When I do something, I learn. Before I became a full-time real estate investor, I worked for a company that needed someone who knew how to work with a computer language to work there. As soon as I found out I was going for the job, I looked through all the online tutorials I could find. A big problem was that I didn’t have any real-life experience with the program, and even all the theory in the world didn’t help me understand it better. It was a good thing that the interviewer didn’t quiz me about my knowledge, and I was able to get the job. The first day on the job, I had to walk the talk, not just talk the talk. It was time to learn on the fly or risk looking like a fool and not having a job. As soon as I could open the program on my new work computer, everything made sense. After I got some hands-on experience with the language, it was much easier to write reports with the language on them. Most of the new things I’ve tried have worked out that way for me, including the real estate business.
First, I read through all the best books on real estate investing that I could find. There were people who made me want to jump right in and start getting the benefits right away. There was a lot more going on than just reading a book and making it into a business that worked out well. However, I must say that I learned a lot about the real estate business by reading about it before I bought, renovated, and sold homes.
What Are the Best Real Estate Investing Books?
When I went to my local bookstore, I found a lot of junk as well as a lot of useful guides and “how-to” books. I looked for books that stressed logic over emotions, because I believe that in any business, you should bet with your head and not your heart. This is why I looked for the books. The following are 10 of the best books on real estate investing that I think are worth your time before you start following me.
“Building Wealth One House at a Time, Updated and Expanded” by John Schaub
To start investing in real estate, you don’t need a lot of money. Brandon Turner says this isn’t true! True, but the author suggests ways to avoid paying a lot of money for a down payment and closing costs when you buy a home. People who work with hard-money lenders who specialize in financing investment properties to fix up and sell often pay more attention to the deal itself. Under the right circumstances, these private groups may be able to help you buy the home you want and make the necessary renovations. If the price, location, and demand of the property and the market all look good, you might be able to close in a few days and start your real estate investing career off on the right foot.
Turner says that all of this is true, but he doesn’t tell you the hard truth about hard money. A hard money lender is not just someone you meet when you walk through their door. It takes time to build a relationship with them. Most of the time, they’ll want to see that you’ve worked on and sold houses before. If they want to see proof that you know how to run a rehab and work a deal, they might even ask you to show them a real estate investor credibility kit. All in all, this book will give you some good strategy ideas, but it won’t tell you everything.
“The Millionaire Real Estate Investor Paperback” by Gary Keller, Dave Jenks, and Jay Papasan”
In the world of real estate, there are a lot of words and phrases about money that are used every day by experienced investors, real estate agents, mortgage brokers, and lenders. As a result, if you want to be able to live and work in the world and make money, it’s probably best to learn about all of the most important financial concepts.
Frank Gallinelli lays out all the important financial analytics that can be used to make sure that a deal is good and to see how well the company is doing now and in the future. Emotion shouldn’t be the main factor in whether you decide to buy or sell a home. Instead, investors should look at the deal in terms of the numbers. This way, they can make sure that their return on investment (ROI) isn’t harmed by having a good feeling about the future. Only a small part of the picture is shown by the number. People who want to buy and sell investment properties don’t get any help from Gallinelli about how to do the real work. For example, if, for example, you have a hard time getting along with contractors, even the best deals can go bad.
“The Book on Flipping Houses: How to Buy, Rehab, and Resell Residential Properties” by J Scott
My friend used to work for the IRS. Every time we get together, we talk about taxes, much to the annoyance of our wives, who drink their Merlot and talk about more interesting things. My husband and I can’t change the way our spouses feel, but we can’t do anything about it. If you want to invest in real estate, you need to be a little bit of a bean counter as well.
Fishman agrees with what he said. He’s put together a quick summary of all the deductions that help real estate investors understand how to legally make more money from their homes. Advice on how to use loopholes and deductions is also in the book. It stops investors from keeping too much money, which is bad for the IRS. In both cases, it’s a good idea to keep track of what you own and what the government owns. It’s a good idea to know how to deal with taxes. There must be a good reason to buy in the first place. Deductions won’t help your margins much if you spend too much on a flip, so you should spend less. Fishman doesn’t spend a lot of time talking about how or where to find homes in good neighborhoods that have a good chance of making money. For that, you’ll need a good way to get leads from property investors.
“Retire Rich from Real Estate: A Low-Risk Approach to Buying Rental Property for the Long-Term Investor” by Marc Andersen PhD
It seems that many well-intentioned real estate investors want to make a lot of money quickly without first firmly setting their feet down on the ground. Because there are so many get-rich-quick home buying seminars out there, there’s a good chance you’ll think that being a landlord and flipping houses is an easy way to make money.
Schaub says that’s not true, and he wants investors to keep things simple. Nine steps are covered in the program, which starts with negotiating deals on the front end and ends with making sure your business has enough money to stay afloat at the end. If you want to invest in real estate, the author’s system says that instead of following the latest trend, you should stick with the basics. It looks like one of Schaub’s nine steps has been left out. When you start a business on your own and need help making money, what do you do? A lot of things can go wrong when you invest in real estate, but it can always be interesting. Rather than walking away, you’ll need people you can turn to when unexpected repairs come up or local rules make a rehab take longer and cost more than you thought. When you build a strong network, you can help each other out. Your friends and family will help you learn more about real estate investing than even one of the best books on the subject can.
“Every Landlord’s Legal Guide” by Marcia Stewart, Ralph Warner, and Janet Portman
Everyone wants to be rich. If you’re a real estate investor, there are likely few people who don’t want to reach that goal and more. Over 100 real estate investors share their stories with this trio of authors. They talk about things like teamwork and building a referral network, which are good things to do. The book also debunks myths that many people believe that keep them from buying, renting, and selling homes. You can get some good advice from a lot of trustworthy people, and Keller and his company think that could help you run your business better.
But, you can read about the success stories of other people all day long, too. Then again, no one ever makes it to where they are without making a lot of mistakes. Anyone who says that isn’t true might be a little off. It also doesn’t talk about what not to do. Bad decisions, like paying too much for a multi-unit property in a bad market, can shake even the most stable investors. One can only imagine what a big mistake could do to someone who is just starting out.