Can you recommend a good book or two on RE investing? - Posted by Dean

Posted by Monique on April 23, 2000 at 09:06:37:

Ben, I just bought the book yesterday and had the same question.

Way #1 refers to the seller having to pay income taxes on a gain of $20,000 for the sale of their home (i.e., it being better to take back a note and not get all $20K in cash). I figured it was either outdated info or I just didn’t understand the current tax law that allows for a $250K exclusion on the gain for selling one’s personal residence.

Did you see that too?


Can you recommend a good book or two on RE investing? - Posted by Dean

Posted by Dean on April 22, 2000 at 21:45:02:

I’m looking for some recommendations on good books on REI. Anyone know of any “USEFUL” books with good info and not a bunch of fluff?

Re: Can you recommend a good book or two on RE investing? - Posted by Zee

Posted by Zee on April 25, 2000 at 02:57:34:

Some I have or am reading:

“All About Escrow and Real Estate Closings”, by Sandy Gadow. It is like taking a closing agent out to lunch and letting her tell you all about her business.

“How to Write a Real Estate Contract”, by ???

(I really should keep better records of my learning…) This one book alone saved me from putting all of my money into a good deal located in a dead resale market. I’d have been stuck had I not written my own contract. And, by writing my own, I really got to know what they say!)

“Goldmining in Foreclosure Properties”, by George Achenbach

Excellent overview of this part of the business, with case studies used to illustrate important principles. Many step-by-step tasks are presented. Tells you what it’s all about, then tells what you need to know and do. Gives forms to take you from properties that are “Suspects” to “Prospects” to “Finacing Analysis”, “Inspection” and “Profit Forcasting”.

Re: Can you recommend a good book or two on RE investing? - Posted by chris

Posted by chris on April 23, 2000 at 08:46:27:


In addition to HR’s fine recommendations here are two more. The first one is pretty basic, the second one is more advanced:

No Credit Required: How to Buy a House When You Don’t Qualify for a Mortgage by Ray Mungo. Go over to to find the best prices. It is under $5.

The Hidden Secrets Of A Real Estate Technician by Bryan Wittenmyer is more expensive, but a good book at between $30 and $50 depending on where you buy it. It will not show up on a search of book sites. If you look for it doing a Yahoo search you can find it easy or buy direct from the author Bryan Wittenmyer at P.O. Box 13246, Reading, Pennsylvania 19612 or call (610)371-9977.

Also if you do an archive search at the top of the page you will find a lot of posts for book recommendations on various RE related areas.

-Hope this helps,Chris

Yes… - Posted by HR

Posted by HR on April 22, 2000 at 22:55:56:

  1. Real Estate Investing by McLean and Eldred, 2nd edition; $15.
  2. The 5 magic paths to making a fortune in real estate by Lumley; $15.
  3. Keep your hard earned money by Fellman; $12 (not a real estate book, but a book about running your own biz well. highly recommended.
  4. Creating Wealth by Robert Allen; $12.
  5. Multiple Income Streams by Robert Allen; $12.

These are a good start. Stay away from Tyler Hicks and Wade Cook. Just my 2 cents.


Re: Yes… - Posted by David Alexander

Posted by David Alexander on April 22, 2000 at 23:40:02:

Sorry to disagree, but Wade cook has some excellent books on RE and business.

Real Estate Money Machine is a Classic and the fundamentals it teaches have made me alot of money.

Also 101 ways to buy Real Estate give you great Negotiating fundamentals.

Brilliant Deductions is good as far as fundamental tax strategies.

I cant comment on Tyler Hicks.

David Alexander

Re: Yes… - Posted by HR

Posted by HR on April 23, 2000 at 09:21:59:

Hey Buddy,

Disagreement doesn’t bother me in the least, especially when it has a reason behind it (like yours does). I dislike Cook because his Real Estate Money Machine book is outdated and shoulden’t even be in print any more. You know as well as I do that finding assumables and creating wraps off them is very difficult these days (and gets more difficult every year). Sure: the idea of doing wraps is great. But his particular method is so dated as to be impractical. So why does he still keep the book in print? For the easy cash flow.

I have his deductions book but haven’t read it. I believe Cook in general goes for the quick buck. His stuff is mediocre at best imho.

Just my 2 cents, though. If I see better materials from him, I will revise my opinion. But not from what I’ve seen.

Cheers, and hope all is well with you in Dallas…


PS. I think Bronchicks Cash Cow course is far superior with regard to wraps and is worth 1000x more than Cook’s.

Re: Yes… - Posted by Ben in Ohio

Posted by Ben in Ohio on April 23, 2000 at 08:56:46:

David. Presently I am reading 101 tricks by Cook. His ideas seem sound. My question is are they sound or useful across the board in this, today’s market. The book was published in the high interest eighties when people were crying to get out of homes. I don’t know the answer to this but do you find Cooks ideas as relevant today?

Re: Yes… - Posted by David Alexander

Posted by David Alexander on April 23, 2000 at 12:35:09:

Bronchick, Ron LeGrand, are just Wade Cook’s Real Estate Money Machine updated for the 90’s. Instead of looking for the assumables, they teach the use of trusts to get around the unassumability. That doesnt make the fundamentals of what the book teaches wrong. He teaches the basics of creating paper which has went along way toward my growth. In that book he also has a part about creating a further paper buying machine. There are so many things right in the book, I just dont see how you cant seperate the knowledge gained. True, I believe he is a Marketing Guru now, but I also know that if you read between the lines, look at his systems, business structures, You realize that he is as Kiyosaki says in his new book which I just read “An Ultimate Investor”

I, when I first, started bought and read just about everything Wade Cook had in print. His books led me not only to paper, but to understanding business, the man truly understands big business. It kept me from going through the same path I kept repeating in prior businesses.

David Alexander

Re: Yes… - Posted by David Alexander

Posted by David Alexander on April 23, 2000 at 12:42:17:

101 ways for me was a good book to understand negotiating and that if you would do three things:

  1. Think around the box (ala Terry Vaughan)you could put more deals together.

  2. That you need to find out exactly what the needs of people are and seperate them from their wants.

  3. Learn as many tools possible to put a deal together.

Because of that book I dont in and just make offers, I sit down at the kitchen table and see what they are after and see if I can up with a solution that works for them and I can make a profit. You’ll be amazed at how mant times sellers will help to make a profit because they know it will help them. Negotiating doesnt have to be a painful process but rather a process wherein everyone figures out how to get what they want.

David Alexander