How I Turned $1,000 Into Five Million in Real Estate--In My Spare Time

by William Nickerson

An updated guide, geared to today's real-estate market, provides step-by-step advice on becoming successful--and wealthy--in real estate with average ability, savings, and luck

Genres: Business, Finance, Nonfiction, Money

577 pages, Hardcover

First published September 1, 1980

Reviews

[Douglas · Rating 5 out of 5]

I was reading Trumps book and one of the people in there said that this book is the best guide EVER. It is not produced anymore and is often sold used for $100. I bought this one for $50 on amazon. I checked the source and it used to be at the LA Public library.

The book is supposed to be an exact description of how a couple started out with $5,000 and grew it to $1,000,000 in MINUTE detail. I am very eager to read this book.

[Gareth · Rating 5 out of 5]

Was hard to track this down. Paid $85 for it and it was worth every penny. Program looks realistic, it's definitely a change of pace from the modern get-rich-quick guru BS.

Nickerson's plan is to work a regular job and save up a down payment for a modest rental house in need of repair. Then, every couple of years you use your equity and savings to trade up to a larger building (avoiding capital gains) until you're a multi-millionaire.

Almost deducted a star because it is dated in places, but the system he describes is still applicable - just some of the details have changed.

For example: segregated neighborhoods no longer exist (at least not in the eyes of the law), it's now illegal to turn away renters with children, and mortgage financing now means that 20% is considered a conservative rather than minimum down payment.

[Thomas San martin · Rating 4 out of 5]

Although some of the concepts, ideas, and especially numbers are outdated, Nickerson provides valuable information for anyone looking to make money in the field of real estate investing. I look forward to reading an up to date Real Estate investing book to compare Nickersons methods and ideas to modern investors of todays times.

[Kathleen · Rating 3 out of 5]

The wisdom and street smarts were the value in this book as well as the detail in hiring property managers and negotiating with sellers. This value beat the dated advice to find properties and hires from newspaper ads and even the dated numbers where adding an extra zero to everything still didn’t quite work.

[KG · Rating 4 out of 5]

This books gives a good idea of what real estate investing is like, what your expectations should be, how to approach different aspects of it etc. But most of the information is very dated.

I think this book is valuable as a general blueprint, but I would not start REI before reading something newer or talking to a broker.

Some unanswered questions and concerns:
- What happens if the market tanks, and your tenants move out? How do you pay the loans for the multiple properties?
- The whole book is set on the premise that all you need is $1000. Inflation adjusted that's $8,183.23 today. You cannot find a property for that down payment in a good place. Period!
- How part of an individual's net worth should be in real estate? How should that change with age and net worth?
- How can you hedge against market volatility?

[Diego1024diego1024]

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[Nguyenthoi]

i think this book good for me, but i want buying book:
what is happening on Wall Street