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Usually ships in 1 business days | | Only 1 left in stock, order soon! | | | | | | Strategies for creating real estate wealth by star ting small--and always making the right moves Nationally known real estate expert John Schaub learned his craft in the best way possible--on the job, and through every kind of market. Over three decades, he learned to bank consistent profits as he built an impressive real estate mini-empire. Building Wealth One House at a Time reveals how virtually anyone can accumulate one million dollars worth of houses debtfree and earn a steady cash flow for life. Unique in that it focuses on buying houses in good-quality neighborhoods, Schaub's nine-step program includes: - Renting to long-term tenants, with financial incentives to pay on time
- Avoiding the temptation of bigger deals, which invariably include bigger problems
- A 10-year plan to pay off debt and own houses free and clear
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| | Product Details | | Author: | John Schaub | | Paperback: | 272 pages | | Publisher: | McGraw-Hill | | Publication Date: | December 10, 2004 | | Language: | English | | ISBN: | 0071448357 | | Product Length: | 9.0 inches | | Product Width: | 6.0 inches | | Product Height: | 0.65 inches | | Product Weight: | 0.72 pounds | | Package Length: | 8.9 inches | | Package Width: | 5.9 inches | | Package Height: | 0.8 inches | | Package Weight: | 0.75 pounds | | Average Customer Rating: |  based on 27 reviews |
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| | Customer Reviews | Average Customer Review: ( 27 customer reviews )
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Most Helpful Customer Reviews
146 of 148 found the following review helpful:
 Good Advice Feb 07, 2005
By Ron Atkins
"Ron"
This is a fascinating book, with plenty of good advice for investing in rental properties and learning to live off the income produced by your investments. Schaub talks about finding deals, negotiating for better terms, using agents, managing your properties, and protecting your key assets. The paragraphs below briefly discuss three of his key points.
Schaub's chapter on learning how to work yourself out of your day job hit home with me. Isn't this a goal we all share? Schaub's plan is easy to understand, but not necessarily easy to follow. In my action plans, I first wanted to be able to pay my electric bill with income that had spun off my investments. After reaching that goal, I wanted to pay my phone bill, car insurance, etc. I kept working to build investment income sufficient to pay my bills. Eventually, I reached a point where my investment income has almost equaled my work income. I'm using the bulk of my work income to make investments. Schaub suggests using your investment income to replace your need to work. I suggest you keep working, and use you work income to make bigger investments.
Schaub's entire thesis rests on the concept of buying quality properties that you manage and control, and striving to pay them off within a ten-year period. When you approach retirement, theoretically you will have the income of these properties flowing into your bank account. This is a great idea, and certainly doable; however, maintenance, tax, and insurance expenses will never go away. So don't forget that maintenance alone may eat up to 40% of your gross income. Insurance and taxes will eat another 10-20%.
Schaub talks about owning property out of town, and this is important info for all investors. Your main concern is control. I learned my lesson the hard way here. I owned a home free and clear in a different state. However, my property manager seen to it that every month I had a significant maintenance costs, such as $325 for removal of used stove. $459 for removal of tree roots from pipes under house. Month after month I put up with these outrageous costs, that I would have handled for pennies if the home was within a hour's drive of my home.
Schaub suggests you Focus on making small deals that you can understand and control. For example, a small investor can earn sufficient returns from several single-family homes in good neighborhoods, without having to negotiate for malls and apartment complexes, or get over your head in partnerships and complex land development deals.
You may also want to read "Think and Grow Rich" by Napoleon Hill and "The 17 Principles of Creating Wealth" by Phillip Collinsworth.
38 of 38 found the following review helpful:
 Definitely a keeper Feb 15, 2005
By D. Bouthillier
I like this book. The author offers advice and strategies that I believe I can make work for me in the real world. There was nothing that I read in the book that I would feel strange or wrong about doing. In fact, I'm looking into making an offer using his methods.
The only conflict for me was that John recommends investing in your own area. He doesn't seem fond of investing out of town. I live in Southern California, and unless you are make large cash down payments, it's nearly impossible to be cash flow positive for a very long time. I'm going to adapt the information in the book and continue to invest out of town.
I'm definitely adding this to my investment book library. It's a keeper.
55 of 59 found the following review helpful:
Covers the basic rules. Feb 14, 2005
By John Matlock
"Gunny"
John Schaub has been a house investor, author, and speaker for over thirty years. He presents a senario of buying a house, renting it out for enough to cover its cost and maintenance, paying it off over a ten year or so period, building an investment portfolio of properties that will then provide for a good retirement income.
As with a lot of things, the devil is in the details. And most of the book covers things like finding the right house, negeotiating the price, a quick look at accounting, borrowing and everything else connected with the real estate marketplace.
The book is dead on. There are an awful lot of people who have made a lot of money this way. There are two or three he doesn't mention. One is buying houses at auction when they have been foreclosed, something you should investigate in your community, particularily if you live in a one commodity area that is subject to boom and bust. Another point is that most of the people I know who have build themselves this kind of business do a lot of their own maintenance. You can pay for things like cleaning and painting, but it's expensive.
Investing in rental houses is a business. Like any business it's subject to working hard, making the right decisions, and having just a bit of luck. If the earthquake finds your house ....
25 of 26 found the following review helpful:
Great book for beginers and early intermediates Jan 29, 2005
By Lloyd
Having invested in single family houses for 30 years and attended many of John Schaub's seminars I didn't find much new in this book.
But for someone just getting started it is full of great information. It doesn't just cover how to negotiate and buy real estate. More importantly it explains WHY you should invest in real estate.
John Schaub is one of only a small handful of real estate instructors and authors who have actually done, and are still doing, what they teach and write about.
Once you finish reading the book you should take John's excellent "Making it Big on Little Deals" class.
Enjoy the book.
24 of 25 found the following review helpful:
An excellent book on the qualitative aspects of real estate investing. Jul 22, 2006
By JP
John Schaub has written an excellent book on the qualitative aspects of real estate investing. It doesn't deal much with the important mathematical aspects of estimating your projected return on investment. Instead, it deals with what types of real estate investments provide the best return with the least amount of work, what type of investing strategy to use, and how to find good deals. He advocates a long-term buy-and-hold approach instead of short-term flipping. John Schaub's approach to real estate is very similar to Warren Buffett's approach to stocks: buy low and hold for a long time.
It seems that most real estate investing books are get-rich-quick schemes aimed at the ignorant, gullible, and desperate. This is one of the few good books. I highly recommend this book, but it should not be the only book you read before beginning investing. A good companion book would be Investing in Real Estate by Andrew McLean and Gary Eldred.
By the way, the review by John Matlock "Gunny" is fake. If you read lots of Amazon.com reviews, you'll see him around a lot. Check his review history. He reviews more books than any human could possibly read, and he only writes 5 star reviews, so he is probably a reviewer paid by the publisher.
See all 27 customer reviews on Amazon.com
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