I really liked the theme that Mr. Cummings weaves throughout the chapters: that in getting your hands a little dirty, you still need to do it with honesty and “forthrightedness”. There’s an underlying message that there’s a right way and a wrong way to doing business, and he teaches the high-road approach. Even the password you need to enter to access the supplemental material emphasizes this theme.

The most impressive aspect of this book was the author’s standing by his word. He offers his email address and encourages the reader to contact him with questions. I took him up on that and was a bit surprised to receive a timely, personalized reply, and not a pitch for more products. In fact, he followed up with me to ensure I got what I needed. For my $20, I’d say he more than delivered.

Rating: 5 / 5

This book is worth the money because the author gives excellent advice on valuing a “near-foreclosure,” and in fact any home. All of which is quite useful in any market. The only problem is that to follow all his recommendations you pretty much have to quit your job (if you still have one) and have enough $$ to survive until your resell your first property. And that could be a very long time indeed. People aren’t buying, banks supposedly aren’t lending, and due to the job situation fewer people are moving.

As the author points out the average home is on the market for 11 months. How many investors, at this juncture, can pay taxes and maintenance on an empty investment property for 11 months? And what does this investor do when, 11 months (or 24 months) down the road, the home’s price has fallen by 25, 40, or 50%?

If you think that can’t happen, you haven’t been watching this economy very closely.

This book would get five stars during a “normal” recession, where you expect things to pick up in six to twelve months. During a meltdown it’s sheer madness to commit your time and capital to assets that probably, sadly, still have a long way down to go.
Rating: 3 / 5

The book has actual letters to sellers, letters to the banks, forms, checklists and even comprehensive inspection checklists that I was able to use in selecting and evaluating properties. I had a hard time copying some of the forms, but there’s a link which allowed me to download a printable version which made it a lot easier.

This was the most up-to-date information I could find on foreclosures and short sales, and I look forward to giving it to my brother who is a real estate investor, as parts of our market have started to come back a little.

It’s well laid out, easy to follow and filled with real practical stuff – instead of fluff.
Rating: 5 / 5