The Biblio Files  

  our bookish life  

The Biblio Files

The Biblio Files
Location
Las Vegas, Nevada, U.S.
Birthday
January 01
Bio
We (Steve and Helen) irresponsibly gave up our promising careers in aviation and bookselling over ten years ago. Now books seem to have taken over our lives. We frequent libraries, bookstores, and thrift shops in search of interesting books. We buy/swap/sell, but mainly, we read. We both wear glasses and have been mistaken for librarians.

MY RECENT POSTS

DECEMBER 31, 2008 1:27AM

The Vanishing Market in Get Rich Quick Books

Rate: 8 Flag

five-million

 

How I Turned $1,000 Into a Million in Real Estate - In My Spare Time. Isn't that a great title? I love this book. I've never actually read it, although I've leafed through it to see why it's so popular. The first line is ''The road to riches is paved with borrowed money.''

 

I've owned dozens of copies of the book and its two subsequent editions, How I Turned $1,000 into Three Million in Real Estate in My Spare Time and How I Turned $1,000 into Five Million in Real Estate in My Spare Time . The book is out of print now, first published in 1959 and last published over twenty years ago. But until recently, people paid big money for the book, because it's full of practical advice on how to buy houses, fix them up, and rent them out, at a profit.

three million

So while I have no aptitude or desire to make money in real estate, I've made some money (not a million) selling How I Turned $1,000 into a Million, et al. It's unusual in that it's popular and out of print, but not rare. Millions of copies were printed and many are still available. It was typical for us to buy a copy from a thrift store or library sale for a dollar or two (we found one copy for a quarter, and another for a dime) and sell it on eBay for $100. For a short time, the Five Million edition was selling for $140.

 

You may not be surprised to learn that the book is no longer in great demand, and while there are many copies listed for $80 or $100, a quick check on eBay reveals that the most recent sales were for $29.95, $10.50, and $8.75. A few copies are available on Half.com for 75¢.

 

The downturn in the real estate market is certainly to blame, at least in part. Fewer people think this is a good time to get into real estate for fun and profit.

nickerson

It's hardly a tragedy – there are plenty of other books that can be found cheap and sold for a nice profit. But the market doesn't stand still. Another book that was in demand a few years ago was Wall Street: The Other Las Vegas by Nicolas Darvas. It's a sure-fire method to get rich in the stock market. It was long out of print and selling for between $50 and $100 online when I first learned of it. When a small publisher released the book in a new format for $14, I bought a few dozen copies, hoping that if I sold these quickly, I would make a small profit.

 

I did sell most of them at a profit, but at decreasing prices as the books became readily available. Then the publisher stopped printing the book. If only I had bought more and not sold them right away! The price rose steadily to its old level. But now the book is once again in print, by a different publisher, and you can buy copies new for $14 and used for $6.

wall street

Now what? Should I scoop up copies of How I Turned $1,000 into a Million, anticipating an eventual return of the real estate market? Should I stockpile Wall Street: The Other Las Vegas for when it goes out of print again? Or has the demand for these books dried up for good? My bet is that the time for these books has passed and it's time to look for different book buying opportunities.

 

 

 

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Comments

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The keys to making money in any kind of market are timing and contrarianism. Which is to say you must go against the crowd at the right time to make the most money.

Those are the keys, but there's only one rule: buy low, sell high.

As for these particular books, my guess is the real estate titles will be popular and pricey again sooner than will the stock market title.

Excellent, timely post. Happy New Year!
yeah, I agree with Lonnie. They'll come back -- people unfortunately have short memories.. but for awhile, maybe books about ethics and meaning in our lives and doing what's good for american and its citizens rather than chasing just money....

and be contrary!

good to be talking about what's coming...

paula.
So while I have no aptitude or desire to make money in real estate, I've made some money (not a million) selling How I Turned $1,000 into a Million, et al.

I find this very funny.

But on a slightly different topic, when I was growing up, my parents had a thick book on their shelves titled, How to build your own house for $1200, or something along those lines. As the years went by, building my own house was an idea that seemed to get better and better, from a financial standpoint. :-)
It boggles the mind what sells in the book world. Certainly this genre will come back into popularity once the economy swings upward again but whether it's economically feasible to stockpile them is another issue altogether.

And is that the same William Nickerson who wrote "Did Jesus Survive the Cross" years after his get-rich-quick books were penned?
I think there is fodder for a new series of books..."How I Lost Everything in the Bush Economy", or "The Other Vegas: Not Everyone Can Be a Winner". There could be a demand for those titles now.
Lonnie - agreed! And there's a corollary: you can also make money going WITH the crowd but getting out before the enthusiasm (or the Ponzi scheme) unravels.

ph - books about ethics and meaning may indeed become popular, as well as books on frugality and simple living. There are actually some books on those topics that do quite well.

Rob - I salute your ambition! Building your own house sounds complicated and difficult. But better than dealing with real estate agents.
Coyote - yes! Nickerson wrote Did Jesus Die on the Cross and My Odyssey Around Three Worlds in addition to the real estate books (there are more than the ones I mentioned in the post). And his entire estate went to various divinity schools and theological seminaries when he died in 1999.

Procopius - you are probably right, but it doesn't take long for people to start getting optimistic, especially when it comes to making $big buck$. Or is that just greedy?