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Title: Real Estate Loopholes: Secrets of Successful Real Estate Investing by Diane Kennedy, Robert T. Kiyosaki, Garrett Sutton ISBN: 0-446-69135-6 Publisher: Warner Books Pub. Date: 01 April, 2003 Format: Paperback Volumes: 1 List Price(USD): $16.95 |
Average Customer Rating: 3.65 (23 reviews)
Rating: 3
Summary: Incomplete and confusing
Comment: This book was a quick read, but I found that I had more questions after reading the book than I did when I started. One of the primary thrusts of the book is to get asset protection through the use of corporate or limited partnership entities. Some of the techniques discussed in the book cannot be structured through a corporate entity without triggering adverse tax consequences. So what is a person to do? This book makes the most sense if you are -- or aspire to become -- a landlord. For more complicated situations -- or for varied approaches to working with real estate (such as flipping) -- I'm not sure what to do. I guess the bottom line is that you must get good advice from competent advisors who know your business. It's not a bad place to start, but the authors jump around alot, as not all "loopholes" apply to the traditional corporate structures that the authors push.
Rating: 5
Summary: Loopholes that put cash in your pocket!
Comment: The book is a quick read, especially if you're into real estate and have read some RE books before. But the authors' writing style, makes it easy for investors of all levels to understand the concepts. The authors are of course two RichDad Advisors (Sutton and Kennedy) and they start out by saying that there are two types of real estate loopholes: tax and legal.
- From the tax standpoint, these are the loopholes that you want to open and use.
- From the legal standpoint, these are the loopholes that you want to close and make sure no one sues you.
Kennedy starts by going over basics of different ways that you can get into real estate, including a section on how to build your team. Then you get walked through how to create a real estate investing plan. It's pretty basic stuff, but very well done.
Then you get taken through the tax system (briefly) in the US and you get walked through the three types of income: earned, passive and portfolio. Real estate is obviously passive in most instances and this is where you want to concentrate your efforts.
You then get a look at seven of the legal deductions that a real estate investor can legally take. There are over 100 deductions, but she covered the main seven you should be concerned with.
Next up is Mr. Sutton who will take you through the legal strategies to protect your assets. He takes you through different types of insurance you should have and then gets to the good stuff: how you should hold your real estate. He takes you through the pros and cons of C corps, S corps, LLCs, LPs, general partnerships, and sole proprietorships. Most people don't think of this stuff until after they purchase a place, but it makes sense to plan ahead and protect yourself.
The last half of the book is how to analyze properties, make the offer, do a title search, and watch the cash flow come in.
The book is filled with some good stories and examples that keep you moving through the book. It will definitely motivate you and make you feel like "I can do this stuff." Which is a great result from a book. I think it's a must-read for the budding RE investor.
Real Estate Loopholes is obviously a RichDad Advisors book so it will sell millions of copies regardless of what's in it, but it's worth the buy. I just wish they had worked with Dolf DeRoos and put his book Real Estate Riches together with this one and made a really great book instead of one good one (this one) and one awful one (DeRoos').
Rating: 3
Summary: Good for starters so you can talk the talk with your lawyer
Comment: The concepts in the RichDad series book Rich Dad, Poor Dad are basic concepts. It was a book to introduce the reader that working hard your whole life is not the way to create real wealth. In Real Estate Loopholes, the concepts for investing in real estate are pretty much the same amount of detail as in RDPD. It's a short read intended to give the reader some surface level knowledge of real estate tax advantage and legal issues to avoid by setting up LPs and LLPs. By reading this book, I'm able to ask more intelligent questions for my real estate attorney.
I'd say that it's a worthwhile read, but only if you are starting out in real estate investment and are going to be working with an attorney so you can ask follow up questions in forming your LLP that will be holding the real estate.
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