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"Retire Rich from Real Estate"
Marc W. Andersen, Ph.D. |
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Andersen's Real Estate Investing Blog
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A PRACTICAL GUIDE BASED ON ANALYSIS OF DATA FROM LANDLORDS AND US CENSUS STUDIES Retire Rich from Real Estate teaches readers how to buy real estate that will build wealth over time and secure their retirement. It provides specific information on such matters as how to choose prime investors based on demographics; choose properties best for long-term investing; evaluate operating expenses and calculate cash flows; and, manage properties. If you are worried about securing your financial future and are thinking about buying your first rental property, then this book is for you. By applying the simple techniques that Retire Rich from Real Estate teaches, you will ensure that you make the right decisions and guarantee that your investing experience will build wealth and secure your retirement.
RECENT REVIEWSElizabeth Weintraub, the New York Times Home Buying Columnist for About.com, wrote the following... "This book is a thorough, step-by-step guide to buying, holding and eventually selling rental properties. It's chock full of excellent tips and advice that only a person who has actually done it can impart. I rate it a 9 on a scale of 1 to 10." "This is a book that will appeal to even the most serious and cynical of investors out there. Andersen sidesteps issues of quick profits, piles of money, and other "flashy" images and words and focuses on what's important. He uses statistics and real numbers to show readers how buying real estate and holding it will eventually lead them to wealth." Milliondollarjourney.com Recently, I
finished reading a great book entitled Retire
Rich from Real Estate Blog Site Review from Realtor/Investor comparing RRR to Kiyosaki's books... A publisher recently sent me a book to review here for my blog. This isn't the first time that's happened. But, so many times, those books ended up not meeting my standards--so, you never heard about them here. I've never gotten paid to do a review (Yet. *wink-wink*), aside from just receiving a book for free. Anyway, this one managed to hold my attention and even teach me some things I really didn't know! In fact, it's such a thorough account of what to look for, how to purchase, how to pay for, how to manage, and how to sell rentals that I've GOT to recommend it to you! The author even goes through details of how to do your own taxes as a landlord! I read it from cover to cover. I found out that my knowledge of insurance and rental coverage was sadly inadequate! I'm going to have to upgrade my coverage on our houses! Had you ever heard of a DP-1 policy vs a DP-3 policy? Yeah, well, me either. A DP-1 policy is probably what most landlords (including myself) have because they're cheap. A DP-3 policy covers additonal perils not covered by a DP-1 policy, like ice storms, water damage (not flooding), and injury. Apparently, a DP-3 policy has loss of rent coverage, too. Also, did you know that, according to the "Property Owners and Managers Survey" done by the U.S. Census in 2000, only 41% of multifamily owners reported making a profit? And, only 16% broke even! In addition, the author (Marc W. Anderson, PhD) lets you in on the following: " * About 32% of the owners of 1-49 units would not buy the [same] property again if given a second chance. * About 50% of the owners of 1-49 units spent 1-8 hours every week on maintenance or management. * About 20% spent more than 8 hours per week on maintenance or management." Revealing, huh? But, the author also uses statistics to show how there is likely to be a shortage of affordable housing available due to an increase in young adult renters (the "echo boomer generation", born post-1977), more single adults and single-parents or childless couples, immigrants (predicted to make up 25% of all new households through 2010), and baby boomers who give up their homes for apartment living. There is opportunity to make money in the rental market, obviously. But, if you don't already have valuable experience, you will need a guide. Don't just rely on Kiyosaki's motivational insights. They're great--very compelling--but, well, "fools rush in" comes to mind. Take the time to read, "Retire Rich from Real Estate", by Dr. Marc Anderson, if you're interested in owning rentals. You won't regret it. But, you might regret it if you don't! 
Excellent book,
Er, for what it's worth, I'm the author of Quicken for Dummies and QuickBooks for Dummies and a CPA in the Seattle area... so I'm pretty picky about the business and investing books I recommend--especially to clients. I do heartily recommend this one!
To Buy This Book...This book is available from on-line providers as well as your local book stores. Several links are provided below for convenience. |
by Marc W Andersen, Ph.D. This is a great book
because not only is the subject of investing in
residential real estate covered completely but there
are lots of interesting tidbits of information that
can help you decide which type of rental property is
right for your market, location and temperament. Also,
the complete “life cycle” of the investment is
covered. There are explanations about how to determine
which property to buy, how to finance it the best way,
how to manage the property properly (i.e.- deal with
tenants effectively) and finally, how to sell the
property and cash in. One of my favorite
chapters is chapter two which goes into the
demographic makeup of renters and how they affect the
local rental market. This chapter also sheds some
light on what the future demand for rental property
will be and how you can profit from it. Another
plus is that the author presents some pretty in-depth
formulas for valuing a property and determining its
suitability as an investment. From my own experience,
these formulas are way more in-depth than those I used
for selecting my properties. On some of those deals, I
wish I had used the author`s formulas. In my
opinion, this book is required reading for anyone
interested in residential real estate investing. The
key would be to read this book BEFORE jumping in head
first.
