Book Review by Skip Dayhoff, Owner, Law Office of Charles S. Dayhoff III, PLLC
I’ve been practicing law for approximately 38 years. If and when I ever close my law practice, I’ve been pondering what my next, probably part-time career might be. After listening to Brad Sugars speak in person in Pinellas County not long ago, I became intrigued with the idea of investing in residential real estate. In other words, playing real life “Monopoly”.
Thus, my review of Mr. Sugars’ book, “The Real Estate Coach.” In approximately 181 pages, you’re taught, in easy to understand language, the steps you need to take and master to become a successful residential real estate investor.
First, you need to learn enough to develop and follow your own set of investment rules; otherwise, you’re more of a gambler than an investor. Then follow your rules, turning your cash into an asset that grows in value and eventually gives off cash flow of its own.
Real estate can be an excellent long-term investment, but it has its risks. The greater your knowledge, hopefully, the less your risk will be. At the same time, using more logic and less emotion, you need to discover your own niche. As we’ve learned from ActionCOACH, you also need clear S.M.A.R.T. goals, i.e. those that are specific, measurable, achievable, results-oriented, and have a time frame.
Do you want properties with higher capital growth? Or higher rental yield? It makes a difference in the properties you purchase. But never buy investment property for the tax deductions. Stick to your rules. Do your numbers, and never over commit either yourself or your resources. And never forget that over time it’s the land value, not the building on the land, that will make you the most money.
Finally, you make your money when you purchase real estate, not when you sell it.
Have I wet your appetite for residential real estate investing? Do you want to learn more from an expert? Read “The Real Estate Coach” by Brad Sugars.
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