Tuesday, December 29, 2015

The Incredible Secret Money Machine

A reader of this website recommended a book to me I had never heard of before.


I got a copy, I read it, and I loved it.

I was going to write a detailed review of the book but someone already had.  Great synopsis.

Originally written in 1978, the book details what today is called a "side hustle" or making money on the side other than a full time job and investing the proceeds in other income producing assets like real estate.

This strategy was the quintessential "get rich SLOWLY" approach of real estate gurus in the 1970s and 1980s.  Build income, build cash savings, and then buy properties for long term gains and pyramiding opportunities.

Another great example of this approach is Dave Del Dotto's still exceptional book, HOW TO MAKE NOTHING BUT MONEY from 1989.

I highly recommend both these books above for people who want to invest in real estate the smart, efficient, safe, ethical, and responsible way.

1.  Build cash flow through side hustles other than your full time job
2.  Save your money
3.  Buy bargain priced real estate
4.  Improve what you buy to build equity
5.  Hold, refinance, or sell for profits

The real estate gurus of today teach little more than disguised foreclosure rescue fraud.

AVOID THEM.  Go with the classics.

Thanks for the book recommendation.  KEEP THEM COMING!

Monday, December 21, 2015

Carl Icahn and Pep Boys

Those of you who took my advice on Pep Boys as a real estate play years ago are doing better and better these days.

Carl Icahn announced a takeover bid for the company today.  It's in play, people!

Counteroffer, anyone?

Monday, December 14, 2015

George Plimpton

A reader of this blog asked me how the new Investing in Land website will differ from the old.  A good question.  Right now I only have a two word answer.

George Plimpton.

Study his life and have fun.  We will, just like he did.  Watch his biography on DVD for some clues.

Website will launch on March 1, 2016 or sooner.  Stay tuned for more details.

Tuesday, December 8, 2015

Guru Freebies

Real estate gurus offer all sorts of "freebies" and enticements to come to their FREE introductory seminars.  Lately, the cornucopia of stuff is extreme.  Cell phones, computer tablets, hotel vacations, memory sticks preloaded with course materials, libraries of books, CDs and DVDs, you name it.  All are usually given ridiculous retail price valuations to make these sweeteners seem way more valuable than they really are.  A one GB thumb drive loaded with some PDFs for $199.95?

One reader of this blog had an incredible offer for me.  I'd only need a time machine to use it.

Sometime around the year 2007, real estate guru Robert Allen of Nothing Down fame was offering FREE introductory seminars pitching his new Enlightened Wealth Retreat.  The value of the free ninety minute come-on and seminar pitch was, get this, drum roll please....

$3,995.  (Check out the fine print on the tickets above.)

Yes, an hour and a half with a Robert Allen trainer (not the man himself) was being valued at a Big Mac meal short of four thousand bucks.

Also note this reader was given three tickets or nearly $12,000 in "value" for just coming to a cheesy hotel ballroom and listening to a sales pitch for a $7,995 real estate wealth building and passive cash flow generating program.

Wow!  What a deal!

Most attendees did not think so.  Here is what one person unfortunate enough to pay the nearly $8,000 for the Enlightened Wealth Retreat had to say.

Robert Allen is still at the real estate guru game, BTW.  He's the current winner of the Most Overvalued Guru Freebie in Real Estate Guru History.  And in case you think I was going to bash him, I'm not.  His Multiple Streams of Income book series is excellent and so are his books, Creating Wealth and The Challenge.  All are available for one cent used on Amazon.com.

If you have another candidate for the most overvalued guru freebie, please let me know.  Thanks to Dave in Salt Lake City for the tickets.  They are now part of my collection.  A mere photograph would have been enough....