The sky is the limit. Or is it?....

books:


	• Start Late, Finish Rich: A No-Fail Plan for Achieving Financial Freedom at Any Age (Finish Rich Book Series) David Bach Broadway, 2006 - 368 pages average customer review:based on 91 reviews view larger image
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highly recommended

A Good Section on Real Estate

As someone who buys fix-up houses and rents them out, I read with interest Chapter 19 "Get Rich Investing in Real Estate ... On the Weekend." I think that the author describes, in a condensed form, exactly what anyone can do to be successful in real estate.

In my opinion, the two safest ways to get into real estate, and the author describes each technique, are: 1) buy a home, rent it, then do it again, and/or 2) buy a home, live in it 2 years, then sell it without paying any federal taxes using the "homeowner's tax break." Over the past six years, my wife and I have used both techniques. We have several properties that we keep as rental properties and provide us with cash flow. In addition, we also buy houses in need of repair with the intention of selling them and utilizing the "homeowners tax break" to pay no federal taxes.

My wife and I didn't sock away much money for retirement, but with our rental houses, we have a flow of income that will last as long as we keep the houses. Many people stay away from rental properties because they don't want to deal with renters. However, with practice anything is easy, including dealing with renters, and the rewards far outweigh the difficulties.

If you really don't want to deal with renters, just use technique #2, where you buy and sell every two years. I like to say that technique #2 is for people who wear both a belt and suspenders, they really like to play it safe.

Oveall, I thought the book was pretty good, and I especially recommend the sections on real estate investing.

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Unrealstic in Real Estate

My biggest problem with the book is the subject of real estate. He writes as if today I buy a 500K home and two years later it will sell for 900K. Sure that happened in the late 90's up until 2006, but not any more. Also, he says that renting is a waste of money. Well, I pay $1375 for a 2 bedroom apartment. If I bought a house in the same neighborhood, I would pay about $3500 per month. Sure, if your rent is close to a mortgage payment, it makes sense to buy. But he obviously thinks that everyone is paying rents close to a monthly mortgage, which is not true.

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The sky is the limit. Or is it?....

This product is well worth it's money. It has many pointers, directions, and links to better your knowledge. Remember, knowledge is power.

Good First Push to Wealth

David Bach is a good, not great, financial advisor. That being said, this book could just as easily have been yellow and black and been named "Wealth for Dummies." That is NOT a condemnation! This is a perfect starting point for those that want to get on the way to financial freedom. He speaks the truth, easily understood. Further reading will be needed AFTER you put his concepts into ACTION!!!

BUY IT!

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reviews: 1, 2, 3, page 4, 5, 6, 7, 8, 9, 10, 11, 12, 13

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