The Millionaire Real Estate Investor

by Keller, Gary; Jenks, Dave; Papasan, Jay

• ISBN13: 9780071446372
• ISBN10: 0071446370
• Edition: 1st
• Format: Paperback
• Copyright: 2005-04-07
• Publisher: McGraw Hill

Summary

"This book is not just a bargain, it's a steal. It's filled with practical, workable advice for anyone wanting to build wealth."Mike Summey, co-author of the bestsellingThe Weekend Millionaire's Secrets to Investing in Real EstateAnyone who seeks financial wealth must first learn the fundamental truths and models that drive it.The Millionaire Real Estate Investorrepresents the collected wisdom and experience of over 100 millionaire investors from all walks of life who pursued financial wealth and achieved the life-changing freedom it delivers. This book--in straightforward, no nonsense, easy-to-read style--reveals their proven strategies.The Millionaire Real Estate Investoris your handbook to the tried and true financial wealth building vehicle that rewards patience and perseverance and is available to all--real estate. You'll learn: Myths about money and investing that hold people back and how to develop the mindset of a millionaire investor How to develop sound criteria for identifying great real estate investment opportunities How to zero in on the key terms of any transaction and achieve the best possible deals How to develop the "dream team" that will help you build your millionaire investment business Proven models and strategies millionaire investors use to track their net worth, understand their finances, build their network, lead generate for properties and acquire themThe Millionaire Real Estate Investoris about you and your money. It's about your financial potential. It's about discovering the millionaire investor in you.

Author Biography

Gary Keller is the founder and chairman of the board of Keller Williams Realty International, which is the fifth-largest and fastest-growing real estate franchise company in America. His first book, The Millionaire Real Estate Agent, is a bestselling real estate career book, with more than 175,000 copies in print.

Dave Jenks is the dean of Keller Williams University and vice president of research and development at Keller Williams. Prior to joining the company in 1996, he was president and CEO of Century 21 South Central States, based in Dallas, Texas.

Table of Contents

PART ONE: CHARTING THE COURSE
PREFACE	3	(4)
INTRODUCTION	7	(8)
OVERVIEW	15	(22)
Champions Take the Luck out of the Game	15	(2)
Big Models-Big Goals-Big Success	17	(5)
The $100,000 That Got Away	22	(2)
Mornings with Michael	24	(3)
The Three Areas of Focus for the Millionaire Real Estate Investor	27	(5)
Criteria: What You Buy	28	(1)
Terms: How You Buy It	29	(1)
Network: Who Helps You	30	(2)
The Four Stages of Growth on the Path to a Million	32	(2)
Moving Forward	34	(3)
MYTHUNDERSTANDINGS	37	(38)
The Devil's Wedge	37	(1)
Eight Myth Understandings between You and Financial Wealth	38	(2)
The Big Three: MythUnderstandings about the Way You Look at Yourself As an Investor	40	(20)
Personal Myth 1: I Don't Need to Be an Investor-My Job Will Take Care of My Financial Wealth	40	(5)
Personal Myth 2: I Don't Need or Want to Be Financially Wealthy-I'm Happy with What I Have	45	(6)
Personal Myth 3: It Doesn't Matter If I Want or Need It-I Just Can't Do It	51	(9)
The Five MythUnderstandings about the Way You Look at Investing	60	(8)
Investing Myth 1: Investing Is Complicated	61	(1)
Investing Myth 2: The Best Investments Require Knowledge Most People Don't Have	62	(1)
Investing Myth 3: Investing Is Risky-I'll Lose My Money	63	(2)
Investing Myth 4: Successful Investors Are Able to Time the Market	65	(2)
Investing Myth 5: All the Good Investments Are Taken	67	(1)
The Law of Momentum: Compounding Your Success	68	(3)
Points to Remember	71	(4)
PART TWO: THE FOUR STAGES
THINK A MILLION	75	(48)
The Spiritual Journey of Wealth Building	75	(2)
The Seven Ways Millionaire Real Estate Investors Think	77	(42)
1. Think Powered by a Big Why	79	(3)
2. Think Big Goals, Big Models, and Big Habits	82	(5)
3. Think Money Matters	87	(7)
The Money Matrix	88	(6)
4. Think Net Worth	94	(3)
5. Think Real Estate	97	(13)
6. Think Value, Opportunity, and Deals	110	(2)
7. Think Action	112	(7)
Nina's Rule: Watch Your Posture	119	(2)
Points to Remember	121	(2)
BUY A MILLION	123	(130)
America's First Millionaire	123	(1)
The Five Models of the Millionaire Real Estate Investor	124	(3)
The Net Worth Model	127	(17)
Path Your Money	128	(3)
Budget Your Expenses	131	(10)
Track Your Worth	141	(3)
The Financial Model	144	(13)
Equity Buildup	145	(3)
Cash Flow Growth	148	(3)
Your Financial Journey	151	(5)
Buy It Right-Pay It Down-Pay It Off	156	(1)
The Network Model	157	(14)
The Three Circles of Your Work Network	159	(6)
Working Your Work Network	165	(2)
Maintain Your Work Network	167	(2)
Engage Your Work Network	169	(2)
The Lead Generation Model	171	(48)
The Four Key Areas of Your Lead Generation Model	172	(40)
Question 1: What Am I Looking For?	172	(19)
Question 2: Who Can Help Me Find It?	191	(3)
Question 3: How Will I Find the Property or the People Connected to It?	194	(17)
Question 4: Which Properties Are the Real Opportunities?	211	(1)
Live the Five Laws of Lead Generation	212	(6)
The Flow of Your Lead Generation Model	218	(1)
The Acquisition Model	219	(28)
Cash or Cash Flow and Equity	221	(5)
Terms for Buy & Sell	226	(15)
Acquisition Worksheets: Real-Life Examples	241	(6)
Buy a Million: You Have the Power	247	(3)
Points to Remember	250	(3)
OWN A MILLION	253	(58)
The Labyrinth at Chartres	253	(3)
The Seventeen Issues of Own a Million	256	(1)
Criteria: Always the Guiding Light	257	(7)
Issue 1: Stick or Switch	258	(1)
Issue 2: Become an Expert	259	(3)
Issue 3: Think in Units	262	(2)
Terms: Hold Them Dear	264	(18)
Issue 4: Control the Property and Negotiate Everything	269	(2)
Issue 5: Finance Creatively	271	(4)
Issue 6: Maximize Your NOI	275	(5)
Issue 7: Know Your Options for Property Disposition	280	(2)
Network: Together Everyone Achieves More	282	(9)
Issue 8: Make Associating with Talent Your Number One Priority	283	(3)
Issue 9: Top-Grade for Ever-Increasing Leverage	286	(2)
Issue 10: Always Work from Written Proposals and Contracts	288	(1)
Issue 11: Protect Your Reputation and Operate with Confidence	289	(2)
Money: Give It a Work Ethic	291	(9)
Issue 12: Hold Your Money Accountable to Work for You	291	(7)
Issue 13: Minimize Your Tax Exposure	298	(2)
You: Your Primary Asset	300	(6)
Issue 14: Protect Your Time	300	(2)
Issue 15: Protect Your Assets	302	(1)
Issue 16: Be Learning Based	303	(2)
Issue 17: Be Accountable	305	(1)
It All Comes Down to This	306	(2)
Points to Remember	308	(3)
RECEIVE A MILLION	311	(28)
Reaching for the Light	311	(1)
The Challenge of Unearned Income	312	(2)
Achieve $1 Million in Annual Cash Flow through Investing in Real Estate	314	(8)
1. Acquire Today to Receive $1 Million in Annual Cash Flow Now?	315	(1)
2. Acquire Today to Receive $1 Million in Annual Cash Flow in the Future	316	(2)
3. Acquire over Time to Receive $1 Million in Annual Cash Flow in the Future	318	(1)
4. Acquire over Time to Receive $1 Million in Annual Cash Flow and Equity Pullout in the Future	319	(3)
$1 Million a Month: The Inspirational Story of Investor 34	322	(2)
The 7 Level: The Path to People Leverage	324	(8)
Moving from Managing Your Time to Managing Others	330	(2)
'Tis Better to Give Than to Receive: Moving from Wealth Accumulation to Wealth Distribution	332	(3)
Points to Remember	335	(4)
PART THREE: STAYING ON TOP
PUTTING IT ALL TOGETHER	339	(16)
Never Take Your Eye off the Ball	339	(1)
Anyone Can Do It-Not Everyone Will	340	(1)
A Financial Track to Run On	341	(11)
Stage 1: Establish Your Base Camp	341	(1)
Stage 2: Protect Your Future	342	(2)
Stage 3: Fund Your Future	344	(4)
Stage 4: Stay the Course	348	(4)
Money Doesn't Care	352	(1)
Time to Get Going	353	(2)
PROFILES OF REAL-LIFE MILLIONAIRE REAL ESTATE INVESTORS	355	(43)
APPENDIX A: Personal Budget Worksheet	398	(4)
APPENDIX B: Personal Balance Sheet	402	(1)
APPENDIX C: Criteria Worksheet	403	(2)
APPENDIX D: Cost of Repair Worksheet	405	(5)
About the Authors	410