Real Estate Riches: How to Become Rich Using Your Banker's Money
by: Dolf de Roos
Topics include: massively increase the value, depreciation recapture tax, without spending much money, real estate magazines, residential tenants, property investors, percent mortgage, entire purchase price
Book Description
An all-time bestseller, Dolf de Rooss classic Real Estate Riches shows you how to find great deals and make great profits in the real estate market. Youll learn why real estate is such a reliable moneymaker and how to achieve the biggest return possible on your investment. Full of time-honored wisdom, proven tactics, and quick-and-easy tips, this book shows you how to find the best properties with the most potential, analyze deals, negotiate and submit offers, effectively manage properties, and dramatically increase the value of your real estate without spending much money. If you want to be your own boss and quit the nine-to-five life, Real Estate Riches shows you how.
From the Back Cover
"Dolf makes real estate investing simple and accessible to anyone who has the will to succeed. He is an All Star in his field!"
from the Foreword by Alex Rodriguez, AMERICAN LEAGUE MVP
An all-time bestseller, Dolf de Roos's classic Real Estate Riches shows readers from all walks of life how to find great deals and make great profits in the real estate market. This compelling book reveals why real estate is such a reliable moneymaker, and how novice investors, and old pros alike, can achieve the biggest return on their investment.
Full of time-honored wisdom, proven tactics, and quick-and-easy tips, Real Estate Riches will show you how to find the best properties, analyze deals, negotiate and submit offers, effectively manage properties, and dramatically increase the value of your real estate without spending much money. Dolf de Roos shows you:
Why real estate is the best investment in the world
How you can consistently find great deals
The eight golden rules of real estate investing
How to use tax laws to subsidize your investments
How to create income using OPM (other people's money)
The pros and cons of residential versus commercial investing
Author Dolf de Roos is proud to say he's never had a real job in his lifebecause real estate pays him better. Following his powerful and proven strategies, you too can leave the nine-to-five life behind.
You won't find this stuff anywhere else! -- What appealed to me about this great book by Dolf de Roos is
1) It was written by an actual real estate investor who was writing from his own personal experiences
AND
2) This book is different from the other real estate books which all more or less same the same things.
Dolf does a great job showing that that real estate is still the best investment, actually tens and hundreds of times better than any other investment including and especially the stock market.
Dolf will show you how to find the deal of the decade every week!
How to massively increase the value of your property without spending too much money.
olf also explains how the government can subsidize your real investments and how to create passive income using your bankers money so that you only work if you want to.
My main business is network marketing. I have found Dolf de Roos real estate advice not only providing me with an additional stream of passive income, but also taken a chunk out of my tax bill as well.
If you looking for another "Nothing Down" or "Get Rich Quick" book on real estate, look elsewhere. This book can however show you how to get richer quicker with proven strategies.
Great book. Highly recommended.
Reviews:
Excellent Real Estate Book by someone who knows
I have to admit that I am a fan of the Rich Dad series of books. I also have to admit that Dolf de Roos was not initially my favorite author in the advisor series. When I came across the first edition of this book, I thought it was slim and the weakest of the series.
Then I bought Dolf de Roos Real Estate College Program at Costco which includes a audio version of this book. I was impressed both by Dolf de Roos knowledge and ability to explain complicated real estate terminology in easy layman terms. He made learning easy and fun.
I went out and bought the revised version of this book and love it. Having the printed version makes looking up information easy. I play the cd's in my car to reinvorce the material.
Also recommend The ABC's of Real Estate Investing by another Rich Dad advisor Ken McElroy and Nothing Down 2000's by Robert Allen.
Real Estate Riches by Dolf de Roos
The author begins by explaining the historic movement of the real estate market upward. Unless you are a professional portfolio manager, real estate is still the best investment. There are important tax benefits/write-offs and it is one of the only investments where you can make money when you buy. For instance, suppose I purchase a home from a motivated seller at 60% of its value. If I obtain a loan up to 80% value, the difference can be instant cash pocketed from the deal. Properties that are bought and quickly resold can produce huge piles of cash with little work except for the effort in finding the deal and cultivating the buy and ultimate resale of the property.
As an asset, real estate retains its value in contradistinction to an auto which depreciates the minute you drive away from the showroom. In real estate, location is paramount because this attribute will cause the property to have a high buyer demand and rental value. The author asks that we always buy from a motivated seller and do so with no money down. The no money down can be done in various ways. i.e. flipping a property or purchasing a distressed property and obtaining a loan for the fair value of the property
As a general rule, the author asks us to purchase from a motivated seller in order to obtain the property for the least cost. The book names several inexpensive ways to make a property more valuable i.e. building a carport. There are more real estate tidbits at www.dolfderoos.com for the curious.
A strength of this book is that it is not a get rich quick scheme. The methodologies are classic and time-tested. They work provided that you do the all-important analysis for each real estate deal attempted.
Real Estate Cheerleading --
Roos is part real estate investor, part cheerleader. If real estate investing were as simple as getting excited about real estate investing, then we'd read this book, leave our 9-5s, and, ahhh, riches. Real Estate Riches inspires me to invest in real estate the way Bruce Lee inspired me as a kid to become a kung fu master. It's great to dream about, but the hard work between the dream and the reality is usually enough to dissuade.
His basic plan-of-action is 1) use as little of your money as possible and as much of the bank's money, to, 2) --he skips this part about how hard it is it find and identify a positive cash flow property, then, 3) buy a place that continues to increase in value, while it simultaneously delivers cash in your pocket each month, and finally, 4) when you need more money to invest, drain the equity from your property and repeat.
I think the best advice he gives, and the one insight you might find to be part of the real work of real estate investing, is the 100:10:3:1 rule. Look at _100_ properties, make offers on 10, negotiate financing on 3, and you MAY buy 1. Real estate investing is hard work. Roos show you all of the glamour, but little of the daily grind that's involved to make it happen for yourself.
For a more balanced approach see Real Estate Investing, 4th edition by McLean and Eldred.
