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Book Summary – Making Money in Real Estate – Written by Dolf De Roos and Diane Kennedy
People have been building lasting wealth through real estate for hundreds of years. Other people have also kicked their asses with real estate. This book will help you overcome those obstacles with some personal insights. I’ve been lucky enough to make two bucks in real estate and have had my share of butt chafing along the way. I will share everything with you today.
Why is this important to me?
When creating these video summaries, I always try to think from your point of view, and the last thing I want to do is waste your time. This book is essential if you want to get out of the rat race and build a solid financial foundation for yourself and your family.
One aspect of the book talks about building the right team. This is very serious. The easiest way to accumulate wealth is through your organization and team members. The mentality here is like small fish in the sea. If you can tap millionaires and billionaires and get lessons, that’s a good thing.
Similarly, it makes sense to study inversion. As billionaire Charlie Munger says, reverse, reverse and reverse. For those of you who don’t know, he is Warren Buffett’s partner. The wrong partnership can destroy everything much faster than the right partnership.
Fortunately or unfortunately, I have some experience here. I partnered with a very talented builder. It seemed like a good fit. I needed the finances to put some money into real estate and he had the talent to sweat it out. The goal was to flip and roll into larger projects. If the flip doesn’t happen, you rent to get positive cash flow. This is a pretty basic understanding. Timing is everything. Promised to know one tomorrow. This partner of mine was very smart but he had a problem. He was able to complete 90 percent of the work on time and the last 10 percent took years. In real estate, this is a big problem because you can’t spit out money until you have a C of O (Certificate of Occupancy). It was so bad that we went bust with real estate booms and unfinished houses. Money and Time Wasted Playboy was as enjoyable as the ED with the model. Needless to say, it was bad.
This book is a great “how to” for residential real estate. Dolph also touches on other types of real estate but the main focus is residential. There is a lot of information here and I will focus on a few key points.
1. Leverage – Leverage is a double-edged sword that needs to be respected. The great thing about real estate is that you can leverage OPM, OPE, OPT and OPW – other people’s money, expertise, time and work. You want to be careful about taking on too much debt. Dolph and Diane have some great analysis tools in the book for analyzing properties. You want to be safe when investing, and if you’re a cash flow investor, you need to plan for a vacancy. Use the advantage wisely. Very smart people like Dave Ramsey were millionaires on paper and lost it all because of too much debt. take care
2. Residential vs Commercial – This is not a big part of this book but I want to touch on it. One thing you can do if you are a business owner is to convert your rental to ownership. Banks deal with user-owned commercial real estate. I was lucky because our business required more space. We were able to purchase a commercial building where the space was 4 times the size and the mortgage was less than the rent. We don’t need 4 times the size so tenants pay for the building. This one transaction is equivalent to 20 rental houses. Better yet, we are not dealing with rent-paying individuals but with large companies. What’s great about this strategy is that we have a monthly check run for rent every month with these companies that pay us rent. As you can probably tell, I like commercial real estate more than residential. That doesn’t mean it’s good. This means I am a terrible landlord. This is my weakness that needs to be overcome.
3. Deal of the Decade 100-30-1 Happens Once a Week: Dolph has a great system that allows you to become very good at residential real estate. This is the 100-30-1 method. Basically this means view 100 properties, make an offer on 30 properties and buy 1. It may seem like a lot of work, and remember that a real estate deal can easily replace your annual income. This book was written during the real estate boom. Thus you had to scour the planet for good deals. There are many good deals today and if you use this diligent method, you will be successful.
Dolph and Diane do a great job explaining how to be successful and be in real estate. Diane also provides ways to save money on taxes and structure deals to protect your assets. Both of them have worked with some of the wealthiest and most successful real estate investors and their knowledge shines through in this book. The book goes into more detail, so if you are serious about succeeding in real estate, I suggest you pick this book up.
I hope you found this short summary useful. The key to any new idea is to work it into your daily routine until it becomes a habit. Habits are formed in 21 days. One thing you can take away from this book is leverage. When you leverage other people’s time, expertise, money, and work, you increase your success. An easy way to do this is to schedule 15 minutes of your time each day and learn from the best. This could be watching YouTube videos or some other learning method. The key is to start studying and schedule it on your calendar.
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