The short version: read Investopedia. Watch some YouTube. Save your money.
The longer version:
> The information in the following chapters has cost me more than $50,000 in college education, and $20,000+ in seminar and coaching fees.
Or he could have gotten the same quality for the price of internet access.
> Think of debt as a chainsaw. When used correctly, a chainsaw can help you cut down trees in a tenth of the time it would take without a chainsaw. With an axe it may take you an hour to cut down a tree. With a chainsaw, you can do it in less than 10 minutes.
The gods of math have not been generous with this one. Welcome to the 100 minute hour.
> Flipping houses can produce a tremendous income for people who do it successfully.
I'm not ironic, I love the one page chapters. This is probably the best part of this book.
> But remarks like that point out the author is winging it. The same way, one can make a lot of money if you dog dirt successfully. Replace with just any verb. Clean toilets, do make-up, play video games.
So does the author get the business? Or he's just another moronic motivational speaker?
> Also, flipping and wholesaling do not provide many of the tremendous behind the scenes benefits that real investing does.
This is a short book, yet so much space is wasted to tell the reader what flipping houses is not. Usually that is the mark of the ignorant trying to be deep.
> I actually prefer wholesaling to flipping because wholesaling is like flipping, but takes out a lot of your risk.
So he hasn't defined any of the terms so far, but he already has preferences.
> The idea that a home is a great investment is sold to us by the big banks who need customers for loans.
Yea. The guy is a moron, parroting the investment forums, well as much as he can grasp.
"Big banks". Because small banks are there for charity. Because the biggest owner of mortgages is a government entity. Because banks are in the business of real estate.
> To increase their profits, they need to make more loans.
Stupidity like this brought the housing bubble. Not more. Of better quality. So this guy can be a bank executive, but I guess he lacks the schooling. And he has no idea what's going on. Which is a positive signal: any ignorant can be a speaker. Or write a book.
> You do control real estate.
This reminds me of the various YouTube real estate gurus. He controls it in the sticks where momma raised him with the chickens and the pigs. Back where the gentlemen wear shoes you have more control over real estate, than with stocks, and that is about it. The State can tell you which plants you can cut, can fine you indefinitely for what you have on your lawn, it can even take your house for not trimming the said lawn.
> Real estate gives its owner the ability to control the value of his or her assets.
Right. Because the market buys at whatever value this brat says. You improve the house and than the bubble bursts and you are the best in the market with a loss of half a million. You control the value said he.
> This concept, leverage, allows us to buy more assets than we could buy on our own.
This is a crap ripoff Kyosaky.
> A wholesaler can sometimes be referred to as a bird dog.
Huh?