Posted on September 26, 2003
New York – Mike Summey, co-author of The Weekend Millionaire’s
Secrets to Investing in Real Estate (McGraw-Hill/ October 2003; PB;
$14.95), grew up in the poverty stricken coal mines of West Virginia. He left
home at the age of 16 and worked for 30 years in the billboard industry. During
the weekends, Mr. Summey bought real estate; 20 years later he was able to
retire because his real estate investments had made him a millionaire.
Many people would like to achieve the financial success that Mr. Summey
has, yet fear and lack of information make them too cautious to invest in real
estate. They also
fear the fiscal pitfalls and time commitments and that owning and managing
real estate entails.
Success in real estate requires knowledge, planning, and the ability to
break the project into manageable segments, which is exactly what Mr. Summey
and co-author Roger Dawson provide in this invaluable resource.
In The Weekend Millionaire’s Secrets to Investing in Real Estate
readers will find: read on for more…
Principles of Real Estate
- As a real estate investor there are already two real estate principles
that work in your favor:
Using a mortgage, you can own a house that is ten times the amount of
your original investment; this is called leverage. Leverage is
a principle of investing that is often used to describe the relationship
between a stockholder and the stock market. However, unlike the stock
market, real estate makes it easy for the investor to own their investment
completely using a much higher percentage of leverage.
- When you own real estate, the tax benefits are enormous. Mr. Summey
lists five different tax benefits that are available when you invest in
Learning Your Real Estate Market
- A property manager will give you the time need to enjoy your real estate
investments and reap the financial rewards they offer rather than spending
it fixing light bulbs, unclogging toilets and chasing late rents.
- Start with bread and butter properties. Bread and butter properties are
single-family starter homes that are reliable, easy to maintain, and they
attract good tenants.
- There could be dozens of bread and butter neighborhoods within close
proximity to where you live. The area within a ten-mile radius encompasses
over 300 square miles, and more than 200,000 acres and is often loaded with
How to Find the Ideal Seller
- An ideal seller is anyone who is willing to sell their property at a
combination of price and terms that will allow you to make money when you
rent it out. Some examples of “ideal sellers” are couples getting a
divorce; elderly couples who want to convert their real estate equity into
retirement income and people who have been transferred with their jobs and
need to liquidate their property quickly.
How to Power Negotiate; How to Structure the Offer; Moving Onto Larger
“All successful people have defining moments that change
their lives forever,” says Mike. Summey. “Moments when they have flashes
of insight about their potential and ability to be successful that forever
sticks in their mind as the moment that turned their life around. This book
can produce one of those defining moments for you.”
Mike Summey, “The Weekend
Millionaire,” has a rental income of more than $100,000 a month from
investment properties. He teaches the “Weekend Millionaire Method” to
thousands of people across the country.
Roger Dawson is a leading negotiation expert whose bestselling cassette
program, “Secrets of Power Negotiating,” has exceeded $28 million in
October ’03 ● 0-07-141291-3 ● $14.95
(Trade Paperback) ● 6 X 9 ● 288 pages
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