Product Description

How does an ordinary person with an ordinary income reach their seven-figure dreams? First they must own their own home – and do it David Bach’s way. The financial coach who has helped millions to finish rich is back with a simple, powerful solution to get rich in real estate. As David says, “Renters stay poor, homeowners get rich, and smart landlords laugh all the way to the bank!”

In his breakout 2004 bestseller, The Automatic Millionaire, David Bach showed why owning your own home is not only smart, it’s the core secret to becoming a millionaire. In his new book, tailored for a Canadian readership, he shows exactly how to make that happen with a simple, automatic plan you can read in an hour and put into place today. Renters will learn how to buy a first home, even with lousy credit and tiny savings. And existing homeowners will find out how to turn the roof over their heads into a powerful investment that doubles, triples, and quadruples in price while you simply enjoy living in it. And while you don’t have to be a landlord to finish rich, if you’re willing to be, David teaches you how simple it really is to buy a rental property even while you’re paying the mortgage on your home.

The Automatic Millionaire Homeowner is brilliantly simple, easy to read, highly motivational with a realistic, take-action method for achieving financial prosperity in real estate, starting now.

Bach offers time-tested tactics on all the essentials, including:

• Why you shouldn’t wait: busting the myths of renting
• Finding a down payment right now using the Automatic Down Payment Solution™
• Choosing the mortgage that is right for you – even with debt, even with imperfect credit
• The secret system for debt-free homeownership: why you must Make It Automatic!
• The Automatic Millionaire Right Place, Right Time, Right Price, Right Program™ for buying and selling
• Learn the Automatic Millionaire Mindset™ and collect “automatic cheques” while you sleep

Product Details

• Amazon Sales Rank: #1682506 in Books
• Published on: 2006-03-07
• Released on: 2006-03-07
• Format: Large Print
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 400 pages

Amazon.com Review
Finish rich in real estate! Bestselling author David Bach is back with The Automatic Millionaire Homeowner, another user-friendly, motivational book designed to help you "build wealth through homeownership" and "finish rich in any market." Whether you already own your home or are renting, Bach gives you a long-term strategy with step-by-step instructions--making the process almost automatic!

More from David Bach

The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich	The Automatic Millionaire Workbook: A Personalized Plan to Live and Finish Rich...Automatically	Smart Women Finish Rich: 9 Steps to Achieving Financial Security and Funding Your Dreams
Start Late, Finish Rich: A No-Fail Plan for Achieving Financial Freedom at Any Age	Smart Couples Finish Rich: 9 Steps to Creating a Rich Future for You and Your Partner	The Finish Rich Workbook: Creating a Personalized Plan for a Richer Future

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From Publishers Weekly
This follow-up to Bach's bestseller, The Automatic Millionaire, guides listeners step-by-step through the transformation from renter to homeowner to landlord. Bach's typical can-do attitude shines through, whether the book is outlining the pros and cons of various types of mortgages or sharing the story of one couple who used home equity as a gateway to financial independence and comfort in retirement. Unfortunately, the audio abridgment has a few glitches, including a misstep in the fifth chapter, which prematurely congratulates listeners on understanding what their credit report is, before knowing how to make sure it's accurate. This topic is not addressed until the following chapter ("Your Credit Score: The Holy Grail of Mortgage Lending"), so listeners may understandably be confused. Also, although actor Oliver Wyman has a beautiful voice, the slick Casey Kasem–style delivery feels wrong for a book that rightly keeps insisting that it is not a get-rich-quick scheme. Bach's solid and time-tested financial advice deserves better than this infomercialesque treatment, which seems more about style than the commonsense approach that is Bach's personal signature.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

From Booklist
Adding to the number of current books on the popular topic of home ownership as a tool for building financial independence, Bach, a well-known strategist for gaining wealth, presents his ideas, which center upon the principles that we all have to live somewhere and over the long term, real estate prices go up, so why not use our homes as an investment vehicle? The author contends that renting will not make anyone rich, down payments do not require large sums of money, and a home can be purchased even if the buyer has credit-card debt. The author's action steps include determining what price of home you can afford and employing strict financial discipline in spending money and consistently adding to a "home" savings account for use in accelerating mortgage payments and ultimately retiring the mortgage ahead of schedule. Although some may not agree with all of Bach's ideas, he offers a thoughtful approach to investment opportunities in home buying and important insight into financial management. Mary Whaley
Copyright © American Library Association. All rights reserved

Customer Reviews

Be Extremely Cautious.
David Bach came to fame as another of Oprah's protégées. He is another self-appointed financial guru that caters all those millions of Americans that haven't figured out yet that is better to save than to get the balance of your credits cards thru the roof.

He publishes about one book a year with different title and cover but same content, just know that if you have read "The Automatic Millionaire" or others there is no need for you to buy this book, there is nothing new here.

All things being fair he has offered in the past good and common sense financial advice, all that ends here with "The Automatic Millionaire Homeowner". The advice is bias; we know that Bach is now readily accepting endorsements from banks and financial institutions of the likes of Wells Fargo. This is also one book centered on the "glamour" of real state. Just makes it look so easy; but reality is that not everybody is prepared to invest on real state, the risks are tremendous and of course this book does not cover them deep enough.

It also states that owning is cheaper than renting, which it's true in most cases, but then again, check your financial situation before jumping to ownership and make sure you can handle it. By owning your expenses will increase and possibly double, apart from down payment and mortgage payments, you will have to pay insurance, taxes, trash removal, sewer, water, maintenance, utilities (if you move from a condo to a house this bill may be up to ten times higher than it used to be), and the list goes on, so understand what you are getting into and make sure your monthly cash flow can handle it.

The most concerning part of the book is the one devoted to the different types of mortgages. It advocates very risky choices like interest only loans, no down payment options with not enough emphasis on the risks involved. Again educate yourself before being lured into any of these very risky propositions. Remember that the rate of foreclosures is skyrocketing in this country and one of the main reasons is the amount of people that find out that can no longer make their monthly payments because they picked one of those mortgages and suddenly the monthly payment is much higher than it used to be.

Do not allow that to happen to you, for sure you will find somebody to give you a loan regardless of your financial or credit situation; take the time to understand what you are getting into, or there will be no financial guru out there that will save you of the consequences.

Summarizing, skip this one, if you want fair and no bias advise pick any of Bach other books and keep it simple, make a plan, save and one day, sooner than you think you will be able to get a house and call it your own without jeopardizing your future and your family's.

Rehash and Hackneyed
The best in the series was the first book. He was careful in detail, respectful to the reader, and not sold out. There is a lot of decent advice in this book and he does not commit some of the sins he has been accused of by other reviewers. But, the book is not particularly timely (this is the kind of book that potential homeowners needed to see circa 2000) and it does seem to cater to the mortgage industry although with careful selection this may not be bad for most people. Despite the claims of several reviewers, the stories that drove the other books are also here in this book. I don't believe it is the complete rehash of the older books some others claim, but today it is hard to determine the market for this book. Most people that have enough money to buy a house are doing so or have done so, and many of those left are the nonqualifying mortagages and no-down-payment types. To write a book supporting those activities may not be a particularly consumer friendly thing to do in these times. Also, the rental and flipping advice seems trivial and flip. Plenty of people have been "gotten" in both activities. Real estate does not go up everywhere. Nevertheless, this book does contain, on the whole, some pretty good advice for the first time homeowner and the author does mostly recommend 30 and 15 year mortgages.

Buyer Beware
Bach keeps taking the same information and recycling it with new titles. You just need one of his books and you will have enough information. 'Smart Women Finish Rich' or 'automatic millionaire' is enough.

Second, he encourages people to buy now and does not emphasize the risks strong enough. He encourages risky mortgage options to people with little financial experience which could get a lot of peopel in hot water if they are not careful.

third, he is buying into the real estate boom just like everyone else. This was the right time to write this book and make money so keep that in mind.

Four, he is really pushing that everyone buys a home NOW. this is very, very bad advice. He even encourages people with no down payment to look into risky options like piggyback loans without thoroughly going over the risks. not everyone should buy NOW and real estate CAN lose value. investments go in cycles just like anything else. People in California were in a real estate RECESSION for ten years. so these gurus who tell you real estate will never drop are full of it. You need to have enough money and you need to get a mortgage you can afford regardless of what the bank will give you. Buying now is NOT right for everyone, especiially if you plan to live in your house less than 5 years, you might be forced to sell as the market is sliding, and then you'll have all those people from the foreclosure seminars circling around you.

Be careful. There are much better books on the market about real estate that very throughouly tell you all the risks.

Remember how everyone had to buy stocks during the dot-com boom and look what happened. the market is still down from its peak in 2000. Again, buyer beware.