Real estate fortune: can it be made in just 2 years? Justin Pierce, of Bigger Pockets reviews the Matthew Martinez book 2 Years to a Million in Real Estate.
The short answer is "no," according to Justin.
The long answer is what we've always said on this blog. Yes, you can become wealthy and live off your properties in your retirement, etc. if you are willing to work hard and smart. The problem for most people is they are not willing to do that. They often get discouraged when they have to deal with tenants and they give up.
So what's new?
Not much, with this read. My theory about that is there really isn't a whole lot that is new about real estate investing anyway. You buy a property, fix it up, sell it for a profit, or keep it as a long term landlord. Let's don't make it complicated.
Of course, the devil is in the details. This book gets into some of the meat and potatoes of it and that's one reason why Justin refers to it as kind of a dry read. Okay, most textbooks are. You want excitement, watch one of those dumb info commercials about below average people who suddenly make real estate fortunes over night.
What Justin does bring up in his review which I think is particularly interesting is the cash flow question. Do you have a positive cash flow or not? He also mentions that this book was written before the current housing boom crash so you need to understand the figures probably don't add up.
You can learn a lot from books like Real Estate Fortune. Just don't get carried away with all the hype.
Read Justin's review of 2 Years to a Million in Real Estate.
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