Having built a real estate holding company with $25,000,000 in commercial real estate holdings in less than 5 years myself, (along with my partner), I can tell you firsthand that Dave hits on some quintessential, need to know-very powerful concepts.
pg.42 Discipline, "...if you are willing to work to foster this quality, the world of investing is yours.'
pg. 44 Leveraging your time, money and knowledge
pg. 45 Work smart, not necessarily hard
pg. 47 "Information becomes power only at the point of application"
Jack Welch says he would rather have a leader that can execute than a rocket scientist. Execution is key!
Pg. 49 Constanally ask yourself, "What is the best and highest use of my time?" - The key here being opportunity cost.
On page 167 this book came alive for me; because it is something our company is struggling with right now. Dave describes "getting out of the small time bubble" which describes such a simple concept that is incredibly hard to execute. The idea is to free yourself up to concentrate on what will produce the best return for your time. This concept is also a big one in Jim Clayton's, "First a Dream" which I also reviewed here an on my blog
He talks you through the delicate steps involved in growing a business to the point where you can gradually remove yourself from the day to day procedures. A major function is the implementing of systems.
Another great insight is that Dave reads about 100 books a year. As Charlie Munger says, "Read all the time", "In my whole life, I have known no wise people who didn't read all the time-none, zero. You'd be amazed at how much Warren reads-and at how much I read. My children laugh at me, they think I'm a book with a couple of legs sticking out"
In fear of rambling, one more great concept is converting equity to cash flow. This is something our company (as well as anyone who purchased real estate over the last 5-10 years) is wrestling with or should be at the moment.
By Kevin Kingston, author of: A 20,000% Gain in Real Estate
Blog: bloglines.com/blog/KevinKingston