BOOK REVIEW: The Millionaire Real Estate Investor

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By Anita Clinton

Knowledge is power and as a real estate investor, understanding how to effectively play the game is critical to your success. In fact, the ultimate goal should be to the master the game and become a top player. The easiest way to get to the top is to learn how others did it and follow suit. There is no need to reinvent the wheel and Gary Keller’s book, “The Millionaire Real Estate Investor,” outlines and defines the fundamental truths and models for creating financial wealth via real estate. It represents the collected wisdom and experience of over 100 millionaire investors from all walks of life who pursued financial wealth and achieved the life-changing freedom it delivers.

The book starts by defining the author’s success formula: Big Goals powered by Big Models lead to Big Success. Creating Big Goals allows us to think big and see new possibilities for our lives. Utilizing Big Models that have been tested and proven make those possibilities more probable. A model that has been proven is “simply a method or system used to produce desirable, repeatable results.” Therefore if you can see the vision and have the model to achieve the vision, then success is inevitable.

Gary Keller’s book, “The Millionaire Real Estate Investor,”

As investors, setting the Big Goals is our first step. Once the goals are set, then the book gives us the proven model(s) we can use to achieve those goals. During the interview with the millionaire investors, the author discovered that there was a foundational model that all of these investors followed. There were three forces at the core of their real estate investing success: Criteria, Terms, and Network (CTN). Criteria simply defines what kind of property the investor wants. In practice Criteria narrows your choices to the properties that represent the greatest opportunity and the least amount of risk. Terms simply define how they turn an opportunity into a deal. Terms include everything from the offer price, down payment, and interest rate to conveyances, occupancy, and closing costs. And last, but definitely not least, is the Network. The Network includes all of the people that help the investor succeed. It is the relationships with people who send you opportunities, mentor you, help you buy and maintain your properties, and those that provide services that enable you do more while spending less time and effort.

Within the boundaries of the CTN principles are four stages of the progression: Think, Buy, Own, and Receive. The first stage is to Think like a Millionaire. “What you hold in your mind will show up in your life.” The second stage is to Buy a Million, which is centered around acquiring, holding and selling properties. The third stage is Own a Million, meaning positioning yourself to have a million or more dollars of equity in your properties. And the last stage is Receive a Million, which puts you in the position to receive an annual income of a million dollars from your investments. Pivotal to this stage is that your investment business be designed so that you can choose to get out of the day-to-day work and enjoy the benefits of what you’ve created - PASSIVE INCOME!!!

Gary Keller’s book, “The Millionaire Real Estate Investor,”

The book does an excellent job of explaining the intricacies of the models that the investors interviewed used to obtain their success. It gives practical examples, worksheets and charts/graphs, etc.; making the information as easy to comprehend as possible. It reiterates the fact that financial wealth is attainable to any and everyone who is willing to accept the challenge and take action in spite of circumstances, shortcomings and/or current financial status.