The Automatic Millionaire Homeowner

ISBN: 0767925459
ISBN 13: 9780767925457
By: David Bach

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Genres

Business Currently Reading Finance Financial Money Non Fiction Nonfiction Personal Finance Real Estate To Read

Reader's Thoughts

Matt

This was a good book. It got me thinking about real estate for a short term. Then I realized I don't have the time, energy or money to follow the plan... but if you do, you will be successful.

Katherine

I read this just out of college, and it gave me some great ideas. It is a realistic approach to how an "average Joe" can get ahead and become a multi-property owner in his/her lifetime. Very doable! :)

Sally

There was a really good lesson in this book wich made me hopeful. It was a narrative of a couple who never sold their first home but rented it out and they became very weatlthy by the time they were retired. This encourages me because since we are renting our first house ONLY because it didn't sell, that maybe it will be better for us financially in the future. Overall, I was pretty disappointed in this book. Most of the book was about how to shop for and buy a house. Most things I knew already because I have gone through that two times.

Kim

According to this book the key to becoming a millionaire is to never sale your first home. Keep it and rent it out. It was an interesting book with a lot of good advice on money and real estate.

Jonathan Dunning

It was an ok book but the chapter on mortgages felt like it went on forever. And, I doubt half those mortgages are even offered now that the economy tanked. There were good ideas in the book, but I was hoping for something more.

Grace

Outdated.

Jason

This book contains some good advice for buying a home and is also a convincing arguement as to why homeowning is a good long term investment. It will also make you think twice about selling your house versus holding onto it as a rental property.

Nathan

Some things in here I know I'm going to use! The best part about this book is that the author repeats many times, that people who buy lots of houses just to flip them are stupid jerks who ruin it for everyone else.

Alexis

I picked this up because I had been promised comic relief in the context of a guy telling you to buy as much house as you can afford and the possibilities of "incredible" no-money-down or variable rate mortgages ...in 2006.But actually he did offer a fair bit of caution and there are some interesting tidbits if, like me, you're unfamiliar with house buying.

Edward Monrad

Worthless book cheerleading investing in real estate as a way to grow wealth over time. Somewhat outdated and doesn't present useful, actionable information.

David

My attention to detail skill was absent when I bought this audiobook on iTunes. I wanted The Automatic Millionaire, but bought the Real Estate version by accident. While I still want to go back and read that book, I cannot recommend this particular book. Bach begins by stating the stock market cannot produce the returns of real estate. His disclaimer is the book is written in 2006, so some things may change when the reader goes through it. He mentions his methods are timeless because everyone needs a home. He discusses building wealth through borrowing other people's money. While he spend 12 chapters talking about building a portfolio of real estate, he does not adequately discuss risks invovled. I give him credit for stating that "get-rich quick" does not work and that the reader should take tiime to build their real estate wealth. This is because the home is one of our most valuable investments. I just cannot begin to agree with his methods of using debt to build wealth. If you read the Total Money Makeover by Dave Ramsey and you want to know what this book talks about, then here's what you will find. Take most of Dave's principles and do the opposite. If you go this route to build wealth, keep Dave Ramsey's phone number ready to call when the banks start calling in your notes. I'll take financial peace over wealth with debt any day.

Chelsea

I am on a self-help frenzy, and this series of books have been thought provoking and inspirational if you are looking to improve your current financial situation. I would not say these are the end all be all in finance books, but definitely worth reading if financial planning is up your alley!

Darin Davis

The second book in my recommended curriculum of self-study on personal finances and investing. See www.ProfitableForAllThings.com for more details.

Tony Canas

Bach's ideas are powerful, helped me see why we had to buy a house, the right house, with the right loan.

Andy Tappa

2005 era real estate advice - yikes! Glosses over most of the risks and downsides to home ownership.

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