In review
Posted on April 12, 2006 - Filed Under Personal |
"The Automatic Millionaire Homeowner : A Powerful Plan to Finish Rich in Real Estate" by David Bach is my topic today.
I had a chance to go through this book.
Like many before him, David makes another series of arguments for purchasing property. He lists all kinds of statistics, calculations and logical arguments against renting and for owning. These arguments are nothing new.
What does interest me is all the resources he lists for providing aid. For example, our friends at HUD. People don’t know that there are resources available for the tax payer (You!). These can help out with down payment assistance. And he’s listed quite a few. He also discusses websites with mortgage information.
An overlooked aspect is all the costs after the purchase has occurred. The author doesn’t address the little things: property taxes, garbage, water, etc. Normally I tell people that when they have their mortgage payment, add an extra $800 a month. It’s a bit much but it puts in a good margin of safety.
Overall, his book is a decent road-map for purchasing a home. I feel this is one step up from the Rich Dad book regarding real estate. Like Kiyosaki’s other books, his real estate book focuses more on the psychology and mentality aspect of investments. Automatic Home Millionaire focuses more on the nuts and bolts.
If you’re thinking of purchasing a home, this book would definitely be of assistance.
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