Anyone here read and recommend John T. Reed’s books on Real Estate Investing and Success?
I found out about him while looking at reviews of Cashflow Quadrant on Amazon.
Very interesting website at johntreed.com. I’m trying to get some of his books on loan from libraries around the State. After reading them I’ll pass on my thoughts for those interested.
MikeVB
Replies
Mike, that website certainly offers a contrary point of view regarding real estate investing!
I spent the last two hours perusing it and I have formed an opinion about John T Reed....he is angry!
I'll be tracking down some of his books because I believe that due diligence regarding any endeavor is worthwhile. I'm not opposed to scrutinizing both points of view, then making informed decisions based on a broader knowledge.
My sense of Reeds writings are that he is so hellbent on proving his points, that he misunderstands some of the goals of the authors, such as Kiyosaki. It seems his anger stands in his way of objectively sticking to the facts and just pointing out the true errors. Instead, he takes some writings out of context, then applies his own explanation, thus making his point. In a way, he's as guilty of the same bluster that he's accusing the authors of.
He obviously thinks all "gurus" are snake oil salesmen and his opinions reflect that bias. It is undeniable that some gurus are peddaling garbage, but I think his message gets tired when he attacks every thing and anyone related to the industry.
For instance, he blantanly lambasts the lease option and in an accusatory tone implies that anyone doing them are shysters. Later in his discussion, he makes this statement "No investor should do lease options unless he makes full disclosure, the lessee/optionees meet appropriate suitability standards, and they have a 90% or better exercise rate in his program." OK...I want to do lease options using his criteria! The ironic thing about that statement, is that most of the books that I've read regarding this subject states the same thing! The better authors warn of the perils that befall those that fail to disclose and inform fully. They warn about taking advantage of those that are vulnerable. So, I find Reed's tone rather inflammatory, rather than a good souce of information. Instead of focusing on his hatred for the gurus, I think it would be better if he spent as much time teaching his readers how to ethically analyze and conduct lease options and other such creative endeavors.
Also, I find it ironic that he is so defensive about taking properties "subject to", especially because the "banks" might be hurt by having their loans continued at "lower than market rates". If you only listen to him, you'd find yourself feeling pity on the money lending giants that will ultimately take the home from the distressed seller if you don't step in and take over their payments. I'd like to see him present his arguments about taking houses subject to and offer suggestions that would actually help the defunct borrowers, not just the lenders.
I'll track down some of his books, I look forward to the discussion.
blue
Just because you can, doesn't mean you should!
Warning! Be cautious when taking any framing advice from me. There are some in here who think I'm a hackmeister...they might be right! Of course, they might be wrong too!
blue... i just spent an hour reading Reed's website..
thanks to a link from Tim Mooney
interesting.. down near the bottom there is this quote..
<<Best seller statusOne Kiyosaki supporter (they call him “RKâ€), said Kiyosaki has several best-selling books, but he’s never heard of me, therefore Kiyosaki obviously knows what he’s talking about and I don’t. (Click here to read that email and others>>>>
i wonder if that was "OUR" RK ? were you around when RK started selling his sh*t here on BT ?Mike Smith Rhode Island : Design / Build / Repair / Restore
Mike, I think SmallToolbelt Sancho Ron might have a few sets of those fine Win-Win tapes if you're looking for some.
Joe H
which ones you got in mind , joe?
hey... you booking a flight to calvin's in August. ?. you're on my list Mike Smith Rhode Island : Design / Build / Repair / Restore
RK's tapes of whatever it was. Win-Win is about all I can recall. Isn't he the guy who started calling Ron a small toolbelt contractor as opposed to a big timer like RK? Guess he didn't figure out Ron's an engineer for the gov'mnt.
No trips to Calvin's, hope to get up to see relatives in South Dakota this summer if all goes well. Got mail from JLC show today too, in Anaheim. Not going back to Southern Cal ever if I can help it, but might try for Vegas show.
Joe H
i missed that exchange..
hey.. my mom was born in Marmarth,N.D... ever read "Badlands" by Jonathan Raban ? veddy interesting Mike Smith Rhode Island : Design / Build / Repair / Restore
blue... i read and loved Rich Dad, Poor Dad..
but i never believed it as anything more than a "parable"..
to me the parable was about gaining assets that would generate income..
and yes, i do find Kyosaki to be a snake oil salesman.. in the business of selling books, games and admission to his speaking engagements..
but i still love his book as inspiration.. now how to continue to inspire younger people without selling them the kool-aidMike Smith Rhode Island : Design / Build / Repair / Restore
Mike, I too always just thought the entire story was a parable. I figured it loosely resembled some aspects of Kiyosakis life, but I never felt a need to verify any of it. It really doesn't matter if it was true or not, but we can look around and see similarities everywhere.
The major lesson I learned from Kiyosaki was to take the issue of financial education seriously. Also, watch your expenses. Don't buy luxury consumer goods unless they are bought with passive investments.
These guys that are quitting their jobs obviously missed the big picture!
I don't call everyone selling their wares on late nite tv snake oil salesmen. Some of the wares are exactly what some buyers need. We all have the ability to say no. We hold the clickers.
I sent you an email requesting some contract language for SCAs. I hope you can help me...I'm pitching a deal tomorrow.
blueJust because you can, doesn't mean you should!
Warning! Be cautious when taking any framing advice from me. There are some in here who think I'm a hackmeister...they might be right! Of course, they might be wrong too!
blue.. i'll check the emails at work tomorrow.. no emails hereMike Smith Rhode Island : Design / Build / Repair / Restore
Mike, I was just begging for some simple contracts for an SCA.
I don't want to pull out a ten page document for what essentially is a work order.
blueJust because you can, doesn't mean you should!
Warning! Be cautious when taking any framing advice from me. There are some in here who think I'm a hackmeister...they might be right! Of course, they might be wrong too!