The Millionaire Real Estate Investor,9780071446372

The Millionaire Real Estate Investor

by ; ;
Edition: 1st
ISBN13: 9780071446372
ISBN10: 0071446370
Format: Paperback
Pub. Date: 2005-04-07
Publisher(s): McGraw Hill
List Price: $27.56

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Summary

"This book is not just a bargain, it's a steal. It's filled with practical, workable advice for anyone wanting to build wealth."Mike Summey, co-author of the bestsellingThe Weekend Millionaire's Secrets to Investing in Real EstateAnyone who seeks financial wealth must first learn the fundamental truths and models that drive it.The Millionaire Real Estate Investorrepresents the collected wisdom and experience of over 100 millionaire investors from all walks of life who pursued financial wealth and achieved the life-changing freedom it delivers. This book--in straightforward, no nonsense, easy-to-read style--reveals their proven strategies.The Millionaire Real Estate Investoris your handbook to the tried and true financial wealth building vehicle that rewards patience and perseverance and is available to all--real estate. You'll learn: Myths about money and investing that hold people back and how to develop the mindset of a millionaire investor How to develop sound criteria for identifying great real estate investment opportunities How to zero in on the key terms of any transaction and achieve the best possible deals How to develop the "dream team" that will help you build your millionaire investment business Proven models and strategies millionaire investors use to track their net worth, understand their finances, build their network, lead generate for properties and acquire themThe Millionaire Real Estate Investoris about you and your money. It's about your financial potential. It's about discovering the millionaire investor in you.

Author Biography

Gary Keller is the founder and chairman of the board of Keller Williams Realty International, which is the fifth-largest and fastest-growing real estate franchise company in America. His first book, The Millionaire Real Estate Agent, is a bestselling real estate career book, with more than 175,000 copies in print.

Dave Jenks is the dean of Keller Williams University and vice president of research and development at Keller Williams. Prior to joining the company in 1996, he was president and CEO of Century 21 South Central States, based in Dallas, Texas.

Table of Contents

PART ONE: CHARTING THE COURSE
PREFACE
3(4)
INTRODUCTION
7(8)
OVERVIEW
15(22)
Champions Take the Luck out of the Game
15(2)
Big Models-Big Goals-Big Success
17(5)
The $100,000 That Got Away
22(2)
Mornings with Michael
24(3)
The Three Areas of Focus for the Millionaire Real Estate Investor
27(5)
Criteria: What You Buy
28(1)
Terms: How You Buy It
29(1)
Network: Who Helps You
30(2)
The Four Stages of Growth on the Path to a Million
32(2)
Moving Forward
34(3)
MYTHUNDERSTANDINGS
37(38)
The Devil's Wedge
37(1)
Eight Myth Understandings between You and Financial Wealth
38(2)
The Big Three: MythUnderstandings about the Way You Look at Yourself As an Investor
40(20)
Personal Myth 1: I Don't Need to Be an Investor-My Job Will Take Care of My Financial Wealth
40(5)
Personal Myth 2: I Don't Need or Want to Be Financially Wealthy-I'm Happy with What I Have
45(6)
Personal Myth 3: It Doesn't Matter If I Want or Need It-I Just Can't Do It
51(9)
The Five MythUnderstandings about the Way You Look at Investing
60(8)
Investing Myth 1: Investing Is Complicated
61(1)
Investing Myth 2: The Best Investments Require Knowledge Most People Don't Have
62(1)
Investing Myth 3: Investing Is Risky-I'll Lose My Money
63(2)
Investing Myth 4: Successful Investors Are Able to Time the Market
65(2)
Investing Myth 5: All the Good Investments Are Taken
67(1)
The Law of Momentum: Compounding Your Success
68(3)
Points to Remember
71(4)
PART TWO: THE FOUR STAGES
THINK A MILLION
75(48)
The Spiritual Journey of Wealth Building
75(2)
The Seven Ways Millionaire Real Estate Investors Think
77(42)
1. Think Powered by a Big Why
79(3)
2. Think Big Goals, Big Models, and Big Habits
82(5)
3. Think Money Matters
87(7)
The Money Matrix
88(6)
4. Think Net Worth
94(3)
5. Think Real Estate
97(13)
6. Think Value, Opportunity, and Deals
110(2)
7. Think Action
112(7)
Nina's Rule: Watch Your Posture
119(2)
Points to Remember
121(2)
BUY A MILLION
123(130)
America's First Millionaire
123(1)
The Five Models of the Millionaire Real Estate Investor
124(3)
The Net Worth Model
127(17)
Path Your Money
128(3)
Budget Your Expenses
131(10)
Track Your Worth
141(3)
The Financial Model
144(13)
Equity Buildup
145(3)
Cash Flow Growth
148(3)
Your Financial Journey
151(5)
Buy It Right-Pay It Down-Pay It Off
156(1)
The Network Model
157(14)
The Three Circles of Your Work Network
159(6)
Working Your Work Network
165(2)
Maintain Your Work Network
167(2)
Engage Your Work Network
169(2)
The Lead Generation Model
171(48)
The Four Key Areas of Your Lead Generation Model
172(40)
Question 1: What Am I Looking For?
172(19)
Question 2: Who Can Help Me Find It?
191(3)
Question 3: How Will I Find the Property or the People Connected to It?
194(17)
Question 4: Which Properties Are the Real Opportunities?
211(1)
Live the Five Laws of Lead Generation
212(6)
The Flow of Your Lead Generation Model
218(1)
The Acquisition Model
219(28)
Cash or Cash Flow and Equity
221(5)
Terms for Buy & Sell
226(15)
Acquisition Worksheets: Real-Life Examples
241(6)
Buy a Million: You Have the Power
247(3)
Points to Remember
250(3)
OWN A MILLION
253(58)
The Labyrinth at Chartres
253(3)
The Seventeen Issues of Own a Million
256(1)
Criteria: Always the Guiding Light
257(7)
Issue 1: Stick or Switch
258(1)
Issue 2: Become an Expert
259(3)
Issue 3: Think in Units
262(2)
Terms: Hold Them Dear
264(18)
Issue 4: Control the Property and Negotiate Everything
269(2)
Issue 5: Finance Creatively
271(4)
Issue 6: Maximize Your NOI
275(5)
Issue 7: Know Your Options for Property Disposition
280(2)
Network: Together Everyone Achieves More
282(9)
Issue 8: Make Associating with Talent Your Number One Priority
283(3)
Issue 9: Top-Grade for Ever-Increasing Leverage
286(2)
Issue 10: Always Work from Written Proposals and Contracts
288(1)
Issue 11: Protect Your Reputation and Operate with Confidence
289(2)
Money: Give It a Work Ethic
291(9)
Issue 12: Hold Your Money Accountable to Work for You
291(7)
Issue 13: Minimize Your Tax Exposure
298(2)
You: Your Primary Asset
300(6)
Issue 14: Protect Your Time
300(2)
Issue 15: Protect Your Assets
302(1)
Issue 16: Be Learning Based
303(2)
Issue 17: Be Accountable
305(1)
It All Comes Down to This
306(2)
Points to Remember
308(3)
RECEIVE A MILLION
311(28)
Reaching for the Light
311(1)
The Challenge of Unearned Income
312(2)
Achieve $1 Million in Annual Cash Flow through Investing in Real Estate
314(8)
1. Acquire Today to Receive $1 Million in Annual Cash Flow Now?
315(1)
2. Acquire Today to Receive $1 Million in Annual Cash Flow in the Future
316(2)
3. Acquire over Time to Receive $1 Million in Annual Cash Flow in the Future
318(1)
4. Acquire over Time to Receive $1 Million in Annual Cash Flow and Equity Pullout in the Future
319(3)
$1 Million a Month: The Inspirational Story of Investor 34
322(2)
The 7 Level: The Path to People Leverage
324(8)
Moving from Managing Your Time to Managing Others
330(2)
'Tis Better to Give Than to Receive: Moving from Wealth Accumulation to Wealth Distribution
332(3)
Points to Remember
335(4)
PART THREE: STAYING ON TOP
PUTTING IT ALL TOGETHER
339(16)
Never Take Your Eye off the Ball
339(1)
Anyone Can Do It-Not Everyone Will
340(1)
A Financial Track to Run On
341(11)
Stage 1: Establish Your Base Camp
341(1)
Stage 2: Protect Your Future
342(2)
Stage 3: Fund Your Future
344(4)
Stage 4: Stay the Course
348(4)
Money Doesn't Care
352(1)
Time to Get Going
353(2)
PROFILES OF REAL-LIFE MILLIONAIRE REAL ESTATE INVESTORS 355(43)
APPENDIX A: Personal Budget Worksheet 398(4)
APPENDIX B: Personal Balance Sheet 402(1)
APPENDIX C: Criteria Worksheet 403(2)
APPENDIX D: Cost of Repair Worksheet 405(5)
About the Authors 410

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