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Title: Formulas for Wealth: How to Create a Fortune in Real Estate by Albert J. Lowry, Richard C. Powelson ISBN: 1-881554-08-2 Publisher: Skyward Publishing Company Pub. Date: 28 December, 2001 Format: Hardcover Volumes: 1 List Price(USD): $29.95 |
Average Customer Rating: 3.67 (3 reviews)
Rating: 2
Summary: "Almost as exciting as a college anatomy textbook"
Comment: I had high hopes when I purchased this book. I am sorry to say, I was not impressed. As a budding Real Estate student, I hoped to get a lot of great information on buying and selling properties. It seemed to me, that Dr. Powelsons only interest is to take advantage of unsuspecting victims (Caveat Emptor). That wasn't my biggest gripe, however. This book was just plain tough to read, It's not that it contains big words or anything, it's just plain confusing. I also felt that the print was too small. Almost every time I start reading it I fall asleep. Perhaps it is written only for advanced investors. I will keep my book as a reference guide,as there is a lot of great information in it. "The Real Estate Bible", as he calls it... hardly... Sorry, thats just my opinion. Modern Real Estate Practice, by Galaty, Allaway, and Kyle--now that is more like the Real Estate Bible. That book covers just about everything pertaining to Real Estate. This book is just about buying and selling for nothing down, etc.. As I've said, this book does have a lot of advise concerning creative financing, and I may have some of its information tucked away somewhere in my gray matter. Someday this book may make more sense to me, but not now.
Rating: 4
Summary: Change the way you see things.
Comment: I enjoyed reading this book. Lowry & Powelson made things simple to understand...and exciting. You cannot help but want to get up everytime you put the book down and go out to try the techniques put forward by the authors of the book.
Most of us have only been exposed to the usual ways of thinking. The usual models. The usual methods of dealing with real estate. Reading this book expanded my horizons and one cannot help but start to think and see things differently.
There are books that lecture you. This book inspires me to go out and do something - to try.
Rating: 5
Summary: A TEN OUT OF TEN--EXCELLENT
Comment: Since the book has received rave reviews from the LA Times and other national newspapers, this book is a must read for all those serious about gaining wealth in real estate transactions.
By ROBERT J. BRUSS, Special to The Times
If you are a serious real estate investor, or if you want to be, don't miss Richard C. Powelson's new book, "Formulas for Wealth." The author, a former president of the Illinois Assn. of Realtors, former director of the National Assn. of Realtors and a longtime real estate investment seminar instructor, knows his topic.
Powelson focuses on how to get started investing in real estate with zero or little cash and build a fortune. Along the way, he explains dozens of techniques he has used, such as land contracts, lease-options and wraparound mortgages. The author doesn't overlook the downsides of these investment techniques, and he shows how to avoid problems. For example, in the section on land contracts (where the seller retains title but the buyer is the equitable owner), Powelson emphasizes the importance of using an escrow agent to collect the buyer's payments, to make payments on the existing mortgages and to hold the property deed until the buyer is entitled to receive it.
If the book has a flaw, it is the unrealistically low prices in the examples. The author lives in the Midwest, near Kansas City, Mo., where realty prices are cheap. His low-price illustrations, such as being able to buy houses for $40,000 or $50,000 when the nationwide average is more than $100,000, test readers' skills in relationship to their local residential markets. This is a sophisticated book that novice realty investors will probably need to read several times to fully understand.
When I read my first real estate book back in 1963 by Nickerson ("How I Turned $1,000 into $1,000,000 in My Spare Time"), I outlined it to understand its unique realty techniques, which had never been explained in print before. Powelson's book, which is excellent, isn't quite in Nickerson's class. But it is a modern summary of dozens of real estate investment techniques. Not every method will work on every property purchase, but all you need is one.
The book's theme is "how to invest in real estate with little or none of your own cash." Along the way, the author shares creative techniques he has used to build his estate over his long realty investment career. Some methods seem more relevant than others, but it's up to the reader to decide which methods to use.
Although I don't agree with all of the book's advice, especially about using bonds to purchase real estate, this new book is a worthwhile read.
It is filled with old and new real estate finance ideas that most readers either haven't learned yet or have forgotten. On a scale of one to ten, I give this excellent book a solid 10.
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Title: How You Can Become Financially Independent by Investing in Real Estate by Albert J. Lowry ISBN: 0671449591 Publisher: Horizon Book Promotions Pub. Date: May, 1982 List Price(USD): $2.98 |
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Title: Flipping Properties: Generate Instant Cash Profits in Real Estate by William Bronchick, Robert Dahlstrom ISBN: 0793144914 Publisher: Dearborn Trade Publishing Pub. Date: July, 2001 List Price(USD): $18.95 |
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Title: Financing Secrets of a Millionaire Real Estate Investor by William Bronchick ISBN: 0793168201 Publisher: Dearborn Trade Publishing Pub. Date: April, 2003 List Price(USD): $18.95 |
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Title: The 106 Mortgage Secrets All Homebuyers Must Learn--But Lenders Don't Tell by Gary W. Eldred ISBN: 0471263958 Publisher: John Wiley & Sons Pub. Date: 21 March, 2003 List Price(USD): $16.95 |
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Title: Making Big Money Investing in Foreclosures: Without Cash or Credit by Peter Conti, David Finkel ISBN: 0793173655 Publisher: Dearborn Trade Publishing Pub. Date: September, 2003 List Price(USD): $18.95 |
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