How does an ordinary person with an ordinary income reach their seven-figure dreams? First they must own their own home – and do it David Bach’s way. The financial coach who has helped millions to finish rich is back with a simple, powerful solution to get rich in real estate. As David says, "Renters stay poor, homeowners get rich, and smart landlords laugh all the way to the bank!"
In his breakout 2004 bestseller, The Automatic Millionaire, David Bach showed why owning your own home is not only smart, it’s the core secret to becoming a millionaire. In his new book, tailored for a Canadian readership, he shows exactly how to make that happen with a simple, automatic plan you can read in an hour and put into place today. Renters will learn how to buy a first home, even with lousy credit and tiny savings. And existing homeowners will find out how to turn the roof over their heads into a powerful investment that doubles, triples, and quadruples in price while you simply enjoy living in it. And while you don’t have to be a landlord to finish rich, if you’re willing to be, David teaches you how simple it really is to buy a rental property even while you’re paying the mortgage on your home.
THE AUTOMATIC MILLIONAIRE HOMEOWNER is brilliantly simple, easy to read, highly motivational with a realistic, take-action method for achieving financial prosperity in real estate, starting now.
Bach offers time-tested tactics on all the essentials, including:
Why you shouldn’t wait: busting the myths of renting
Finding a down payment right now using the Automatic Down Payment Solution™
Choosing the mortgage that is right for you – even with debt, even with imperfect credit
The secret system for debt-free homeownership: why you must Make It Automatic!
The Automatic Millionaire Right Place, Right Time, Right Price, Right Program™ for buying and selling
Learn the Automatic Millionaire Mindset™ and collect "automatic cheques" while you sleep
Introduction 1 Chapter One Meeting the Automatic Millionaire Homeowner 19
Chapter Two Why Smart Homeowners Finish Rich 37
Chapter Three The Automatic Down Payment Solution 59
Chapter Four How to Find a Mortgage Advisor You Can Trust 85
Chapter Five The Automatic Millionaire Homeowner Right-Fit Mortgage Plan 101
Chapter Six How to Get the Best Deal on Your Mortgage 129
Chapter Seven Find Yourself a Home the Smart Way 147
Chapter Eight How to Hire a Great Real Estate Coach 177
Chapter Nine Make Your Mortgage Automatic and Save $106,000 on Your Home 191
Chapter Ten From Ordinary Homeowner to Automatic Millionaire Homeowner 201
Chapter Eleven How to "Bubble-Proof" Your Real Estate Plan--and Survive a Downturn 221
Chapter Twelve Make a Difference--Help Someone Else Become a Homeowner 233
A Final Word: Your Journey Home Begins Today! 243
Acknowledgements 245
Index 248
CHAPTER ONE
MEETING THE AUTOMATIC MILLIONAIRE HOMEOWNER
I'll never forget when I met my first Automatic Millionaire Homeowner. I was in my late twenties and was on one of my first book tours, giving a talk at a bookstore in San Jose, California.
After a long down period, the real estate market in California was starting to take off, and many of the people who had come to see me had questions about whether now was a good time to buy property. In the middle of discussing the benefits of homeownership, I called on a young woman named Karen, who seemed particularly excited. "David," she asked, "what do you think about the idea of setting up an LLC for real estate? I'm trying to decide if I should put my property investments into an LLC or a Nevada corporation."
An LLC, by the way, is a Limited Liability Corporation. Don't worry if you don't know what this is. Neither did Karen when she asked the question.
I told Karen there was no simple answer to her question. "It depends," I said. "What type of real estate do you own?"
Karen blushed a little, then said, "Actually, I don't own any yet, but I just read a book on real estate that said I should put my real estate in an LLC or Nevada corporation, because then my assets would be protected against frivolous lawsuits." She shrugged helplessly. "It all sounded so complicated. I'm not sure where to start."
"Well, let me ask you something else," I replied. "Do you have a lot of assets right now?"
Karen shook her head. "Not really."
I smiled at her. "You just read a book on real estate," I said.
"Why? Is it owning real estate that matters to you or the financial freedom you're hoping to get from it?"
"The financial freedom," Karen said firmly. "I want to get out of debt, stop renting, and finally get ahead. I'm tired of living paycheck to paycheck."
"That's great. Congratulations on knowing what you want and making a decision to get there. You've already done the hard part--something that most people never do. Now, how about we focus on it one step at a time? Instead of worrying about whether or not you need a complicated LLC structure for your assets, let's look at how you would go from renting to homeownership. That's really your first step in building assets."
Karen nodded enthusiastically. "I know," she said. "My parents told me that I should focus on buying a home. The book I read said I should look at foreclosures and buy real estate with no money down. But the...
Reviews
USA Today...
"[Bach's] cheery, can-do message...cuts through the intimidating challenge of buying a house for the first-timer... for a newcomer, it's fundamental reading."
Robert J. Bruss, The Miami Herald ...
"If you read only one real estate book this year, it should be The Automatic Millionaire Homeowner...This is one of the few real estate books that cannot be recommended too highly for both beginners and experienced homeowners."
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