The Scratch Millionaire: How You Can Build Massive Wealth in 36 Months or Less with Cash Flow Real Estate, by Monica Main
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The Scratch Millionaire: How You Can Build Massive Wealth in 36 Months or Less with Cash Flow Real Estate, by Monica Main
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The Scratch Millionaire is not just another “how to” book on wealth-building and real estate investing. It’s a book to help you both change your millionaire mindset while introducing you to the precise tools and steps needed to become a passive income millionaire in 36 months or less. In no other single book anywhere will you find this much power-packed information that can show you everything you need to know to get started in the exciting and highly profitable world of cash flow real estate investing. Like making muffins, biscuits or cake from scratch, anyone can use the most basic of ingredients to essentially have success from using know-how and by having the ingredients needed to make it work. This is exactly what you’ll have once you finish reading this book: the ingredients and know-how to become a passive income millionaire. In our post-depression New Economy using brand new cutting-edge strategies and techniques are required to be able to compete in our current investing and business environment. Those who are unwilling or unable to come up to speed with these competitive strategies simply won’t make it. The good news is that once you understand and start implementing these techniques, you’ll find that attaining your own success is fairly easy provided that you’re willing to follow a set of very easy doable steps. All you need is a burning desire, a willingness to succeed, and persistence to keep going until you build your wealth empire. Action, of course, is the basis of all success. You can read, learn and know everything yet get nowhere with a lack of action. Once you devour all of the strategies presented in this very rare book written by a self-made from-scratch millionaire, you’ll know everything there is to know about getting started with passive income real estate investing. Your only “requirement” is to get out there and use it. And if you do, you can become a real estate millionaire in 36 months or less.
The Scratch Millionaire: How You Can Build Massive Wealth in 36 Months or Less with Cash Flow Real Estate, by Monica Main- Amazon Sales Rank: #89830 in eBooks
- Published on: 2015-10-08
- Released on: 2015-10-08
- Format: Kindle eBook
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Most helpful customer reviews
3 of 4 people found the following review helpful. A disappointing mix of good and bad By Jeffrey D. Smith The Scratch Millionaire - Monica MainI purchased the $10 kindle version of this book. I read it in about a week. I have good and bad criticisms about this book.I will start with the bad criticisms.This book is poorly constructed, as if it were dictated and then poorly transcribed. Definitely no proof reading by a competent editor. There are many places which have the wrong word, yet sounds similar to the correct word, and requires re-reading the sentence several times before understanding what the author meant to write.There are also just plain wrong recommendations. For example, the author asserts that lowering the NOI will improve the property value. That's backwards. Property value is directly proportional to the NOI, and lowering the NOI lowers the value. You want to increase the NOI to improve the property value. More cash flow means more value. Makes sense, right? But the author got it backwards. Definitely no proof reading by a competent editor. Also, this is not a case of saying NOI while meaning CAP rate. If you must compress the CAP rate to increase the value, then you are definitely not creating value. You are simply looking for a greater fool with more cash than brains to buy your white elephant.As to real estate investing strategies, I ran a few of the suggested scenarios through my financial analysis spreadsheets. For example, the author recommends a 60%:40% financing structure for a nothing deal. Obtain a 60% hard money (or private money) loan amortized over 30 years with an annual interest rate not to exceed 9%. Then the seller holds a second position junior lien and note for the remaining 40% amortized over 35 years with an annual interest rate of not more than 4% (due in 3 years). Running these financing parameters produces a Capitalization rate of over 11.5%. However, when I change the first position loan to 6.25%, the CAP rate falls to about 9%, which is a much easier deal to "sell" to the motivated seller. High CAP rates are better for the buyer, low CAP rates are better for the seller. Negotiation will meet somewhere in between for a fair deal for both parties.The author writes at length about the lease-option strategy to acquire contractual control of the property without the risk of being on-title to the property. The author makes certain claims about the risks involved with a lease-option, yet doesn't know about how to circumvent those risks. For example, the master lessee (you) make payments to the lessor (the owner) and you must trust the owner to make loan payments on the existing loan. If the lessor skims the equity, then the lessee is at risk of a foreclosure and losing any equity accumulation. This is actually a non-issue. Lenders use a loan servicer or a bank collections department to receive rental payments, and then disburse those payments to the lien holders in priority order. The owner receives whatever remains, and cannot cause a default by skimming the equity.The author has another "issue" with lease-option. The owner could decide to sell the property out from under you (the lessee). This is also a non-issue, because you can require the owner to record on the property title a "Memorandum of Lease" and a "Memorandum of Option to Purchase". The memoranda "cloud" the title and prevent the conveyance of the property to a 3rd party. The lessee/optionee escrows a "release of memorandum" with the escrow agent to be recorded at conclusion of the contract. The lessor and lessee are both protected.Also, if you intend to make capital improvements to the property, then you can require the owner to record on the property title a "Performance Lien" to secure your investment. You can even hypothecate (pledge) that lien to your private financier for providing the funds for the renovations. If the owner tries to renege on the Option, then you can foreclose on the performance lien to force a sale of the property recover your investment.The author makes some claims about what the lessee (you) cannot do, because you do not own the property. For example, you cannot hold the security deposits in your own escrow account. This is nonsense. With properly structure contracts, including a limited power of attorney, you can do whatever the owner can do, and still limit your liability as a non-owner.As for the financial structure of the lease-option deal, the author has a poor suggestion. Don't even bother with it.I prefer structuring the lease-option as a combination of lease (interest) payments plus applied rent credits (principal) for incremental option consideration. For example, I suggest calculating a bid price for a 90% interest-only loan at 5% annual interest for the "lease" payments, and a 10% principal-only (i.e., 0% interest) loan for the periodic option consideration payments. Both are due in 5 years, not 3 years. The option consideration is fully paid in 5 years. By that time, you should have improved the property performance to qualify for a refinance loan to exercise your option or to sell your option to a 3rd party for a nice assignment fee for your created equity. Your memorandum of option provides sufficient seasoning of your interest in the property to qualify for a refinance loan to exercise your option to buy.My financial spreadsheets calculate the blended terms for an equivalent wrap-around loan. These parameters are likely to calculate a bid price that is near to the owner's asking price.For buying the property, I saw no mention of using a wrap-around note and All Inclusive Trust Deed (AITD), which is a great to acquire control of a property from a motivated seller.The author also claims that secondary liens on property are generally disallowed by the primary lender, which is correct. However, the author never mentions that the seller could be placed into the new Limited Liability Company (LLC) as a "preferred equity" member with the same parameters as a junior note. Thus, the primary lender has sufficient protective equity and the (former) owner is now earning a good yield on the equity, just like a junior note and lien.I offer extensive down-loadable affordable courses that focus on real estate finance, so I know what I am talking about.Now for the good criticisms.The author is bluntly truthful on the serious difficulty of working with commercial real estate brokers. I hate them, too. (When they pat you on the back, they are merely feeling for a good place to stab the dagger.) However, they control 85% to 90% of the commercial real estate market, so you must learn how to work with them. A few years ago, I allowed my real estate broker license to expire, so that I am not legally required to work through the seller's (listing) broker. I can go directly to the seller when I am having a problem with the broker presenting my offers. Brokers are required by federal and state law to present all offers, but brokers don't care.The author has an extensive chapter on property management, especially the perils of retaining a property management company (PMC). When you are just starting out, hiring a PMC is a necessity until you grow a portfolio large enough to justify creating your own PMC. If you intend to own a good size rental property portfolio, then you must start your own PMC to protect your portfolio. Until then, watch your retained PMC like a hawk. Otherwise, they will rob you blind.Finally, the author correctly asserts the huge profit potential for highly distressed properties. Just walk into dilapidated, stinky, boarded-up vacant apartment building and inhale deeply. That's the smell of money! Such properties are almost always banked-owned and sell for about 20% to 30% of the After Repositioning Value (ARV). You can triple or quadruple your investment when you know what you're doing.These deals are also available for "nothing down" by using syndication techniques (which I also teach in my down-loadable courses) to raise all cash. I teach that after repositioning and the property is stabilized and seasoned for about 6 to 12 months, then you can refinance at 70% ARV to redeem fully all of the syndication investment plus a tax-free cash out for rolling into the next project. As a syndicator, you get a fee for finding the deal, managing the project, and a percentage of ownership for cash flow and profit split. The author doesn't give attention to this strategy, because probably the book is intended for beginners.Bottom line: Don't give too much attention to the author's suggested financing structures. There are much better, safer, and more equitable ways to structure win-win deals. Instead, focus on the other parts about the real estate mentality and managing the property management company are good advice.I am glad that I didn't spend more than $10 for this book.
1 of 1 people found the following review helpful. Great info from a great mentor By Pen Name Awesome book from a great mentor. I have been a fan of Monica's for a couple years, and love her method of delivering info, and not having time for BS. This is a great book, and I should've known it would be from her other products. I will get the hardback for my nephew to aid him in financial future, as it has helped me. Thanks for sharing your knowledge with us, wish you all the best
0 of 0 people found the following review helpful. A great read. More educational information than others offer in ... By Walter J. Patterson III Powerful! Truthful! To The Point! Thorough! Those are are just some of the adjectives I use to describe this work by Ms. Monica Main. This superlative educational writing is not the first I have read on the subject of creating financial freedom using residential-commercial passive income properties, but it is in my opinion superlative. Not only does Monica lay the groundwork for the common sense reason to seek the achievement of financial freedom through passive income investing in today's economic climate where the middle class is shrinking and job security is a thing of the past, but she clearly explains and teaches the principals by which passive income properties can be acquired, improved, and maintained to provide the reader and student with financial freedom and security for life, as well as can be passed on to future generations. All possible if the reader will learn some basic principles of this type of investing and be willing to roll up their sleeves and execute based on those principles. A great read. More educational information than others offer in courses costing more than $1,000.
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