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Title: Real Estate Riches: How to Become Rich Using Your Banker's Money by Dolf de Roos, Robert T. Kiyosaki ISBN: 0-446-67864-3 Publisher: Warner Business Pub. Date: 01 October, 2001 Format: Paperback Volumes: 1 List Price(USD): $17.95 |
Average Customer Rating: 3.06 (111 reviews)
Rating: 5
Summary: The #1 Millionaire Developer: REAL ESTATE
Comment: As Andrew Carnegie said over 100 years ago; "More money has been made in real estate than in all industrial investments combined."I strongly suspect that the 1 star reviewers are stock market players concerned that this book will pull more investors from stocks into real estate.I'm a player in both stocks and real estate. My strategies in the stock market are very aggressive similiar to what the author teache in this book on real estate: high leverage with options and margin accounts, covered calls and dividend capturing for income and sect 29 tax credits to lower taxes. Real Estate Riches is a good little book. It explains the why, but not the how (I suspect there will be a followup book) but don't let that deter you from buying and reading this great book. It is packed with powerful information.For more on the how, I recommend Real Estate Money Machine.Finally, the indvidual that wrote that real estate is traditionally a lousy investment clearly does not know what he is talking about. REAL ESTATE IS A GREAT INVESTMENT.
Rating: 5
Summary: One of the best real estate books out there
Comment: So many real estate books pretty much say the same thing over and over. This one is different. Dold de Roos and Robert Kiyosaki are to be congratulated for their uniqueness and independent thinking. And of course for providing advice based on actual experience by real investors, not just paper tigers who write, but have never even done their first deal.
Thank you de Ross! Thank you Robert Kiyosaki!
Rating: 1
Summary: Misleading
Comment: My biggest complaint with this book is that the author makes it sound so easy to make money from real estate investing. He says that he visits each of his properties about once a year. The successful real estate investors I know are constantly working on their properties. de Roos makes it seem like you can just pay a property manager to do all of the real work for you. If you do this, chances are you're going to have a vacant piece of real estate that is falling apart.
Another criticism is that de Roos' method of purchasing new properties is to constantly refinance as property values rise. This is all fine and dandy if prices do constantly rise, but in the real world of course they don't. de Roos talks about refinancing like it's magic, but really when you refinance all you're doing is taking out a loan backed by the increased value of your house. de Roos also ignores the dangers of being overly leveraged. He stresses that you should basically never sell properties, which is just not true. There are many reasons to sell a property (if the neighborhood is going downhill, for example). I could go on and on with similar criticisms.
The only real value in this book is motivation for the beginner (just like the other Rich Dad books). Even at that it is dangerous because it creates the impression that real estate investing is far easier than it really is.
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