THE COURAGE TO BE RICH by Mark O. Haroldsen


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Gumdrops for make-a-million fantasizers. Haroldsen is a success maven, from Salt Lake City, who has previously written and self-published three other items of this sort, including How to Wake Up the Financial Genius Inside You. Courage, accordingly, means deciding I'm Going to Die Someday and bucking the crowd--specifically, by buying properties nobody else wants (""yuks""), with Other People's Money, and turning them around. It takes lots of work, he says atone point, and it obviously takes a certain flair. It also takes audacity and skill the ""cleanest"" way to profit is by canny negotiating--buying assets below, and selling them above, fair market value. But reading about it is harmless fun. The first key is cash--which requires postponing gratification (net a bad idea for any income-enhancement purposes). The second is that distressed-property standby, the motivated seller: Haroldsen tells how to locate and identify same, without sounding like an exploiter of widows and orphans. (He once had a second house himself that was going to ruin . . . .) Then there's financial leverage--starting with the purchase of a $50,000 house, with $5,000 down, which you sell after a year for $55,000. And, with real-estate properties, which is what most of this is about, you also have income to pay the interest and pay down on the balance of the loan. (Plus tax benefits, beginning with depreciation.) Haroldsen also has something to say about today's super-leverage seller financing--but the real payoff, for success-book fans, is the find-a-""yuk""-and-fix-it-up pitch.

Pub Date: Jan. 27th, 1983
Publisher: Putnam