Book Summary Preview : The Weekend Millionaire’s Secret to Investing in Real Estate

The Big Idea
A great number of people today venture into real estate the way millions of people flocked to the gold rush at the beginning of the century. We’ve seen and heard how many of them dramatically made millions, even billions, after some time. Interestingly enough, we’ve also seen and heard about how some of them emerged from the business, broke and practically wiped-out. It was inevitable that hearts would go out to those unfortunate souls. The question remains, “What went wrong?”

This inspiring new book is for all those who have dreamed of becoming a pro in real estate and make millions. This book is also for those people who merely wish to do something profitable and worthwhile during their spare time. Based on the ideas and techniques gathered in real estate investing, and conducting seminars, authors Mike Summey and Roger Dawson offer step-by-step, doable, and practical guidance on how not to become a hapless victim in the game of real estate investing. No matter what age group or class would-be investors belong to, Summey and Dawson believe that with right knowledge and the right attitude, it is never too late to get started on the way to becoming the next weekend millionaire and eventually achieve financial freedom.

Section 1: Principles of Real Estate Investing

Chapter 1 - Get Rich Slowly
Investors who want to subscribe to the weekend millionaire program must know that this is not one of those get-rich-quick schemes. The good news is that any one can really get rich in this endeavor by doing smart moves slowly but surely.

There are reasons why real estate investments, though not a get-rich-quick scheme, is an excellent business. First it gives leverage, second, it brings numerous tax benefits, it gives solid value, which could hedge an investor against inflation, and most importantly it provides steady cash flow.

Chapter 2 - Wealth Is an Income Stream
This principle explains why wealth is not measured by the properties one owns but by the income one generates from these properties. This brings us to the heart of chapter 2 – patience in acquiring one property at a time.

Chapter 3 - Income to Value Ratios
A weekend millionaire’s goal should not be to buy and resell properties but to buy them then keep them and develop steady and significant income streams from them.

Since a weekend millionaire buys to create an income stream and not for resale, he or she needs to buy real estate based on value rather than the price of the property. . . . . . . . . . . .

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