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10 Comments on “Investing in Real Estate”

1. john zack
   November 4th, 2010 at 12:19 pm

   Review by john zack for Investing in Real Estate
   Rating:
   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.

2. Cassidy Uranne
   November 4th, 2010 at 12:45 pm

   Review by Cassidy Uranne for Investing in Real Estate
   Rating:
   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 Yes the gurus will lead you to believe that anyone can use these and many other outdated and super risky “creative” techniques.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.

3. Anonymous
   November 4th, 2010 at 12:52 pm

   Review by for Investing in Real Estate
   Rating:
   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.

4. K. Johnson
   November 4th, 2010 at 1:37 pm

   Review by K. Johnson for Investing in Real Estate
   Rating:
   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.

5. Hoppaguy
   November 4th, 2010 at 1:44 pm

   Review by Hoppaguy for Investing in Real Estate
   Rating:
   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.

6. Cheryl Sellers Johnson
   November 4th, 2010 at 2:35 pm

   Review by Cheryl Sellers Johnson for The Millionaire Real Estate Agent: It’s Not About the Money…It’s About Being the Best You Can Be!
   Rating:
   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.

7. J. Charles Hansen
   November 4th, 2010 at 2:43 pm

   Review by J. Charles Hansen for The Millionaire Real Estate Agent: It’s Not About the Money…It’s About Being the Best You Can Be!
   Rating:
   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.

8. kdave21
   November 4th, 2010 at 3:25 pm

   Review by kdave21 for The Millionaire Real Estate Agent: It’s Not About the Money…It’s About Being the Best You Can Be!
   Rating:
   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.

9. Joe Barfield
   November 4th, 2010 at 4:16 pm

   Review by Joe Barfield for The Millionaire Real Estate Agent: It’s Not About the Money…It’s About Being the Best You Can Be!
   Rating:
   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.

10. Ernest Buckley
    November 4th, 2010 at 5:15 pm

    Review by Ernest Buckley for The Millionaire Real Estate Agent: It’s Not About the Money…It’s About Being the Best You Can Be!
    Rating:
    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 8×8 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!

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