Website design By BotEap.comMaking Others Rich First by Barry Wilmeth offers a fresh take on real estate investing for new and experienced investors alike. Wilmeth, who has been investing in real estate in the United States for many years, knows that investing in real estate is not just about getting rich. It’s also about helping others get rich by providing quality homes or helping them buy their first homes, and for those who want even more, it’s about helping new investors pursue their own financial dreams of success. I love Wilmeth’s attitude in this book. While some people may find real estate investing competitive, Wilmeth believes that there is plenty for everyone and that we all get more when we help each other. As he states at the beginning of the book, “We have an existential sense that our happiness depends on the happiness of others and that there is more happiness in giving than in receiving.”

Website design By BotEap.comMaking Others Rich First is designed to help the real estate investor get started with the basics of investing, but it is also designed to encourage more experienced investors to mentor others in the real estate investing business. Each chapter has nuggets of information for both mentor and mentee, and while the overall structure benefits the mentee, I think mentors will find plenty here to give them new investment ideas.

Website design By BotEap.comThe book is divided into five sections, each of which has three or four chapters. Those sections are: Getting on the Road to Riches; establishment of the business framework; preparation, education and application; Stay motivated; and get a return on your investment. Throughout the sections, Wilmeth shares personal stories of the investments he’s made, shows how to run the numbers to determine potential returns and whether an investment is worth it, and continually provides motivation for readers to take action.

Website design By BotEap.comTaking action is especially key. Wilmeth knew that no matter how many books he read or how many seminars he took, he would never really learn about real estate investing until he took action by buying a property. That first action paid off in the knowledge he gained by owning it, and today, he owns rental properties all over the United States, as well as buying and selling properties on a regular basis.

Website design By BotEap.comWilmeth understands that investing in real estate can initially be scary, but states:

Website design By BotEap.com“Fear will be subsidized the more you do similar business. I tell new investors over and over again: ‘Don’t wait to buy real estate. Buy real estate and wait’. Get your feet on the ground by buying real estate and leasing it through a licensed property manager. This is not an excursion. It’s an internship. It is on the job training (OJT). Learning from a book or a seminar will make you think. Learning by doing will give you experience.”

Website design By BotEap.comIn addition, Wilmeth talks about how to find money to invest, from private investors and other sources. Once the investment money is available, Wilmeth guides readers through how to do their due diligence when buying property so they can avoid bad deals, and also talks about how to recover if you make a bad deal. A bad deal is not a reason to give up, but an opportunity to learn from mistakes.

Website design By BotEap.comWilmeth also takes readers through all the details of business and tax planning. He introduces them to what he calls the MBA Formula, which is: Monitor your debits and credits, balance the books, and analyze the numbers.

Website design By BotEap.comHe also talks about the importance of following up with others. You need to respond quickly, be on the phone instead of waiting for an email response, and constantly put yourself in front of others to help you find deals so you can make sales. Even if you don’t know the answers to someone’s question, just answering can lead to forming a relationship that can benefit you in the long run. All of these points are explained in detail on these pages, along with tips on networking, volunteering, marketing and much more.

Website design By BotEap.comBut beyond all the details of real estate investing, there is the central message of the book: the importance of mentoring, which Wilmeth summarizes in two main points: 1) “If you’re new to investing, you really should have a mentor. And if you choose not to, there will come a day when you’ll hear me whisper, ‘I told you so,'” and 2) “If you’re already a sophisticated investor, you can get more business and expand your business by being a good mentor.” to others.”

Website design By BotEap.comUltimately, mentoring can only be advantageous to a real estate investor. As Wilmeth says:

Website design By BotEap.com“Your first-hand testimony is so much more powerful than a seminar, a book, or attending an investment club meeting. It will come across to others as credible and a role model of ‘if I can do it, so can you.’ I believe the best way to be the real deal is to take action to increase your wealth, share your story, and then help others get rich without charging a fee.”

Website design By BotEap.comYes, you read that right: “without charging a fee.” Wilmeth describes the difference between fee-charging coaches and true mentors, and as a result, his take on mentoring is refreshing.

Website design By BotEap.comMany successful entrepreneurs will try to tell you how to get rich by sharing with you what they’ve done, but it’s rare to find someone who does it for the purpose of giving back rather than benefiting himself. It’s not that Wilmeth denies the personal benefits of helping others, but his sincere desire to help others get rich first is what makes this book stand out from all the other real estate books out there. Whether you’re new to real estate investing or want to learn more through giving back, this book will open up new opportunities for you.