The Millionaire Real Estate Investor, by Gary Keller, Dave Jenks & Jay Papasan
Passive income. Long-term wealth-building. Downside protection and stability. Financial freedom.
Real estate has given more people the benefits of real wealth than any other asset class.
Owning a piece of real estate means that you are the owner of something that nobody else in the world, at least in terms of location, can duplicate. It makes real estate investing special.
Real Estate Must Be in your Portfolio
The long-term upside potential and minimal downside risk, historically, of real estate, when done right, have made real estate investing a largely predictable and reliable way to build wealth and cash flow over time. Real estate is a proven asset class that has withstood the peaks and valleys of economic cycles and has created and continues to create more millionaires than any other investment strategy. At some point, if it is not already, real estate will likely be and should become a large part of your investment portfolio.
So the question becomes, do you know how to maximize all of its advantages?
For the Inspired Investor, This Is Your Next Book
Real estate investing can take many forms. Buy and hold, flipping properties, investing in REITs or other publicly traded real estate securities, placing capital in private syndicated deals, and the list goes on. If you are more drawn to the active form of real estate investing, such as buy and hold rentals or flipping properties as compared to simply placing capital into other people´s deals, and you are just getting started, I don’t see how you can begin without reading The Millionaire Real Estate Investor.
The same advice applies to anyone who is already in real estate but has not yet come across this book. I have been investing personally in real estate actively for the past ten years. Additionally, as an attorney, I have advised clients who have done millions and, perhaps now, billions in real estate transactions. Even still, every time that I read this book I learn something that makes me a stronger investor and counsel to my clients. A slight tweak to the preciseness of my investment criteria, an improvement to how I run the numbers on deals, a reminder to stay disciplined as an investor, an investor-friendly contract term that I need to be including in my deals, you simply have to extract all the value you can from this book no matter where you currently are in building your real estate portfolio.
How This Book Will Help You
Becoming a millionaire through real estate is accessible to anyone who sets that enviable objective and stays financially disciplined. It can be done even without a huge amount of capital to get started and without overrunning your time. This book will remove any skepticism you have about those last few sentences. You have to read it.
My goal with this article is not to recount all the stories in the book of people who, I think it is fair to say, came from less than privileged means and, through real estate, built financial lives that many of us would love to have. Instead, my purpose in this article is to point you towards what I believe to be one of the best books you can get your hands on if you believe that real estate will be a part of putting you in your desired financial position.
Big Goals – Big Models – Big Success
There are lessons from this book we just have to discuss.
Don´t think small!
You read articles like this. Grabbing knowledge motivates you. Purposeful achievement gets you out of bed in the morning, often most likely at disturbingly early hours. So, I suppose, I barely need to say this aloud, but don´t think small! If you are going to be a real estate investor then set big goals. How much passive income do you want to end up with? What percentage of your net worth will real estate comprise? How big will that net worth be? You will be amazed what real estate investing can do for you over time, so set goals that will push you towards something special.
I have been fortunate enough to realize financial freedom through real estate in just a short period. Just ten years of disciplined investment has given me a portfolio that provides me with the passive income that I need to cover all my regular monthly expenses. I read this book and stayed committed and sixteen rentals later, here we are. You can do the same, and will.
Model the greats!
You will expedite your learning curve and the growth of your portfolio if you take the time to learn from others. That lesson, of course, applies to more than just real estate. Piggyback off the trial and errors of others. I bet that whatever your goals are in real estate that there is someone who has already achieved what you now are aiming to do. Looking to build a portfolio of cash-flowing rentals that provides you the passive income you need to have financial freedom? Many have done it. Want to go bigger and build a real business around your preferred strategy of real estate investing? All that you need to know is available to you. Learn from the mistakes of the great achievers before you. Use models to maximize the efficiency, effectiveness and predictability of your actions. There is no magic to it. The best part: All this can be done without sapping a large chunk of your time while you focus on your other entrepreneurial aims.
Accelerating Your Wealth in Real Estate
There are three levers you can pull to accelerate your wealth through real estate. You may only be able to pull one depending on your resources, including the time you have available to dedicate to real estate investing if you are building another business in the meantime. What will you leverage? Any extra time, ability and money will accelerate the process.
Time: Use your time to make money in real estate. This is your contribution if you are building a business in real estate. This includes learning the business.
Ability: Contribute your knowledge and skills.
Money: Money buys experts. Experts provide guidance, which makes up for your lack of time. Expert advice leads to your desired results.
Find the formula that works best for you.
What Will You Do?
You are going to be a real estate investor if you are not already. Business owners, entrepreneurs and prudent investors know this to be true. Compound the benefits of long-term real estate investing by starting now. “If you know where you are going, there is already a best path for getting there.” This book is it.
If real estate investing is your thing as it is mine, then see also Real Estate Titans.