Andrew James McLean | Gary W. Eldred
1 Best book there is on real estate
Alot of those get rich quick gurus do not tell you about the technical analysis that is covered in this book. They just paint pictures of them buying and flipping and making 40,50,60 thousand dollars and its easy. If it was so easy, then we'd all be millionaires. There is risk involved and this book lets the reader know that, along with the rewards.
2 look elsewhere
The book doesn't help you learn real estate at all. The book just gives you pros and cons against investing in stocks.
3 Great book if you're thinking of getting into real estate
I've read many real estate books and this one is the best at covering the broadest spectrum. The best part about the book is that as other reviewers have stated, the book is up-to-date and not outdated like some other "get rich" quick real estate books. Those times are over. One word of caution is that the book does not touch on multi-family properties and could use a little more by the way of how to measure performance.
4 RE Novice
Very informative and lots of practical advice. Calculating Cap rate and how to derive a value off the anticipated rents is not discussed in many other books. Good, detailed advice for anyone considering a property.
5 exceptional introduction to real estate investing
i've bought and sold a few pieces of personal real estate, but i'm new to real estate investment. i looked long and hard for a book that was short on hype and "get rich quick" and long on the facts, both good and bad. this book is it- the authors cover all of the major types of real estate investing (though they focus primarily on residential) and give you the tools to get started. highly recomended.
6 much better than the rich dad fairy tales
I found this book to be a great INTRO book, seasoned investors will probably not need it...but it is a great resource for newbies...I was able to purchase a 3 unit property thanks to some of the information in this book.....contains practical information..unlike the rich dad series...which seems to be all SHOW and no GO
7 best non-text on real estate
Although this book can seem like a text at some points, it is easy to get through. I have read plenty of books on real estate and this is definitely the best. Other books are incomplete and omit a lot of important things that beginning investors need to know. The two authors do a great job of giving all of the details and examples necessary to provide full understanding of the material. Praise for the authors.
8 Outstanding coverage
Six rental houses, one quad, and one mobile home. I'm still accumulating and I'm still absorbing as much knowledge as I can. In that respect, I heartily recommend this book. Good details, excellent examples on creating value, sound explanation of calculating returns without burying me in a algebraic fog. The chapter on leases opened my mind to many points I hadn't even thought of. Overall thorough and practical approach.
9 Not Bad, a little too basic and too much cheerleading.
This book was one of the first "bestseller" types of books I have read on real estate investing, and I was fairly disappointed. This book would make a good first book for an aspiring real estate investor to hear about some of the more unconventional means of getting into real estate investing, but over all the book was short on details and potential pitfalls and very big on a "You can do it!" tone that made me wonder if the author was trying to sell me an ego boost as opposed to a fair, balanced, and sober look at investing in real estate. If you already understand the fundamentals of real estate investing and are familiar with foreclosures and other more aggressive sources of finding potential properties, you should pass on this book. If you know nothing, and are just looking for an idea of what this field is all about, I would cautiously recommend this book with the caveat that its not easy, there are some restless nights sometimes, and anything that sounds too good to be true, is.
10 Deals with important issues and provides insight
I have been investing in real estate for 10 years and read as much as I can on markets and strategies. This book is refreshing. I gained new insights and am eager to get out there and find some new properties.
11 Almost everything....
I liked this book a lot because it covers almost everything an investor needs to know to invest successfully and steer clear of risky gambits. Full-bodied discussion of multiple financing techniques including many types of seller financing (which is how one author bought his first dozen or so properties). Lots of personal examples.
The appraisal chapter digs into the art of valuing properties and exposes myths and misunderstandings about appraisal reports and listing prices. Want to boost the value of your properties beyond mere fix-up? The chapter on creating value gives a more profitable way of thinking about improvements.
The money's in management--not just buying at a bargain price. Here, this book goes into how to develop a market strategy, unlike any other basic investment book I've seen. As to leasing, after reading this chapter, you will never again rely on a preprinted leases without closely considering what you're really agreeing to. It also shows how to craft the terms of your lease to complement a profit-maximizing market strategy.
In sum, read this book! Unless you're a close- minded know-it-all, you'll gain a wealth of insights and money-making ideas.
12 Start right info
This is the best book that I have found that reads like its directed to people who want to understand investing. Good sensible explanations. Helped me see the practical details of investing. I liked the chapters on appraisal and foreclosures best. Very good for beginners who want get started the right foot without the hype. Easy and clear to read.
13 Nothing better
Plain & simple....this is one of the best real estate investing books I have ever read. I recommend it to anyone interested in residential real estate investing.
14 Excellent guide and reference
This book gives a solid treatment of all investment topics from appraisal to zoning. I bought this along with the WEEKEND MILLIONAIRE. Although Millionaire covers negotiation in more detail, Investing In Real Estate really gave me a more thorough understanding of how to evaluate, finance, improve, and manage a property. I'm sure I'll continue to come back to this book again and again. It has more meat than I could digest in one reading. Excellent guide and reference book.
15 Good book for a novice investor
I'm not going to knock this book as a get rich quick scam or as offerring advice noting more positive than negative but it only offerred basic advice. Tools and knowledge that someone with the average IQ of a chimpanzee can accumulate on their own by simple research is made readily available in this book. It is limited as far as "finance" is concerned but has a ton of crazy ways to buy a home that 99% of real estate professionals would die laughing over. Maybe I'm advanced in my RE knowledge so again if your a beginning investor with no direction it's worth it, otherwise save your money for a better book. I feel cheated, it doesn't offer any advice concerning seller financing, interest only financing and several other methods that really work for people who I know who have made small fortunes with. It's really fluff and, broad and no detail. Maybe he wrote the book with an audience in mind that reads on an 8th grade level and won't understand the simple algebra associated with real estate finance. I'm just going to shell out the extra cash and get an RE Finance textbook.
16 Experience shines through
After tiring of the "get rich quick" books so common to this genre,my uncle (and long time investor) gave me a copy of this book. Instead of "pie in the sky" tools and techniques, refreshingly, the authors explain the pros and and cons of various popular strategies. This book also includes very real world discussions of appraisal, leases, high leverage, and market strategy that I guarantee you won't find in any other r.e. book (at least none that I've seen.) Sensible, clear, and relatively well-written (though I did find some typos that shouldn't have slipped by unnoticed), I would gladly have paid twice the price of this book for the knowledge shared by these two investors who obviously have "been there, done that."
17 Exceptional!!!
I am a real estate newbie. I have purchased a handful of books trying to make sure I learn on paper before jumping in. While some of the other books have good info, this one is easily the best one I've encountered. I wholeheartedly recommend this book to everyone that wants a comprehensive look at the real world of real estate. Amazingly, it is also very easy to read. Even the parts featuring math examples -- which I normally don't enjoy -- are easy to read and digest. Well done! And I can't believe the price ... what a bargain!
18 Intelligent and experienced
I was amazed by how much I learned from this book--even though I thought I already knew quite a bit. The insights on appraisal, leases, taxes, strategic management, financing, and creating value, etc. gave me a much different and I am sure- a more profitable way to think. In my market, profits no longer come easy, but this book has opened my eyes to opportunities that I have been overlooking. ONE MORE POINT: If you're tempted to believe the the malicious remarks below--first check out what these authors really say. Those negative reviews misquote the authors and clearly pervert their intent. USE AMAZON'S KEY TERM SEARCH function to read for yourself. Try these: financial discipline, Robert Allen, lease option, lease option sandwich, thoroughly clean, credit card, empathy, name the terms. You will find as I did that the substance of the critical remarks bear no accurate relationship to what this book actually says.
19 Great Reference Book
This book is a great reference book for real estate investors. Not a great book for novices as some of the terms are not explained well but I think this book covers almost everything there is to know about real estate investing. Gives some good motivation to invest in real estate in beginning and the end of the book but some chapters you have to drag through uninteresting stuff. But I guess this book is a bit like a school textbook where you have to cover all the topics in the syllabus.All in all book is a keeper.
20 Investor's Handbook
The authors should have titled this book, the Investor's Handbook. Name any topic--seller financing, foreclosures, property management, saving on property and income taxes, creating value with fix-up and renovation.....I could go on...but you get the point. I found this book to be a greatly informative intro to real estate investing book. The authors give many personal examples, but always caution to tailor a strategy to the market conditions in the local market--unlike many books that try to convince you of the one true way.
21 Best by far
I liked this book because it gives more in depth advice about investing in real estate than any other book that I have seen (and I've read most all of them). The authors clearly point out the the pros and cons of all of the tried and true investment techniques as well as give some creative ideas I have not seen elsewhere. Well deserves its status as the longest-running, bestselling guide to investing. Optimistic with a good dose of realism.
22 Get Rich Quick Schemes
I purchased this book because of all the positive reviews. After reading this book I can't for the life of me figure out where all these positive reviews came from. In fact, it looks like the positive reviews were all manufactured by the same person (presumably the author) trying to pump the book. Notice that abbreviations like IRE and REI keep popping up in review after review?
That being said, this book is a combination of "get rich quick!" and "master of the obvious". For example:
- Did you know that you could buy real estate with no money down? Just use your credit card to finance the whole operation! Are you serious?!?! Using credit card debt at 25% interest to finance real estate speculation?
- Buy, flip, profit from real estate investments (that's REI for those of you who aren't the author of the book) by *cleaning* and *painting* the place. I'm glad someone told me that I actually have to *clean* the apartment that I just purchased. I don't know how I would have ever figured that one out without this book.
- "You can name the price if I can name the terms". The author states that the seller can price the property at any price they want provided that the buyer can dictate the terms (for instance, agreeing to pay $500K for a property if the buyer gets a 6.5% loan). What the author fails to realize is that the seller can't give any of the concessions that the author states. How in the world is the seller going to give you a 6.5% loan? That's the banks job! This makes the author sound like they have very little practical experience in actually buying/selling property.
Overall, I do not recommend this book.
23 Horrible - Save Your Time & Money
I bought this book due to all the positive recommendations, but what a huge disappointment once I received it.
I would re-name the book "Some superficial stories about real estate & basic concepts that would even insult beginners." Given the tactics in the book, I find it very hard to believe either author has ever made a penny in real estate. For example, "get a win-win agreement buying foreclosure properties by being empathetic with the owner."
I paid money to read "make sure you clean the house before you try to rent it."
They wrote 8-pages on lease-options, and then go on to say "we've never done one, but Robert Allen says he has done many." So, they have no expertise or experience in writing about lease-options, but quote a well known real estate fraud as their proof of how easy it is.
The back cover of the book says "they'll teach you how to buy with little or no money down." But open the book, and they spend 11-pages discussing why it is a bad idea.
I doubt this book will add to anyone's real estate library. Instead buy Investing A to Z, by Pivar; or John T. Reed, etc.
24 This knowledge is power
After reading a pile of the "flipping", "fixing'" and finagling r.e. books, at last I found something with some real knowledge in it-- instead of wishful thinking dressed up as "how to" info. IRE 4th gave me the feeling that I now really know enough to value a property. It also covers market strategy--which none of the other books mentioned. Overall, a great boook to get started with. Breadth with depth. A must read for beginners who want to invest seriously.
25 Value packed
Being an amatuer investor I found a lot of good information in this book. It's concise and has a lot of breadth. Though lacking in depth there really isn't much more you can expect from this ~300 page book. It gives you a lot of sober minded information that you can use or discard. It's not like a lot of the overheated dross passed as real estate investment books out there currently. If you want to get started in real estate this is a great place to find out a lot of information up front ,however, it's still up to you to get follow up education. Rome wasn't built in a day and neither will your real estate empire.
The only thing I found irksome is that someone apparently didn't check the math. One example, ROI= 12,021/125,000 = 48%. I mean, come on, this is the fourth edition and the editor is snoozing through it? Regardless, the content itself is what counts.
I highly recommend it. Armed with this knowledge you can probably jump into real estate courses and seminars to further augement your knowledge, but it is an excellent starting point.
26 Packed with insights and info
This book amazed me with the amount of info, insights, and practical reality-based advice. After reading several of the "big promise --litle content" real estate books, I'm impressed by these authors' know-how and sincerity in trying to offer real wisdom.Let's say that I'm rather put off by the hyped-up (nearly impossible to carry out) flipping and finagling types of books. Whereas, I think IRE gives great value. A true classic work which I guess is why it's now in its 4th edition.)
27 Superb, Concisely Written Guide to Real Estate Investing
Andrew McLean and Gary Eldred have written a book that concisely presents some of the things they have learned as successful real estate investors. For those persons considering investing in real estate who would like guidance without the late night infomercial guru, the price of this book is a safe investment.
As the title suggests, the book is general in nature and begins with the case for income properties as the most likely road to long-term prosperity and closes with a chapter on legally protecting gains from the IRS. I was especially impressed with the sections on valuing properties and the clear discussion of buying from HUD and the VA.
Along the way, the authors present the strategies they have used to locate bargain priced properties and to buy those properties with little money down, to make the right kinds of improvements to the properties and to successfully manage the properties for the highest return. The style is direct and the language and illustrations do not require an MBA in marketing or finance to grasp. The concepts and basic mathmatical calculations for evaluating a property are well presented and clearly explained. Some specialized topics are touched upon and the authors cite other books for a more in depth treatment.
If you are considering investing in your first income producing property or if you own several income properties and are looking for an overview and some creative ideas for maximizing your returns, you will not find a better book than the new 4th edition of McLean and Eldred's Investing in Real Estate.
28 The why and how of investing
By far, the most intelligent guide to real estate investing that I have seen.Want proof? Read the "free" pages here on Amazon. That's what enticed me. Then, just as I was anticipating, the rest of the book delivers as promised. A great guide for the investor who really wants to learn the ins and outs of real estate.
29 An Objective Real Estate Encyclopaedia
This book is highly informative. Most importantly, this book is also highly objective that will give you a realistic approach in investing in real estate. It also has good discussions on the many techniques out there (including basic calculations, financing, negotiation techniques, finding bargains, leasing etc.) The authors had done a lot of research and it clearly shows. Because of the amount of information, this book will probably require a few readings before one can absorb all the amount of information. Having browse through a lot of Real Estate books, this one really could classify as the "Bible" of them all (well, as close to a bible anyway)
A few suggestions: You might be interested in further your real estate education with Robert Campbell's book "Timing the Real Estate Market" to get a better sense of how to look at the real estate market objectively as well as being able to identify early warning signs. Another book is Andrew Tompos's "Analyzing Investment Properties" which will help you learn more about calculating cash flows and analyzing a property from a financial point of view etc. Good Luck!
30 Billiantly Written
Not your typical book that claims everyone will get rich with no money down. This author definately has experience and tells you how it is. The author underscores a lifestyle of living below one's means and limited risk taking to be a successful real estate investor. A very level-headed and reality-based approach. I will read more books by Dr. Eldred.
31 The Magic Bullet
this book is a slightly updated version of edition number three. not much was changed - either version scores a 5 in my book. like many others, i have invested several hundred dollars in RE investment "how-to's". i seriously believe that you can obtain more usable, practical (read truthful and usable) information from this single volume than all the others on my bookshelf. you won't find a more comprehensive, relavent work on the subject. beyond content, its also written in a manner that invites understanding and complex subjects are dealt with in just the right amount of detail. i strongly recommend this work as a basic primer on making a living via real estate investing. the author(s) obviously take their subject matter seriously - offering a high degree of integrity with this book.
32 A MUST-READ for Real Estate Investment
Excellent book to get one started in real estate. Gives true picture of what would be involved in investment.
The author also provids an email / phone for questions. When I called Mr. Eldred with questions, he gave me his honest opinion on all questions and a true prespective on what would be involved in this line of business. I loved his attitude about taking calls and talking to others on their questions so that he could better address concerns in his future books.
I definately recommend this book to all interested in this business.
33 Solid factual information!
Forget those late night infomercials about real estate, this is the real deal. Mr.McLean and Mr.Eldred have laid bare all of the real estate secrets and like with many things, real estate investing is simple, but not easy.
Many real estate gurus will have you believe that the only success you can attain in real estate is by basically ripping off the seller. That is almost impossible to do in the housing bull market we are now experiencing. If that is the case what resource do you need to really learn how to invest in real estate? This book.
I have been involved with futures investing for 11 years. I have been a broker, an investor ... With all of this experience in the intangible investment realm, this is one of the few real estate books that seriously made we reconsider real estate as an actual investment, not infomercial hype. I am looking to expand my knowledge and diversify into this area.
34 Helpful For Everyone
You're not just buying a book to read here. The amount of information in "Investing In Real Estate" makes it an investment. These are the facts. The way things are. There has been spiked interest in RE recently because of the recent low interest rates which has caused an upsurge home-buying in many parts of the country. With all of the real estate courses, seminars, tapes and books being marketed, how rare is it today to hear the facts and not just the hyperbole? This is the most comprehensive and detailed, to-the-point real estate book available.
If you're a normal home owner and want to increase your home's value with some shrewd fixing-up before you sell it, you can get tons of pointers here. Want to find the best bargain with your first purchase or your new home? Manage your property(ies)?
What criteria do you use to find the best property? How do you check to make sure? Creative financing is also covered.
This is not just for those investing in apartments or a duplex but everyone. Want to rent-out your house? You will learn the basic laws and procedures, and how to write up the most appropriate lease and how to cross your "T's" and dot your "I's." Almost all of us know people who've rented their homes out and had "bad tenants." You'll learn how to screen properly here to avoid them, and how you can use the (local) law.
There are many simple and proven math models on how to calculate the return you'll get from buying a detached house, condo, duplex, tri, fourplex, or multi-unit apartment complex. The Gross Rent Muliplyer (GRM), Income Capitalization "Caps," Net Operating Income (NOI), Return on Investment (ROI), and Before Tax Cash Flow (BTCF) etc. Add these simple equations and formulas to the fact that you likely live in the community (familiar with) you'll be buying/investing in, and you'll have the best chance to earn some positive Cash Flow, and choose the best option available. Ways to evaluate neighborhoods and areas that are up-and-coming, paying less taxes, and using depreciation and deductions properly are also covered. Very important for homebuyers and owners yes, but this is the most comprehensive book written for people who are looking to purchase property to plan ahead.
35 Practical and realistic
This is one of the few real estate investing books that I've been able to come away with useful information. It points out some of the drawbacks of the 'get rick quick' schemes and provides a realistic approach to investing. Highly recommended!
36 Investing in Real Estate
I'm just starting in the Real Estate Investing game and was looking for some books to get me started. This book is an excellent starter book. The author does a masterful job of setting realistic expectations, keeping your interest, and most importantly keeping your "can do" attitude high. I recommend this book to anyone just starting out. This is a book that you will always refer to, and shouldn't be without when going into deals.
37 Real Estate Investing
Although, I don't agree with everything the author says, this is a very good book on how to start investing in real estate. He gives an objective look at investing by pointing out some of the difficulties and not just concentrating on the get rich quick type attitude of many of these books. I would definately recommend this book as a must read.
38 Optimism with an edge
This book makes a good case for investing in real estate. But, you won't find the usual tripe about cash back at closing and nothing down deals you can do for 60 cents on the dollar. These authors have written a book for people who really plan to invest in houses and apartments, not those investor "wannabes" who dream about riches without work, money, credit, or knowledge--those who believe all they need are some "little known" secrets that some guru can give them. Eldred seems to be from that rare breed of experts who can blend high level knowledge and techniques into savvy advice for beginners.
39 Original and well written
As a long time rehabber and investor in rental properties, I've read most of the stuff that comes out. Unlike so many, this one does give alot of things I hadn't seen or thought about before. I liked the part on strategy best. I can see how these ideas can get me more rents with less vacancy--At least, I'm going to try them. Read the chapter on leases.You will never again accept that "standard" fine print lease that most landlords use.You get your money's worth with this book.
40 Above the crowd
In reading the reviews below, I side with the realists. I felt that this book really did give me the best intro to investing that I've seen. It combines creative possibilities without hype and out- in- left- field deals that stand no better than 1/100 of ever going through successfully. Do not believe that you have to spend hundreds of dollars on a "course" from one of the many gurus peddling "little known secrets." It seems to me that this book ranks as an Amazon bestseller because it is the best.
41 Written for real investors
Unlike so many r.e. books, this one gives great concrete advice with the reasons, principles, and concepts to back them up. The "bargain price" and "creating value" chapters give far more detail than any other r.e. book I've seen. Eldred's clearly an expert. You can tell by reading that he (the prime author) is not just another guru out to make a buck by appealing to the "get rich quick" crowd. This book is short on motivation and deep in usable content.
42 Reads like a Book Report
See this book....see that book...see my other book....I felt like I was back in school and doing research. This book had a lot of good tips but it was a pity that I already knew them from a great website called Creative Real Estate Online. Bought this book in conjunction with The Unofficial Guide to Real Estate and I read that one first. Maybe THAT'S why this book seemed dry and boring in comparison. Can't understand why this book got such high reviews. I recommend the earlier mentioned book and website.
43 Excellent detail, sound principles
You will find that this book blends details with sound principles about financing, foreclosures, taxes, and profitable improvements as well or better than any of the other popular books in real estate.(I've read them all.) I also thought the chapters on leasing and management gave me some sharp insights that I have not seen elsewhere. You won't be disappointed with this book--as so many others do disappoint because they're filled with near impossible investment techniques or they're too rah rah without guidance for pitfalls.
44 good book for beginners
This is a good book for beginners who want learn how to invest in real estate. However, the advices offered in the book are quite general and may not apply the specific situation in your area.
45 Solid no nonsense ,very well written
This book gives more solid and practical advice about investing in real estate than an entire pile of those recent bestsellers like Real Estate Riches and Unlimited Riches. If you want realistic and helpful ideas and guidance, study this book and toss out the silliness of authors who seem more like hucksters than investors.
46 Great Book, Great Author
This book offers a down-to-earth, practical approach to building wealth in real estate. It is NOT a get-rich-quick book. It is for the conservative investors who are willing to take the time to build their wealth slowly but with minimum risk. I have read numberous books on investing in real estate, this one simply tops them all.
Also, the author, Gary Eldred, is very genuine in helping people get started. After reading this book, I had some questions and decided to call Gary. He patiently answered my questions and gave me a lot of good advice.
Gary, I would like to take this chance to openly thank you for your help. And congratulations on writing a great book!
47 Good book
This book really tells you some great stuff about investing. It does not sugar coat it, and gives you good advice and warnings on all aspects of investing in real estate. It is also very readable and the average person will be able to read it with interest and not get bored.
48 One of the best
Great book. Good information and very little fluff. I highly recommend for anybody who might be considering real estate investment
The author covers all aspects of real estate investing, from low down payments (without sounding like Carleton Sheets), to flipping properties. Very good detail and very well written.
49 Great information
I have to agree with many of the other good reviews out there about this book. It really does provide terrific, up-to-date information on the reality of IRE. At a time when everyone is down on the market and looking for good alternative investment vehicles to throw their money in (me included), this book really puts me at ease. However, in an effort to remain diversified, I also rely on the a great investment strategy that I found in a book called the 401k Marketbuster. This strategy will keep you out of the market during bad times and just like real estate keep your money in good shape when the market is down. I strongly recommend both!
50 Packed with knowledge and techniques
I bought the top 3 r.e. books (Investing in Real Estate, Real Estate Riches, Unofficial Guide). I could have bought just this one. It covers EVERYTHING the other books go over, AND it gives you FAR MORE DETAILS and far better explanations. I urge you to compare the contents--buying foreclosures, buying bargains, creative improvements, financing, paying less taxes, predicting appreciation, valuing properties. You will see what I mean. While Unofficial clearly beats Riches, it still gives you wrong or glossed over info much of the time. Unofficial is especially weak on financing, buying bargains, foreclosures, and valuation, though it's pretty good on management. I can offer this critique because Investing In Real Estate set the standard from which I could make an intelligent comparison. All of those readers who rated UNOFFICIAL with five stars could not have known much about real estate. They surely believed that they learned more than they actually did. Over and over, I read similar topics in IRE and Unofficial, and each time I developed my understanding from IRE and quickly spotted the glibness of Unofficial. Don't take my word for it. Go into a bookstore and compare for yourself. As to Real Estate Riches, DON"T BOTHER--unless you're a rich dad groupie.
51 Tops on my list
I recently read Flipping Properties and Unofficial Guide to R.E. Investing. By far, Mclean and Eldred give a much more detailed and thorough intro to valuing, choosing, and improving properties. Although all of these books talk about "buying at a bargain price" only M&E go into enough depth to explain how you make sure your property will turn out to be a good buy. Same thing with improving to create value. As to foreclosures, once again M&E explain all the various rules and procedures of REOs, especially as they pertain to investors. (In fact, the Flipping Properties book here is way out of date. Bronchik thinks HUD still gives homes away and finances investors. As M&E point out, neither of these popularly held beliefs is true--and haven't been for 10 years.)
52 Great Start to learn real estate!
I will admit that this is the first book I have read about investing in real estate so I don't have much to compare it to. However, I found it extremely helpful and was able to get a wide range of information from many different areas in real estate. I found the following areas most interesting and helpful; appraisals, boosting value through creative improvements, and information on HUD homes. I did have a problem with how the author down plays the stock market with things like "you mine as well buy lottery tickets." He claims he was once naive when investing in real estate, I believe his naive nature still exists when making such general comments about the stock market. Nonetheless, I would recommend this book, just skip the first chapter and maybe the last two also (pay less tax, income for life).
53 Great 1st read for anyone with intrest in real estate
I will admit that this is the first book I have read about investing in real estate so I don't have much to compare it to. However, I found it extremely helpful and was able to get a wide range of information from many different areas in real estate. I found the following areas most interesting and helpful; appraisals, boosting value through creative improvements, and information on HUD homes. I did have a problem with how the author down plays the stock market with things like "you mine as well buy lottery tickets." He claims he was once naive when investing in real estate, I believe his naive nature still exists when making such general comments about the stock market. Nonetheless, I would recommend this book, just skip the first chapter and maybe the last two also (pay less tax, income for life).
54 On target for today's market
This is the 5th r.e. book on investing I've read. But it was the first one to recognize that we're no longer living in the 1980s or even the early 90s. Sorry folks you can't buy foreclosures at pennies on the dollar. You can't find "motivated" sellers who will let you steal their properties for 60 cents on the dollar. Non-qual assumptions? Good luck trying to find one that's workable. Cash back at closing--dream on! Yes the gurus will lead you to believe that anyone can use these and many other outdated and super risky "creative" techniques. I know from experience because I wasted much money, time and effort chasing after their promised rainbows. Luckily, this book offered welcome relief. Factual, up-to-date, and very specific about the real opportunities (and pitfalls) in foreclosures, high leverage, property improvements, and tenant management. Do yourself a favor. Before you run amok with illusive hopes, read this "state-of-the art" guide. Some years ago I read a great book (Million Dollar Habits) by Robert Ringer. The first chapter was called "The Reality Principle." Well, Investing In Real Estate stands as one good dose of reality. This is the most real-world introduction I've found.
55 Of the many real estate investing books I've read...
...this book is at the top of the list for clarity, description of quantitative methods, and sound business sense. The opening chapter, though quite accurate, spent too much time touting real estate investing as superior to paper securities, but this is the only problem I had with the book. The theoretical concepts are outlined and well-illustrated. The practical concepts are surprisingly well-developed for a relatively short treatment of this complex subject matter. While I don't recommend executing a real estate investment strategy using this book alone, it will definitely encourage you to seek further education and experience. I especially appreciated the realistic take on 'creative' financing, the appraisal primer, and the quantitative examples.
56 Deserves its bestseller ranking
What do you want to learn about real estate? How to calculate returns? How to buy foreclosures? How to make money with repairs, renovations, and fixer-uppers? How to manage for good profits and low hassle? How to take advantage of the tax laws? Then, this is the book you are looking for. It doesn't just hand out cliche`s and generalities. These authors clearly give you uniquely sensible "how to" information, but at the same time they motivated me to discover and create my own opportunities.
57 Solid, readable, thoughtful
If you want a good, readable book on investing in real estate, add this one to your collection. It covers more of the details that other books leave out. It also avoids hype, hyperbole, and hucksterism.I liked the fact that it guides you to clearer, strategic thinking about the type of investment that you may find works best in your area. The unique chapter on leases alone is worth the price of the book.
58 Straight shooting guide
I think you will get more straight shooting useable advice and method from this book than any other book on the market (at least among all of those that I have read). I found it readable and methodical. Although it covers a great deal of the details of investing, I best liked the step-by-step approach. The book won't tell you exactly what you should do. But it will guide you to developing a sound plan of your own.
59 Nuts and Bolts Approach to Rental Real Estate
This recently updated edition is a good resource for the beginning real estate investor. If you're tired of anemic returns from the stock market and are looking to invest your money someplace where it won't be pillaged by an option-crazed executive, this book paints a realistic picture of what to expect in Real Estate. It starts with a detailed explanation of your basic rental scenarios and expands into a good fundamental discussion of foreclosures and other distressed properties as well. While the book starts with some of the typical "rah-rah real estate," jargon, it rapidly develops into a smooth-reading and useful resource.
60 Best overview
Among all of the real estate books that I have read, this one gives the best overview with plenty of details to illustrate the basics. By "overview" I don't mean glib generalities. I mean the book tells you how to think about the properties your're looking at; how to compare and evaluate them; and how to realistically set and work towards your goals. In contrast to Pasadena below--who failed to read the book-- I can assure you that these authors do give you vey practical advice, yet do so without the mindless "do this, do that" approach common in this genre.
61 Thumbs up!
The reviewer from King of Prussia, PA obviously only read the first chapter, which compared investing in real estate and stocks. This is the most honest, comprehensive and informative real estate book I've read to date.
McLean & Eldred are not get-rich-quick/nothing down gurus. These guys know what they're talking about.
I recommend this book to everyone serious about entering the world of real estate investing.
62 Didn't live up to expectations
I will admit that I only read the first quarter of this book carefully and skimmed the rest. The book begins by discussing real estate and other forms of investment. This discussion CLEARLY shows that the authors do not fully understand the other forms of investment they criticize, or they are intentionally misleading the readers into thinking real estate is the one and only way to invest. I don't think either possibility speaks well of the authors or the book.
I am also left with the feeling that the authors have an academic knowledge of the subject but little real world experience. They present the formulas everyone should calculate and the basic information someone should know when deciding to invest in property, but there is little or no insight presented from their own personal experience. I think these authors write about real estate, but don't do much else with it (at least 10 books authored between the two of them).
I don't suggest this book. There is little real world experience presented, and most subjects could be classified as "master of the obvious." The only part of the book I consider useful are the equations for evaluating a perspective property, but I feel that all of this material is better covered by Friednam and Harris's "Keys to Investing in Real Estate."
63 Excellent overview of real estate investing-and easy to read
I haven't invested in real estate yet, but after reading this book, I feel like I've got a grasp of the basic concepts. It's a very well-written and organized text. Provided a perfect introduction to the world of real estate investing. I imagine it will also come in very handy as a reference when I've become an owner.
64 Great book, great professor
Full disclosure: Dr. Eldred was my professor of real estate when I was in the Stanford M.B.A. program. Unfortunately, I never put his advice and teachings to work.I was too busy with stocks and investment banking.But, having been downsized with the slaughter on Wall Street, I've now decided to turn to real estate and by coincidence I ran across Dr. Eldred's book. I strongly recommend it. Just like the professor himself, this book brims with practical wisdom and a cogently reasoned approach to investing. I only wish I had put this advice into action 15 years ago. I've learned from hard experience that monied investors need to diversify into income properties--and small investors need real estate to provide the income and security that they can't get with stocks or Social Security.
65 L.A. Times is right
The 12/31/01 (Sunday) Los Angeles Times rated this book as the best on real estate investing. I bought it. I agree. It covers everything a new investor needs to know to get started.It gives a good number of creative tips that no other book I've read covers. Not everything you need to know period. But a great read for beginners or even someone with more experience.
66 Practical and sensible
Makes the best case that I have seen that owning a few rental properties can provide you a secure retirement. Then carries forward to show you how to develop a real estate strategy to get there.Straightforward, practical, without pie-in-the-sky promises that "nothing down can make you rich." Great down to earth explanations backed by obviously well-experienced investors.
67 Good solid book
Among all of the books on real estate investing, this one gives you the best solid introduction. Once you decide the exact strategy you wish to pursue, you will want more specialized detail (like on renovations). I also liked the authors' approach in that they tell you how to really analyze your local market to develop ideas that will likely yield the best profits. I detest books that lay out step by step the author's suppossed "secrets to success"--when in fact that strategy might not work in a different place or time. ( One book I read told me to only buy 3-BR, 2-BTH, brick houses. We don't even have brick houses here!)
68 Great discussion of financing
I basically agree with the other good reviews below, but among all the books on real estate investing, I think this one does the best job discussing the types of financing, pitfalls, and rate of return calculations. I like numbers and this book really shows you how to evaluate and compare different properties.
69 Good Starting Point
If you are just starting in real estate business or at least thinking about it, then I recommend this book because it covers a lot of subjects. However, if you are already in real estate business or have been managing rental properties for a while, then this book won't offer you much.
Given the price, I think it would make a nice gift.
70 Clear, practical, and comprehensive
A glance through the Table of Contents will show you what I mean. This book covered just about everything I could think of that would help me get started in real estate investing. But two other features also account for my high rating. First, the writng style is very good, straightforward, and interesting. And second, the authors go into more detail and present far more than the cliche`d advice and explanations that I found in most other real estate books. In other words, as someone who wants sound reasoning to back up a book's advice, I found this book compelling. A great investment in knowledge.
71 looks like a ploy
The "excerpts" from the book reveal that this book is mostly about WHY to invest in real estate...not HOW !!! I want definitive steps to take on how to invest. I don't want to be convinced that real estate is better than stocks, etc. I already know this! That's why I want to buy this book. So the reviews above seem exaggerated and inaccurate.
72 Well worth the purchase price!
Although I am definitely in the "beginner" real estate investor category, this book answered most of the questions that I had about investing in residential rental property. The book is written in an understandable format. The author seems to speak from extensive personal experience and has pragmatic logic when he offers advice. I don't think you'll be disappointed if you buy this book.
73 Buy this book.
I have read a few books on Real Estate Investing and this one is certainly the best. For the price it simply cannot be beat. So much useful information in this one, more info than in the 200 dollar Carleton Sheets' course and much easier to understand.
If you are a novice like I am, buy this book first.
74 Best of breed
After reading a slew of real estate investing books ( I'm convinced that realty investors can outperform the stock market), I would award this book the best of breed title. It covers more topics in greater depth than the others. I agree,too, with the reviewer below--these authors seem to really know what they're talking about. It's not all about real estate as a wonderful investment. The book talks about the difficulties, but does do a good job of showing how to deal with them, e.g. management, repairs, bad tenants, etc. But on the other hand, do people really think they can become "financially independent" by buying stocks that pay dividends of less than two percent and whose appreciation remains iffy. Gain without pain--the dream of millions--won't likely prove to be as easy as the stock hypesters have led us to believe. As for me, I would rather own tangible wealth (with some effort) than hold so-called "financial assets" whose value can evaporate overnight. If you agree with this truth, then get a copy of this book.
75 Worth its weight in leases
As an owner of three rental houses, I wish that I had bought this book several years ago when I first got started. The chapters on market strategy, leases, and improvements really changed my thinking as to how to earn higher rents and achieve higher occupancy along with good long-staying residents (tenants). Also, the part on VA foreclosures opened my eyes to properties that I had not previously considered--but will now. Overall, this book's a highly informative read for the first-time investor or those (like me) who wish to improve their profitability and reduce their time and hands on managing efforts.
76 Pretty Good!
This book was pretty informative, I highly recommend it. I also recommend "How to Make Fast Cash in Real Estate with No Money Down Deals," by: Rod L. Griffin
77 Just looking thru it and......
I just received this book in the mail today. Have not had a chance to read it, but by just scanning through it I can tell you that if you are interested in REI, this is the first book you should get. It is layed out perfectly, seems to get straight to the point whilst covering everything. If you've read a Carleton Sheets course, you will find this to be MUCH more concise. Can't wait to read it.
78 Sound advice for all investors
After reading Eldred's 106 Mistakes Homebuyers (see my review) I decided to see what he had to say about investing. Another eyeopener! This book covers so many topics with interesting and very practical explanations and advice that I'm convinced that investing in rentals is a way to make money that's much better than stocks. In fact, I've just closed on a duplex that I was able to negotiate at a great price--but the possibilities for profitable improvement that this book shows is where I think I stand to gain. If you want to build wealth with minimum risk,you can really learn about investing from this book. (P.S., the 106 Mistakes book also was quite helpful to me when I was evaluating investment properties).
79 Packed with information
Read this book. You won't be disappointed. For my money it covers all the topics from foreclosures to financing to market strategy to leasing, etc. better tha any of the other competing books. The authors show a depth and breadth of knowledge and experience that convinced me that they really knew what they were talking about. Also, if you're thinking of moving some money from stocks to real estate, this book will show you the merits of that decision. A great book for beginners or pros in my opinion.
80 Must Read! Gotta Have!!
Execellent book for beginner or experienced investor. The chapter on 'legitimate' funding sources for low down payments is an eye opener. It also includes the relevent web-site addresses, and provides an illuminating view of the loan process from the lenders perspective(what they want to see before approving your loan). There is also top notch information on setting accurate valuations on prospect properties (the author explains 3 ways you should value a property before running a 'break-even' analysis). Also include several solid formulas for examining a property from an investment viewpoint- debt coverage ratio; before tax cash flow (will my property really make any money?); and the all important ROI (return on investment). This book will take awhile to digest because it's not a 'lite' read. The author also gives a good rebuttal to other '0 down' program and exposes the dangers of high-risk, high-leverage deals. Well worth the investment! Don't waste your money on the other 'introduction' type books before you read this one. If you are looking for nuts and bolts, practical investing info- this is the one to buy first! Includes a lot of info on rehabs as well, but covers all property types; single family and multi unit apts. I examanied 10- 20 other RE books before selecting this one- you won't be disappointed!!!
81 A must for Real Estate Investors (Novice or Expert)
This book is a very long read, so be prepared for it. It is jam packed with information and is probably the best real estate investment book I've read so far. The difference between other books and this one is that there is no hype or BS. I can't stand Carlton Sheets and just love the slamming of the "investor wannabe who just graduated a nothing down course." This book puts all hype to rest and reads facts. If there was a college textbook for Real Estate Investing this would be the one. I would have to say the only downside is the lack of detail when dealing with Probate and Sheriff's Sales. I think they were so brief is due to the localized nature of them and differing laws from state to state. Other than that is excellent. But like I said, it's a long read, but well worth it.
82 Cuts through the hype
This is one of the few books on real estate investing that avoids the "hype". Instead, it's just a good solid book that clearly explains how to spot opportunities while at the same time pointing out how to step around pitfalls. The best chapter on valuing properties of any of the many books that I've read.
83 This is everything a new investor needs to get started, A-
All the relevant material you could ask for as a investor just starting out. I used it to purchase my first home. I paid $120 out of pocket to acquire a $110,000 townhome in Baltimore, MD for $88,000. The concepts taught and comparisons made between real estate investing and other options(stocks, etc.) are very informative.
