

by John W. Schaub, 2023, 2016, 2005
Adam recommended this book. Adam took him fishing. See picture above. There is no picture of the author on the back of the book, either. I think he likes to remain anonymous. He’s been buying houses and leasing them out since 1975. He is extremely hard-working, smart, logical, fair. He covers everything a person needs to know to buy houses, lease them, and build wealth, one house at a time.
His advice includes his 10/10/10 rule: buy a house 10% below market price, with no more than 10% down, and with an interest rate below 10%.
He recommends buying single family houses, not apartment buildings or commercial real estate. Buy in neighborhoods with good schools, good lots (not corner lots), with yards that are fenced or can be fenced, with enough room for children and pets, in good repair, with good neighbors. He walks neighborhoods (walks them, doesn’t drive them). He knocks on doors. He asks good questions, and he provides you with those good questions. If a house is not for sale, he can end up buying it because he knows the neighborhood and asks the right questions. He used to own houses in 10 different states but that cost him too much time and money in managing them, so now he only owns houses that are within a 10-minute drive of his office.
He has never borrowed from a bank to buy any of his properties! He talks about how to do that; mostly involving seller-financing. If you find a motivated seller, with a house you want to own and rent, you can make a deal to purchase it without a bank loan. He solves the seller’s problem: maybe they need to move quick for a new job, or they just got divorced, or they are about to be foreclosed on, etc. By learning what their problem is, and solving it, he helps them out and, at the same time, gains a good house in a good neighborhood.