“The Millionaire Real Estate Investor” by Gary Keller is a classic how-to book for aspiring real estate investors. The book is based on Keller and team’s research, direct real estate experience (Keller started national real estate brokerage Keller Williams), and especially interviews of successful real estate investors. The result is a combination of best practices, action models, and real life stories that combines well to make the material both interesting and actionable.
The book is especially helpful since it does not say real estate investing is easy or as simple as doing X. Instead, Keller says that if you work hard doing many processes that he spells out over a long period of time, then financial success will follow. The material is also somewhat realistic in emphasizing real numbers that make sense as obtainable deals, as opposed to some books or gurus that hold up 1 in 1 million deals that may be true but would certainly be hard to plan a steady business around.
Keller’s main focus areas for real estate success are criteria, terms, and network.
With criteria, he describes how to hone and perfect what you specialize in, looking for a financial and knowledge advantage to build an investing business. Criteria also revolve around the specifics of market, property type, tenants, etc.
With terms, he emphasizes the importance of buying right/low and the value of sometimes trading off some advantages for others (such as paying more if the seller offers owner financing with little down, or deferred payment plans).
With network, Keller emphasizes the importance of building a capable team that can take you to higher levels through their expertise and guidance. This spans many types of professionals, personal connections, money sources, and seller contacts.
The author also devotes a portion of the book devoted to dispelling myths, in addition to providing specific advice and actions. These myths range from personal self-reflection to investment complications, unrealistic knowledge levels, risk, market timing, and availability of good deals.
A majority of his book covers four stages of successful real estate investing:
- Think A Million: Setting goals, being action oriented, and focusing on increasing net worth
- Buy A Million: Tracking the path of money, building equity, networking, generating leads, and acquisition models
- Own A Million: Using criteria, terms, and network to increase your portfolio, including systemic approaches
- Receive A Million: How