There are three drivers of supply and demand:1 Employment. And the end of each chapter, it gives you a summary of what you need to do. Get ebook summary of The ABCs of Real Estate Investing by Ken McElroy and review . For purchasing buildings; apartments, condos and townhomes, Reviewed in the United States on October 11, 2020. Refresh and try again. In this book summary of The ABCs of Real Estate Investing by Ken McElroy, you’ll find my notes, valuable lessons, and important action steps.. Make yourself accountable to somebody. 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. This book changed my life! Another thing that was emphasised was the importance of finding a good deal. And it had my favorite thing - formulas to analyze just how good (or bad) an investment is, from a cashflowing perspective. But watch out for:1 Resilience. 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. Your recently viewed items and featured recommendations, Select the department you want to search in. 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. 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. 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. Tell people about your goal.2 Plan and set milestones.3 Persevere and drive thorough all obstaclesKeep you focus and discipline. “[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. 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. If you are trying to buy and invest in apartment complexes this is a great how to book. To me, there is a gap between the final expenses/income evaluations and obtaining the financing to purchase. 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. Myths of real estate investing: you have to be wealthy, big deals are too risky so start small, flipping places or using no money down will get you rich, some people are just always lucky, you need to know everything, you don’t have time, you need connections to start, and you need to be a skilled negotiator. What the book is about is property management and using teams to acquire million dollar apartment, condo or townhome complexâs using teams and investors. The best book for what I was looking for is HOLD. “Being too far out on the fore front of things can be expensive and dangerous. A very easy read, and very informative. It was the right amount of information to get a quick read over a long plane flight and lead me in the right direction. Have a partner who will encourage you.What you do after setting your goal is important:1 Communicate your goal clearly. Will definitely read Ken's other books! Disabling it will result in some disabled or missing features. 5 Favorites . The information is not only useful for people who want to know about investing, but also for people about to pick out a home to buy for themselves. It is ultimately up to you to dissect and see what information is relevant to your particular situation. 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. Overall disappointing but probably worth the Kindle price. Source: (William Bout / Unsplash) 3. It is after the letter of intent. This book was a really good book to read to learn about real estate investing. 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. Ask for recommendations in these meetings.Level Three Research. CHAPTER 4 RESEARCH CAN BE FUN?Level One Research. Packed with tangible advice that can be immediately put to action! With the basics discussed and outlined, it’s time for practice! Be the first one to write a review. 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. The major thing that the book did was provide a comprehensive amount of detail for multi-family investments. 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. “Appreciation is only in your control when you have improved cash flow.”“Buying and holding income-generating assets like rental properties is how you build wealth.”Myth 4 Some people just have the Midas TouchMyth 5 You need a great deal of confidenceMyth 6 You want to do it but do not really have the timeMyth 7 You have to know somebody to get going in this businessMyth 8 You have to be a seasoned negotiator and business personThe listing price is meaningless because it is the seller’s opinion of what the property is worth. And it had my favorite thing - formulas to analyze just how good (or bad) an investment is, from a cashflowing perspective. 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. McElroy has an arrogant writing style and self-centered content, which makes this book hard to read. Reviewed in the United States on February 26, 2013. Overall this book is a really good guide on getting started with real estate. This evaluation process does not require a physical inspection. Great book with some very clear insights. Physical inspection is important in EVERY case. This book is really of no use for those of us looking to invest in houses as rental properties. Free delivery on qualified orders. Overall this book is a really good guide on getting started with real est. Worse yet, most of the examples used are 100+ unit buildings! After viewing product detail pages, look here to find an easy way to navigate back to pages you are interested in. comment. 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. Will keep on my shelf and revisit when I start in that market. So negotiating based on it is time wasting. It really set the tone for the power of property investing. Hence the name, this was a great intro for real estate investing. I have read countless books on real estate. Look at the employment and presence of companies as well as employment stability; how stable the employment base is.2 Population. This book will be referred to very often. September 1st 2004 i wish he talked about funding and how to fund properties on low down payments. 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. There's a problem loading this menu right now. I was a bit disappointed. Cash On Delivery Available! I have a product and marketing management background and have worked at a global level in a few Fortune 500 companies. It has everything you need to find the best opportunities and the most lucrative income strategies. Employment and town persona are population draws. Find helpful customer reviews and review ratings for ABCs of Real Estate Investing (Rich Dad's Advisors (Paperback)) at Amazon.com. 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. Now it's time to apply the knowledge. High occupancy means great demand and vice versa.2 Prevalence of move-in incentives and specials. Always look at the neighborhood.4 Listen more than you talk. Love the positive goal setting that the book starts out with! Good book on how the real estate industry works. This book was an easy read, yet full of some excellent facts on working in real estate investing. In this way you depend on appreciation as well to make money. Top subscription boxes â right to your door. 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. One comment I read on here was that it takes courage to do, and I couldn't agree more. Prime members enjoy FREE Delivery and exclusive access to music, movies, TV shows, original audio series, and Kindle books. Just a moment while we sign you in to your Goodreads account. The ABCs of Real Estate Investing Ken McElroy Review by Sharon Secor. I wonder what he would say to the millionaires who made their money by using other real estate investment strategies. If you are looking for information about purchasing houses to rent out, this book is not for you. I was even more surprised to find out when delving into the âaccredited investorâ 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. Author Ken McElroy is CEO of his own real estate firm and has 20 years of real estate experience. This book was a really good book to read to learn about real estate investing. By the way, this … Reviews There are no reviews yet. Highly recommend this read for beginner or even amateur investors! I will definately take this one up again to read some chapters so a 4-star review seems in order for me. Ken is a great storyteller and was able to convey the message in a very interesting way. I look like a genius because I understand the basics and I build upon my knowledge with the internship! “There will come a day when the properties my partner and I own will be sold. 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. 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. Do your homework and find facts!Supply and demand is a critical tool to understand the market and submarket in a particular area. 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? Reviewed in the United States on April 1, 2017. 1. 2. Read honest and unbiased product reviews from our users. I recommend this book to anyone interested in real estate investing. 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. Great Real Estate Knowledge from this book! Can't wait to apply it to my own portfolio within the year! This book so far showed me that there is no secret serum for an amazing real estate investor. Moving along...The ABC's... is a great introductory piece. Thereâs 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. 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. 4.7 out of 5 stars 3,019. This book provides the reader with the secret methods of gaining profit through investments. This is a must read for anyone hoping to begin investing in real estate in any way. 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. 1,285 global ratings | 490 global reviews, THIS BOOK IS PERFECT FOR BEGINNER REAL ESTATE INVESTORS, Reviewed in the United States on February 26, 2017. This is part of the Rich Dad Advisors series of books and it will definitely give you a leg up on your competition. I didn't get a lot out of it because my interest is in buying single family houses as rentals. I took thorough notes and plan to put this knowledge to work soon! If you are wealthy but lack overall business acumen or basic real estate knowledge and want to grasp the overall complexity of this operation then this book is for you. Steps to follow when investing in Real Estate. 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. The ABCs of Real Estate Investing Summary. “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. Knowledge is not power until it is applied, and through application we get experience, and experience is what gives us confidence. 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. Let us know what’s wrong with this preview of, Published Ask every team referral.Remember that all the information you will gather in your research is free! 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. 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. I gave it a five star because I like how the books breaks down into steps. This was a great book - easy to read and follow. The ABCs of Real Estate Investing is designed to inform any student of finance as well as anyone else dealing with investments. CHAPTER 8 THE BIG COMMITMENTYou can make a decision when you know 70 percent of everything there is to know about a property. With the ABCâs 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. You need to read the book business guide to help you run the business. A very easy read, and very informative. The book displays a bit of a split personality, Reviewed in the United States on July 21, 2020. 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. 565 Previews . Make sure that the growth of a market or submarket is not too heavily reliant on one thing.2 Economic Diversity.3 Pioneering. Buy The ABCs of Real Estate Investing Books online at best prices in India by Ken McElroy from Bookswagon.com. 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. Make your rental rates at the market rate in the area, even at the expense of occupancy. The book is also of great value to working professionals. While I think the bookâs content is well laid out, the assumptions made about who is reading it are disjointed which is where I get the âsplit personalityâ description. 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. 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