Readers looking for easy money may be discouraged by Sutton’s demonstration of just how complex real estate money can be,...

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Loopholes of Real Estate

SECRETS OF SUCCESSFUL REAL ESTATE INVESTING

Investing in real estate is as easy as understanding the tax code and personal-injury law, according to this informative but daunting primer, part of the Rich Dad Advisors series.

Sutton (Run Your Own Corporation, 2012, etc.), an attorney, expert in business law and one of real estate–investment guru Robert T. Kiyosaki’s stable of Rich Dad Advisors, offers clever, if complicated, new ploys to grow and safeguard a fortune. He begins with a motivational sketch of the cash-flow investment doctrine popularized in Kiyosaki’s Rich Dad Poor Dad—buy rental properties with borrowed money; rake in cash from tenants; leverage the equity to buy new properties; repeat until rich—but focuses on the labyrinthine “loopholes” that make the formula tenable. The first kind involves subtle tax dodges that add greatly to the profitability of property investments—everything from “cost segregation” depreciation to “passive loss” allowances to the “1031 exchange.” The flip side of amassing real estate wealth, the author continues, is protecting it against lawsuits, especially those filed by tenants. Sutton therefore explores another suite of legal loopholes for sheltering assets from court judgments, including insurance, limited liability corporations that distance owners from their wealth, and the tactic of loading properties with debt so they are less tempting targets for plaintiffs. There is plenty of arcane tax, legal and corporate-structuring lore here, but Sutton explains it in admirably lucid, straightforward prose supplemented with entertaining fictional case studies, including a picaresque involving an alpaca ranch, a moonshine still and whiplash payouts. Readers will learn a lot from the book, though not quite enough to master the subject; Sutton stresses that a team of expert “advisors”—a lawyer, broker, accountant, insurer, property manager—is indispensable for guiding investors profitably through the legal/financial minefield. The book cuts against the grain of Kiyosaki’s cash-flow populism, his credo that real estate investment, not earned income, is the little guy’s road to riches. Here, the investor is the almost vestigial figurehead for the army of business-service professionals who do the legwork. Still, novice investors will find it an excellent road map for getting started.

Readers looking for easy money may be discouraged by Sutton’s demonstration of just how complex real estate money can be, but others will find helpful guidelines, tips and tricks presented in a clear, engaging style.

Pub Date: Aug. 6, 2013

ISBN: 978-1937832223

Page Count: 352

Publisher: RDA Press, LLC.

Review Posted Online: July 23, 2013

Kirkus Reviews Issue: Sept. 1, 2013

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Smart, engaging sportswriting—good reading for organization builders as well as Pats fans.

THE DYNASTY

Action-packed tale of the building of the New England Patriots over the course of seven decades.

Prolific writer Benedict has long blended two interests—sports and business—and the Patriots are emblematic of both. Founded in 1959 as the Boston Patriots, the team built a strategic home field between that city and Providence. When original owner Billy Sullivan sold the flailing team in 1988, it was $126 million in the hole, a condition so dire that “Sullivan had to beg the NFL to release emergency funds so he could pay his players.” Victor Kiam, the razor magnate, bought the long since renamed New England Patriots, but rival Robert Kraft bought first the parking lots and then the stadium—and “it rankled Kiam that he bore all the risk as the owner of the team but virtually all of the revenue that the team generated went to Kraft.” Check and mate. Kraft finally took over the team in 1994. Kraft inherited coach Bill Parcells, who in turn brought in star quarterback Drew Bledsoe, “the Patriots’ most prized player.” However, as the book’s nimbly constructed opening recounts, in 2001, Bledsoe got smeared in a hit “so violent that players along the Patriots sideline compared the sound of the collision to a car crash.” After that, it was backup Tom Brady’s team. Gridiron nerds will debate whether Brady is the greatest QB and Bill Belichick the greatest coach the game has ever known, but certainly they’ve had their share of controversy. The infamous “Deflategate” incident of 2015 takes up plenty of space in the late pages of the narrative, and depending on how you read between the lines, Brady was either an accomplice or an unwitting beneficiary. Still, as the author writes, by that point Brady “had started in 223 straight regular-season games,” an enviable record on a team that itself has racked up impressive stats.

Smart, engaging sportswriting—good reading for organization builders as well as Pats fans.

Pub Date: Sept. 1, 2020

ISBN: 978-1-982134-10-5

Page Count: 592

Publisher: Avid Reader Press

Review Posted Online: Aug. 26, 2020

Kirkus Reviews Issue: Sept. 15, 2020

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Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...

THINKING, FAST AND SLOW

A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.

The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.

Pub Date: Nov. 1, 2011

ISBN: 978-0-374-27563-1

Page Count: 512

Publisher: Farrar, Straus and Giroux

Review Posted Online: Sept. 4, 2011

Kirkus Reviews Issue: Sept. 15, 2011

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