Table Of ContentADVANCE PRAISE FOR MILLIONAIRE REAL ESTATE MENTOR
“We all need a ‘millionaire mentor’ and Russ Whitney is the man. I’ve read more than a
dozen real estate wealth-building books, and this is the book I’m putting to practical use in
my life. For the first time, Russ Whitney exposes the secrets that make real estate investors
thrive and prosper. Read this book, then read it again as you follow the step-by-step road to
wealth. You’ll have fun while you’re making money, and that is the key to ultimate success.”
—Steve Crowley, Former Money Editor, Good Morning America, and Author of Money for Life
“After interviewing hundreds of the top entrepreneurs in the world, I’ve isolated one pro-
found secret! They’ve all had a mentor! If you want to make money in real estate, there’s
no mentor better then Russ Whitney. In Millionaire Real Estate Mentor, he proves why.”
—Mike Litman, Coauthor of Conversations with Millionaires: What Millionaires Do to Get Rich,
That You’ve Never Learned About in School!
“How often has a mentor made a difference in your life? Turning points can often be
traced to the guidance provided by a trusted friend. Consider Russ Whitney, and his bril-
liant work, Millionaire Real Estate Mentor, as your personal real estate mentor who will take
you by the hand and teach you practical, easy-to-understand ways to profit from real estate.
Russ and his proven methods for success are with you every step. Read and apply what you
find in this book, and I am sure you will Make it Big!”
—Frank McKinney, Author of Make It BIG! 49 Secrets for Building a Life of Extreme Success
“Russ Whitney unquestionably knows more ways to help individuals create wealth in real
estate from a standing start (with or without any beginning capital) than any other expert
in the field. I’ve personally watched him transform 250 people in a day from absolute real
estate greenhorns to creative real estate Green Berets. His ideas are ABSOLUTELY worth
learning.”
—Jay Abraham, Marketing Expert, Strategic Growth Advisor
This publication is designed to provide accurate and authoritative information in
regard to the subject matter covered. It is sold with the understanding that the pub-
lisher is not engaged in rendering legal, accounting, or other professional service.
If legal advice or other expert assistance is required, the services of a competent
professional person should be sought.
Vice President and Publisher: Cynthia A. Zigmund
Editorial Director: Donald J. Hull
Acquisitions Editor: Mary B. Good
Senior Managing Editor: Jack Kiburz
Interior Design: Lucy Jenkins
Cover Design: Design Solutions
Typesetting: the dotted i
TM
© 2003 by Whitney Leadership Group, Inc.
Published by Dearborn Trade Publishing
A Kaplan Professional Company
All rights reserved. The text of this publication, or any part thereof, may not be re-
produced in any manner whatsoever without written permission from the publisher.
Printed in the United States of America
03 04 05 06 07 08 10 9 8 7 6 5 4 3 2 1
Library of Congress Cataloging-in-Publication Data
Whitney, Russ.
Millionaire real estate mentor : the secrets to financial freedom
through real estate investing / Russ Whitney and his wealth team.
p. cm.
Includes index.
ISBN 0-7931-6686-1 (pbk.)
1. Real estate investment. 2. Real estate investment—United States.
I. Title.
HD1382.5 .W45 2003
332.63′24—dc21 2002154242
Dearborn Trade books are available at special quantity discounts to use for sales
promotions, employee premiums, or educational purposes. Please call our Special
Sales Department to order, or for more information, at 800-621-9621, ext. 4455, or
e-mail Robin Bermel at
■ DEDICATION
In Memory of Richard Brevoort, 1937–2002
Richard was a man of extraordinary brilliance, dedication, and loyalty. His
contributions and commitment to our students, trainers, and staff are a very
small part of his wonderful legacy. The wisdom, inspiration, and compassion
he shared so unselfishly will be a living monument to a man whose priori-
ties were teaching, helping, and serving. I am both proud and humbled that
he called me his friend.
■ ACKNOWLEDGMENTS
hough there may be just one name on the cover, no book can be writ-
Tten by only one person. From conception to organization and research
through the actual process of writing to editing, production, and finally pub-
lication, books are a collective effort. And I would like to thank the people
who assisted me in this one.
Of course, tremendous appreciation goes to the Wealth Team: Jim
Aviza, Don Burnham, Shawn Casey, Robert Demes, David Gilmore, Kevin
Haag, Jean Lapoint, Glenn Purdy, David Shamy, Jim Shead, Larry Simons,
Gary Tharp, Pete Youngs, and Tony Youngs. My personal friendship with
each of them is enhanced by their willingness to share the knowledge that
has made them millionaires.
There are no words to express my gratitude to my students, for they are
the purpose of Whitney Education Group. I feel an immense amount of re-
sponsibility for each of them, and I am humbled that God has given me the
chance to serve in such a meaningful way. In particular, I would like to rec-
ognize the students who shared their stories for this book: Steve Bias, Carlos
and Melissa Budet, Dan Davis, Joe Fucheck, Debbra Greig, Chuck and
Sherri Hastings, Karen Herrera, Glenn and Michelle Kuperus, Jay and Kasey
London, Beverly Martin, Anthony and Joan Peters, Steve and Carolyn
Rawlings, Rosanna and Michael Reilly, Con Reynolds, Lorne and Angie
Saltsman, Rita Swanson, Lester Theiss, Bobby Threlkeld, Ron Watke, and
Carroll and Melisa Wimett.
By virtue of their contribution to the company, every member of the
Whitney Education Group staff has helped with this book, but some deserve
special recognition: Marian VanDyke, who coordinated the initial planning
and information gathering; Susan Carrillo, my ever-patient assistant; Valerie
Gaines; Melody Babineau; Lisa Marino; Morsa Spidle; Joe Gnapp; Teresa
Sells; John Kane; Ron Simon; and Marie Code. Though not an actual em-
ployee of Whitney Education Group, Don Abbott of Abbott Productions,
who oversees all of the video products we offer, plays an important role both
vii
viii Acknowledgments
in marketing our company and in creating the high-quality products our
students expect and deserve.
Thanks also go to my agent, Michael Baybak, who found the right pub-
lisher to showcase this work.
Special thanks go to Jacquelyn Lynn, who assisted me in writing this
book. I appreciate her tireless efforts and, in particular, the time she took to
learn the techniques, strategies, and mindsets of all the people who con-
tributed to this project. It was her special talent that made this more than
“just another book.”
Finally, I want to acknowledge Richard Brevoort, to whom this book is
dedicated. Officially, he served as the president of Whitney Information
TM TM
Network, Inc. , and Whitney Education Group, Inc. More important, he
was a dear friend and trusted advisor. He had been instrumental in the
growth of the companies as well as in helping thousands of our students and
staff realize their potential and achieve their dreams. Richard’s generosity
and compassion extended deep into the community, and he believed we all
have a responsibility to public service. The lives that benefited from the gen-
tle but firm guidance provided by Richard Brevoort, a consummate teacher
and mentor, are too numerous to count. He was a major contributor to this
book and was involved throughout its research and writing, making sub-
stantial contributions to the content and presentation. Just a few weeks after
the manuscript was completed in 2002, Richard lost his hard-fought battle
with cancer. Though we are deeply saddened by his death, we are all richer
for having known and worked with him.
■ CONTENTS
Preface xi
1. Planting Your Own Money Tree 1
2. Creating a Power Team 13
3. An Overview of the Real Estate Business 31
4. Wholesale Real Estate
Buying for Quick Profits 51
5. Purchase Options
Controlling Property with or without Ownership, Minimal Cash,
and No Credit 71
6. Preforeclosures and Foreclosures
Fresh Approaches to Familiar Problems 87
7. Auctions
Fast Buying Means Fast (and Big) Profits 109
8. Mobile Homes
A Quick Way to Build Cash Flow and Achieve Financial Independence 125
9. Government Grants and Loans
Resources for Business Owners and Real Estate Investors 139
10. Rehabbing
Quick Fixes for Cosmetically Distressed Properties 149
11. Property Management
Profit from Managing for Yourself and Others 165
12. Commercial Real Estate
Different Zoning, New Opportunities 191
13. Real Estate Notes
Secrets of the Discount Buy 207
ix
