Rating: Summary: Buy The Book! Review: Many people are stuck in a 8-5 JOB and want to start a busines but don't have the capital or time to do it. The author is honest and up front that you can become a millionaire through your own real estate investing business but it won't happen overnight. He takes you step by step on how you can get started with out a lot of risk, working on weekends and with very little money to get started. What the author shares in this book works as he has successfully used the same material he teaches in the book to build his own real estate investing business. I first became acquainted with the author Mike Summey when I purchased the "Wealth And Empowerment Training" course from Carleton Sheets Training Institute. Mike did a lecture on one of the video's as he is one of Carleton's most successful students. During the lecture he showed slides of his properties and he explains in detail how he built his Real Estate Investing Empire. If you are serious about becoming financially independent buy the book!
Rating: Summary: Good Book on Real Estate - Full of Information !!! Review: Most importantly I like the fact that the authors had the sense to write in short easy to understand chapters. While the book touches on the vast complexities of real estate investing and negotiating they do it in a way you can understand. I'm always skeptically of books that are printed in a yellow cover with the words weekend and millionaire in the title, but trust me (a person you never met) that the small investment of the purchase price and time to read it are worth your time (We've all blown money on worst things than this).
Rating: Summary: Useless unless you have never heard of buy low rent high Review: My heading means if you never heard of the concept of buy low rent high then this book is for you. Yes anyone that has seen an infomercial where some old hick is in florida drinking ice tea and sayin "Gosh Darn I dun become a millionare and it's so easy" usually spouts the same gibberish as this book. Save you money as the summary is below:
1) Buy property at a low price
How? The usual as the book says: Family is behind in mortgage payments, Old person is need of cash from losing their investent savings and needs to liquidate to pay for food, messy/angry divorce and wife is looking to let the place go cheap as revenge,
owner got a promotion and needs to sell fast to move to new area.
2) How to buy low?: Lame strong arm negotating tactics
How? The usual scoff at the first offer and haggle haggle like an annoying j** till you get your low price. Forget about the fact that if the property really does have value then a ton of annoying j*** will all be outbidding each other for it. Supply and demand kid. If the property really has value you will be in fierce competition when it comes to bid time.
3) How to become a millionare?
Its so easy according to this book you buy low and rent high enough to break even or make a small profit once you minus your monthly mortgage payment. Gee if it were this easy we'd all be rich!!! Forget about inspections, taxes, damage to property, insurance, property management, fines from tenants not cleaning up, theft and paying utilities (go ahead and pay electricity and see what the bill will be once summer kicks around and the AC is run 24x7) as they are tossed out the window LOL.
THE BIG SECRET: Ok listen up you bought the house and are renting it at a rate that would cover the monthly payment. Now each year raise the rent and buy more property to rent and repeat the cycle. So the initial profit of $25 a month after paying the mortgage will slowly rise and multiply for each home you buy. Gee if it were that simple!! To bad rental rates are controlled in many areas. The logic is you rent a place out for 1000 a month and in 15 years you can charge $2000 gee if it were that simple NOT. Unless you buy a shack in the middle of the woods and then 15 years later a community is built around it so your property value surges.
Seriously this book is useless unless you can find a sucker that doesn't know the value of their home and is looking to get out fast. IF the property has a strong rental value.. TRUST ME THE ORIGINAL OWNER WILL RENT THE PLACE OUT HIMSELF to cover his own mortgage and keep the property himself. OI! The truth is when you buy rental property you LOOOSE major cash during the first few years as the only value buys you are going to find are neglected homes that cast major $$$ to repair otherwise again if it could be repaired for a cheap price the ORIGNAL OWNERS WOULD OF ALREADY DONE IT. You think just slapping on a coat of paint is all there is to home repair?
Buyer beware talk to people that rent out properties to get the real understanding of what you are in for. YES it can be profitable but it a) takes a LOT of work b) like any business it takes A lot money unless you are a mind reader and can find people that are really down and out on their luck and INCREDIBLY stupid. The author claims to buy property every year.. yeah right.
F L U S H.
Rating: Summary: Excellent Book!!! Review: Outstanding book, and very well written. Full of practical advice, easy to understand, and not boring. I think this could be the best book I've bought on the subject. Highly recommended.
Rating: Summary: Helpful, Exciting, Inspirational Review: The idea of real estate investment had fascinated me for years, but how do you get started? Especially with little money? This book shows how, step by step. It's helping me develop a long term strategy for success. Every time I pick up the book, I find something new and exciting and thought provoking! Highly recommended for anyone who wants to take more control of their future instead of working for wages.
Rating: Summary: Some useful information Review: This book contained some useful information with regard to negotiating, and some of the basics of investing in real estate, but in my opinion it is far from a 4 star book. A major problem I have with this book is all of the success stories about Mike- that go something like, don't expect this to happen often but Mike once did this or that- the stories are very unrealistic.
Rating: Summary: A real winner! Review: This book is the best I have ever read about real estate investing. It gives you the straight facts about how to build wealth with real estate. No fancy gimmicks or unrealistic methods, this book tells it like it is. If you follow the advice it gives you, you can't help but be successful. It's a must read for anyone wanting to get started investing in real estate. I know, I've tried it and it works.
Rating: Summary: Three things Review: This book is three things. First it gives you the basic idea on how to invest in real estate and steps to doing it. Second it teaches you negotiation techniques and third, it is a great self motivating book. The second and third things about the book is great expecially the negotiation techniques, but the first thing is lacking. It does a great job of explaining how to make money from investing in real estates and even gives you steps to doing it but the steps lack detail that someone who is 20 with no experience in owning a home needs. Other then that I do recommend it because it is very easy to read and gives you an insight on real estate investing. I also recommend that you get "Investing in Real Estate" by Andrew McLean and Gary W. Eldred, PhD. You should read the Weekend Millionaire's Secrets first and then read Investing in Real Estate second. It gives you more detail into all the things that the first book talks about.
Rating: Summary: Horrible Review: This book is yet another one of those real estate investment scams. let me save you $13 and tell you the entire contents of this book "buy low, rent out at a high price and jack the rent up every year, and become a WEEKEND MILLIONAIRE". Don't waste your money on this book.
Rating: Summary: Not that great...don't waste your time Review: This book may contain a few bits of info that you could use, but for the most part, it is an ego trip for Mike. Mike did this and Mike did that, don't you want to be like Mike? But when you think about what they are telling you to do, it is to take advantage of other people, and then tell yourself you are helping them with a problem. They talk about buying houses from people in trouble, but no mention of how to find those people, unless you stumble across them (they do mention printing business cards for yourself and handing them to everyone within a 10 mile radius and that is how you will find people who have to sell, but I really doubt it). They take impractical, unethical concepts and pepper them with phony "back to reality" messages like "This is not a get rich quick scheme, it is a get rich slow plan". This is an obvious ploy to make the reader think they are getting good, wholesome and useful insights, when in truth they are getting the opposite.
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