Outdated & advice very anecdotal
Author provides advice based on the seven condo properties he's personally bought in the Seattle area in the mid-70's to 80's. As someone who lives in the same market I can tell you the ROI percentages and new purchase guidelines provided haven't been applicable here in a long time. The book is useful if you want the author's personal reasons for investing in condo's vs. other investments. He sees them as low hassle/risk v. reward and gives his reasoning. Of course, the numbers to back it up are outdated too. An interesting read but if you're looking for sophisticated investment advice or concrete steps you can use in today's market you may want to look elsewhere.
Great information
This is the best investment book that I have read thus far, which could mean that I haven't read enough investment books. To me, the book was a breath of fresh air, having a lot of down-to-earth, common-sense stuff. After reading it, I truly agree with the author that condominiums are a very solid, if not the best, investment. I even have a specific game plan on how to go about getting my first condo and the long term process that can make me rich if I implement it correctly, and follow the path laid out by Virsnieks.
Other business books that I have read just tell you that you have to learn to "think like the rich." These other books do not lay out a specific game plan to reach your goals. Virsnieks even gives you the details about each of his condos that he bought and gives you the exact amounts that he made on each one, and even gives figures on the ones he lost money on. He also does not tell you to be sure to buy his other books and attend his seminars so he can fill your head with more useless information and take more of your money. For this, I really respect Virsnieks. He has no hidden agenda as some other business/investment authors that I have read seem to have. He gives you a specific, easy-to-follow game plan with very attainable steps that I think just about anyone can follow.
There is one flaw that I have found with this book. Although the book was published in 2002, the author makes many references to the years 1986-1997. He never really discusses the performance of his properties beyond the year 1997, except for the fact that he added an appendix right before the book was published. Maybe this was because it took him a while to compile the info, and maybe it took a few years to get the book published after it was finished.
As the author explains, there is no get-rich-quick scheme here; it is a long process that will take a little bit of time and patience to really benefit from. But I think that's how all business works. There is no easy way out. But, using this method, you can make a lot of money and you won't have to do very much work, nor will you have to take any big risks.
Outdated information
I bought this book along with the one by Gary Eldred.
Eldred's had much more up to date info.
This book was full of stats from the mid to late 1990s even though it was written in 2002.
He never fully goes into the tax benefits of Real Estate especially 1031 exchanges etc.
He bought his condos at a high interest rate making his payments higher and thus affecting his formula on how to know if you are getting a good deal or not.
I can not reccomend this book.
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