Make your rental rates at the market rate in the area, even at the expense of occupancy. McElroy reviewed how to analyze properties and their P&L statements, and how to put together a team (actually...that first). How to guide to buying and selling real estate. “Being too far out on the fore front of things can be expensive and dangerous. September 1st 2004 As a bad deal would end up failing which would make it harder to find partners in the future. I was a bit disappointed. “[It] contains your offer along with the basic deal points like down payment amount, due diligence time frame, escrow amount, and financing contingencies.” During the letter of intent stage the property is not off the market.Purchase and Sale Agreement. Actually, it happens before it. It was straightforward and contained numerous useful suggestions relating to the processes of researching, purchasing, and managing properties. by Business Plus, Rich Dad's Advisors®: The ABC's of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad's Advisors). £6.64. Also, I have learned how to calculate the income of the property, the offer price to buy a property and many other calculations. I am most definitely adding this book to my library of learning. We’d love your help. Free delivery on qualified orders. April 2005 If your plan is to dive deeper into real estate, you should pick up The ABCs of Real Estate Investing before you take the plunge. I was expecting to learn about duplexes, triplexes, and 4-plexes, but this book is talking about 5+ unit buildings which are a different class of property and are an entirely different type of real estate investing. Another thing that was emphasised was the importance of finding a good deal. It really set the tone for the power of property investing. It did a number of things well. *FREE* shipping on qualifying offers. He presents his investing strategy as the only right strategy. I will definately take this one up again to read some chapters so a 4-star review seems in order for me. If you are seriously considering to transition into multifamily investing, the first book you should read is The ABCs of Real Estate Investing by Ken McElroy.It is one of the only books that will teach you how to find, underwrite, negotiate, manage and prosper in the multifamily space. See all details for The ABCs of Real Estate Investing: The Secrets of Finding Hidden... © 1996-2020, Amazon.com, Inc. or its affiliates. The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad's Advisors (Paperback)) eBook: McElroy, Ken: Amazon.com.au: Kindle Store If you find yourself in that group, I recommend you build yourself up to the point where you are confident in yourself and in your abilities first. This book teaches people who are new to real estate investing a ton, but what it doesn't let you know early on is that this book primarily focuses on commercial multifamily homes. Do not let opportunities divert you from your goal. Find helpful customer reviews and review ratings for ABCs of Real Estate Investing (Rich Dad's Advisors (Paperback)) at Amazon.com. As a bad deal would end up failing which would make it harder to find partners in the future. This is part of the Rich Dad Advisors series of books and it will definitely give you a leg up on your competition. CHAPTER 6 FINDING YOUR DIAMOND IN THE ROUGHTo become an expert, you need to:1 Use your research about the property and the market.2 Read everything.3 Look around. This title enables readers to learn how the cash flow generated from property investment appreciates in value and ensures financial freedom, as well as the freedom to be your own boss. He touched on the basics of real estate investment, how to conduct reasonable due diligence, a walk though the buy and selling processes. I’ve just read the book in one sitting (2+hours) . It is after the letter of intent. This is a must read for anyone hoping to begin investing in real estate in any way. The ABCs of Real Estate Investing teaches how to achieve wealth and cash flow through real estate, find property with real potential, unlock the myths that are holding you back, negotiate the deal based on the numbers, and much more. A very easy read, and very informative. For purchasing buildings; apartments, condos and townhomes, Reviewed in the United States on October 11, 2020. CHAPTER 3 IT TAKES A TEAMThe following qualities are required in partnership:1 Healthy debate: You should have room for debate before decisions are made2 Open-mindedness: You should not have to spend valuable time continually convincing your partner of your goals3 Commitment: You should be committed to each other and your goals4 Similar values: You and your partner should share the same values5 Accountability: You and your partner should push each other to achieve objectives and have mutual accountabilityYou do not need all of your team members at all times. Refresh and try again. ABCs of Real Estate Investing : The Secrets of Finding Hidden Profits Most Investors Miss, Paperback by McElroy, Ken, ISBN 1937832031, ISBN-13 9781937832032, Like New Used, Free P&P in the UK Outlines how to achieve financial independence and successful self-employment through property investment, discussing such topics as screening potential partners, utilizing research tools, and setting … CHAPTER 7 IS IT REALLY A DIAMOND?In good deals the numbers work. Reviewed in the United States on June 7, 2017. This page works best with JavaScript. User Review - Flag as inappropriate. The real gem for me is the Five Step Property Evaluation process. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. This book is absolutely fantastic! This is the authors experience and should be taken as such. But if you are a looking to invest in smaller properties, like single family homes or duplexes, the advice in this book is more complicated than I would imagine you need. This book does tend to focus on commercial real estate which I would warn new investors towards as I hold the belief of starting small and building big. I took thorough notes and plan to put this knowledge to work soon! Ask for recommendations in these meetings.Level Three Research. The ABCs of Real Estate Investing teaches how to:Achieve wealth and cash flow through real estateFind property with real potentialShow you how to unlock the myths that are holding you backNegotiating the deal based on the numbersEvaluate property and purchase priceIncrease your income through proven property management tools DaveVoyles / July 26, 2016. There are three drivers of supply and demand:1 Employment. The only thing that was not perfect in the book was how it did not really give much advice on single family real estate, but other than that it was great. Highly recommend this read for beginner or even amateur investors! There's a problem loading this menu right now. There’s just an odd disconnect when you market a book purportedly for the beginning real estate investor, you fill it with pretty elementary accounting exercises, then feature scenarios that would be well out of the reach of the likely reader. Overall this book is a really good guide on getting started with real est. Price: $16.95 on Amazon Page count: 220 Year published: 2012 Amazon rating: 4.6 stars / 1,164 ratings Goodreads rating: 4.08 stars / 5,111 ratings Why we recommend it: One of the best and most informative books on real estate investment I've read yet. Reviewed in the United States on February 26, 2013. Be aware it does not address ways to finance your investments, so you will need to look elsewhere if that is information you're seeking. Step 1: Research and find your ideal home. I'd recommend it more if there was even a small portion of it devoted to raising capital from investors, or even approaching a bank for the purpose of purchasing. The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad's Advisors (Paperback)) Chapter 7 of this book is my Bible for crunching numbers on a property I am going to invest in. In this way you depend on appreciation as well to make money. But if you are a looking to invest in smaller properties, like single family homes or duplexes, the advice in this book is more complicated than I would imagine you need. I like to watch Ken and believe he is great at what he does. McElroy has an arrogant writing style and self-centered content, which makes this book hard to read. It also analyzes reviews to verify trustworthiness. Great book, lots of actionable advice and inspiration. I have read countless books on real estate. The more cars that pass by your property and see your “For Rent” sign, the better your chances of success.2 Great locations possess a rare quality.3 Great locations are in demand. The Lazy Way To Invest In Real Estate Verdict “The Lazy Way to Invest in Real Estate” is a book that teaches investors how to invest in Real Estate without exposing themselves to the usual risks that plague the industry. Fees paid for professional services (an attorney and accountant).3 Marketing and advertising4 Management costs5 Repair and maintenance costs6 Property taxes7 Insurance8 Utilities9 Capital repairs, CHAPTER 11 You Own it… Now What?Property manager should do the following:1 Solving problems daily2 Handling staffing issues3 Leasing the property4 Increasing the cash flow5 Legal and contracts6 Maintenance7 Rent collection8 Paying the bills9 Managing the budget10 Evictions11 Customer serviceIf you want to hire a property management company, ask them about the following:1 Property management fees2 Time in business3 Accounting software and capabilities4 References5 Policies and procedures6 Professional affiliations and associations7 Training programs8 Real estate licenses9 Legal and background checks10 Vendor negotiations11 EmployeesWhen to fire your property manager:1 When the property does not perform well as anticipated2 When the property does not improve its operations year to year3 When the property really outperforms expectations because management is easy and a management company is not neededMistakes you should avoid:1 Renting to the wrong person2 Not taking care of your current residents3 Not budgeting for the unexpected, CHAPTER 12 To Sell or Not to SellWhen you want to sell your property, you need to:1 Maximize your future potential income. Reviews There are no reviews yet. Knowledge is not power until it is applied, and through application we get experience, and experience is what gives us confidence. Do your homework and find facts!Supply and demand is a critical tool to understand the market and submarket in a particular area. Knowledge is not power until it is applied, and through application we get experience, and experience is what gives us confidence. This was a great book - easy to read and follow. Read this book using Google Play Books app on your PC, android, iOS devices. To see what your friends thought of this book, The ABC's of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss, "What makes this book different [is] it is written from the most important aspect of real estate investment, which is property management"- Robert Kiyosaki, This book was an easy read, yet full of some excellent facts on working in real estate investing. If you find yourself in that group, I recommend you build yourself up to the point where you are confident in yourself and in your abilities first. While I think the book’s content is well laid out, the assumptions made about who is reading it are disjointed which is where I get the “split personality” description. Now that I have a solid understanding of personal finance and economics, I wanted to go to the next level and understand a bit more about real estate investing. This book makes investing seem possible for the average Jane or Jo. Lowest price and Replacement Guarantee. Welcome back. One comment I read on here was that it takes courage to do, and I couldn't agree more. For me, it’s not likely I would read it twice. I probably don't need an accountant and a tax consultant for. With the advises in that book I have learned a lot about property management and the things a property manager is responsible of. Publication date 2004 Topics Real estate investment Publisher ... plus-circle Add Review. To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Read honest and unbiased product reviews from our users. CHAPTER 2 YOU GOTTA HAVE A GOALA goal is something you plan to achieve, should be measurable (in time, earnings), and should be attainable and realistic. This book is really of no use for those of us looking to invest in houses as rental properties. Unlike when you are buying, when you sell “you want to demonstrate the highest future potential income for the property, not the highest actual income.”2 Running your expenses lean. No. A very easy read, and very informative. After the numbers work for you, you need to tie up the property, “and during that time, you negotiate the terms of the sale and, equally as important, review the property and its operations in its finest detail.”You need whether a letter of intent or a standard purchase and sale agreement.Letter of Intent. It will walk you though the entire process of considering, evaluating, writing offer, and managing. Great Real Estate Knowledge from this book! I learned a lot from this book, so much that I am ready to delve into the real estate market. This was my first Rich Dad book and I really enjoyed listening to it. ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad Advisors) | McElroy, Ken | ISBN: 8601400316955 | Kostenloser Versand für alle Bücher mit Versand und Verkauf duch Amazon. CHAPTER 5 SWAMPLAND FOR SALEAn important lesson from the poor people who have purchased swampland is that “the market is more important than the property.” You should evaluate your market and submarket. Moving along...The ABC's... is a great introductory piece. this was a great book about details of real estate investing. The ABCs of Real Estate Investing by Ken McElroy – To start a business you have to know some of the initial steps that need to be prepared so that the business runs as you wish. Goodreads helps you keep track of books you want to read. “Locations have to be evaluated not based on geography alone, but based on how they measure up in relation to supply and demand.” Look for:1 Great locations have drive-by visibility. It goes step by step through how to make a purchase, and how to do your due diligence, so you can be confident in your investment. They are very important. And the end of each chapter, it gives you a summary of what you need to do. 5 Favorites . You can still see all customer reviews for the product. In The ABCs of Real Estate Investing, real estate investor and property manager Ken McElroy shares to have success in the rental real estate business. I was even more surprised to find out when delving into the “accredited investor” criteria for MC investments that you needed $1M in wealth (outside of your personal property) and $200k annual income (single) or $300k joint to even be considered for participation. I was tempted to not finish the book because of this and its generalness, but the latter chapters include more specific and applicable advise that I found valuable. You can find the book here. Another thing that was emphasised was the importance of finding a good deal. But until that day, the cash flow generated from them, and their appreciation in value, ensures that we have the ability to do the things we love today, and in the future.”, BiggerPockets Podcast Book Recommendations, 45 of the Most Anticipated Sci-Fi and Fantasy Novels of 2021. [The author] tries not to create the wave, simply catch a wave [he] see[s] beginning to build and ride it in.”4 Affordability. Not likely i would read it twice investing Ken McElroy review by Sharon Secor was geared toward residential properties SFH... Economy and employment in the United States on August 7, 2017 and... A global level in a very interesting way from your goal clearly are three of. Great intro for real estate investing yet full of some excellent facts on in! Is entirely devoted to large-scale multi-family unit investing our system considers things like how recent a is! 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