How successful are they?

You’ve  heard the pitches, seen the ads, and even read the books …

… but, how successful are those ‘best-selling’ real-estate authors, anyway?

John T Reed is the guru-basher – rightly or wrongly, he reads, judges, and publishes his views on his web-site. Click on this link to read what he has to say about some of those real-estate gurus, then come back here.

You see, I want to point you to the very first ‘guru’ that he mentions: it’s William Nickerson. William Nickerson was unique in that he really was successful, and interesting for two reasons:

1. He actually wrote a best-selling book on real-estate that is the genuine article, and

2. He wrote (or commissioned) perhaps the very first real newspaper ‘advertorial’ (see the image, above).

According to John T Reed, an accomplished and genuine real-estate investor in his own right, William Nickerson:

… told the truth – but he did that back in 1959. His book, which is excellent, says to save money, put 25% down on rental property, renovate it, and exchange up to a bigger one and repeat the process.

Simple, but effective!

BTW: I now remember that Rich Dad, Poor Dad was NOT the first personal finance book that I ever read. It was, in fact, an old book that I found in my Dad’s book shelf. It was called something like: How I Made $1 Million In Real-Estate and was written by a Hungarian ballet dancer who either moved or defected to the USA and somehow found a lucrative ‘hobby’ in real-estate.

His system was very similar: buy one rental property, rehab, and trade up for a duplex. Repeat and trade up to a quadraplex. And, keep going!

I can’t believe that I forgot about this book, as it was the one that really fired my imagination, after which I promptly did NOTHING towards investing in real-estate for at least the next 10 years 🙁

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7 thoughts on “How successful are they?

  1. There are a lot of people out there who have made modest fortunes starting from a low base – a fact that all of us can take comfort from. That does not mean that every successful investor is a suitable role model:
    1. some of them would have succeeded by luck
    2. what worked for one person may not work for others
    3. what worked in the past may not work in the future
    4. ability to execute may vary from person to person
    5. did they continue to be successful – or did their financial standing subsequently decline?

    etc etc etc

    By all means look at other successful people, listen to what they have to say, learn from them and, above all, be inspired but do not follow them blindly.

  2. Wow, after reading his web page,I think you really need to check out these people who hype Real Estate Deals. I have heard of many of these people ,but never felt compelled to buy their books.

  3. “By all means look at other successful people, listen to what they have to say, learn from them and, above all, be inspired but do not follow them blindly.”

    @ TraineeInvestor – Great advice!

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