mis-directed.

97% of the world is sea water--this suggests that we need a MASSIVE global desalination program to protect aquifers from further salination and deterioration (from my own experience: $100M will buy a desalination plant capable of desalinating 100M cubic meters of water a year, or Navy ship or an Army brigade with tanks and artillery, or 1000 diplomats, or 10000 Peace Corps missions, or a day of war over water. It's about trade-offs, and we and not making them wisely.

Kashmir is about Pakistan's Achilles heel, water.

India is on a path to destruction. "Water mines" are selling water for $4.00 (four dollars) a TRUCK TANKER LOAD, and basically mining India dry. When the author comments about a "spate of suicides" among Indian farmers, he fails to mention that this number runs toward 2,000 a year dead by their own hand. He predicts aquifer busts in India and China within 20 years, at which point, as other authors discuss more ably, disease, migrations, crime, and poverty will be as plagues unto those two nations.

Dams produce methane from rotting vegetation, with 8X the greenhouse effect of a coal powered plan of the same capacity. This should in the author's view change the Kyoto calculations. The author is very strong on this point, and suggests that breaking down dams and not building more (e.g. China) should be right up there with global warming as issues for action.

He notes that the 6 day war in the Middle East was about water, but neglects to mention that Israeli agriculture is using up 50% of the water stolen from the Arabs through underground pipes, yet produces less than 5% of Israel's GDP.

I was most taken with the author's discussion of "barefoot science" which emerging during his discussion of toxic or poisoned water such as found in Bangladesh. He cites with great admiration one individual who went from village to village testing wells, with very crude tools, providing reliable estimates of toxicity for 10 cents per well.

A fine book, some excellent insights, but it did leave me a bit cranky. Marq de Villier's book is still the best in class.

Sponge of Damocles, July 31, 2006
For those concerned about the frightening state of the world's fresh water supplies, this book is a treasure of information and viewpoints on why humanity should start getting extremely worried about the issue. Fred Pearce has traveled the world to report on water supply horror stories (and a few success stories), with the theme of river health and long-term human usage. This book turns out to have a similar effect for the reader as others on the subject, which dutifully report on who in the world doesn't have enough water to drink and the potential human consequences. (Though this one probably has the most specific examples.) Pearce does give his book a bit of an edge by finding some unique insights into the social and economic problems that are leading us all down a sinkhole of disappearing water.

The best example of this is Pearce's broad coverage of the vast inefficiencies in human water usage in most regions of the world, and the misplaced technological hubris of huge dam and diversion projects. Along the way he comes up with some enlightening specifics, such as how much the control of water resources has fueled the Israeli-Palestinian conflict, and how hydroelectricity is not "clean" or "green" power, because rotting vegetation in reservoirs creates methane that contributes to global warming. This book is indeed overflowing with specific examples and a fair amount of new insights, but Pearce seems to have left many loose ends. Most of the book's many chapters are short and self-contained reports on particular technical issues or geographic areas, which function more like a collection of newspaper articles. This results in the introduction of many unique examples, but true conclusions and follow-ups for only a few of them. That makes the book informative but a bit inconclusive. Pearce could have also added some more authority to the enlightening but sketchy ethical considerations that end the book. [~doomsdayer520~]

Puzzling, October 30, 2008
Journalist Fred Pearce's "When the River Runs Dry" (2006 324-page paperback) is a puzzling presentation. On the one hand it presents the contemporary predicament of worldwide water shortages emerging from prior centuries. Certainly, this shortage is a central issue for survival of Earth's varied populations. On the other hand, the book proffers impossible solutions for humanity's "hydraulic civilization".

Touring each of the world's principal rivers, wetlands, lakes, and aquifer zones Pearce seeks opinions from experts, victims, scientists, clergy, activists, business people, and politicians. (Unfortunately, there are not footnotes in this book, and thus no opportunity for follow up reading.) His travels in themselves proffer an interesting narrative. From these field trips Pearce presents a wide range of views and suggestions for solving the world's complex water problems. By the end of each of the 10 chapters, the author is proposing his own solutions.

Pearce's solutions change this text's intent and purpose. He moves from journalist reporting the issue to activist claiming solitary resolution for each water problem. His activism leaves scientific and academic resolutions behind on the dusty dry riverbank.

The author's answers for saving the world from the emerging water problems range from the technically impossible (i.e. taking the gigantic dams out of river valleys and redirecting rivers) to the simply odd (i.e. giving the wetlands to prehistoric native populations). Dam destruction would, seemingly, only invent more environmental destruction while returning water sources already harnessed would deprive those dependent on them including their earliest users. His solutions are too often simplistic and baffling.

Obviously, there are answers for the continuing shortages of water across the globe. Pearce's book is best viewed as a warning message and not a resolution advocate. His water warnings, but not his solutions, should be taken seriously.

This book is recommended to everyone concerned about 21st century water shortages and to all who want to develop answers for the global questions it proposes.

Happy Halloween!

When the rivers run dry... many people will die..., February 13, 2009
Water is the most important substance in life. Our body consists of 70% water. Without drinking water, we die after a few days. Although water seems inexhaustible, the reality is different, due to the current way in which capitalism organized agriculture. Agriculture is used primarily to produce fodder, or even worse : biofuels.

Fred Pearce compares a quarter-pound hamburger with a pound of bread. The hamburger needs 11.500 liters of water in its production, whereas a pound of wheat can be produced with 500 liters water.

Capitalism still thrives on the belief that the sky is the limit. In the last 50 years, in the Great Plains, a volume of groundwater was pumped up that would need 2.000 years of rainwater to replenish.

Pearce focuses also on cotton. Cotton grows best in hot weather, but needs a lot of water to grow. He describes the situation in Egypt, Pakistan and what finally happened to the Aral Sea.

The capitalist depletion of our precious water sources for irrigation is actually enhanced by global warming. The glaciers of the Himalaya feed seven of the greatest rivers of Asia : Ganges, Indus, Brahmaputra, Salween, Irrawaddy, Mekong and Yangtze. Two billion people depend on those for drinking and irrigating their crops. And the glaciers are melting... The Yellow River has seen its flow diminished with 24 % in comparison to its average flow in the last decade of the 20th century. The Colorado river rises in the Rocky Mountains and cities like Denver, Phoenix, Las Vegas and Los Angeles depend on it, although there is less and less water in the river. In 2002 the flow was only 15 % of what it was a century ago. What was formerly known as a "big river", the Rio Grande, reaches the Mexican border now without a single drop of water.

Fred Pearce also goes on to propose some solutions, like catching rain water. This is certainly helpful, but I think that a change in diet - to less or no meat - is more important.

Running out of water, July 4, 2006
The only other book I have read about the subject "water" was called "Water: A Natural History," by Alice Outwater. If I had to compare this book with that one, I'd say both are scary but this one is scarier. Many of the world's rivers are near death due to overuse. And, as usual, the main culprits are politicians, bureaucrats and big business. There are many ramifications from the slow death of rivers -- dying inland seas, depleted aquifers, salt buildup on cropland. But Pearce details many cheap and simple ways to reduce our dependence on river water, including catching dew, fog and rainwater. If there is any topic in this book I would have like to have seen covered in greater detail, it would be the low-cost alternatives we have at the ready to continue to meet the needs of people everywhere.

Fascinating, fully engaging and FRIGHTENING, January 18, 2007
I write this review with some fear and hesitation, because the stakes are so high to do this book justice. It's THAT important.

When the Rivers Run Dry is not just enjoyable to read. It's fascinating, fully engaging, but above all a FRIGHTENING wake-up call how governments, politicians and industry are polluting, mismanaging and squandering the water of virtually all the world's major rivers.

Fred Pearce sounds the alarm with incredible passion and intelligence, presenting an environmental issue that deserves the kind of widespread attention Al Gore has brought to the issue of climate change through his documentary film An Inconvenient Truth.

I highly recommend this book to EVERYONE, with a special request to read this if you can make a difference in the water management policy of your government or your company.

Educate Yourself for the Good of the Planet, November 2, 2006
It is impossible to make responsible decisions without decent information. I found this book both readable and extremely informative. On the other hand, it is so filled with information that is a call to awareness of the global crisis facing us that I needed to put it down periodically to avoid depression and/or extreme cynicism. Still, it is an important book to read and I do make better decisions on a daily basis because of it. I strongly recommend this book to anyone who feels that they want to know what's actually going on and doesn't want to be hit with the coming crisis blindsided. ... Read more

Editorial Review

So you've made your real estate investment, now the question is: How are you going to make it successful?Maximize its potential?MMake it grow?One word: management.Hundreds of thousands know bestselling author Ken McElroy as a real estate investment tycoon.in his new book, he reveals the key to his success, exceptional property management, and teaches you its most important principles, showing you how to fundamentally succed where others fail.

THE ABC'S OF PROPERTY MANAGEMENT tells readers:

• How to decide when to manage your property and when to hire someone to do it
• How to implement the right systems and structures for your investment
• How to manage and maximize cash flow
• What to expect: a month in the life of an owner-manager
• How to find the right property manager (and avoid the wrong ones)
• How to assemble a superior management team.
  

Reviews

Another solid read by Ken MeElroy, May 26, 2009
[...]

Ken McElroy should be a familiar name if you've kept up with the Rich Dad Advisor's series of books. The The ABC's of Property Management is McElroy's third book about real estate investing but this one is somewhat unique because it tackles a topic that hasn't been covered much in any other real estate book and that's property management.

The book is split into three sections. In addition, you get the usual foreward by Robert Kiyosaki himself. One of the more humorous sections of the book is the introduction because it details an account of what can happen when properties go bad.

Section one deals with whether you should hire a property manager or manage the property yourself and this chapter is over half of the book. One underlying premise of the section is that if you've never managed a property, it's a lot tougher,and more importantly, much more time consuming then most people think. The final chapter of this section has a ton of good information and it details a month in the life of a property manager. Things will go wrong folks and if you're not prepared to deal with the problems yourself, then it's probably going to be money out of your pocket.

Section two discusses how to find a good property manager. You get to read about the types of management companies as well as some of the things you'll want to look for, at least system wise, when looking at a property manager.

Section three is the shortest section and it discusses how to hire a good property manager. Here, McElroy takes you through a three tiered system of evaluating a property manager.

Overall, it's a solid read but there's two knocks. The first is that it's geared more towards bigger properties. The "month in the life of a property manager" deals with an eight unit complex and some of the examples consist of big, multi-unit properties. While this isn't neccesarily a bad thing, there's only some information on single family homes so buyer beware. The other knock is, for $17, you're basically getting a 120 page book. There's some sample forms in the back that add about 20 more pages but it's not really meaty. I'd give it a "B" rating, so it's basically something worth picking up if you're really interested in the subject, but not a book I'd consider mandatory reading.

Don't Buy, August 26, 2010
I bought this because I wanted to learn how to manage properties.

This audio-book is basically just showing all of the reasons you should hire a property manager instead of doing it yourself.

It should be titled "why you need a property manager."

It makes you think about some things, but overall I was very dissappointed.

Amazed that people are not very interested in property management, August 17, 2009
McElroy wrote two other books, but they deal mainly with real estate investing. I am amazed that this book is far less popular than the other two. Property management is the key to real estate success. It's not just about finding a good deal, doing the due diligence, and closing the transaction. If people are not interested in learning how to manage a property or at least learning how to find a good property management firm, then they should not be buying real estate, because real estate requires work. It is not a mutual fund or stock. When you buy a small apartment building or a single family home to rent, you are in the business of real estate, which means you sell rental space, and if you don't provide any customer service to your clients/tenants, you are unlikely to be successful. I found this book to be really good. It covers topics such as how to manage and maximize cash flow, how to find the right property manager, and how to decide if you should manage your property yourself.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market

Another great Rich Dad Advisors book!, October 6, 2008
I knew alot of what was in this book because I have been a landlord for years, but I still found it helpful. If I were just beginning I would love to have read this book. It would have been so helpful.

decent, October 24, 2008
It was an easy read, which allowed me to stay interested in it. However it wasnt very full of information, more stories than anything. ... Read more

Editorial Review

Purchasing tax lien instruments from city, county, and municipal governments can provide you with very high and secure rates of return, in some cases as high as 12%, 18%, 24%, or even 1,000% or more per year. If performed correctly, investments in tax lien instruments will far outpace stock market performance, even traditional real estate investments. The key is to know how to perform this process correctly. Tax lien certificates and deeds are not purchased through a broker; you purchase these property tax liens directly from the state or county government (depending on the state). This type of investment was created by state law, and state law protects you as the investor. Investing in tax liens and deeds can be very rewarding. Tax liens can be tax deferred or even tax-free. You can purchase them in your self-directed IRA. Interest rates vary but average between 4% and 18%. The interest rates are fixed by local governments, essentially a government-guaranteed loan. Additionally, the investment is secured by real property (real estate). This sounds great, but what is the catch? There really is none, except you must know what you are doing! This groundbreaking and exhaustively researched new book will provide everything you need to know to get you started on generating high-investment returns with low risk, from start to finish. You will learn what property tax liens and tax lien certificates are; how to invest in tax lien certificates; how to buy tax lien certificates; insider secrets to help you double or even triple your investment, how to start with under $1,000; the risks, traps, and pitfalls to avoid; and a detailed directory of states that sell tax lien certificates with contact information. In addition, we spent thousands of hours interviewing, e-mailing, and communicating with hundreds of todayÂ’s most successful investors. This book is a compilation of their secrets and proven successful ideas. If you are interested in learning hundreds of hints, tricks, and secrets on how to purchase tax liens and deeds and earn enormous profits, then this book is for you. ... Read more

Reviews

No nonsense. No hype. No Details, January 12, 2007
From reading the cover you might think this is another get rich quick idea. After reading the book, however, you'll find a hype-free matter of fact approach. All the benefits and pitfalls (at least that I could think of) are covered. I went to a seminar where someone pitched an expensive package of services to help someone who wanted to invest in tax lien certificates. Instead I bought this book. It will answer your questions and help you decide if you want to proceed. What the book does not include are all the little details you'll need to actually execute a purchase. This varies a lot by state and would require the book to double in size. So, if you just want to know about these investments, I recommend this book. If you are ready to invest, you'll need more information.

Good explanation of difficult subject, January 3, 2007
Tax lien and tax deed investing are complicated subjects, made even more complicated by the huge variations in laws from state to state. This book explains the different details with great clarity.

The book opens with general chapters that explain why the differences between tax liens and tax deeds, the things an investor must consider when planning such an investment, and guidelines that will help make the process more comfortable. For example, even an experienced investor may have little experience with auctions, which is the method most governments use to sell tax liens and deeds - "The Complete Guide" has tips on what to bring and do in those situations.

Also in the early chapters, Burrell uses real world examples to help explain points - showing, for example, the forms used to register for an auction in Los Angeles. Later, Burrell discusses subjects like foreclosing (the painful part for those of us without thick skin) and getting financing for a tax lien or tax deed investment.

However, the key parts of the book are the tables (I think there are about 20); Chapter 12, which has a comprehensive breakdown of the different state laws; and the exceptionally comprehensive, 60-page (you read that right!) glossary.

Buy this book and avoid the seminars, April 8, 2007
Tax lien investing is interesting. They are touted as a surefire winning ivestments and many "experts" offer training costing thousands of dollars to "train" you on how to invest in these "goldmines". Do yourself a favor, buy this book and avoid the seminars. You are going to learn by experience and this book will help you get started. The seminars are simply going to part you and your money. Tax liens are not as easy as they sound. You cannot simply go down to the courthouse and buy a 25% lien. Most people trying to get you into this game neglect to mention the fact that large companies will flood the market with lowball offers to obtain a majority of the better tax liens.

Detailed review, August 1, 2009
I bought Tax Lien books written by Larry Loftis, Jamaine Burrell and Don Sausa and read them in the order listed. All are excellent books. I recommend that you buy all 3 books if you are serious about understanding tax lien investing. I have posted reviews in a "bundled" fashion under all 3 books. You can buy all 3 from amazon for 449.

Loftis consists of 3 parts and 2 appendices. Part one talks about tax liens, part two about tax deeds, part three about the list of states. He discusses procedures of purchasing tax certificates, strategies for investing through liens/deeds, how to compete effectively against the so-called "institutional" investors. He shows the reader how to calculate the yield under different scenarios.

Burrell's book is very detailed, matter of fact approach. All the benefits and pitfalls are covered. There are 11 chapters that discusses in detail liens, deeds, tax sale procedures, delinquent properties, bidding, income and growth, how to obtain financing, legal issues such as setting up LLCs or PCs, foreclosures, various state laws etc.

Don Sausa has takes a complex subject and simplifies it. After reading the first two books, reading Sausa's book is a breeze. It suggests a chapter a day but I think you can probably read through this entire book in about 3 hours. If goes step by step.

Investing in tax liens requires, time, patience and money. One cannot do this "on the side" but it can certainly be a full time job and I can see the potential rewards.

Start Winning in The Tax Lien Game -- Right Now!!, January 2, 2007
So what the heck are "tax lien instruments" and why would you want to invest in them? That's what I asked myself when I picked up this book. By the time I was done reading, I not only had the answers I needed, I couldn't wait to get started!

As you'll learn in this complete how-to from Jamaine Burrell, there's enormous profit to be made in the little-known, but high-yield goldmines found in tax liens and deeds. IF you do it right. With these tax lien secrets, proven ideas, and hands-on hints compiled from thousands of hours spent talking to the tax lien pros, it's a can't miss. Yes! If you know what you're doing, you can take advantage of high tax lien returns, with little or no risk. And this book shows you how--from start to finish.

-- Robert Gardner

An excellent overview and a great place to start!, March 21, 2010
Recently, I finished reading this book and found that it was reasonably easy to read and understand. This is the first book that I have read cover to cover on this seemingly complicated subject. This book is well written and flows as well or better than a text book, however may lack the personal style or past experiences, many like myself may be seeking to hand hold or walk the reader closer to their goals.

In my opinion, this book is an excellent place to start since it seems very thorough, well researched and appears to offer an excellent overview of tax lien investing. In addition, the author shared the potential for success and/or loss, however does not give much in the way of personal opinions or what some may suggest would be fluff or an overly positive sell on the appeal of this type of investing. Therefore, the points made seem to be based on objective research rather than biased hype through personal opinion.

The author explains generally much of what needs to be done in order to invest in this type of investment, however does not go into great detail or depth on what specific steps need to be taken to actually get there. My gut feeling is that it usually takes reading a few books on the subject or taking a comprehensive course to gain a well rounded level of knowledge on most subjects. Also, most tax lien states have their similarities, but also have distinct differences which may be a complicated task to achieve, in a book of this size.

Although there are very good general suggestions and guidance on how to get started and what needs to be done to be successful, as well as how to minimize the chance for loss, it seems that the author does not go as deep as some other authors on this subject. It is not clear how much personal experience the author has had in the area of tax lien investment, since I do not rememeber personal experiences being shared or much in the way of tips for success from experience.

That tempered with the fact that the author has consulted with other investors for their input and contribution and appears to have done a great deal of research, based upon the bibliography in the book suggests that the author did their professional homework. Additionally, following a review of other books written by the author, it is apparent they have had success in writing on other related subjects such as investment, real estate and business. Therefore in my opinion the author has created a very useful tool to begin building a foundation of knowledge, on the subject.

As prior reviewers have mentioned, this area of investment takes a certain amount of knowledge and experience in order to be successful, therefore one should not expect that reading one book on the subject will prepare the reader to do so without further education and experience. As others have mentioned doing, I too have purchased another book or two on the subject to gain a deeper and more well rounded education, on the subject.

In conclusion, I feel confident in recommending this book as a good source of general information in order to begin the education process of building a foundation, in this area of investment. However, as mentioned earlier, as with most books on investment a reader will likely need to read a few books or more in order to have a well rounded knowledge, on this somewhat complicated subject.

Very thorough, no hype, January 7, 2009
A very thorough primer into realestate tax lien investing - which states have them, which only have tax DEED auctions, etc. I did find it a little verbose sometimes, but that was more than positively offset by the lack of hype and absence of the typical dozen pages of "convincing market data" that so many investment tomes are guilty of. What I found most valuable is the various charts which layout different states maximum payouts, types of investments offered, etc. You don't have to struggle to find anything.

Provide everything you need to know to invest, understand liabilities and potential pitfalls, and make wise decisions, November 5, 2006
Jamaine Burrell's COMPLETE GUIDE TO INVESTING IN REAL ESTATE TAX LIENS & DEEDS tells how to make a profit by purchasing tax lien instruments from local governments - instruments which yield high rates of return. These investments can outpace stock market performance and real estate investments alike - if they are handled correctly; and that's where COMPLETE GUIDE TO INVESTING IN REAL ESTATE TAX LIENS & DEEDS comes into play. Chapters provide everything you need to know to invest, understand liabilities and potential pitfalls, and make wise decisions with rich outcomes.

Diane C. Donovan
California Bookwatch

Good information about Real Estate Tax Liens, August 7, 2010
I found this book full of good practical advice. The writers show you how to start investing in real estate liens. After reading this book, using their techniques, I did buy one tax lien note. The writers have many years of practical experience. After reading each chapter, I then used the information to find local homes in my area. The writers show you how to do the figure out with simple math and practical means if this tax lien is a good buy. Since there are many foreclosures due to the declining economy in 2010, using the resources in this book, I was able to locate a tax lien note. For me, it was an good way to learn about and then actual investing in real estate liens. You will need to do lots of due diligence, inspections and paperwork in finding a good real estate tax lien investment. I made money investing in real estate tax liens from reading and then following the instructions in this book.

More viable information than any other similar book I have found todate, June 7, 2007
The Complete Guide to Investing in Real Estate Tax Liens & Deeds: How to Earn High Rates of Return - Safely
"By far the most through and comprensive of any book I have found anywhere on this subject of Investing in Tax Liens"! Has enabled me to make a considerable amount over the past few months with very little effort.

... Read more