Earlier this year, Midwest Book Review generously evaluated two of my books. One of them (from March 2006) included “The TurnKey Investor’s ‘Subject To’ Mortgage Handbook”. Here are their comments…
The TurnKey Investor’s “Subject To” Mortgage Handbook is a guide written especially for the independent-minded investor who is seeking a more economical way to buy investment property than to make a large down payment and then qualify for a mortgage. A lesser-known seller-financing technique called the “subject to” mortgage – in which the buyer safely and legally takes over and manages an existing mortgage offered by the seller – allows investors greater freedom and flexibility. The TurnKey Investor’s “Subject To” Mortgage Handbook offers guidelines for getting qualified sellers to call the reader and offer a “subject to” mortgage, tips on how to guard against common pitfalls, and much more. A “must-read” for experienced investors frustrated by bank mortgage demands.
I thank James A. Cox, Editor-in-Chief of Midwest Book Review, for making the time to do this review.
This book review was done by G.A. Bixler on the 2004 edition of “The Intrepid Way”. (There has since been a 2006 Revised Edition.) I am grateful to the thoroughness of her review.
This may be the best self-help book that you ever read! Unfortunately, for me, it came into my hands much too late, for I’ve already finished a life-long career. Still, as I read the book, I found myself getting enthused and even exploring new ideas, just as I used to do! Matthew Chan in The Intrepid Way: How to Create the Freedom You Need to Live the Life You Want may indeed inspire the necessary courage, may indeed help you determine whether you are brave enough to follow his guidance. You may have the entrepreneurial spirit and the courage that can result in your totally following his formula to success. Maybe not! Regardless, this is still a Must-Read book! Why? Let me share my experience with this and other books by the author.
Matthew’s books are written as if he is talking directly to you. He is the teacher. We are his students if we want to be. He willingly has agreed to be our mentor and has indeed written his book as if he were right with you, discussing each topic, each issue. Sometimes he’s enthusiastic, sometimes he’s brash, sometimes he may offend but always, he speaks what he feels is “truth” and he challenges you to consider and respond to those truths.
The Intrepid Way is based upon a formula. A formula for Personal Freedom.
Personal Freedom = Monetary Freedom + Time Freedom
Matthew Chan has solid advice about the use of money, creating layers of income, etc. He shares his fears when he risked taking the necessary step to follow his dream. He shares his successes. His guidance is specific and easy to follow, easy to understand. In this and other books, he discusses his choice to become an entrepreneur.
What does that mean exactly?
Well, he quit his job! He eliminated the stream of income that most of us use for our entire life. He chose not to depend upon having a salary coming in every single month. He chose Personal Freedom.
Without support from family, friends, or a salary, Matthew Chan worked hard to achieve his goal. As you read his book, you may be interested in the way(s) he achieved monetary freedom. He shares in detail about his work in real estate, writing, and selling on the Internet. His thoughts and ideas are there for you to glean and develop to meet your own needs.
Aside from the money issue, which is very important to any goal, any dream, I’d like to share my personal story about why I believe this book is a must read. Matthew Chan realized early enough in his life that he needed personal freedom and that had to include time freedom. Most of us learn from the past, from our family, from society—that we should plan to find a career for our future in order to bring in the necessary money from which we live. Unfortunately, nobody shares that, in doing so, we may lose ourselves!
How did Matthew acquire his wisdom so early? We don’t know. He probably doesn’t even know because it did not come to him through his family ties, or through his long-term higher education studies. Perhaps he first subconsciously saw it. Perhaps through one or more of his continuing education courses, he began to move early thoughts into his daily conscious. Thankfully, for him and for those of us who read his book, we can also review and, hopefully, work to correct and save the rest of our life!
I speak from experience. After 37 years of commitment and loyalty to one institution, I was given a letter that my position was eliminated. Yes, there is a lot more to it than what I say here. However, one of the reasons that I chose instead to retire early was that I had sufficient years and funds in a “mandatory” retirement program that allowed me to retire before I was 60. Before that, however, I had had a medical leave of absence mandated on job burnout. I had no other life other than work, even church was another time commitment that I felt had to be met. I had indeed lost all time freedom and my personal freedom to the job. When the doctor told me I had to choose between life and my job, there really was no choice in my mind. I walked out and, in many ways, I continued to “walk out” for many years thereafter.
Now, the point I make is that through a mandatory retirement program and length of employment at one institution, I have the stream of income that is important to sustain basic life needs. If I had had no retirement program, I would have been in a position many of you may be in if you were to also lose your job, your career!
Consider right now, that your personal freedom is not only important, it may be the only thing that keeps you from physical, mental, spiritual or emotional burnout. Your job is NOT your life. I know that now after a commitment of nearly 40 years to an institution that, in turn, had no commitment to me! The Intrepid Way is an answer! It may not be the only answer; i.e., there may be other ways than Chan suggests to ensure that you have the required monetary freedom. That’s not really the point! The point is to read between the lines. Absorb what Chan shares with us, with you! Let the book awaken thoughts that you have buried because you are doing the only thing you think is possible. Remember The Intrepid Way only requires that you have courage. It requires the courage to seriously review your life and ensure it is the life you want to be living. Chan will be your teacher, your mentor, if you allow him.
Shortly after my book’s release in 2004, Scott Allen of About.com’s Entrepreneur Section contacted me and expressed interest in reviewing “The Intrepid Way”. (Incidentally, that 2004 version of the book is now out-of-print and has been replaced by the 2006 Revised Edition of “The Intrepid Way“.)
As a first-time author and publisher, I was somewhat uncertain of how the review might turn out but I did agree to submit my book for his review.
I was pleasantly surprised at Scott Allen’s review. He gave “The Intrepid Way” a rating of 4-stars out of 5.
Every entrepreneur must learn how to market and brand their company and products. Although, I have seen and read many marketing and branding books, there are some that really stick with me.
The books that have made a long-standing impact on me and what I do are the following:
These 2 books are simple to read and understand. Yet, they are applicable to nearly any business. I have re-read these books repeatedly over the years to get a refresher and reinforce these important lessons.
My other favorite books also by the Ries’ writing team that are also tremendously worth reading are:
This insightful book review on “The TurnKey Investor’s ‘Subject To’ Mortgage Handbook” was written by Graciela Sholander. I am grateful for her kind words.
Take an investment property subject that”s potentially challenging to grasp, get an expert investor to explain it, and what do you have? Matthew S. Chan”s simple-to-understand book, The Turnkey Investor”s “Subject To” Mortgage Handbook. The author does a superb job of explaining what “subject to” means, how and when it applies, and how it can benefit both buyer and seller. Risks and advantages are explained in great detail nothing”s left out. Chan even cautions against misusing this method. Only ethical, honest investors and sellers need apply!
What is “subject to?” To get the full picture, you”ll have to read the book, of course, but in short, it”s a form of seller-financing. It”s a specific technique for buying and financing property subject to the terms of the existing loan. It”s a way for experienced investors to build their portfolio of properties much faster and, in most cases, more cost-effectively.
Right from the start, Chan emphasizes that this book is written for the experienced, not beginning, investor. It”s easy to see why. The “subject to” technique is not for everyone. In significant ways, it differs from a typical real estate transaction, requiring greater knowledge of real estate and mortgage laws, sound business sense, strong ethics, and the ability to negotiate fair terms for everyone involved. So if you”re a beginning investor, this book isn’t for you.
But if you’re an experienced property investor, then you”ll find the technique outlined in The Turnkey Investor”s “Subject To” Mortgage Handbook intriguing and very possibly appealing. Chan guides you step by step through the ins and outs of “subject to”. The writing is so lucid that even someone without a financial or real estate background can understand the concept. Because it”s a fairly advanced method, though, try it only if you”re an advanced investor.
Chan carefully explains cases when “subject to” provides a win-win situation for buyer and seller alike. For a seller who faces foreclosure, for example, a “subject to”? transaction can be a lifesaver. For a serious investor looking to purchase properties at a faster pace, “subject to” can be a very attractive option.
Among the important points covered are:
* Finding and working closely with a reputable real estate attorney
* Locating sellers who want to do business with you
* The dynamics of the negotiation
* Associated costs and expenses
* Benefits to the buyer, seller, and lender
* Investment returns and profitability
* Closing documents needed
* When to invest and when not to
With editorial contributions by Wes Weaver, real estate investor, real estate agent, and property manager, this book is well-rounded and thorough. It accomplishes what the author and contributor set out to do it offers the mature investor a clear, concise, easy-to-read, and definitive guide to buying property using the “subject to” mortgage technique.
Chan has conducted a great deal of personal research and has spoken with many attorneys and lending institutions to ensure that “subject to” is both legal and ethical. Having completed his research and having found success with this technique, he”s now created a clear manual to help other investors interested in this type of transaction.
The Turnkey Investor”s “Subject To” Mortgage Handbook can easily stand alone, or it can be paired with the accompanying CD audio program, The Turnkey Investor”s “Subject To” Mortgage Success Secrets for a comprehensive package. Matthew Chan”s handbook is an intriguing must-read for the advanced property investor.
This kind book review of “TurnKey Investing with Lease-Options” was written by G.A. Bixler.
If I were still working, I would be reading Turnkey Investing with Lease-Options as I would an excellent novel! Indeed, I was not only impressed with this book; I was amazed! The main reason for my careful review of this book was that I read it wearing two former hats. One was as the experienced lease manager for a land-grant university but, more importantly, the other as a young single professional woman who had entered into a lease-purchase arrangement when I decided to buy a condo many years ago.
Even though I was already managing leased space for the university, when I decided to purchase a condo, I was not prepared for the trauma of having to face a major financial burden with no support. My mother was living with me at the time, but I knew the little money she provided would not continue through the life of the mortgage. Additionally, although I had been promoted on an ongoing basis, and expected another promotion in the near future, I had no savings or verification that I would be able to meet mortgage payments. Fortunately, my landlord wanted to get the last unit sold in this complex and offered to allow all rent payments to go toward an ultimate down payment on the actual purchase price.
If you are in a similar situation,buy this book. It is not necessarily intended for the potential new property owner; however, it provides a lot of essential information you need to know as you consider this option. For instance, for years, I sat in my new condo with nothing on my walls, no pictures, and no decorations, because my landlord had told me this wasn’t permitted. Such a little thing, but I grew to hate those bare walls and, finally, even though feeling guilty, pounded the first nail toward making that house a home! With this book, I would have been in a position to question and negotiate what I could have done in this place I intended to make my long-term home! Indeed, the acquisition of a home via lease option is based upon accepting a home, essentially as-is with the ability to improve and upgrade the building as if it were already owned.
At the same time, even though this book is written for a specific geographical area, the philosophy, the management direction, and the presentation itself all provide an excellent learning tool for an individual who has been given any type of property management responsibility, no matter where that property is located. In addition to thoroughly describing lease-options, the book covers how to research the market, purchasing, preparing, marketing and finding the right tenants. The excellent ideas used herein can be easily translated for use in any type of real estate transactions.
And, finally, if I were a potential real estate investor, not having already committed to my retirement plan, I would be in contact with Mr. Chan immediately! Why? This book shows exactly what I as an investor need to know to make the decision to consider real estate as an investment. And, what”s more, he proves his claims with sufficient facts and figures that you can believe. That”s a major accomplishment for those who are reticent to invest in anything that has some risk.
Mr. Chan”s book is perhaps one of the best written books of its type. Using the traditional training method, he first gives an outline of what he is going to explain and teach and then he repeats each item, both times providing specific details, but also anticipating any questions that might evolve based upon his presentation. You can tell immediately that the author speaks with authority, based upon knowledge and experience, readily confessing to trial-and-error issues.
Mr. Chan opens his book with recommendations from those who are involved in considering investment options. By the time you finish the book, you will have gained a certain trust for the company and its team. However, assuming you are not in a position to invest directly with TurnKey Investing, this book provides sufficient details for you to learn about real estate investments. Specifically, the use of conventional financing through a bank, versus private financing, versus seller financing is explained. The author is open and quick to point out that the best financial gain is through the use of cash/private financing. However, the use of bank financing is also explained and the returns of each are explored thoroughly. For a potential real estate investor, Turnkey Investing is worth every penny of its purchase price.
I think the real value of the book, however, is for those who are interested in getting into the real estate business using lease-options. Turnkey Investing defines a market and stays with it specifically to serve the thousands, if not millions, of people across the United States who wish to own a home but are not able to gain financial backing through the normal process, especially in the early years of their adult lives. Lease-option is an important contribution in today”s world of turmoil and insecurity. It provides a no-lose option to those who are now renting without any future return on those funds. At the same time, it provides an opportunity for houses to move faster on the market and a way by which a landlord or property manager can respond in a cost-effective as well as profitable manner.
Finally, as a long-time planner and manager, I was most impressed with this company”s use of Kaisen. This Japanese concept is the belief in making small, ongoing improvements to a business system. A review of their online activities which allows practically everything to be done online to apply for a home, the use of a hot-line as a means of dispensing valuable information and basic management decisions to expedite efficient use of their teams” time is a delight to see in practice! Even if you have absolutely no interest in real estate, if you are a planner or manager, study the book to absorb what can be learned from this efficient and effective team!
The TurnKey Investor’s Essential Lease-Option Lessons as well as CD audio programs and a Documents Collection supplement this book. However, this first book, TurnKey Investing with Lease-Options, easily stands alone as a major real estate manual. It”s a Must Read for property managers, landlords interested in upgrading their activities, as well as real estate agents, lease managers and others who are interested in this major and profitable business!
This well-written book review was based on the 2004 Edition of “The Intrepid Way”. That book has since been updated to the 2006 Revised Edition. Needless to say, I was extremely flattered by this review below.
As a person with an entrepreneurial spirit and, sometimes, unconventional wisdom, I was not disappointed in reading The Intrepid Way by Matthew S. Chan. In reading the book I used my yellow highlighter to mark important passages; however, I soon realized that I was highlighting most of the book. Every chapter contained information that kept my eyes literally glued to the pages as the concept of “personal freedom” was explained in a way that was easy to understand, it made sense. No, it isn’t a “get-rich-quick” book filled with dull facts and figures; instead, it is a personalized story as told by the author who lived it. After ten years of selling his employable skills to the corporate world, Matthew Chan decided he wanted more out of life and took the necessary steps to bring this about. He wanted a lifestyle that gave him monetary freedom as well as time freedom.
In the introduction of The Intrepid Way, the author shares how two individuals made him see that he had something important to say that would benefit others; they helped him feel comfortable in regard to his qualifications for writing this book. Mr. Chan understood that other people wanted what he had obtained freedom from the daily grind associated with being, more or less, owned by an employer. He allows readers to follow him on his journey as he takes risks and defies conventional wisdom by walking away from a high-paying job with all its security perks to become a successful entrepreneur with layers of streaming income that provide him the means to live as he chooses. His formula for personal freedom is: Personal Freedom=Monetary Freedom+Time Freedom. This formula isn’t complicated and is realistic for individuals who truly want to change their lives . . . perhaps even take them back by straying from the entrapment of conventional thinking.
I found the chapter on Financial Fundamentals to be a refresher course on the accounting practices that are taught in most colleges. For the most part, the author ignores formal practices, defining assets and liabilities in a clear, concise way that readers will understand and appreciate. He emphasizes that most colleges focus on teaching students to become employed rather than becoming entrepreneurs.
When I finished reading the book, I found myself wishing that the author had gone into more depth in explaining his sources of streaming income; in other words I wanted to know exactly how he made his money whether in real estate, selling on eBay, publishing books, or investing. Though I realize every individual will have to create his or her own layers of income, depending on skills and interests, I was hungry for more knowledge from the teacher for more details. However, when I went to visit his web sites at www.theintrepidway.com and www.ascendbeyond.com, I discovered other books that provide some of this information.
If you like the thought of being in charge of your own life even enjoying little things such as sleeping in as late as you desire and traveling anywhere at any given time then consider this a must-read book. It covers a great deal of material, including the importance of personal support networks and how to utilize business networks. The Intrepid Way is about a journey that requires you to take a first step so that you can eventually create the perpetual or continuous wealth that you seek. It isn’t about being rich; it is about lifestyle choice! Remember the formula: Personal Freedom=Monetary Freedom+Time Freedom.
I am happy to announce that the 2006 Revised Edition of The Intrepid Way has finally been released on June 30, 2006. It sports a new cover and updated content relevant for 2006.
Existing owners of “The Intrepid Way” can buy the 2006 edition for a deep 50% discount as a special “thank you” for being a reader! This special book update program is rare in the book industry and marks the beginning of Ascend Beyond’s Loyal Reader Update Program.
All you need to do is to cut out the original Bar Code on the back cover and enclose $8.95 plus $2.00 shipping and handling (total $10.95). No photocopies will be accepted! For credit card orders, use this Manual Order Form.
Send the original Bar Code with payment to:
Intrepid Way 2006 Update
c/o Ascend Beyond Publishing
5435 Woodruff Farm Rd, PMB 158
Columbus, GA 31907
Earlier this year, Midwest Book Review generously evaluated two of my books. One of them (from March 2006) included “The TurnKey Investor’s ‘Subject To’ Mortgage Handbook”. Here are their comments…
This book review was done by G.A. Bixler on the 2004 edition of “The Intrepid Way”. (There has since been a 2006 Revised Edition.) I am grateful to the thoroughness of her review.
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