My Top Real Estate Books
Rich Dad Poor Dad – Robert Kiyosaki
This is not a ‘how to’ real estate book like all the others, but it was the one that got me interested in owning cash flow producing assets (aka rentals). Kiyosaki really focuses on developing a mindset that values true assets (things that put money in your pocket) and how to accumulate wealth no matter what your business is. Required reading in my opinion and was truly influential when I discovered it in college.
Disregard the hokey get rich quick name, this book contains extremely valuable information for the new investor. Gary starts off with the truth, investing is damn hard and most people will never be able to accumulate significant wealth without a committment to it. He then gets into budgeting, the value of compounding cash flows and more. I’d read this one second after Rich Dad Poor Dad as it builds on the same philosophy but with large amounts of specific real estate investing information.
This book follows the previous book and is among a series of three (including a book on flipping houses). It covers everything from finding a property, evaluating a good deal, and renting to market tenants. While it isn’t a complete guide it’s a great overview of what I wanted to do and I learned a lot from the authors.
A very specific book written to the market I wanted to get into, multi-family buildings. Loftis outlines several strategies for being successful in the multi-family market, an often overlooked part of the real estate spectrum by larger investors. He gets into cash flow analysis in detail, and has a great chapter on management.
Although I have not personally used a real estate option contract, I still include this book because it opened my eyes to a different way to make money from property. Reading this book will show you just how fluid buying/selling property can be. By this I mean most people (including myself at that point) have this idea of buying a house as a very structured dance. The truth is there really are only guidelines and the way your deal turns out is largely a result of your creativity and ability to negotiate favorable terms. Options are great and can probably be turned into a full time business. Worth the read.
Rehab costs often baffle new investors, and this book is a thorough walk through of each major system in a home and how to properly value repairs. An invaluable resource when dealing with contractors for the first time.
I just read this book the other day, and even though it’s dated it outlines the exact plan that I came up with on my own. Neal made a career out of buying properties focused on income, ease of management etc. and ran his business like a true professional. In this book you’ll find a lot of great tips on finding good deals, determining what is a good deal (although the numbers are too old to be realistic) and how to manage multi-units effectively. Plus there’s a section about how if you want to succeed you’ll need to get a dedicated landline and a top notch fax machine. Hilarity.
The final book I recommend, and the most thorough of all mentioned in this article. It almost reads like a textbook, but if you’re ready for the information you will assuredly devour it as I did. Eldred’s book covers everything from identifying your real estate market (and opportunities), creative financing, taxes, strategies and more. By far the most detailed and comprehensive book on strategy I’ve come across. Consider it your capstone book.
If you have any questions about these, or investing in general drop me a line. Enjoy!
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