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Now I’ve read a few books on real estate before and taking courses on real estate. However this book is a little different and not in a bad way.

So in this video im going to break my thoughts about the book and the 5 core ideas I took away from it.

the Millionaire Real Estate Investor Book Review | Gary Keller

1. Buy and own a Million dollars worth of Real Estate
Example: You might say Tommy that’s pretty much the same thing; however, it's actually very different.
A: Buy a million – I live in New York, and if bought this house where we rent, well, it would be the equivalent of me buying 500k worth of real estate and if I bought my neighbors house just like this one, well now I just bought a million.
However: Whether I put 20% or 3% down or no Money Down, the point is, I might control a million dollars worth of real estate, but I don’t have a million dollars worth of equity just debt.
And if it's not appreciating and it's not cash flowing, then that might be a use problem
What I learned is this:
I want to buy a million, yes. However, I also want to own a million… as in one million in equity.

2. Hold or Sell ( there are more, but I want to really focus on this)
Example: You can flip properties for a profit or hold and cashflow and create some passive income, and sometimes you won't cash flow, but the value will appreciate.
Which one:
Buying to Hold: Can always offer a better price because they don’t have the tax after selling, and they’ll be holding to see the property appreciate and cashflow.
Flipping is Job: The moment you stop, the money stops coming in
Pro: you can use it as a foundation for your starter capital.
What I picked:
I want to Buy, live, Rent and hold: And then I also want to do something call extreme debt repayment which a lot of people might disagree with, but it’s a proving method. ( Basically, Take one year to dumb as much cash into the property to create equity, then get another property... I’ll make a full video soon)

3. Planning, Budget, and Criteria
Example:
Planning: Is deciding why you want to get into real estate and create some smart goals
Budget: You want to start budget cash out of Check to save for your investments ( hard for some and have a video on it )
Link:    • How to Save Money on Budget on Low Income ...  
Criteria: it's honestly the most important of the book, it's deciding what type properties you want to invest in, location, terms of the deal, and more.
Where I am:
My Plan: I’m not a flipper, I want to build cash flow and equity
Budget: I’m saving and should have around a little over 120k in the next few months
Criteria: I’m working on it, whether I want to stay in New York or move somewhere else and stuff like that.
Take away: This book doesn’t just break down the number, but it makes you think about details.
Example: My criteria is: I want a single-family home, 3 bedrooms and 2 baths, made before 1950, and little to no repairs needed. ( Ps, this not that detailed)

4. Make your Money Going in ( Terms)
Example:
Once you have your criteria, you cant break it, and if you do, you from investing to speculating.
How it works:
If you said your criteria is at least a 30-40k discount value to make sure everything goes okay and the numbers don't add up,or the seller is giving you a hard time, you might have to away.
Go from a buyer to Shopper
On the other hand:
If you see a property that meets your exact criteria, then execute immediately
Take away:
Stick to the plan
Ps: the average investor will look at 90+ properties before buying one ( notice I said, investor)

5. Leads, Marketing, and Maintenance
Example:
You cant do it alone, you need a network to provide you with leads, like agents for example or partners or Scouters
Market: To continuously get deals coming to you
Maintenance: Those are real relationships, so you have to maintain them ( call in once a month )

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