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Summary: I BUILT A MONEY MACHINE WITH THESE CONCEPTS!
Review: In 1983 I bought the original version of this book, "HOW TO BUILD A REAL ESTATE MONEY MACHINE" Today, my net worth in Real Estate is over $900,000 with a monthly income stream of over $20,000. That should tell you the power of this book, when applied.I knew a lot of people who told me I was nuts. They were hooked on the "FIX EM UP" "BUY & HOLD" Traditional Rental Game. I found that buying real estate was in fact the easy part (I guess a lot of people wanted out, that should tell you something about tradition) and started meeting a lot of real estate owners who were real estate rich, but cash poor. The three T's. tenants, toilets and turnover was eating them alive. I found out quickly that being a landlord was not for me. I also found that there were a lot of people who wanted to be owners, but didn't have the cash or credit for conventional financing (especially in the REAGAN-OMICS ERA of high inflation) Th! ese techniques still work today> Try it----you'll like it!
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Summary: Yes, it does pay to research an author
Review: In the case of Wade Cook, best selling author, successful real estate investor, successful stock market investor and successful seminar promoter and businessman. Mr. Cook shares his wealth of experience and I among many, am glad that he does. Real Estate Money Machine has been a best selling book since 1980. I think that says a thing or two about Mr. Cook as well and how real investors think about him. Refunds? That is called buyer remorse. People buy a product and then once the novelty wears off and they realize that it does require one to roll up his/her sleeves and go to work, the easy out appears to be a refund. I won't even waste my time to address that magazine writers views against Mr. Cook or other successful businessmen. Besides, the fact that her newspaper column was cancelled over two years ago, her magazine articles are fewer and fewer should tell you what readers think of that smear spreader. The fact that she has written a book that nobody wants to buy tells me that there may be some peer jealousy as well. In any event, Real Estate Money Machine is a great book and a must read for all serious real estate investors. And unlike other authors, at least Mr. Cook can speak from experience. He has done it. Looking forward to Mr. Cooks next foray. Wall Street Money Machine Vol 7? Or Real Estate Money Machine Vol. 2? Either way, I'll be a buyer.
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Summary: Pays to research the author
Review: Readers may want to do some due diligence before investing in this book, or any others by this author. His company has a record of run-ins with the authorities at the local and federal levels and is in bankruptcy. Just One Example: See article: Los Angeles Business Journal, Dec 18, 2000 v22 i51 p40, "Refunds Are in the Works For Bad Investment Advice."(Wade Cook Financial Corp. and Wade Cook Seminars Inc.)JANE BRYANT QUINN
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Summary: Still selling after 20 years!
Review: Real Estate Money Machine (actually The Real Estate Money Machine) was my introduction to Wade Cook over 15 years ago. What appealed to me about Cook was that he was teaching a method to turn real estate into cash flow and with little or no money down. Everybodyelse was teaching the buy and hold method to real estate. Don't wait to buy real estate, just buy real estate and wait was the mantra. And I know people who bought into that theory back in the 80's and are still waiting. Some bought the wrong properties. Some had to sell at a loss when the real estate bubble burst. Wade teaches you how to make money in real estate in any market and how to make money right now; not 5 years from now, not 10 years from now but right now. With WADE'S methods you buy real estate today and wait a few days to a few weeks to get a check. No landlording problems. No waiting and waiting and waiting...yawn...you get the picture. I highly recommend Real Esate Money Machine. The principles worked 15 years ago and they still work today. If and when we have another real estate bubble, then Wade's methods will work even more.
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Summary: The all time classic that still kicks
Review: Real Estate Money Machine is ideal for investors who want the wealth of rel estate without the three t's of tenants, toilets and turnover.This book is one of the reasons that I am free to travel without being encumbered with a job, problem tenantsor a lack of cash flow.Read this book first, then go to Real Estate for Real People.
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Summary: More useful now than ever
Review: Recent reports indicate that the huge growth and appreciation in real estate may be slowing or even over, like it was in the 80's.
The fact is you can always make money in real estate, you just have to change your strategy. In Real Estate Money Machine you will find methods and techniques to cash flow real estate and to make money in any market.
Real Estate Money Machine is ideal for anyone who wants to make money in real estate NOW rather than wait for years to gain appreciation.
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Summary: Out dated. No longer current or accurate.
Review: Revised for the 1990's, this book fails to live up to its lofty promises. I am a full time real estate investor. My prior occupation was as a real estate title attorney. Cook wastes much of the book discussing the evils of banks and the difficulty of obtaining financing from lenders. He does not mention the relative increase in investor lending due to mortgage brokers, who often lend money from sources like insurance companies or corporate pension plans under more attractive terms than the banks of the 1980's when the book was originally written. The big untruth--Cook's system is based upon finding assumable mortgages and turning the property around fast with minimal investment. Properties can be bought below market value, mimimal investments can be made, and sizeable profits realized. The deals are out there in quantity. However, the freely assumable loan (with no qualifying) is a creature of the 1970's and before. When the book was originally written, this technique would have been extremely powerful. These loans aren't around in any quantity anymore, making the system extremely difficult to operate as described. The book is lacking in detail as well. I would like to point out that I have no axe to grind with Wade Cook. I bought the program with the idea of getting rid of some of my rentals and not being so dependant on fixing up and flipping, which makes you into a virtual shark searching for deals constantly to keep going and keep your subs working and loyal to you. I had high hopes for this book, but do not find it workable in 1999. It was easily workable in the early 1980's when a vast majority of loans were freely assumable. (Note that modern fha loans are assumable, but only with lender approval. Investors cannot assume these loans). Good luck on your investing
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Summary: Powerful advice! Ignore paid bashers
Review: The fact of the matter is, Wade Cook started off as a cab driver then with $500 of borrowed money, got into real estate and made a fortune. In the 1990's, he discovered unique strategies on cash flowing the stock market and created another fortune and helped many others as well. Real Estate Money Machine has been around now for 24 years. And I am sure will still be around long after this 1 star basher is gone. What this 1 star basher always leaves out is that Wade is still in business, still conducting seminars just like his books are still around. Don't believe me? Check www.wadecook.org to see when a seminar will be in your area. The other thing to be careful of is that the toll free number on the back of Wade's books that everybody is complaining about has not been updated and is not Wade's company. Go to his website for more info or to contact WADE directly. NO---I am not a paid shill. Do not work for Wade Cook or have any connection with his company. I just hate to see a man who created a unique set of strategies be lied about by a paid 1 star basher who keeps having his websites shut down. Real Estate Money Machine was the first book to discuss flipping and lease purchases in real estate. I also recommend Real Estate for Real People. Finally, as I see see it, we all have one of two choices; we can learn from someone like Wade who has a proven system for creating wealth or we can listen to some paid basher who is only good at attacking successful people. I'll go with Wade.
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Summary: One Big Advertisement!
Review: The first few chapters peaked my interest and had me looking for more. But the more I read, the more Cook told you about how much money he has made and how easy it is. But, never gave enough information to complete the transaction yourself. Some of the information may be outdated, but there are a lot of ideas from which you can work. Only, many details were left out and the last 17 pages of the book were a listing of all the other Cook books and home seminars you can purchase. Some for a couple of thousand of dollars. It looks like I will have to spend more money with Cook to get all the details. Great way of selling and making money, huh?
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Summary: Where's the beef?
Review: This book has a lot to be desired as far as in depth information on real estate investing. It has some very good points and concepts that are common knowledge in the real estate investing industry today. A better source of information for the beginner would be Carlton Sheets home study course or to attend one of Russ Whitenys workshops (with his home study course). Also you may want to read Robert Allen's books on real estate.
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