by David Bach.
Anyone read this book yet? I didn't see any threads on this so I apologize if I missed it. I just picked it up today along with Rich Dad Poor Dad.
Looking forward to reading both and I will post my review when I finish it.
I forgot to update this after reading it. I finished it about a month ago.
This book is great for someone realatively new to the game of real estate. Its definately a book at I would recommend as a general overview to finding the right mortgage, under standing mortagage options, finding an agent, finding the right house, looking at different investment concepts etc...
It really isn't a get rich quick plan or a run your own REI company. It's simply why he thinks RE is the singles greatest investment you can make even if it is just through home ownership. He talks about making the right moves at the right time given the market and your financial situation. His biggest point is the no other investment really has the leverage you get with real estate. Also setting up a system in your bank to pay off your mortage(like direct deposit) so you don't even have to "work" while you own. He tells you a fairly simple system to just cut out extra work or hassel that sometimes gets people into trouble.
He is a big fan of making "automatic" biweekly mortgage payments. Saying that if you normally pay $2000 a month set it up at your bank so you pay $1,000 every other week. In the end you end up paying 13 months worth of mortage in 12 months. This helps you pay down the principal faster and also the loan earlier. He says through the life of a 30 yr loan it can save you 10's to 100's of thousands.
Where 10K can get you a Million home- He just explains the power of leverage and home important it is to understand. He also gives some advice about owning rentals but doesn't go into it to deep.
It's and easy read 1 or 2 weeks of 30m-1 hr and you are done. The action steps at the end of each chapter are a good way to keep a check list and make sure you are doing it.
I'd recommend picking up this easy read by Bach for anyone that is realatively knew to RE/Ownership.