Mike Summey | Roger Dawson
1 motivational, but little value
In the book there is nothing you can't figure out yourself in no time, if you want to do real estate business. If one needs learn anything from this book, he is unlikely to be success in real estate business (or any business for that matter).
2 Investing Works
Ive been a Carleton Sheets disciple for 7 years, have appeared on his commercials, and am on his recent training videos. I own over 70 rental units including apartments, houses, duplexes, and commercial buildings. I met Mike Summey in Chicago a couple of years ago at a Carlton Sheets photo shoot. Mike and I hung out late into the nite night and talked about real estate. I read his book and definitely picked up some ideas from it. I want to learn new things all the time. I had a million dollar net worth before I was 30 and Mike's book is definitely a great book for the starter investor. Quit thinking about getting righ and GO DO IT!!!
3 OK ok ok ok
This book was ok, some good points ok, the part I do not agree with is having a property manager so you can run out and find more deals. Really I have experence with bad property managers what a joke. This book should show you the most key important point is to make money managing your own Real Estate ok, not paying some Property Company to keep eating your profits, how to buy and manage your own Real Estate is the true key to make you Wealthy in your spare time. This is book I thought is for the small time investor and seems written for some guy wanting to buy 100 single home units. I have a feeling there is a better book out there to explain what this book has passed bye. If someone out there can tell me please do.
4 A must read if you are serious about real estate
I have been investing for over 21 years and started with Nothing Down by Robert Allen. My first two deals were 'nothing down'.
Over the years I have done a lot of deals and different things work in different situations.
The Weekend Millionaire is one of the best books for an investor who wants to learn how to invest for long term income. It is not a get rich quick book. The book assumes you have a day job, you pay your bills and have a life other then real estate.
I was impressed that they take you from finding a property to inspecting it to coming up with the offer price and then what to do if the seller says 'yes' or 'no'.
The book does not cover all styles on RE investing. No book could and this one clearly does not even try to cover everything. The advice given is very practical and will help the reader create real wealth if the reader implements what they learn.
One generic comment. All the books, tapes, seminars and similar are worth what you pay or are completely worthless depending on if you apply the information. You can make a lot of money with real estate. You can also spend a lot of time and money getting ready and never have any success. You really need to get out there and pound the pavement. This book will be a great guide if you want to apply what you learn.
John
5 Great information for beginning investors
I must have a different edition of this book than some of the other reviewers. Yes, this book is not for the so-called "expert" real estate investors nor is it for the "know-it-alls". The author basically tells you his story of how he got into real estate investing and what you need to do to follow in his footsteps. Is there a silver bullet to this? Absolutely not. Does the author imply that you buy low and sell high as some reviewers suggested. Well, from my reading there were many instances where the author bought properties ABOVE what it was worth and KEPT the property for renting. Hmmmm. There goes the buy low sell high theory. All-in-all nothing worth getting is going to be easy and this book should be used as a stepping stone into a lucrative longterm real estate investing career. If you are an expert or know-it-all why bother reading this book?
6 Garbage in, Garbage out
As other reviewers have noted, the essence of this book is:
1. Buy a property very cheaply.
2. Rent it out so that you make a profit.
3. Repeat Steps 1 and 2 above over and over.
4. Live a charmed life and wait for the paychecks to keep arriving in the mail each month.
Reality problems:
1. Finding foreclosures is difficult in this real estate market since any foreclosures that are not total disasters will be snapped up super fast.
2. Finding families on the verge of bankruptcy has to be as miserable a career as ambulance chasing. The authors try their best to sugar coat the fact that they are urging you to benefit from other peoples' misery. But no amount of sugar coating can cover up the fact that their advice is the same as ambulance chasers.
3. Asking real estate brokers to take their fee in a mortgage-like payment will usually get you laughed at right out of the brokers' offices. They often see suckers trying to use this program. Word to the wise: they don't fall for it (unless they have a lack of brain cells) because they want their money front and center, not bits and pieces of it for the next 10 or so years.
4. Finding something "cheap" in most of the major cosmopolitan areas is nearly impossible these days. If something is cheap in a hot market, that means either that the neighbors are members of a drug cartel or that there is a nuclear waste facility under the property. Unless you're buying sheds in the middle of the boondocks, nothing is cheap these days.
5. What about taxes, insurance, renovations, bad tenants, natural/man-made disasters and their effects on your property? Well, the authors pay some lip service to these concerns, but otherwise they don't worry too much about it.
The only thing of real value is the explanation of calculating ROI and some charts that you on your own can make into Excel spreadsheets. It also teaches you some accounting and home buying basics. Of course, you can get the exact same basics for free on many different websites.
Save yourself the cost of this book. Buying it just makes the authors even more fabulously wealthy and encourages them to write more books for unsuspecting audiences.
7 Fact Not Fiction
Havin gread Mike's book, and some of the ridiculous reviews written by people who SAY they have read the book, I must tell you that Mike's book is based on facts, not fiction. I happen to be acquainted wth Mike, very casyually, and also be the author of a book on real estate investing and a long-time investor. Mike stresses what I believe is the most important aspect of his technique--use professional managers! He and I differ in some other ways, but they are trivial compared to this cirtical issue. the difference between an investor and a landlord is that the investor never deals with tenants or repairs, he/she lets professionals handle the day-to-day details. ANother difference is that the investors prosper, while landlords get ulcers. People wo read this book (and mine, too) and don't "buy into" that philosophy will never understand why investing in income proeprties is so conducive to wealth building. They will get focused on the detaisl and problems that ought to be handled by professional propety managers.
I can tell you that Mike actually did what he preaches, and it did make him wealthy. The fleas in the sand who mock and disbelieve will be fleas until they die. Mike soars above them and probably pities them--I knwo I do.
Al Lee
8 Fact Not Fiction
Havin gread Mike's book, and some of the ridiculous reviews written by people who SAY they have read the book, I must tell you that Mike's book is based on facts, not fiction. I happen to be acquainted wth Mike, very casyually, and also be the author of a book on real estate investing and a long-time investor. Mike stresses what I believe is the most important aspect of his technique--use professional managers! He and I differ in some other ways, but they are trivial compared to this cirtical issue. the difference between an investor and a landlord is that the investor never deals with tenants or repairs, he/she lets professionals handle the day-to-day details. ANother difference is that the investors prosper, while landlords get ulcers. People wo read this book (and mine, too) and don't "buy into" that philosophy will never understand why investing in income proeprties is so conducive to wealth building. They will get focused on the detaisl and problems that ought to be handled by professional propety managers.
I can tell you that Mike actually did what he preaches, and it did make him wealthy. The fleas in the sand who mock and disbelieve will be fleas until they die. Mike soars above them and probably pities them--I knwo I do.
Al Lee
9 Useless unless you have never heard of buy low rent high
My heading means if you never heard of the concept of buy low rent high then this book is for you. Yes anyone that has seen an infomercial where some old hick is in florida drinking ice tea and sayin "Gosh Darn I dun become a millionare and it's so easy" usually spouts the same gibberish as this book. Save you money as the summary is below:
1) Buy property at a low price
How? The usual as the book says: Family is behind in mortgage payments, Old person is need of cash from losing their investent savings and needs to liquidate to pay for food, messy/angry divorce and wife is looking to let the place go cheap as revenge,
owner got a promotion and needs to sell fast to move to new area.
2) How to buy low?: Lame strong arm negotating tactics
How? The usual scoff at the first offer and haggle haggle like an annoying j** till you get your low price. Forget about the fact that if the property really does have value then a ton of annoying j*** will all be outbidding each other for it. Supply and demand kid. If the property really has value you will be in fierce competition when it comes to bid time.
3) How to become a millionare?
Its so easy according to this book you buy low and rent high enough to break even or make a small profit once you minus your monthly mortgage payment. Gee if it were this easy we'd all be rich!!! Forget about inspections, taxes, damage to property, insurance, property management, fines from tenants not cleaning up, theft and paying utilities (go ahead and pay electricity and see what the bill will be once summer kicks around and the AC is run 24x7) as they are tossed out the window LOL.
THE BIG SECRET: Ok listen up you bought the house and are renting it at a rate that would cover the monthly payment. Now each year raise the rent and buy more property to rent and repeat the cycle. So the initial profit of $25 a month after paying the mortgage will slowly rise and multiply for each home you buy. Gee if it were that simple!! To bad rental rates are controlled in many areas. The logic is you rent a place out for 1000 a month and in 15 years you can charge $2000 gee if it were that simple NOT. Unless you buy a shack in the middle of the woods and then 15 years later a community is built around it so your property value surges.
Seriously this book is useless unless you can find a sucker that doesn't know the value of their home and is looking to get out fast. IF the property has a strong rental value.. TRUST ME THE ORIGINAL OWNER WILL RENT THE PLACE OUT HIMSELF to cover his own mortgage and keep the property himself. OI! The truth is when you buy rental property you LOOOSE major cash during the first few years as the only value buys you are going to find are neglected homes that cast major $$$ to repair otherwise again if it could be repaired for a cheap price the ORIGNAL OWNERS WOULD OF ALREADY DONE IT. You think just slapping on a coat of paint is all there is to home repair?
Buyer beware talk to people that rent out properties to get the real understanding of what you are in for. YES it can be profitable but it a) takes a LOT of work b) like any business it takes A lot money unless you are a mind reader and can find people that are really down and out on their luck and INCREDIBLY stupid. The author claims to buy property every year.. yeah right.
F L U S H.
10 Horrible
This book is yet another one of those real estate investment scams. let me save you $13 and tell you the entire contents of this book "buy low, rent out at a high price and jack the rent up every year, and become a WEEKEND MILLIONAIRE". Don't waste your money on this book.
11 Weekend millionaire's secrets to investing
I have read many good real estate investment books. This weekend millionaire's book is very close to rock bottom and pretty much totally worthless and very poorly written. It was a complete waste of money and grossly inferior information. It's a D- in quality and lowest quality. Don't waste your valuable time and money on this trash.
12 Simply the Best.
This book truly covers all aspects of real estate in a very useful, educational manner. The concepts are as timeless as they are valuable. I've read it three times, and I'm constantly referencing it fir information... a MUST READ!
13 Weekend Millionaire's Secrets to Investing in Real Estate
It is the best book on real estate investing that I have read in the nine years I've been in business as a real estate investor. I enjoyed the down to earth format that both Mike and Roger used to get their points across. The five chapters on "negotiations" by Roger is an expert negotiator and Mike has a sense of humor as a southern gentleman and a no nonsense approach to investing in real estate as "buy and hold" strategy. I highly endorsed the book to all of my students whom I am mentoring presently. You can't go wrong by reading the book and asking questions on the chat room at www.weekendmillionaire.com to both Mike and Roger. Looking forward to their new book when it comes out!!!
14 Very good real estate book-priceless information
I have to laugh at reviews where on reviewer wrote "Mike did this and Mike did that. Wouldn't you want to be like Mike?" Since the title of the book is The Weekend Millionaire's Secret's to Investing in Real Estate co authored by Mike Summey, I would think that anyone who bought the book would indeed like to be just like Mike. After all, he is a millionaire and achieved his success in real estate. Why not be like Mike. Sure beats being like that one star reviewer who even came back and voted 47 times for his own review. Now that is somebody with a head trip!
15 Some useful information
This book contained some useful information with regard to negotiating, and some of the basics of investing in real estate, but in my opinion it is far from a 4 star book. A major problem I have with this book is all of the success stories about Mike- that go something like, don't expect this to happen often but Mike once did this or that- the stories are very unrealistic.
16 Give this one a pass
Well, yet one more example that we're in a real estate bubble. Four or five years ago, our financial salvation was in Internet companies; today it's real estate.
This book was more of an autobiography. Despite its claims to the contrary, it is a get rich quick scheme. Real estate investing is more complicated that this book would lead one to believe. In reality, it's not as simple as churning property quickly. The real danger, as I see it, is people getting too highly leveraged when interest rates rise.
Read between the lines. If the advice sounds too good to be true, discount it.
17 Lives Up To The Other Reviews
I bought this book largely on the recommendations here at Amazon.com. It was worth the money.
This is a fairly good book. If you want to get into real estate investing but are unsure how to start, as I do, this book will be useful to you.
The book is broken into three main sections. Section 1 discusses real estate investing in general. It gives plenty of real life examples of properties the authors have purchased, how the deals were financed, etc. Section 2 is Roger Dawson's tips for negotiating. Dawson covers these in his other books and tapes, but they're worth repeating here. Section 3 is the week-by-week guide to getting started. It is like homework for the reader.
The book seems to emphasize seller-financing quite a bit. Now, I've never invested in properties before, but how often can you find sellers willing to carry some sort of financing? I'm not sure. But the book isn't relying on 100% seller financing - more like 20% or whatever the bank won't carry as a mortgage.
The book also contains a fairly decent description on how to calculate the "wholesale value" of a property. So instead of starting from the retail price (what the seller is asking), you start from how much you can rent the place for and determine price from there. The terms of the financing have a huge impact on price, according to this book. So you can often give the seller 100% of their asking price, as long as you can get favorable a interest rate.
Very interesting. I'm actually going to read this book one more time.
18 Good Book on Real Estate - Full of Information !!!
Most importantly I like the fact that the authors had the sense to write in short easy to understand chapters. While the book touches on the vast complexities of real estate investing and negotiating they do it in a way you can understand. I'm always skeptically of books that are printed in a yellow cover with the words weekend and millionaire in the title, but trust me (a person you never met) that the small investment of the purchase price and time to read it are worth your time (We've all blown money on worst things than this).
19 Fantastic read
As a beginner to real estate investing, I have been trying to absorb as much information as possible. This is the 4th book I have read on investing, and it is by far the best. The book does not promise overnight succes, but it does show you how to slowly build assests, and create a stream of income that you can live off of over a period of time. They give stories that they describe as not being typical, but they do help you stay motivated. They also provide easy to follow examples, and charts. I have noticed alot of people who have rated this book poorly seem to have too large of an ego to admit they learned something from someone else. Dont let the negative reviews sway you. If you only have limited time, and only want to read one book, make it this one. The title couldnt be more accurate.
20 Not that great...don't waste your time
This book may contain a few bits of info that you could use, but for the most part, it is an ego trip for Mike. Mike did this and Mike did that, don't you want to be like Mike? But when you think about what they are telling you to do, it is to take advantage of other people, and then tell yourself you are helping them with a problem.
They talk about buying houses from people in trouble, but no mention of how to find those people, unless you stumble across them (they do mention printing business cards for yourself and handing them to everyone within a 10 mile radius and that is how you will find people who have to sell, but I really doubt it).
They take impractical, unethical concepts and pepper them with phony "back to reality" messages like "This is not a get rich quick scheme, it is a get rich slow plan". This is an obvious ploy to make the reader think they are getting good, wholesome and useful insights, when in truth they are getting the opposite.
21 Great R.E. book ---great negotiating tips
I have several of Roger Dawsons books and audio tape programs from Nightingale-Conant. He is the King of negotiating skills and the man that everyone goes to for advice.
In this book, Dawson offers his tips on negotiating for real estate deals. Roger also offers his expertise on all aspects of real estate investing.
With so many books out there on how to make money in real estate, what makes this one special? In two words Roger Dawson. He is not some get rich quick guru or paper tiger who writes books but has never done it. Dawson is highly credible, almost humble, highly skilled as an investor and unequalled as a negotiator.
Put that together and you have very possibly the very best real estate book available right now.
5 stars is not enough. Amazon we need 10 stars for this one.
22 The weekend Millionaire's etc....
Just wondering if any Canadians have read this book and have applied it to real estate investing in Canada?
23 Excellent Book!!!
Outstanding book, and very well written. Full of practical advice, easy to understand, and not boring. I think this could be the best book I've bought on the subject. Highly recommended.
24 A must have for serious investors
Anyone who is serious about investing in real estate should add this book to their library. It's simple and to the point about focusing on the actual part of real estate investing that makes sense: Making money! Not a gimmick! I read the book twice and there were a few references to "gimmick gurus" but they seemed less like endorsements and more like recommendations. When I started this book 2 weeks ago I had no experience or property. After reading the book twice and slowly applying what I have learned throughout I made 8 offers, and closed on a property that is in a developing section of the city. Of all the books I have read in real estate, this book is the one that convinced me that I can succeed in Real Estate, and motivated me to actually start investing.
25 Great Info.
Easy to under stand and read! A+++++
26 Tremendous
Easily the best real estate investing book I've read. This is a no-nonsense, very practical look at how to buy single-family homes and rent them out. It's a page-turner, it doesn't get lost in the details yet is descriptive enough for people to get started. The authors' philosophy is to generate an income stream through renting your properties, and then use the properties as leverage for buying subsequent properties. They basically advocate NEVER selling them unless they're not profitable.
As other reviewers have pointed out, the sections on negotiating are excellent and should not be taken lightly. The techniques they describe were eye-opening, I was shocked at how they might be used, or used against me! To many, the section on negotating may even be more useful than the rest of the book.
To further motivate you to get started, the book includes 8 chapters at the end, each representing one week, that describe exactly what to do in your first 8 weeks of getting started. Very well written, i've already recommended this book to several others.
The authors correctly convince you that the terms of the deal are often as important, or more important, than the selling price. This is because you can still get a good return on investment (ROI) even if you pay more than the asking price. Then, to me, the only weakness in this book relates to financing homes in very expensive markets. The authors advocate only buying houses within a 10-mile radius of where you live. Sure, if you have so-so credit and little money, you can probably scrape up financing for homes in the $50000-$100000 range. But what if you're like me, in the San Francisco Bay Area, where 1300 sq foot homes in decent neighborhoods can go for $300-400k? This is a VERY high barrier for entry. This becomes laughable when the authors describe an example where they bought a 12000 sq foot manufacturing facility for $200k, and the challenges they faced with making this facility profitable when rented. I'm not sure that any amount of creative financing will be able to help some people in markets like this.
27 Buy The Book!
Many people are stuck in a 8-5 JOB and want to start a busines but don't have the capital or time to do it. The author is honest and up front that you can become a millionaire through your own real estate investing business but it won't happen overnight. He takes you step by step on how you can get started with out a lot of risk, working on weekends and with very little money to get started.
What the author shares in this book works as he has successfully used the same material he teaches in the book to build his own real estate investing business. I first became acquainted with the author Mike Summey when I purchased the "Wealth And Empowerment Training" course from Carleton Sheets Training Institute. Mike did a lecture on one of the video's as he is one of Carleton's most successful students. During the lecture he showed slides of his properties and he explains in detail how he built his Real Estate Investing Empire. If you are serious about becoming financially independent buy the book!
28 Great Real Estate Book
I bought this book first of all because I am very familiar with Roger Dawson a very respested author and trainer, secondly, the foreward was by Carleton Sheets, the informercial king but also the king of real estate (his informercial got me started in real estate) and third because even though I am a experienced real estate investor, have read all the books, I still found some interesting tips in this great book.This book is excellent. Highly recommended!
29 Three things
This book is three things. First it gives you the basic idea on how to invest in real estate and steps to doing it. Second it teaches you negotiation techniques and third, it is a great self motivating book. The second and third things about the book is great expecially the negotiation techniques, but the first thing is lacking. It does a great job of explaining how to make money from investing in real estates and even gives you steps to doing it but the steps lack detail that someone who is 20 with no experience in owning a home needs. Other then that I do recommend it because it is very easy to read and gives you an insight on real estate investing. I also recommend that you get "Investing in Real Estate" by Andrew McLean and Gary W. Eldred, PhD. You should read the Weekend Millionaire's Secrets first and then read Investing in Real Estate second. It gives you more detail into all the things that the first book talks about.
30 WEEKEND MILLIONAIRE
I THOUGHT THIS WAS A GREAT BOOK. IT'S VERY EASY TO READ AND UNDERSTAND. I WOULD LIKE FOR YOU TO FOLLOW IT UP WITH A LITTLE MORE DETAIL IN ANOTHER BOOK. SINCE READING YOUR BOOK, I'VE GOT 2 PROPERTIES UNDER CONTRACT AND WORKING YOUR PHILLOPHY THAT YOU INFORMED US ABOUT IN THE BOOK. CAN'T WAIT FOR YOU TO WRITE ANOTHER BOOK.
31 You Can Change Your Financial Goal Strategy
This is a great book. I'm a retired teacher and all my career I paid into retirement plans and social security hoping that they would take care of me in my retirement. I wish I'd bought one rental house a year the way they teach you in this book. I'd be ten times better off now.
32 Likely to Become a Classic
This fateful pooling of separate talents has produced one of the real estate publishing phenomenas of this new century, and now I see that it is at the top of most of the real estate book charts. For the reader whose interest is in the nuts-and-bolts approach to buy/selling/investing, Summey's contribution may be the most valuable. His long experience in other business endeavors, as well as his life experiences, immediately shine through his practical, unaffected prose. He writes with authority and simple wisdom, points his readers in the direction of patience in the intricacies of learning the ropes. One thing that he cannot pass on except as advice is his noted determination and discipline. But his writing is inspirational enough to lead a beginning student in that direction. This is to take nothing from Roger Dawson's major contribution to negotiating, and it is here we realize that his experience is not only well grounded in discipline, but grows out of a major gift or talent. Both men show genius in what they do, and the marvel is that instead of conflict they were able to produce what is likely to become a classic in the genre.
33 Likely to Become a Classic
This fateful pooling of separate talents has produced one of the real estate publishing phenomenas of this new century, and now I see that it is at the top of most of the real estate book charts. For the reader whose interest is in the nuts-and-bolts approach to buy/selling/investing, Summey's contribution may be the most valuable. His long experience in other business endeavors, as well as his life experiences, immediately shine through his practical, unaffected prose. He writes with authority and simple wisdom, points his readers in the direction of patience in the intricacies of learning the ropes. One thing that he cannot pass on except as advice is his noted determination and discipline. But his writing is inspirational enough to lead a beginning student in that direction. This is to take nothing from Roger Dawson's major contribution to negotiating, and it is here we realize that his experience is not only well grounded in discipline, but grows out of a major gift or talent. Both men show genius in what they do, and the marvel is that instead of conflict they were able to produce what is likely to become a classic in the genre.
34 No Fluff....Just Great Stuff!
I've been reading books on RE Investing, and this one is definitely worth the time. I knew just a bit about this subject before I started reading this book, but now I can carry on an intelligent conversation about investing in this area. It's more than worth the money. Of course, it doesn't take the place of actual experience, but this book is a great place to start. I loan my books on REI to people at work when I've finished reading them, but not this one. It's a keeper.
35 Great real estate investing book
I never really understood why people get so excited about real estate investing until I read this book. Now I finally got it. The tax shelter, the leverage potential and the long term benefits all make sense now. Best of all I liked the 8 weekends where they tell you exactly what to do to get started. This has to be the best $15 I've ever spent.
36 Why did it take so long?
I've read dozens of books on real estate investing and to be honest, I've found most of them either over my head or just plain unbelievable. When I heard Mike Summey talking about the book on the Real Estate and You show on WYCA-FM, I had to check it out. Finally, I've found a book that explains real estate investing in simple language and breaks it down into such doable tasks that I can't wait to get started. I loved the stories that illustrate how to apply the techniques the authors teach. Not only do they tell you what to do and how to do it, but they go the extra mile and use real life stories to show you how to achieve successful win/win negotiations that benefit everyone. If you don't buy another real estate book, buy this one. It's a keeper! You may also want to check out the website listed in the book. It's www.weekendmillionaire.com and it's a great resource for real estate investors.
37 Get it now!
Great book for someone thinking about real estate investment. It's very informative and provides a step by step formula for success in the real estate market. The principles in this book
are practical and easy to apply. You don't have to be a real estate expert, just follow the book!
38 Helpful, Exciting, Inspirational
The idea of real estate investment had fascinated me for years, but how do you get started? Especially with little money? This book shows how, step by step. It's helping me develop a long term strategy for success. Every time I pick up the book, I find something new and exciting and thought provoking! Highly recommended for anyone who wants to take more control of their future instead of working for wages.
39 Realistic Secrets Shared!
Finally, sinsible information on investing in realestate! For once I feel like I CAN have control of my financial future. This book emphasizes "getting rich slowly", not a get rich quick scheme. This book leaves the reader knowing they can become financially secure if they follow the step by step information provided by the writers. It is full of understandable, doable, and inspiring techniques that can, and will, provide steady income. These secrets are realistic, not just words on paper to sell a book. Thanks to the writers for sharing their knowledge!
40 A real winner!
This book is the best I have ever read about real estate investing. It gives you the straight facts about how to build wealth with real estate. No fancy gimmicks or unrealistic methods, this book tells it like it is. If you follow the advice it gives you, you can't help but be successful. It's a must read for anyone wanting to get started investing in real estate. I know, I've tried it and it works.
