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The Advanced Guide to Real Estate Investing: How to Identify the Hottest Markets and Secure the Best Deals (Rich Dad's Advisors (Paperback)
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If you're interested in real estate investing, you may have noticed the lack of coverage it gets in mainstream financial media, while stocks, bonds, and mutual funds are consistently touted as the safest and most profitable ways to invest. According to real estate guru Ken McElroy, that's because financial publications, tv and radio programs make the bulk of their money from advertising paid for by the very companies who provide such mainstream financial services. On the other hand, real estate investment is something you can do on your own--without a large amount of money up front. Picking up where he left off in the bestselling ABC's of Real Estate Investing, McElroy reveals the next essential lessons and information that no serious investor can afford to miss. Building on the foundation of real estate investment 101, McElroy tells readers:
How to think--and operate--like a real estate mogul
How to identify and close expert deals
Why multifamily housing is the best real estate investment out there
How to surround yourself with a team that will help maximize your money
How to avoid paying thousands in taxes by structuring property sales wisely
Important projections about the future of real estate investment
- Sales Rank: #72966 in Books
- Published on: 2013-12-10
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 6.00" w x .75" l, .45 pounds
- Binding: Paperback
- 175 pages
- How to think--and operate--like a real estate mogul
- How to identify and close expert deals
- Why multifamily housing is the best real estate investment out there
- How to surround yourself with a team that will help maximize your money
- How to avoid paying thousands in taxes by structuring property sales wisely
- Important projections about the future of real estate investment
About the Author
Ken McElroy, Principal and Co-Partner of MC Companies, has over 26 years of
senior level experience in multifamily asset and property management,
development. Having purchased over $400 million in real estate in the past two
years, Ken brings a unique property management perspective when estimating a
property’s potential value. Ken oversees the company’s asset portfolio and leads
the day-to-day operations including financial and operating analysis, investor
relations and business development. An industry veteran, Ken has served in
leadership roles in multi-family asset and property management for more than
26 years. He is also an expert in development, project/construction
management, investment analysis and acquisitions/dispositions, as well as
business development and client relations.
MC Companies is a full-service real estate investment and property management
group that since 1985 has developed, built and managed multi-family housing
communities. Its current portfolio includes units in Arizona (Phoenix, Tucson,
Goodyear, Scottsdale, Green Valley, and Sun City); Las Vegas, Nevada; Portland,
Oregon; Oklahoma (Oklahoma City and Tulsa) and Texas (Austin, Dallas,
Houston, Plano, and San Antonio).
“The MC Companies combined core strengths create value and is the foundation
for the company we built. For us, a culture of partnership isn’t something we
hang on the wall. It’s something we actually live minute-by-minute when we
bring on a new property management contract, run the numbers on an
apartment community we’re thinking about buying or map out the strategic
direction for our company in the coming year. It’s our mutual respect, our
respective talents and our combined actions that come into play and create our
commitment to Sharing the Good Life with our families, friends, investors,
employees and our family of community residents."
Most helpful customer reviews
22 of 27 people found the following review helpful.
Disappointment...It's actually a beginner's book and even for that it is not that useful
By emikami
On page 12, "Assume you are purchasing a $1,200,000 property at 20 percent down ($40,000)..." Hhmm...this was suppose to be a $200,000 property--not a $1,200,000 property--otherwise the down payment won't be $40,000. Lots of other number related mistakes. The analysis of staging real estate as the greatest rate of return is consequently grossly flawed. The example assumed you can get $1000/month in rent--ok, that might be reasonable for $200,000 less some occupancy allowance since no property is likely to have 100% occupancy over 30 years--however, I don't see any allowance for things like maintenance, repair, tax, insurance, HOA, some of which also "appreciate" or inflate with the market. The example assumed 6%/year appreciation with 4%/year rental increases. 6% might be something that has occurred near some major cities but in more rural area's 4% might be common. Thus 5% might be more reasonable for typical suburban area that most people live around. Actually, moving forward, the rate might be much lower just based on projected lack of inflation. In any case, we all know about the big wreck in the real estate market that has happened but even before this, isolated regions have had their wrecks. 6% is way too optimistic considering that even in good markets as a whole, there are many that don't do nearly as well. If you happen to be in the wrong place at the wrong time, the rate of appreciation will be below the mortgage rate thus the numbers will not work out at all. So author's claim in chapter one of turning $40,000 to $1,083,678 just is not likely to happen based on omission of maintenance and repair and property tax, assumption of appreciation, HOA, assumption of rental increase. Even if it were to happen, on an annualized basis, that return is 11.62%/year. Not exactly an impossible number to reach in smaller company index fund where you will still have a lot of diversification and nobody call you in the middle of the night. Speaking of which, for that number to work, you would have to be managing the property yourself since there's no allowance for maintenance and repair. I don't know too many $200,000 with a roof that will last 30 years even with regular maintenance so that must be put into the equation somewhere.
I the first page of chapter 2 is a chart comparing stock market return to REIT (Real Estate Investment Trust) from 1975-2005. Conveniently omitting mid cap value index where REIT itself is part of which will make the comparison closer to fair and what you will find is that the mid-value index will outperform the REIT's with greater diversification. This also doesn't really prove real estate is better investment that the stocks anyway. Equity REIT's are not really Real Estate but entities which own and manage properties. The entities doesn't pay corporate tax but the individuals end up pay tax as s pass through. Therefore, equity REIT is nothing more than a corporation operating in a restricted type of business which in turn has is exempt from corporate income tax but passes through other tax to the shareholder. It still ends up paying property tax, maintenance, mortgage, insurance, repair, etc plus the management expense of the entity itself. It's a segment of the stock market. So cherry picking REIT segment out of the stock market and comparing it to the stock market as a whole is no more correct than cherry picking health care or financial stocks during specific periods of time it outperformed the market. Look at the price fluctuation of REIT segment and compare it against any diversified stock index and you'll see that REIT has much higher price fluctuation from the leverage that it has from the mortgage it contains. Speaking of which...author noted leverage as an advantage--it is only true if the assets obtained appreciates beyond the interest rate on the leverage--his example assumed 6% appreciation on 4% mortgage. 4% mortgage might be harder to get for rental property than owner occupied especially for a new landlord with no track record. I know the entire REIT market was in very bad shape in 2008--the leverage put a huge scare because just like many people who lost jobs and had a mortgage--many REIT were upside down and losing tenants left and right. Had this continued much longer, we would have seen a lot of REIT's gone bankrupt It's happened in the past so it certainly is a real risk into the future.
The book also noted multi-family residential as better performing than any other types of REIT's. Simply incorrect. Storage property REIT's have outperformed them all for the longest time. Depending on the period of time, commercial real estate market did better. But just because one did better than the other in the past doesn't really prove it will continue to do so in the future. Commercial real estate crashed years after residential real estate did for example. If you went with hind sight projected forward, you may have invested in commercial real estate just in time for the next crash.
LLC and insurance was noted as an advantage of real estate investment risk reduction over the stock market. Stock of individual companies are already protected from liability from passive investment thus there's really no advantage to real estate.
Once I fixed his example to what I thought were more reasonable real world numbers with real expenses, Real estate didn't seem to have particularly high return potential relative to the risk.
I'm completely disappointed with this book. Most of the rest are mere common sense things like not believing everything your real estate agent states thus verification is necessary. The book didn't go into details as to how to do that verification.
3 of 3 people found the following review helpful.
Awesome!
By Brett Berner
If you had read enough about theories and just want to get your hands on sound principles, this book may be for you. I was able to follow simple steps to create numbers based on data and removed the emotion of property to make a more successful purchases based on data, not emotions.
2 of 2 people found the following review helpful.
I do love this book
By Chappy
I really like this book. I recommend it to all my friends who are interested in real estate. To tell you the truth I buy this book as a gift and this is maybe my 5th copy.
While some of the info may be somewhat dated, the principles are still worth while if you follow the instructions on how to calculate profitability. You just have to put down a lot more (on houses) than used to be the case. I have followed the advice of this book and I have two rentals. I do make money on them. Just make sure to buy a nice structurally sound building in a nice area.
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