The title of this book may be a bit over-reaching but this is a good primer for those who are looking to leave renting behind and embark on home ownership. Author Bach offers a thorough primer into the wisdom of getting into the real estate market and buying a home. This is NOT a get-rich-quick scheme, but rather an approach for a patient person.

One caveat is that many of Bach's principles work better in a rising real estate market. In some markets, this advice could render you An Automatic Bankruptcy Case.

Since the book's publication, the residential real estate market has cooled or tanked in many areas. This may make it tougher in the short run to recoup on some of Bach's advice. In fairness, he recognizes in the book the cyclical nature of real estate markets and recommends a long term discipline in holding real estate in up markets and down cycles.

This product is well worth it's money. It has many pointers, directions, and links to better your knowledge. Remember, knowledge is power.

I bought the book not knowing what to expect , however it had so many good tips that are relevant to buying a home for the first time. It also extends great advice about real estate as an investment. I recommend it to anyone looking for good sound, structured advice about investing in a home.

David Bach couldn't be more right on with the "Automatic" part of his book. I am a real estate agent and for years when someone bought a house from me I would give them a fruit basket or gift card. Now I send them something of great value. I send them this book and only this book. They look a little strange at me at first but after they've read it they become excited and can't wait to begin their journey to be millionaires as homeowners and I got to be a part of it. The return to them will be great. The return to me will be great too.

This book is a 5 star book if you are looking for a book to inspire you to be a first time home owner. 80% of this book explains the entire process of how to become a homeowner, it would have been very helpful to me before I bought my first home 16 years ago. He explains mortgages and how they work, what kind of real estate agent to use and what to look for in making your choices. 20% of this book explains why it is important financially to own your own home. For example: Homes rise in value on average 6% a year. So if your home is valued at $100,000 it will grow in value by $6,000 a year. This can add up quickly in equity and will turn out to be one of the greatest investments you have ever made. David Bach believes that home ownership is essential to becoming an automatic millionaire. This book briefly discusses how wealthy you can become by keeping your homes as rental properties as you trade up to larger homes. This book is not about "flipping" properties it is about owning them for the long term. I would highly recommend a beginner in real estate or personal finance to read this book it will be very useful, however this is not for current home owners or real estate investors. I will be giving this book as a gift to my children when they turn 18. Owning a home is essential to financial success, even though I am uncomfortable with Mr. Bach's advice to leverage debt for multiple houses.My first starter home made me $40,000 in 10 years when I sold it.

Shame on David Bach for releasing this book at the very peak of the housing bubble. (Actually, he released it about 9 months past the peak.) With this book David Bach is giving people advice that would normally be good advice, but because of his poor timing it may actually get people into financial trouble. Get the original "Automatic Millionaire" instead.

This isn't a bad book, the advice is mostly sound and it did make me think about investment real estate (I already own my home). However, it's not a particularly deep book, either. I read the whole thing on a 1-hour commute. Granted, I skimmed much of the stuff about mortgages as that was already very familiar to me, but it's still a very quick read.

I found one piece of advice downright dubious- the suggestion that you enroll in a biweekly payment plan to pay down your mortgage faster is only good advice if the interest rate on your mortgage is higher than you'd likely get elsewhere. For most conventional mortgages, this isn't so. Otherwise, you're far better off keeping your low-interest mortgage and investing the money you would have spent paying it off early in an index fund. And, you could even set up such an account with an automatic monthly deposit. Just add the yearly fees for a biweekly plan to one payment on your mortgage, divide by 12, and have that amount automatically invested each month. If you have a conventional 30-year mortgage, you'll be far ahead with this approach.

That criticism aside, the basic approach of the book is good. It's geared towards long-term thinking instead of getting rich quick. I know that the "Latte Factor" is rehashed from a previous book, but it is extremely sound advice. My wife and I did this exercise on our own long before I'd ever heard of David Bach and it has paid off handsomely for us.

If this book inspires you to purchase a home instead of renting, it's worth every penny. But, why don't you save your pennies and get it from the library? In my opinion, there's too little meat in it to justify purchasing it.

and looking to go from renting to owninig their own home, this is a very good starting point. Follow the advice and consult with the various experts Mr. Bach directs you to (i.e., mortgage and real estate professionals), keep buying, leasing and selling properties and you will get rich.

I enjoyed this book. It is a quick read, with very simple steps. At times, I felt David Bach glossed over certain steps and made them appear a bit easier than they actually are (i.e. making sure you have sufficient savings before jumping into purchasing a primary or secondary property). Overall, however, he addresses the seriousness of the homebuying process, and most importantly encourages his readers to begin the process.

I enjoyed this book. It is a quick read, with very simple steps. At times, I felt David Bach glossed over certain steps and made them appear a bit easier than they actually are (i.e. making sure you have sufficient savings before jumping into purchasing a primary or secondary property). Overall, however, he addresses the seriousness of the homebuying process, and most importantly encourages his readers to begin the process.

This book is a good read for a new homeowner as well as for someone preparing to buy a home for the first time. It's a quick, easy read. I believe it's balanced on the pros and cons. As a real estate agent, I talk to many people that are ready to buy a home (or can be ready in a short time), but lack a fundamental understanding how buying a home is a great "investment". This prevents many from buying a home for years. This book helps educate and turn renters into homebuyers. It's inspiring, BUT... Never solely rely on a book. Always "ESTABLISH A PERSONAL RELATIONSHIP" with real estate professionals to truly "invest" in your learning and reduce the risk of being a sales statistic for ANYONE (an author, a mortgage firm, a real estate firm, etc). Buying a home is a sales business. Buying a book is a sales business. Keep it all in perspective... Just like we shouldn't look for a different agent or lender every time we buy a home, we should also learn the value of a good book. Use this book to dialogue with the trusted real estate professionals you've established a "relationship" with, to truly invest in your personal knowledge.

This book is a good read for a new homeowner as well as for someone preparing to buy a home for the first time. It's a quick, easy read. I believe it's balanced on the pros and cons. As a real estate agent, I talk to many people that are ready to buy a home (or can be ready in a short time), but lack a fundamental understanding how buying a home is a great "investment". This prevents many from buying a home for years. This book helps educate and turn renters into homebuyers. It's inspiring, BUT... Never solely rely on a book. Always "ESTABLISH A PERSONAL RELATIONSHIP" with real estate professionals to truly "invest" in your learning and reduce the risk of being a sales statistic for ANYONE (an author, a mortgage firm, a real estate firm, etc). Buying a home is a sales business. Buying a book is a sales business. Keep it all in perspective... Just like we shouldn't look for a different agent or lender every time we buy a home, we should also learn the value of a good book. Use this book to dialogue with the trusted real estate professionals you've established a "relationship" with, to truly invest in your personal knowledge.

This is the same old thing that every other home ownership book contains. Plenty of examples of people that bought low and sold high, bought more low and sold high again. Generaly it seems that you could make 3% on your home a year in an average market. These examples are more in tune with the market over the last 5 years and double digit gains. Thats over!

I think the people who bash books like this are the people who are not invested in real estate and are too afraid to give it a try.

I am a David Bach fan since reading the automatic millionaire. Mr. Bach does an excellent job of reducing financial information into an enjoyable, readable format.

As a Realtor, I think so highly of this book that I give it as a closing gift to my buyers. I also bought copies for my two sons. I feel strongly that homeownership, having your mortgage paid off, and investing in rental properties are the building blocks of financial independence. This book is an excellent tool to acomplish all three.

Bruce

The information in this book is nothing new. Nothing you couldn't get from "How to buy a Home for Dummies" (I made the title up). I was bored.

The information in this book is nothing new. Nothing you couldn't get from "How to buy a Home for Dummies" (I made the title up). I was bored.

Really got me thinking and was filled with very useful, helpful, informative, but easy and simple to understand tricks. One of my favorites. A+

My wife and I got this book at the Wells Fargo event. True that Bach is now taking money from them and that probably biases things a bit, but generally speaking we found this book to be tremendously helpful in explaining the home buying process. It explains in easy to understand terms the steps needed and the options available. It does mention options that won't be right for everyone, but I thought it also touched on the down sides of these options as well. Overall this book answered a lot of our questions and we are now happy homeowners in part because of it.

My wife and I got this book at the Wells Fargo event. True that Bach is now taking money from them and that probably biases things a bit, but generally speaking we found this book to be tremendously helpful in explaining the home buying process. It explains in easy to understand terms the steps needed and the options available. It does mention options that won't be right for everyone, but I thought it also touched on the down sides of these options as well. Overall this book answered a lot of our questions and we are now happy homeowners in part because of it.

You can build your wealth just by buying and living in a home every five years - and then retire rich. This fact will be reality for any who chose to do so for the next few decades - and in order to bring it to life, follow the step-by-step directions of David Bach in his AUTOMATIC MILLIONAIRE HOMEOWNER: A POWERFUL PLAN TO FINISH RICH IN REAL ESTATE. Renters and owners like will find if they adopt this attitude, and follow the guidelines herein, they will at the minimum understand quite a bit of how real estate investments work - and most likely will become millionaires themselves, with relatively little effort.

Diane C. Donovan, Editor
California Bookwatch

This book was a disappointment. The author praises one couple who created wealth by keeping their principle residence and turning it into a rental property. Then they refinanced it bought a newer larger principle residence. The problem with this advice is, because the refinaced mortgage proceeds were NOT used for investment purposes, the mortgage interest CANNOT be claimed as a tax deduction. Anyone with basic real estate investment knowledge knows the principle residence could have been sold (capital gains free), the majority of money from the sale could have be used to buy the new principle residence and the remainder of the proceeds from the sale used as a small down payment on another rental property. This would have minimized the size of the non tax deductible mortgage on the principle residence mortgage and maximized the size of the tax deductible mortgage on the rental property. This is basic information. The author then praises another couple who does sell their principle residence and uses the proceeds as down payments on a new principle residence and two rental properties. He also says the couple were able to pay large enough down payments on the rental properties to create a significant positive cash flow from them. Once again this is not efficient tax planning. The mortgage on the principle residence should have been minimized because it is not tax deductible and the mortgages on the rentals should have been made as large as possible to reduce positive cash flow (and income tax payable) and maximize the mortgage interest deductions to the couple. I would expect someone writing a book on real estate investment to think this information would be valuable to their readers. Unfortunately the author also does not give completely accurate information on the first time buyers' RRSP plan. He states this plan is only available to people who have not owned a home in the last 5 years. This is not true. It is available to people who in the last five years, have not lived in a home they own. (you can be eligible for the plan and own a home). I know for a fact this is true because, I owned two rental properties (that I never lived in) and applied for, was eligible and used this plan to buy my first principle residence. I would expect an "expert" who gives financial advice to know this basic information.

Mr. Bach spends much of his book telling you that he will be telling you the secrets to financial success, instead of actually giving usefull information. I found no new information in it. I have to agree with the other reviews who say if you have read one of his other books, you should not spend your money on this one.

This book was a breakthrough for me. I currently own two properties but never saw the connection between equity and becoming rich. I am immediately taking the advice offered by the book. I should become rich sooner than later. The premise of the book is really a no brainer and should be common sense. But, the info I gathered help to remove my blinders. I am on my way!!

This book was a disappointment. The author praises one couple who created wealth by keeping their principle residence and turning it into a rental property. Then they refinanced it bought a newer larger principle residence. The problem with this advice is, because the refinaced mortgage proceeds were NOT used for investment purposes, the mortgage interest CANNOT be claimed as a tax deduction. Anyone with basic real estate investment knowledge knows the principle residence could have been sold (capital gains free), the majority of money from the sale could have be used to buy the new principle residence and the remainder of the proceeds from the sale used as a small down payment on another rental property. This would have minimized the size of the non tax deductible mortgage on the principle residence mortgage and maximized the size of the tax deductible mortgage on the rental property. This is basic information. The author then praises another couple who does sell their principle residence and uses the proceeds as down payments on a new principle residence and two rental properties. He also says the couple were able to pay large enough down payments on the rental properties to create a significant positive cash flow from them. Once again this is not efficient tax planning. The mortgage on the principle residence should have been minimized because it is not tax deductible and the mortgages on the rentals should have been made as large as possible to reduce positive cash flow (and income tax payable) and maximize the mortgage interest deductions to the couple. I would expect someone writing a book on real estate investment to think this information would be valuable to their readers. Unfortunately the author also does not give completely accurate information on the first time buyers' RRSP plan. He states this plan is only available to people who have not owned a home in the last 5 years. This is not true. It is available to people who in the last five years, have not lived in a home they own. (you can be eligible for the plan and own a home). I know for a fact this is true because, I owned two rental properties (that I never lived in) and applied for, was eligible and used this plan to buy my first principle residence. I would expect an "expert" who gives financial advice to know this basic information.

Mr. Bach spends much of his book telling you that he will be telling you the secrets to financial success, instead of actually giving usefull information. I found no new information in it. I have to agree with the other reviews who say if you have read one of his other books, you should not spend your money on this one.

This book was a breakthrough for me. I currently own two properties but never saw the connection between equity and becoming rich. I am immediately taking the advice offered by the book. I should become rich sooner than later. The premise of the book is really a no brainer and should be common sense. But, the info I gathered help to remove my blinders. I am on my way!!

this book is a complete package. before i was a homeowner i bought all sorts of real estate books to prepare me for my biggest purchase but its nothing compared to this book. this book has everything you need to know about buying, owning, and renting out your old home.. what i love with this book is its so realistic and david's not giving any vague ideas, in fact, he gives you websites even phone numbers on where to go get answers!! definitely a financial advisor even when not in person! you can feel his sincerity and drive to help people finish rich!

steevee

As a real estate professional it was refreshing to read such a clear and concise "how to" for the potential homebuyer. The home purchase process can be both emotional and confusing for anyone unfamiliar with the many steps involved in buying a home. "The Automatic Millionaire" is instructive in both debunking myths as well as suggesting responsible actions people can take to get them on their way to homeownership. Bottom line, this book will help both those both considering purchasing a home as well as those actively doing so now to sleep better at night and feel more confident about what is most likely the largest investment they've ever made.

this book is a complete package. before i was a homeowner i bought all sorts of real estate books to prepare me for my biggest purchase but its nothing compared to this book. this book has everything you need to know about buying, owning, and renting out your old home.. what i love with this book is its so realistic and david's not giving any vague ideas, in fact, he gives you websites even phone numbers on where to go get answers!! definitely a financial advisor even when not in person! you can feel his sincerity and drive to help people finish rich!

steevee

This is a great staring point for new home buyers or home owners looking to expand property portfolio. This book is not for flippers. This book is great starting point for individuals who are looking to buy there first home: investment or primary residence. This also explains how to find a good real estate broker and mortgage. I would recommend to all new or going to be home owners. As an individual that has gone through the motions of home ownership I found that the last cd to be most useful, since it explained how to leverage your current home(s) to buy further homes.
Enjoy the read.

I must admit that I feel as though David Bach recycles the same information in all of his books too. I was actually surprised that there was new information in The Automatic Millionaire Homeowner though. Since my husband and I are homeowners, I felt as though this would be a good read for us. I was disappointed that there wasn't enough information for people who already own. I felt like this book is a great read for renters and first time homebuyers but there wasn't enough information for those interested in becoming landlords.

I must admit that I feel as though David Bach recycles the same information in all of his books too. I was actually surprised that there was new information in The Automatic Millionaire Homeowner though. Since my husband and I are homeowners, I felt as though this would be a good read for us. I was disappointed that there wasn't enough information for people who already own. I felt like this book is a great read for renters and first time homebuyers but there wasn't enough information for those interested in becoming landlords.

but that's it. I was really disappointed. I think he's just trying to keep his name out there with this one. NOTHING at all new.

I read David Bach's other book called Smart Couple's Finish Rich and Loved it. I was pretty disappointed with this one. It had very repetitive information in it compared to his past books. It was very simplistic and I think it would be good for someone who has never purchased a home before. My husband and I are on house number 3 between the 2 of us and are experienced with investment property, so this book was too elementary for us. Might be a good read for a first time home buyer with little experience in real estate.

but that's it. I was really disappointed. I think he's just trying to keep his name out there with this one. NOTHING at all new.

I read David Bach's other book called Smart Couple's Finish Rich and Loved it. I was pretty disappointed with this one. It had very repetitive information in it compared to his past books. It was very simplistic and I think it would be good for someone who has never purchased a home before. My husband and I are on house number 3 between the 2 of us and are experienced with investment property, so this book was too elementary for us. Might be a good read for a first time home buyer with little experience in real estate.

I THOUGHT THAT THIS BOOK WAS GREAT FOR AN INTRODUCTION TO BUYING REAL ESTATE AND IS SOMETHING EVERY HOMEOWNER SHOULD OWN. I BELIEVE ALOT OF THE MATERIAL HERE IS HELPFUL AND I THINK THIS IS A MUST READ.

David Bach does it again... This time, he uses his easy and practical steps in helping you become an automatic millionaire homeowner. I got to see David live in Chicago as he continues his mission for 10 million new homeowners and I must say it was indeed a pleasure. The book is a must read as is all of the "Automatic Millionaire" series. Thanks David for another exciting book to help individuals become homeowners and automatic millionaires!!!

I was incredibly disappointed by the new book. Not so much by the repetitious content that I've come to expect from the Bach books (there's always enough new content to make them worthwhile). No, I was disappointed by the voice/reader of the Automatic Millionaire Homeowner audio CDs. Not only is he not as animated as David, his various voices are horrible. Every time he does a girl's voice, I want to throw up. If this were a children's story, it would be fine. But this is supposed to be a book for adults. Bach made a huge mistake deviating from his tradition of recording his own reading of his books. If you're going to get this book, get the paperback or at least be prepared for a VERY different listening experience.

I was incredibly disappointed by the new book. Not so much by the repetitious content that I've come to expect from the Bach books (there's always enough new content to make them worthwhile). No, I was disappointed by the voice/reader of the Automatic Millionaire Homeowner audio CDs. Not only is he not as animated as David, his various voices are horrible. Every time he does a girl's voice, I want to throw up. If this were a children's story, it would be fine. But this is supposed to be a book for adults. Bach made a huge mistake deviating from his tradition of recording his own reading of his books. If you're going to get this book, get the paperback or at least be prepared for a VERY different listening experience.

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.

There are far more elegant reviews that state the pros and cons of this book, which is, in my opinion, well-written and engaging to the point that you don't want to put it down.

But it's important to remind ourselves that the basic premise of the book is based on the assumption that real estate values will continue to appreciate at a rate consistent with the past. Remember, back in the stock market boom, we all became comfortable, and even EXPECTED stocks to keep appreciating at 20%+ rates per year. Markets correct and eventually hit equilibrium, and in order to do that, it means that asset prices will likely have to languish, trade sideways, or even down to help bring it back to longer term averages. I'm not encouraged that real estate over the past ten years in the US has exceeded the rate of appreciation for Japan's TWENTY-FIVE year boom (reference: this wikipedia article, which gives me caution to the author's rather strong enthusiasm toward buying a home NOW.

I'm not beating up on this book - I think the author provides great points on how to get started and he gives you clear step-by-step instructions on how to proceed in owning a home. I myself intend to use his advice, but only in a time and place when that doesn't conflict with my good sense that we may not exactly be entering the real estate market at the most opportune moment. In the meantime, it might be wise to consider the cost of renting vs. buying. I use this site's calculator for some added perspective.

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.

Three things concerned me. First, as most other reviewers pointed out, much of the info could be gleaned from the other books. Like grade school math, half the year (book) was spent reviewing what was done the previous year (book). Second, the author tried to say that markets vary across the nation, yet all his examples were San Francisco or New York with multi-hundred-thousand-dollar apprecations in a couple years or less. That doesn't happen in the rural Midwest. Third, I was hoping for more info on being a landlord, specifically, passing on the day-to-day management to a management company. Also, cash-out refinancing means new closing costs, which we know is not typically cheap. I don't think the author emphasized that.

There are far more elegant reviews that state the pros and cons of this book, which is, in my opinion, well-written and engaging to the point that you don't want to put it down.

But it's important to remind ourselves that the basic premise of the book is based on the assumption that real estate values will continue to appreciate at a rate consistent with the past. Remember, back in the stock market boom, we all became comfortable, and even EXPECTED stocks to keep appreciating at 20%+ rates per year. Markets correct and eventually hit equilibrium, and in order to do that, it means that asset prices will likely have to languish, trade sideways, or even down to help bring it back to longer term averages. I'm not encouraged that real estate over the past ten years in the US has exceeded the rate of appreciation for Japan's TWENTY-FIVE year boom (reference: this wikipedia article, which gives me caution to the author's rather strong enthusiasm toward buying a home NOW.

I'm not beating up on this book - I think the author provides great points on how to get started and he gives you clear step-by-step instructions on how to proceed in owning a home. I myself intend to use his advice, but only in a time and place when that doesn't conflict with my good sense that we may not exactly be entering the real estate market at the most opportune moment. In the meantime, it might be wise to consider the cost of renting vs. buying. I use this site's calculator for some added perspective.

In response to a lot of these negative comments I thought I would take the time to qualify some of the content in this book.

I personally thought that the chapter on mortgages was fairly comprehensive and fair in explaining the pro's and con's of each type of mortgage.
Even though other reviews say that the author encourages "dangerous" "no-down loans", he does also state that a 30-year fixed is what he would personally recommend and also says that its the safest type of loan. He includes both sides of the argument and doesn't necessairly encourage the reader to over-strech oneself financially. If anything the author recommends using "rules" recommended by HUD and other goverment organizations that say stick with between 24-40% of your gross income. He includes a table that show what amount of mortgage would be reasonable for a certain income. He encourages to stick within these bounds and not use up an upwards of 50% of one's income towards monthly payments because its too risky.

I also don't think he is recommending to buy/own a house at all costs. But I do think he has a reasonable argument to say that the returns on buying a house could be advantageous over investments in equity/stocks/etc, considering the fact that he is recommending this "automatic" method needs to be a long-term investment. Sure the real-estate market can deflate for a few years, but he argues that if you stick through it, the average return on real-estate has been around 6% for the past 60? years. Factor in the fact that you can deduct interest paid from your income and the return on the investment rises even more.

In addition to the chapter on "Mortgages", the chapters on "saving up for a down payment", "finding a mortgage lender", "finding a realtor/real estate", are all have helpful information for those just starting out. I'm sure there's other books that will go into greater detail for each of these topics, but the author does a decent job summarizing each aspect while still covering a lot of information. There are a lot of good recommendations for different websites that could be of further help.

I would agree with the other reviewers that some of his content is recycled, but a lot of the material is new. If you are unwilling to spend the money, just go to a bookstore and read a chapter you're interested in and decided for yourself whether its all fluff or if there is information that is worthwhile. You can even go to his website and download the accompanying mp3's for free.

In the end, the book does a fairly good job of summarizing all the major steps of owning a home/investing in real-estate and why he believes that this financial decision can lead to great returns.

My wife and I are currently shopping for a house, and this book was a great help. While it doesn't provide any earth-shaking revelation into the process, it did help emphasize a few factors. Paying down the principal, using equity for improvements or a second house, and looking at a house as more than just a place to live are such simple ideas they are easy to overlook. David Bach makes sure you don't overlook them. A definite must read for anyone looking to buy a first house, vacation home or investment property!

In response to a lot of these negative comments I thought I would take the time to qualify some of the content in this book.

I personally thought that the chapter on mortgages was fairly comprehensive and fair in explaining the pro's and con's of each type of mortgage.
Even though other reviews say that the author encourages "dangerous" "no-down loans", he does also state that a 30-year fixed is what he would personally recommend and also says that its the safest type of loan. He includes both sides of the argument and doesn't necessairly encourage the reader to over-strech oneself financially. If anything the author recommends using "rules" recommended by HUD and other goverment organizations that say stick with between 24-40% of your gross income. He includes a table that show what amount of mortgage would be reasonable for a certain income. He encourages to stick within these bounds and not use up an upwards of 50% of one's income towards monthly payments because its too risky.

I also don't think he is recommending to buy/own a house at all costs. But I do think he has a reasonable argument to say that the returns on buying a house could be advantageous over investments in equity/stocks/etc, considering the fact that he is recommending this "automatic" method needs to be a long-term investment. Sure the real-estate market can deflate for a few years, but he argues that if you stick through it, the average return on real-estate has been around 6% for the past 60? years. Factor in the fact that you can deduct interest paid from your income and the return on the investment rises even more.

In addition to the chapter on "Mortgages", the chapters on "saving up for a down payment", "finding a mortgage lender", "finding a realtor/real estate", are all have helpful information for those just starting out. I'm sure there's other books that will go into greater detail for each of these topics, but the author does a decent job summarizing each aspect while still covering a lot of information. There are a lot of good recommendations for different websites that could be of further help.

I would agree with the other reviewers that some of his content is recycled, but a lot of the material is new. If you are unwilling to spend the money, just go to a bookstore and read a chapter you're interested in and decided for yourself whether its all fluff or if there is information that is worthwhile. You can even go to his website and download the accompanying mp3's for free.

In the end, the book does a fairly good job of summarizing all the major steps of owning a home/investing in real-estate and why he believes that this financial decision can lead to great returns.

My wife and I are currently shopping for a house, and this book was a great help. While it doesn't provide any earth-shaking revelation into the process, it did help emphasize a few factors. Paying down the principal, using equity for improvements or a second house, and looking at a house as more than just a place to live are such simple ideas they are easy to overlook. David Bach makes sure you don't overlook them. A definite must read for anyone looking to buy a first house, vacation home or investment property!

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.

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.