Buy & Rent Foreclosures: 3 Million Net Worth, 22,000 Net Per Month, In 7 Years...You can too!

I've read a lot of investment and real estate books, and I enjoyed this one, it's short and limited in scope, but well worth the price unless you are already a pro at this stuff.The basic idea of buying and holding property is not exactly unique, but the author shares enough personal experience that you'll likely take something away from this that would be or will be helpful.My problem with the book is only that I live in Brooklyn ny, and there just aren't any 50 thousand dollar houses around here to get started on with a small scale. I know in lots of the country there are neighborhoods with suburban homes in the 200K and under category, but around here, that's the down payment. So borrowing from family or getting a cash advance on your credit card isn't that easy.Now, as to the number, buy, hold, rent, be careful, etc., I think it's very doable and the book shows how. I'd be looking to follow the exact path the author took if I lived elsewhere.As a side note, I appreciated what he had to say about the scams out there for investment schools and training the whole "no money down" hype, and also the whole "flipping" business, which is a very difficult business, not an easy beginner investment strategy.So, unless you're really a seasoned pro, there is probably something here you'll gain from, and the price is very fair, give it a shot.

I recently read Joseph's book on my Kindle. I had been involved in a few transactions before the last "crash" and was reluctant about getting in the market again. I read the complete book thru twice, and studied the numerous graphs and charts that show you exactly what numbers he uses to analyze a deal and determine the potential ROI. Clear, concise and to the point.Joe presents a duplicable, specific business strategy for success. His concept of focusing on single family housing, garage rental and student housing rental markets is sensible, and can be adapted to any geographic area. The 4 keys to success in the business are: 1.Read the book. 2. Get your team together (Realtor/birddogs to help you find properties, someone to help you fix the property, and have your exit strategy in place, i.e. ; will you keep the property for rental income, get it rented and sell to a long term investor for a nice markup, or sell retail to an owner occupant buyer for a bigger profit. 3. Get out and Do It. 4. Repeat steps 1-3.This is one of the greatest markets in decades to be in the Real Estate business, and Joe has presented all the tools needed to succeed, including every form and spreadsheet you need to run your business. Thanks, Joe, for getting me back to the basics of the business, and giving me the push I needed. Since reading your book, I have purchased my first investment property in 5 years and will have it renovated and ready to rent in about 2 weeks. I'm looking at several houses each day and my plan is to buy and renovate a minimum of 2 each month. Joe's book gave me the tools, plan and motivation I needed to get back in the business.

I purchased the Kindle version to take with me on my cruise, and I was able to read the book quickly and follow the ideas. It was great to see the author reference many of the same books I had read about real estate, and it was great to see that he made many of the same mistakes I made, and thankfully more.I wanted to see more about the qualifications on how the author determines who can afford a property. After all, rent IS the most important expense for the tenant, but if the property is $1275, as referenced by one of his properties, all good landlords know that the tenant needs to make at least 3-4x the rent amount to have money for food, utilities and other debts they bring to the property. Perhaps this was an assumed fact, but when dealing with thousands of dollars and possible larger losses, nothing should be left to assume.It would also be great to see updated information about what the author has experienced so far in 2012, and with HUD, since our local HUD office has said the program is out of funds and if we asked for an increase in rent of the author's suggested 2.5%, the local HUD office says, you will not be having one of our tenants. It would be nice to see updates to the book to reflect the current HUD tenant systems. But a good book for adding to your Real Estate Library!

The information imparted in this book is invaluable. It allows you to experience the common pitfalls of real estate without experiencing the financial burden. I would have given the book four stars because there's a pitch to purchase contracts, leases and other real estate essentials, but the list of eliminators given in the book is worth more than the additional items. I can personally relate to why shower glass doors should be eliminated. I rent from my landlord and the shower door came off the runner and cut my foot. I had my landlord have someone fix it twice already! Below are pros and cons:Pros:1. Lists items to eliminate when rehabbing. You'll save on maintenance costs, labor and headaches.2. Indicates where he obtains his houses. REO, Sheriff Sale, Judicial Tax Sale, Subject to Sale, which one? Hint: I purchased this book because I wanted a mortgage foreclosure property (Sheriff Sale). I think I'm going to pass!3. Gives formulas for calculating cash flow. Make money on the houses current potential, not the unknown future.4. Easy to readCons:1. Misleading title, but the content is good.2. Sales pitch included. I can't stand sales pitches, but thanks for putting it at the end. I think I'm going to purchase it. A few hundred now is worth more than future headaches.3. Could have been shorter. I hate reading! Make an audiobook!