Summary: The Real Book of Real Estate

Review and Analysis of Kiyosaki's Book

BusinessNews Publishing

• Publisher: Must Read Summaries
• Year: 2016
• Topic: Business
• eBook ISBN:
  9782511020265
• Subtopic: Real Estate
• Index: Business

The must-read summary of Robert Kiyosaki's book: `The Real Book of Real Estate: Real Experts, Real Stories, Real Life`.

This complete summary of the ideas from Robert Kiyosaki's book `The Real Book of Real Estate` shows that the best way of learning the ins and outs of real estate investment is to observe the experts. In his book, the author provides the real estate tips and techniques taken from the best in the business to help you see how great an investment in real estate can be. If you follow the advice, you will know how to make the right investment and how to incorporate real estate into your long-term financial strategy.

Added-value of this summary: 
• Save time 
• Understand the key concepts 
• Expand your investment know-how

To learn more, read `The Real Book of Real Estate` to find out why you should start investing in real estate today!

Summary of The Real Book Of Real Estate (Robert Kiyosaki)

1. The business of real estate

Real estate investing is a business and therefore should be run like a business if you aspire to succeed over the long haul. To get ahead and stay there, you’ll need the normal five elements:

1. A workable strategy

Every successful business has a plan for how it will make money. Real estate is no different – you need a plan in orderto succeed. What does distinguish real estate, however, is the fact there are so many ways it can be harnessed to generate money. Not only can you buy-low/sell-high but you can also put together new assets from scratch, go into commercial real estate, create a strong cashflow business by renting property, etc. All kinds of different ways exist to create a financial masterpiece based around real estate.

To develop your own strategy:

1. Set your goals – where you want your real estate investing to take you and by when.
2. Figure out what it will take to realize your goals – in terms of net wealth and cashflows.
3. Determine what level of real estate investment will create your desired cash flow – often using the rule-of-thumb figure that you’ll need $1 million of real estate to generate $50,000 in cash flow.
4. Identify where you are today – what your current net worth is once your assets are totaled and your liabilities are deducted.
5. Set up timeline targets – a plan for what you’ll need to progressively do in order to meet your future net worth targets.
6. Decide what kind of real estate investment niche make sense for you – single-family homes, multifamily duplexes, commercial, industrial, raw land development, etc.
7. Determine in advance what your investment criteria should be – what price range, level of appreciation you’ll look for, location, cash flow, etc. By determining your investment criteria in advance, you can save a lot of wasted time later on.

“Real estate investing is a business and should be run like a business. Every business has to plan. Your real estate business is no different. A strategy is simply a systematic plan of action designed to accomplish specific goals.”

– Tom Wheelwright

“To me, real estate represents freedom. Real estate means control over my life and my future. I am not depending on a retirement plan filled with stocks, bonds and mutual funds -investments someone else manages. I want control of my financial destiny. Unfortunately, too many people allow their excuses to get between them and the life they would love to lead.”

– Robert Kiyosaki

2. A great management team

Having a great team of people and companies you deal with often can add lots of leverage to your real estate investment activities. Ideally, you want to access and take advantage of the time, talents, resources, contacts, know-how and capacities of everyone in your team. You should give careful thought to the kinds of skills you need on your team and then go out and recruit the people or organizations you need.

Generally speaking, your team members will probably come about as referrals from others you trust. Just make certain you put in place good agreements up-front which specify what is expected of each team member and what they can expect from you in return. Doing this right at the outset in writing will cut off all kinds of misunderstandings which can otherwise arise.

The exact makeup of your team will naturally be dependent on the types of real estate projects you plan on attempting. You’ll probably need a team which includes:

• An experienced real estate attorney.
• One or more real estate brokers.
• An accountant who is well versed in real estate.
• An architect who is up to speed with local building codes.
• A civil engineering firm.
• Professional surveyors.
• A hazardous substance site assessment engineer.
• Escrow officers / title agents.
• Mortgage broker or brokers.
• Insurance agents.
• General contractors.

“Talent always pays for itself. Accept that hiring a capable and talented real estate team to complete your transaction is in your best interest. Although there will be costs up front, your investment should more than pay for itself over time. You are hiring folks’ brains: let them use their brains ...

Table of contents

• Title page
• Book Presentation
• Summary of The Real Book Of Real Estate (Robert Kiyosaki)
• About the Summary Publisher
• Copyright