Reddit reviews The Millionaire Real Estate Investor

We found 9 Reddit comments about The Millionaire Real Estate Investor. Here are the top ones, ranked by their Reddit score.

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9 Reddit comments about The Millionaire Real Estate Investor:

u/SteelSharpensSteel · 4 pointsr/marriedredpill

u/KartoffelverKaufer · 4 pointsr/RealEstate

Investing in real estate really requires that you know a little about a lot of things. These are the books I used when starting up:

General Overview:

The Wall Street Journal. Complete Real-Estate Investing Guidebook
The Millionaire Real Estate Investor

Multi-Family Introduction:
Investing in Duplexes, Triplexes, and Quads

Flipping Introduction:
FLIP: How to Find, Fix, and Sell Houses for Profit

Real Estate Formula Primer:
What Every Real Estate Investor Needs to Know About Cash Flow

Landlord Tax Basics:
Every Landlords Tax Deduction Guide

That is a good intro for books...BiggerPockets is always good too. However, most investors will tell you that there is only so much you can read about real estate. Read some books, get a feel and then go for it. It's the only way you can really learn.

u/CurmudgeonMan · 4 pointsr/PersonalFinanceCanada

I would suggest the book "the millionaire Real Estate investor" here:

https://www.amazon.ca/Millionaire-Real-Estate-Investor/dp/0071446370

Property management is my biggest side hustle, and the most profitable. I fell into it when I paid off my mortgage, and realized a year later, 50% of my net worth was earning less than zero, and creating a huge drag on my plans for early retirement. I now own a condo, and a duplex. (EDIT - sadly, still not retired. Kids are expensive!)

Can it be a full time job? Sure, but I suspect it's a great side hustle instead. Like DSJustice mentions, it's a long process, and not possible to profitably start in Vancouver or Toronto, based on the prices versus rent. Depends on where you are.

I would suggest staying away from the condos though. Yes, the condo fees eat up your profit, but it's the fact that so much is out of your control that is the real risk.

If I could have a do-over, I'd buy duplexes, and triplexes instead. (EDIT two - Ok, I see your from AB. It really depends on the conditions out there... Are you guys close to recession? Maybe wait a while?)

u/StevenWCheung · 3 pointsr/realestateinvesting

Assuming you're starting from scratch, and without repeating what /u/Laser45 already said, definitely read up on whatever books you can get your hands on, and avoid Gurus. (Very, VERY few classes are worth their cost) This is one of my all time favorites, which you should be able to get as a freebie on an Audible trial:

The Millionaire Real Estate Investor
by Gary Keller
https://www.amazon.com/Millionaire-Real-Estate-Investor/dp/0071446370

If you have $30k in savings, I would recommend looking into putting that into a high-yield checking account - such as: Kasasa Cash (4% APY, 7.5k cap [1]), LMCU (3% APY, $15k cap [2]), Option1 CU (4% APY, 10k cap [3]). Links below.

Biggerpockets is good... but beware ALOT of it is fluff, and not all of it is accurate. Worse - much of what is presented is shown and appears alot easier to execute and implement than it actually is. Many people lose sight of the fact that - when they wholesale, do subject-tos, drive-for-dollars, etc. - they are essentially building a new business from scratch and applying ALOT of time and elbow grease... with very little protective "moat" that prevents the competition doing the same. Even if you're complete / have done your first deal - does the profit on a $/hr basis make sense, or did it make more sense to better educate yourself at your main line of work (or even get a second job)?

Ultimately, you have to decide if you want to be an "investor" - or - if you want to "buy another job." Always quantify your options, make sure the $/hr figure makes sense - and of course, make sure you feel 100% comfortable with it.

---

[1] https://www.pelicanstatecu.com/accounts/personal-checking/index.html
[2] https://www.lmcu.org/banking/checking/checking_max.aspx
[3] https://www.option1cu.org/personal/Checking/edge-checking

u/StarBearer · 2 pointsr/realestateinvesting

You'll probably find "The Millionaire Real Estate Investor" to be a very good read. It talks about a lot of different real estate concepts that are still very applicable today. I particularly enjoyed his thought process on how to identify a good real estate opportunity and how leverage in real estate can make you wildly successful in real estate investing.

There's also a very good answer that I found on Quora relating to real estate investing that you might find interesting.

u/SammyD1st · 1 pointr/Landlord

Two of the best introductory books:

u/liniouek · 1 pointr/RealEstate

Millionaire Real Estate Investor, Gary Keller.

http://www.amazon.com/The-Millionaire-Real-Estate-Investor/dp/0071446370

There might be better "beginner books", but I think this does start at the basics and does an even better job at the more thorough and practical levels. By far the best overall book on RE investing that I have read. No nonsense approach, which is hard to come by in a world where every slick haired dude ever bought anything is trying to sell a book on "how to be a billionaire overnight with no money or assets at all!".

Beyond that there are a list of other books that hit on more specific or detailed topics, and when you need those just let me know. I could think of a few.

u/Pingom · 1 pointr/investing

In short, yes it is. Theres many ways I could explain it but I don't think i'd do this book justice - http://www.amazon.com/The-Millionaire-Real-Estate-Investor/dp/0071446370 The Millionaire Real Estate Investorby Gary Kellar

This book is to real estate what Rich Dad Poor Dad is to Personal Finance.

u/Bobarhino · 1 pointr/Birmingham

Given that social security is constantly threatened, and given that most Americans have less than $500 in savings and are not saving nearly enough for retirement, creating passive income is a great way to both hedge against uncertainties and build actual wealth.

You've really got something to think about here. If you rent your house out, someone else is paying your mortgage for you. And if you're renting it out for twice to three times the note (hell of an investment), that one property can pay for your next property as well. Keep going and in a decade you could have several properties that have paid for themselves. When you are ready to retire, which could be a lot sooner than you currently believe is possible, you could be sitting on ten to twenty properties or more that you own, that you owe nothing for, that are making you thousands of dollars each month. And if you get tired of dealing with it all, you can always sell.

I recommend starting by looking into sources such as bigger pockets and start reading books like [The Millionaire Real Estate Investor] (https://www.amazon.com/dp/0071446370/ref=cm_sw_r_cp_apa_EPN-zbTQ6ZCNS) by Gary Keller. Those sources will lead to learning about your current options and your future as an investor. And you need to learn about it, because whether you realize it or not, you're already a real estate investor.