Suggestions for newbie reading material - Posted by Karen


#1

Posted by NO Way! on November 19, 1998 at 12:41:17:

You said:

“I just hope we haven’t gotten to the point of simply dismissing everything without first looking at it’s merit.”

No Way! - then we would be just like John Reed!


#2

Suggestions for newbie reading material - Posted by Karen

Posted by Karen on November 15, 1998 at 13:48:49:

I love this site and have read through some of both newsgroups and many, many articles. I have yet to take the plunge into REI and am looking for info. I am looking for suggestions for the best overall, basic, step-by-step guide for a beginner. I’ve read about several of your books and programs and of course have seen Mr. Sheets on TV. I am a writer and a great believer in research. I plan, as I get more involved, to purchase and read many, many books and such. My funds are not limitless at this juncture, however, and I need help getting started.
I realize that more specificity about my intentions would probably help. My thoughts at this juncture are to look into MH investing first (because of the low cost and the abundance of them in my area). Lease/options sound very interesting and a win-win situation for all. Maybe after getting my feet wet, I would look further, into SFR, fixer-uppers or multi-units. Some of the financial details in these posts make me reel, so I definitely need to do a lot of research. Plus, I’m looking for good sample forms (contracts, letters, etc) to help me protect myself when I do take the plunge.
Thanks so much!
Karen :slight_smile:


#3

Re: Suggestions for newbie reading material - Posted by JHyre in Ohio

Posted by JHyre in Ohio on November 17, 1998 at 06:40:04:

Try John T. Reed’s (www.johntreed.com) HOW TO BUY REAL ESTATE FOR AT LEAST 20% BELOW MARKET VALUE. It contains most of the ideas on this site and a number of others (I personally like the concept of “judgement investing”). The book has tons of real-life examples and the name and number of the guru/investors who provided the examples. The book is NOT a detailed “how to” book, but instead a fairly detailed catalog of ideas. For example, he briefly describes “Lonnie Deals”, and provides Lonnie’s number so that you may obtain the definitive “how to” guide from the Master himself.

NOTE that many of this site’s denizens HATE John T. Reed because Reed has some very unfriendly things to say about Lease-Options. You can read his opinion on his website & judge for yourself. Whatever you may think of his ideas on lease-options, his primer is an excellent resource.


#4

Re: Suggestions for newbie reading material - Posted by Ray Richardson

Posted by Ray Richardson on November 16, 1998 at 15:01:58:

Hi Karen,
From one Newbie to another: if you do read Rich Dad, Poor Dad, you’ll find that Kiyosaki emphasizes learning all that you can about sales, as it will impact all aspects of your business. To that end, I recently stumbled on an absolute gem of a book, Sales Efectiveness Training, by Carl Zaiss. I’m not even finished yet and I’ve already resolved to read it several more times. If you’ve read Jim Piper’s article in the money making ideas section on the 4 simple rules, this book is very much in that vein. Might make you a better salesperson and a better person in general at the same time!

Good Luck,

Ray


#5

Re: Suggestions for newbie reading material - Posted by Matt B

Posted by Matt B on November 15, 1998 at 16:00:43:

Karen,
Definetly buy Lonnie Scruggs’ 2 books listed for sale on this site. They are awesome! I say this from experience. I bought them both and have my 3rd and 4th deals nearly completed this weekend. They contain the forms that you will need and infinite amounts of knowledge to get you going. I am creating notes on the mobile homes that I have bought and collecting monthly checks. (Sure beats working for it!) By the way, I started with a couple hundred dollars, and NOTHING else. A good general book concerning finances and investing is Rich Dad, Poor Dad. I think all the seasoned investors on this board recommend it, and it is FANTASTIC for general advice on money. Good luck and keep us all posted on your successes!


#6

Re: Suggestions for newbie reading material - Posted by J.P. Vaughan

Posted by J.P. Vaughan on November 17, 1998 at 08:44:50:

If Karen wants to read material written by someone who
actually DOES what he writes about, John Reed isn’t the
guy. Most of the ideas in the book you mention come
from John Beck, NOT from John Reed. In fact, I believe
the last (only) nothing down deal John Reed did was a
VA no-no over 20 years ago.

Do you want to learn from an academic, or from someone
who actually knows what he’s talking about because he
practices what he preaches?

John Reed is nothing more than an arrogant bully.

JPV


#7

Re: Suggestions for newbie reading material - Posted by Babesy

Posted by Babesy on November 16, 1998 at 19:59:13:

Thanks, Matt - I’ve been wondering about his work. Good to hear a recommendation.


#8

Re: Suggestions for newbie reading material - Posted by David(Ca)

Posted by David(Ca) on November 18, 1998 at 23:53:48:

I too think John Reed is a bit arrogant.

However, I have read HOW TO BUY REAL ESTATE FOR AT LEAST 20% BELOW MARKET VALUE (he is very careful to identify what he has and has not done himself), AGGRESSIVE TAX AVOIDANCE FOR REAL ESTATE INVESTORS and SINGLE-FAMILY OPTIONS, SPECIAL REPORT #1…They are all EXECELENT.

I have been hanging around this board for about a year now and find it too to be EXECELENT.

MUCH of what John Reed has to say I disagree with, I just hope we haven’t gotten to the point of simply dismissing everything without first looking at it’s merit.

I’ll say goodnight now, after two glasses of wine I may regret anything else I say.

Dave


#9

Just the Facts Please - Posted by JHyre in Ohio

Posted by JHyre in Ohio on November 18, 1998 at 14:40:42:

With all due respect to JPV:

1.) JPV NEVER says “the IDEAS in Reed’s book are lousy”. JPV DOES make quite clear that she does not like Reed. Your decision to read or ignore Reed’s book should be based on the quality of the ideas therein, not name-calling. Whenever discussion of ideas is dropped in favor of personal attacks, be very suspicious (i.e.- like in political campaigns).

2.) What I like about Reed’s book is that it has much in common with this website. Both offer a catalog of ideas with some details. Both cite the gurus behind the ideas. Both provide the means to contact the gurus and purchase their detailed “how-to” products. For example, Reed’s book discusses the concept of Lonnie deals and provides Lonnie’s phone number. Reed’s book also contains a detailed discussion of ideas not frequently found on this website (and vice-versa).

3.) The fact that Reed is an academic is simply irrelevant when it comes to providing a menu of ideas. The purpose of the book is to is to introduce and discuss, in fair detail, various techniques. Reed does not pretend to practice the techniques (His deals are all listed on his website). Rather, he cites examples provided by the gurus. If you are interested in implementing an idea, you may contact the Masters (phone numbers are provided) for detailed “how-to” advice. If you are looking for a good COMPENDIUM, Reed’s book fits the bill.

4.) Reed has strong opinions and is quite blunt in asserting them. Whether this rises to the level of arrogance or bullying is quite another question. I am interested in info, not warm-fuzziness. Decide for yourself whether Reed is an ogre (if you care) based on the facts, not unsupported assertions.

  1. If you are set on nothing-down deals, Reed’s book is not for you. His website explains WHY he thinks such deals are a bad idea. Check it out- discussion of ideas is nothing to fear even if you end up disagreeing with some of the viewpoints in question.

#10

Re: Thanks for Suggestions for newbie… - Posted by Karen

Posted by Karen on November 18, 1998 at 19:18:33:

Many thanks to all who took the time to answer my question. Looks like I’d better take my list to the bookstore and get busy. We’re awfully excited, but still going slowly, gathering info, etc.

Thanks again!

Karen