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It was eye-opening to hear real estate advice from 2005, even with his warnings about the dangers of over-leveraging yourself and the signs of the bubble bursting.
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The Automatic Millionaire Homeowner: A Powerful Plan to Finish Rich in Real Estate
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Imagine this. You buy a home, live in it, then buy another. You build your wealth through real estate—and then retire rich. It may sound too good to be true. But it’s not. It has happened, it’s happening now and it will continue to happen for millions of people over the next few decades. The question is, will it happen for you?
If you want the answer to be “yes,” then stop what you are doing and open this book. Read a few pages. Bach’s simple strategies make you rich where you sleep. All you have to do is follow his easy program to go from renter to owner, and from owner to Automatic Millionaire Homeowner. The rest is automatic!
What’s the secret to becoming a millionaire in real estate?
Since the runaway success of David Bach’s #1 New York Times bestseller The Automatic Millionaire, people all over the world have asked David the same question— is it really possible for me to get rich in real estate?
Now, in The Automatic Millionaire Homeowner , David Bach reveals why buying a home and investment properties is not only possible, it is the surest way to reach your seven-figures dreams on an ordinary income.
The Automatic Millionaire Homeowner starts with the powerful story of an average American couple with a modest income who stretch to buy their first house for $30,000 and retire 35 years later owning a home on a golf course and rental properties worth over three million dollars. Through their story you will learn the surprising fact that even if you have cheap rent you can’t get rich renting! You must first own a home, and make it the foundation on which you build your financial security.
What Makes The Automatic Millionaire Homeowner
You don’t need a big down payment to buy a home.
You don’t need great credit.
You should buy even if you have credit card debt.
You can buy a second home even if you’re still paying off the first.
You can get started in any market–boom or bust.
It’s easier to be a landlord than you think.
Whether you are a renter or already own a home, David Bach gives you a lifelong strategy for real estate based on timeless wisdom that is tried and true. He includes everything you need to know, with step-by-step instructions, including phone numbers and websites so you can get started right away. His road map to ownership is easy to follow and, best of all, it makes the process totally automatic.
As long as you’re alive, you have to live somewhere. Why not let where you live make you rich? David Bach will show you how.
If you want the answer to be “yes,” then stop what you are doing and open this book. Read a few pages. Bach’s simple strategies make you rich where you sleep. All you have to do is follow his easy program to go from renter to owner, and from owner to Automatic Millionaire Homeowner. The rest is automatic!
What’s the secret to becoming a millionaire in real estate?
Since the runaway success of David Bach’s #1 New York Times bestseller The Automatic Millionaire, people all over the world have asked David the same question— is it really possible for me to get rich in real estate?
Now, in The Automatic Millionaire Homeowner , David Bach reveals why buying a home and investment properties is not only possible, it is the surest way to reach your seven-figures dreams on an ordinary income.
The Automatic Millionaire Homeowner starts with the powerful story of an average American couple with a modest income who stretch to buy their first house for $30,000 and retire 35 years later owning a home on a golf course and rental properties worth over three million dollars. Through their story you will learn the surprising fact that even if you have cheap rent you can’t get rich renting! You must first own a home, and make it the foundation on which you build your financial security.
What Makes The Automatic Millionaire Homeowner
You don’t need a big down payment to buy a home.
You don’t need great credit.
You should buy even if you have credit card debt.
You can buy a second home even if you’re still paying off the first.
You can get started in any market–boom or bust.
It’s easier to be a landlord than you think.
Whether you are a renter or already own a home, David Bach gives you a lifelong strategy for real estate based on timeless wisdom that is tried and true. He includes everything you need to know, with step-by-step instructions, including phone numbers and websites so you can get started right away. His road map to ownership is easy to follow and, best of all, it makes the process totally automatic.
As long as you’re alive, you have to live somewhere. Why not let where you live make you rich? David Bach will show you how.
272 pages, Hardcover
First published January 1,2005
This edition
- Format
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272 pages, Hardcover
- Published
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March 7, 2006 by Crown Business
- ISBN
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9780767921206
- ASIN
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0767921208
- Language
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English
About the author
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David L. Bach is an American financial author, television personality, motivational speaker, entrepreneur and founder of FinishRich.com. Bach, is best known for his Finish Rich Book Series and Automatic Millionaire Series of motivational financial books under the Finish Rich Brand. He has written 12 books since 1998 with over seven million copies in print.
Eleven of Bach's books have been national bestsellers, including nine consecutive New York Times bestsellers, two of which were consecutive #1 New York Times bestsellers (The Automatic Millionaire and Start Late, Finish Rich). Bach has had four of his books Smart Women Finish Rich, Smart Couples Finish Rich, The Automatic Millionaire and The Finish Rich Workbook appear simultaneously on the Wall Street Journal, BusinessWeek, and USA Today bestseller lists. Eleven of Bach's books have been published from Random House (Broadway Books).
Bach's first book Smart Women Finish Rich was published in 1998, and appeared on the bestseller lists for a decade. His most recent book Debt Free For Life (2011) was published by Crown Business Books, and appeared simultaneously on the New York Times, Wall Street Journal and USA Today bestseller lists.
Bach has appeared regularly on television dispensing his financial advice since 1994. His first appearance on television took place in San Francisco, on local cable channel BayTV, where he was "The Money Doctor", and answered personal financial questions.
He was a regular contributor to The Today Show, appearing weekly on the Money 911 Segments. He also has contributed to CNN American Morning, CNBC, Fox Business, ABC Good Money, and The Oprah Winfrey Show. He has appeared on The Oprah Winfrey Show over six times, including the shows "How to become an Automatic Millionaire" (2004), "How to become an Automatic Millionaire Couple" (2004) and "Oprah's Debt Diet Series" (2006). Bach has appeared on CBS's The Early Show, NBC's Weekend Today, CNN's Larry King Live, ABC's Live with Regis and Kelly, and ABC's The View.
Bach has written, produced and hosted two public television specials, Smart Women Finish Rich and The Automatic Millionaire, which aired nationally. Smart Women Finish Rich was produced by Connecticut Public Television (1998) and The Automatic Millionaire by Chicago Public Television (2006). He has hosted two radio shows, Finish Rich with David Bach (Sirius Satellite Radio) and The Finish Rich Minute (Westwood One).
Eleven of Bach's books have been national bestsellers, including nine consecutive New York Times bestsellers, two of which were consecutive #1 New York Times bestsellers (The Automatic Millionaire and Start Late, Finish Rich). Bach has had four of his books Smart Women Finish Rich, Smart Couples Finish Rich, The Automatic Millionaire and The Finish Rich Workbook appear simultaneously on the Wall Street Journal, BusinessWeek, and USA Today bestseller lists. Eleven of Bach's books have been published from Random House (Broadway Books).
Bach's first book Smart Women Finish Rich was published in 1998, and appeared on the bestseller lists for a decade. His most recent book Debt Free For Life (2011) was published by Crown Business Books, and appeared simultaneously on the New York Times, Wall Street Journal and USA Today bestseller lists.
Bach has appeared regularly on television dispensing his financial advice since 1994. His first appearance on television took place in San Francisco, on local cable channel BayTV, where he was "The Money Doctor", and answered personal financial questions.
He was a regular contributor to The Today Show, appearing weekly on the Money 911 Segments. He also has contributed to CNN American Morning, CNBC, Fox Business, ABC Good Money, and The Oprah Winfrey Show. He has appeared on The Oprah Winfrey Show over six times, including the shows "How to become an Automatic Millionaire" (2004), "How to become an Automatic Millionaire Couple" (2004) and "Oprah's Debt Diet Series" (2006). Bach has appeared on CBS's The Early Show, NBC's Weekend Today, CNN's Larry King Live, ABC's Live with Regis and Kelly, and ABC's The View.
Bach has written, produced and hosted two public television specials, Smart Women Finish Rich and The Automatic Millionaire, which aired nationally. Smart Women Finish Rich was produced by Connecticut Public Television (1998) and The Automatic Millionaire by Chicago Public Television (2006). He has hosted two radio shows, Finish Rich with David Bach (Sirius Satellite Radio) and The Finish Rich Minute (Westwood One).
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If I had read this book a little earlier on in my home buying/investing journey, and definitely if I had read it closer to the time it was written, I would have given it a higher rating. Because it was written around 2005, much of the information was outdated, and some of the tips the author gave regarding obtaining financing seemed quite risky. It's no surprise that a crash was on the horizon based on the general tone of overconfidence about mortgages and real estate of the day.
Nonetheless, I still gleaned a few good nuggets of home-buying/investing advice. Things such as considering getting into a "hot market" as it's cooling off and many are scrambling to sell. Also, idea that "it's not so much about timing the market as time in the market," which allows you to actually get rich in real estate slowly rather than wasting time and resources trying to get rich quickly.
I appreciated the overall idea, laid out in a step-by-step way beginners can understand, of intentionally using your personal home as your great, long-term wealth-building tool. There were a lot of practical tips for those just starting out - just please be more conservative when choosing your financing!
While some of the examples in the book seemed a little extreme, there was one main example of two homeowners to which the author kept referring that I found very helpful and practically inspiring. I keep thinking about that in my own life now! To sum it up, the author said, "You can read these examples and get skeptical or jealous or you can get going!" I love that taking action was regularly prompted throughout the chapters - because knowledge does no good unless you do something with it. Being that this book seemed aimed at people just starting out in this process, I think that encouraging taking practical action steps was a very good idea.
In summary - the book is worth reading to give you a long term perspective on home buying and a glimpse into the trends of another real estate era, but there are probably more thorough, advance, and definitely more recent books on the subject out there.
Nonetheless, I still gleaned a few good nuggets of home-buying/investing advice. Things such as considering getting into a "hot market" as it's cooling off and many are scrambling to sell. Also, idea that "it's not so much about timing the market as time in the market," which allows you to actually get rich in real estate slowly rather than wasting time and resources trying to get rich quickly.
I appreciated the overall idea, laid out in a step-by-step way beginners can understand, of intentionally using your personal home as your great, long-term wealth-building tool. There were a lot of practical tips for those just starting out - just please be more conservative when choosing your financing!
While some of the examples in the book seemed a little extreme, there was one main example of two homeowners to which the author kept referring that I found very helpful and practically inspiring. I keep thinking about that in my own life now! To sum it up, the author said, "You can read these examples and get skeptical or jealous or you can get going!" I love that taking action was regularly prompted throughout the chapters - because knowledge does no good unless you do something with it. Being that this book seemed aimed at people just starting out in this process, I think that encouraging taking practical action steps was a very good idea.
In summary - the book is worth reading to give you a long term perspective on home buying and a glimpse into the trends of another real estate era, but there are probably more thorough, advance, and definitely more recent books on the subject out there.
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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.
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step one in me buying a home is probably "move back to philadelphia"
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I thought this book was pretty terrible based on the advice that It gave. This book was written in 2005 which is important to consider because it was during the real estate bubble. The author encourages everyone to buy a home no matter what their circumstances are. They could have no money down, credit card debt or financial instability. The only thing that mattered was homeownership. Many people that bought homes during this time were foreclosed on because their home is overvalued when they purchased it. He encourages people to overextend and cites that real estate is going up at a rapid rate as a justification. I’m sure this book got many people in trouble if they purchased based on his advice in 2005. The redeeming quality for this book is that some of the proceeds are donated to Habitat for Humanity and other organizations to help people become homeowners. Instead of this book look up Dave Ramsey! This book was helpful and the information provided on how to purchase a home, navigate the mortgage market, pick a real estate agent, etc.
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Solid audiobook. Listen, Learn and Grow.
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Some great info. Some outdated info (it was written over 12 years ago). Some completely misinformed info.
A great book for those who have zero knowledge about buying a home. It is a much more fun read than other books on this topic.
Buying a home in order to take a tax deduction rarely makes sense. David writes, "The best way to stay poor is to pay more than you have to in taxes." Close. The sentence should read, "The best way to stay poor is to pay more than you have to." People who buy a home in order to get a tax break aren't asking the correct question. The question they should as is, "How do I reduce the amount I pay." More often than not it is cheaper to pay the taxes you'd otherwise have deducted than to pay so much interest to a mortgage company in order benefit from itemizing on your taxes.
A great book for those who have zero knowledge about buying a home. It is a much more fun read than other books on this topic.
Buying a home in order to take a tax deduction rarely makes sense. David writes, "The best way to stay poor is to pay more than you have to in taxes." Close. The sentence should read, "The best way to stay poor is to pay more than you have to." People who buy a home in order to get a tax break aren't asking the correct question. The question they should as is, "How do I reduce the amount I pay." More often than not it is cheaper to pay the taxes you'd otherwise have deducted than to pay so much interest to a mortgage company in order benefit from itemizing on your taxes.
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Worst book ever. Read it because it was recommended by a friend, and it's clear we should not be friends anymore.
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