It has everything you need to find the best opportunities and the most lucrative income strategies. I have read countless books on real estate. 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. One comment I read on here was that it takes courage to do, and I couldn't agree more. I haven't read a book this good in a while. The book is simple to read and carries some important informations for beginners. McElroy reviewed how to analyze properties and their P&L statements, and how to put together a team (actually...that first). For me, it’s not likely I would read it twice. There's a problem loading this menu right now. Knowledge is not power until it is applied, and through application we get experience, and experience is what gives us confidence. If you are trying to buy and invest in apartment complexes this is a great how to book. Not very practical for the newbie. If you are looking for information about purchasing houses to rent out, this book is not for you. 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. Another thing that was emphasised was the importance of finding a good deal. Your team members are:1 Attorney2 Accountant3 Real estate broker4 Property manager5 Lender or mortgage broker6 Investors7 Contractor/Rehab specialist8 Appraiser9 Architect10 Insurance agent11 Property tax consultant12 Income tax consultant13 Estate planner14 Environmental company/industrial hygienist15 Surveyor16 Structural engineer. DaveVoyles / July 26, 2016. No. Be the first to ask a question about The ABC's of Real Estate Investing, CHAPTER 1 THE MYTHS AND THE MAGICMyth 1 You Have to be already wealthy to invest in real estatePartners “help you spread your risk by allowing you to own smaller positions in a number of properties rather than a big position in just one.”Myth 2 You need to start small – big deals are too riskySome of the reasons why large properties are not riskier:1 “Mortgages on smaller properties like single-family homes are almost always guaranteed through the buyer’s own personal earning potential and wealt, CHAPTER 1 THE MYTHS AND THE MAGICMyth 1 You Have to be already wealthy to invest in real estatePartners “help you spread your risk by allowing you to own smaller positions in a number of properties rather than a big position in just one.”Myth 2 You need to start small – big deals are too riskySome of the reasons why large properties are not riskier:1 “Mortgages on smaller properties like single-family homes are almost always guaranteed through the buyer’s own personal earning potential and wealth… Larger investment property loans are secured by the asset itself.”2 Appreciation of small properties depends on the appreciation of the surrounding neighborhood while appreciation in commercial properties is based on the cash flow of the property itself.3 Your exposure related to occupancy is reduced the more residents you have.Myth 3 You can “flip” your way to success or get rich quick with no money downFlipping is dangerous and no money down means that the property is 100 percent financed, which means more expenses with little or nothing left for you to improve the cash flow. CHAPTER 4 RESEARCH CAN BE FUN?Level One Research. It talked about the importance of property management, why you should rely on cashflow and not appreciation to be successful in real estate, and how to get partners for a deal. 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. Read honest and unbiased product reviews from our users. Amazon.in - Buy The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad Advisors) book online at best prices in India on Amazon.in. I recommend this book to anyone interested in real estat. This book was an easy read, yet full of some excellent facts on working in real estate investing. 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. Look at every real estate website and gather information about the economy and employment in the area.Level Two Research. It takes courage to do what this book advises and it really doesn't give you enough instruction to build up that confidence. The operating budget links numbers to those strategies and helps you quantify your bang for the buck.”The Operating Budget:1 Calculate actual potential income and other income such as: Laundry income, parking income, water and sewer income, late fees, nonsufficient funds fees, cable income, internet revenue and telephone income.2 Calculate expenses such as:1 Payroll2 Administrative. It was straightforward and contained numerous useful suggestions relating to the processes of researching, purchasing, and managing properties. Look at the employment and presence of companies as well as employment stability; how stable the employment base is.2 Population. As a bad deal would end up failing which would make it harder to find partners in the future. 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. “This is where you communicate all the specifics of the sale, in other words you list exactly what each party is going to do to complete the deal.” Do not forget the statement: “All units must be rent-ready at close of escrow.”, CHAPTER 9 DUE DILIGENCE: THE EASTER EGG HUNTDuring the due diligence phase:You need to conscientiously review every document pertaining to property operations.You need to perform thorough walk-throughs of every apartment unit.You need to pay careful attention to every detail.You need to be thoughtful about how you can improve the property and cut expenses.You need to be attentive to the tasks and deliver them on time.You need to be meticulous in your evaluation and reporting.It is the time when you make detailed assessments of actual costs for property improvements, ongoing maintenance, and operations.The Due Diligence Checklist1 The File Audit2 The Interior Inspection3 Government Agency Reviews4 Service Agreement Review5 Exterior InspectionYou also need to check the books and records, obtaining information for your operating budget by categorizing the income and expenses. Highly recommend this read for beginner or even amateur investors! This is the authors experience and should be taken as such. By the way, this … Repairs and maintenance, utilizes, real estate taxes, insurance, replacement reserve.3 Determine net operating income (Income – Expenses)4 Find the capitalization rate and valuationCapitalization rate = Net Operating Income / Purchase PriceProperty Value and Offer Price = Net Operating Income / Capitalization Rate5 Calculate the loan payment and your profit or cash on cashNow you come up with the initial cash flow and arrive at an offer price. Well written introduction in the basics of real estate investing, it's comprehensive enough to give you an understanding of the fundamentals of how to run a real estate business yet brief enough to be non-intimidating. comment. There are three drivers of supply and demand:1 Employment. Will keep on my shelf and revisit when I start in that market. This evaluation process does not require a physical inspection. Let us know what’s wrong with this preview of, Published Moving along...The ABC's... is a great introductory piece. I know I will still make mistakes, but this book has gotten me started and given me some foundation. Ken is a great storyteller and was able to convey the message in a very interesting way. Start by marking “The ABC's of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss” as Want to Read: Error rating book. Sri Lanka has Nine Provinces and 25 Districts; with its metropolitan city of Colombo subdivided further into 15 parts, there is a range of real estate to choose from to invest. Read honest and unbiased product reviews from our users. Contact owners even if there is no “For Sale” sign!Ask the owner the rent roll, current occupancy and operating expenses. 565 Previews . Just a moment while we sign you in to your Goodreads account. Commercial real estate is a very different animal compared to residential real estate. We’d love your help. 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. Good book on how the real estate industry works. Thanks for reading. 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. They are very important. 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. This book so far showed me that there is no secret serum for an amazing real estate investor. This is intended for those looking into large-scale investing in apartment complexes and the like. With the basics discussed and outlined, it’s time for practice! Also, I have learned how to calculate the income of the property, the offer price to buy a property and many other calculations. ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss by Ken McElroy. I probably don't need an accountant and a tax consultant for buying a duplex. Everything from how to find good deals to how to analyze them and what you can do to make sure you don't overpay. 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. I was looking for a lot of answer but got less than half of them answered. In bad deals, they do not.You need to know the following three things:1 The seller’s asking price is irrelevant2 You determine the property value, which becomes your offer3 With multiple units, the property value is based on the current cash flow of the propertyThe Five-Step Property Valuation1 Verify property incomeCheck a pro forma document and rent roll.There are three types of income to consider with any property:1 Actual income: The total income the property generated in the prior twelve months2 Actual potential income: The total income the property could have generated in the prior twelve months had all units been 1—percent occupied and had the owner taken advantage of all other income opportunities3 Future potential income: The total income the property could generate at today’s market rents, 100 percent occupancy, and taking full advantage of all other income opportunitiesBuy based on actual income!Do not forget vacancies and turnover from residents moving in and out.2 Verify expenses. It also analyzes reviews to verify trustworthiness. Although it's called the ABCs I feel like it's not the best first book to read since it simply goes headfirst into large multi-family investments, which is not necessarily how everyone wants to start. Disabling it will result in some disabled or missing features. In this way you depend on appreciation as well to make money. This book so far showed me that there is no secret serum for an amazing real estate investor. High occupancy means great demand and vice versa.2 Prevalence of move-in incentives and specials. Worse yet, most of the examples used are 100+ unit buildings! This book is absolutely fantastic! McElroy has an arrogant writing style and self-centered content, which makes this book hard to read. I took thorough notes and plan to put this knowledge to work soon! Even if you've already taken the plunge and possibly bought a property or two, this book can really improve your skills and possibly help you turn a money pit into a cash cow. Cash On Delivery Available! With the ABC’s term used in the title it would suggest a reader that is less financially capitalized and less biz savvy and likely to be purchasing far smaller properties. With the advises in that book I have learned a lot about property management and the things a property manager is responsible of. The author even includes information about how to do your own property management, which is a good idea for someone just getting started because you will learn first hand how to deal with tenants, maintenance, and how to set up your real estate business. 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: It makes financial analysis of a deal to make sure it will produce positive cashflow for you straightforward and easy to understand even for newbies. 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. 4.7 out of 5 stars 3,019. Reviewed in the United States on August 7, 2017. 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. 1. The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad's Advisors (Paperback)) Read honest and unbiased product reviews from our users. We all have to go through this stage. It did a number of things well. “Look for markets where the cost of home ownership far exceeds the cost of renting.”3 Location. The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss is a rather quick read at just over 200 pages, but it does well to give you the basics in an easy to understand manner and prepare you to get started building your wealth with this kind of investment. The major thing that the book did was provide a comprehensive amount of detail for multi-family investments. But still interesting. I recommend this book to anyone interested in real estate investing. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. He touched on the basics of real estate investment, how to conduct reasonable due diligence, a walk though the buy and selling processes. Kindle Edition. You would be an ideal candidate for the author’s investment company as you would be likely unwilling to deal with the minutia of this business. He did seem stuck on larger properties, and left me hanging with a few questions about smaller investments, but nothing overly required. This book is really of no use for those of us looking to invest in houses as rental 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). Rich Dad's Guide to Investing: What the Rich Invest in, That the Poor and the Middle Class Do Not! Reviewed in the United States on June 7, 2017. Make yourself accountable to somebody. This book provides the reader with the secret methods of gaining profit through investments. Not quite what you are expecting it to be, Reviewed in the United States on September 23, 2019. I like to watch Ken and believe he is great at what he does. The Book on Rental Property Investing: How to Create Wealth with Intelligent Buy and Hold Real Estate Investing (BiggerPockets Rental Kit 2) Brandon Turner. Excellent guide which takes you through the real estate investment cycle as both the investor and the property manager. I hope to start my own investment company buying apartments. It talked about the importance of property management, why you should rely on cashflow and not appreciation to be successful in real estate, and how to get partners for a deal. Find helpful customer reviews and review ratings for The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss at Amazon.com. Find helpful customer reviews and review ratings for The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad's Advisors (Paperback)) at Amazon.com. You need to read the book business guide to help you run the business. The real gem for me is the Five Step Property Evaluation process. September 1st 2004 Employment and town persona are population draws. If there are a lot of move-in specials advertised, demand is high.You should consider future supply as well. Love the questions to ask potential sellers and property managers. This book was a really good book to read to learn about real estate investing. This book is informative but incomplete. It was very specific on what to do, and what not to do when investing in multi-family real estate. I will be referencing back to this book as my rental investments grow. Read this book using Google Play Books app on your PC, android, iOS devices. Review the following:1 Twenty-four months of income and expense statements2 All service agreements3 Current rent roll4 Utility bills5 Payroll information, CHAPTER 10 MAKING SENSE OF IT ALLYou need a property management plan and an operating budget. £6.64. Reviewed in the United States on February 26, 2013. 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. Concise and brief learning material found in the writer successful story in multifamily apartment properties investment. I'm soooo lucky. After viewing product detail pages, look here to find an easy way to navigate back to pages you are interested in. Always look at the neighborhood.4 Listen more than you talk. 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. Good book on how the real estate industry works. 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. This page works best with JavaScript. The ABCs of Real Estate Investing Ken McElroy Review by Sharon Secor. Step 1: Research and find your ideal home. I learned alot about how to make investments more strategic and less risky. The book is oriented into Multi-Unit real estate and property management. It simply moves from "Making Sense of it All" to "You Own It". He presents his investing strategy as the only right strategy. Another thing that was emphasised was the importance of finding a good deal. I learned a lot from this book, so much that I am ready to delve into the real estate market. With the advises in that book I have learned a lot about property management and the things a property manager is responsible of. 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 probably don't need an accountant and a tax consultant for. Read "The ABCs of Real Estate Investing The Secrets of Finding Hidden Profits Most Investors Miss" by Ken McElroy available from Rakuten Kobo. The title is a bit misleading as it should specify that it is entirely devoted to large-scale multi-family unit investing. The ABC's of real estate investing : the secrets of finding hidden profits most investors miss by McElroy, Ken. If you are interested in buying properties as investments but have no experience and are not even sure where to begin, The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss by Ken McElroy may be a great place to start. 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. And it had my favorite thing - formulas to analyze just how good (or bad) an investment is, from a cashflowing perspective. Refresh and try again. Since this was the 12th real estate investing book I've read, I was able to take out the unique points I hadn't heard elsewhere yet and appreciate what makes sense for my investing goals. This was a good book, but unfortunately misleading to me. Lowest price and Replacement Guarantee. The book is simple to read and carries some importa. Welcome back. 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. Packed with tangible advice that can be immediately put to action! Buy The ABCs of Real Estate Investing online of India’s Largest Online Book Store, Only Genuine Products. Will definitely read Ken's other books! My feeling is that anyone with enough business acumen and investment capital to leverage a multi unit, larger scale commercial rental property can easily run these analyses for themselves not really requiring this book. The ABCs of Real Estate Investing Summary. Ask every team referral.Remember that all the information you will gather in your research is free! 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. The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad's Advisors (Paperback)). Your recently viewed items and featured recommendations, Select the department you want to search in. Despite technical writing errors, this book dives deep into the topic of real estate investing with incredibly insightful tips and an easy to follow outline. 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 Get ebook summary of The ABCs of Real Estate Investing by Ken McElroy and review . This book is great after half of it, first half is mostly filler. Even if you've already taken the plunge and possibly bought a property or two, this book can really improve your skills and possibly help you turn a money pit into a cash cow. The book is also of great value to working professionals. 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. The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad's Advisors (Paperback)) [McElroy, Ken] on Amazon.com. 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. The key to being a successful investor is studying how to forecast future expenses and incomes. With media appearances on television and radio, Ken also host Entrepreneur Magazine’s Real Estate Radio program, where he helps listeners navigate the financial and legal arenas of real estate. User Review - Flag as inappropriate. It was the right amount of information to get a quick read over a long plane flight and lead me in the right direction. Key Points: The ABCs of Real Estate Investing. This is part of the Rich Dad Advisors series of books and it will definitely give you a leg up on your competition. You will not find all the answers to all your questions/concerns, nor a step-by-step how-to formula in this book. Once again a book in the RIch Dad series that is geared toward evaluating apartments, NOT single family dwellings. Many topics herein are commonly misunderstood by those in the business. Publication date 2004 Topics Real estate investment Publisher ... plus-circle Add Review. “There will come a day when the properties my partner and I own will be sold. I have a product and marketing management background and have worked at a global level in a few Fortune 500 companies. *FREE* shipping on qualifying offers. The key to being a successful investor is studying how to forecast future expenses and incomes. For purchasing buildings; apartments, condos and townhomes, Reviewed in the United States on October 11, 2020. Should you change the market? To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Read The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad Advisors) book reviews & author details and more at Amazon.in. Goodreads helps you keep track of books you want to read. See all details for The ABCs of Real Estate Investing: The Secrets of Finding Hidden... © 1996-2020, Amazon.com, Inc. or its affiliates. But watch out for:1 Resilience. Read "The ABCs of Real Estate Investing The Secrets of Finding Hidden Profits Most Investors Miss" by Ken McElroy available from Rakuten Kobo. But be aware of rumors and verify what you hear.5 Join a business networking group or trade association.So after these steps, what do you do when there is no property for sale? This book makes investing seem possible for the average Jane or Jo. I was a bit disappointed. Chapter 7 of this book is my Bible for crunching numbers on a property I am going to invest in. Do not let opportunities divert you from your goal. Check all new rental property that is in various stages of development, from planning to permitting to construction.Ideally, supply should be lower than demand. Source: (William Bout / Unsplash) 3. “[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. I didn't get a lot out of it because my interest is in buying single family houses as rentals. You will learn how to achieve wealth and cash flow, find promising properties, negotiate deals by the numbers, evaluate purchase prices, increase your income and confront the myths of rental properties. You can find the book here. 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. 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. Evaluate the property based on operational performance and not on the sale price.Myth 9 You have to know a lot about real estateMyth 10 You cannot be afraid of failingMyth 11 You have to know the tricks of the trade. Tell people about your goal.2 Plan and set milestones.3 Persevere and drive thorough all obstaclesKeep you focus and discipline. 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. Most authors publish books that have no content, or they write one because of their name so they can receive a residual check. Sometimes I had to let the information sink in for a while, since I am not too much of a numbers guy, but I feel like I eventually got the gist of it. Do not rely on instincts when you buy a property. Overall this book is a really good guide on getting started with real estate. Reviews There are no reviews yet. I am most definitely adding this book to my library of learning. 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. “Being too far out on the fore front of things can be expensive and dangerous. 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. Now it's time to apply the knowledge. This is a must read for anyone hoping to begin investing in real estate in any way. Reviewed in the United States on April 1, 2017. I’ve just read the book in one sitting (2+hours) . 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