Looking for my first book. Advice Please!!! 13 posts by 8 users

Posted: 06/04/2008 at 10:40AM

Hello every one, I am new to this & want to learn as much as I can. I'm looking for my first book to read. I understand that I can learn a lot from this forum but I just don't have that much time to be on the net. I'm really interested in buying low, fixing & selling for a profit. I have 1 rental condo now & I hate it so no more rental property for me. I'm just looking to make some extra income while I continue my full time job so I can build my dream home. So what book would you guys recomend for me to read first. I can only handle one book at a time.

Thanks!!!
-Mike

Posted: 06/04/2008 at 11:59AM

I'll second what Richard says that you're going to need to do a lot of reading and learning.

He's too modest to say it, but Richard's book " A Rehabbers Tale" is a good intro to rehabbing.

" The Wall Street Guide to Real Estate Investing" is a broad and shallow introduction.

I've probably read 20 REI books in the last year. No one book is going to tell you everything you need to know.

Posted: 06/04/2008 at 05:08PM

" Buying low, fixing & selling for a profit" is one of the goals most everyone here shares.

You have some stiff competition. Are you up for it?

There are many many books that explain how to do this. The rules for succesfully investing in real estate are simple, but they are in no way easy.

I will now reveal to you the key secret of all the succesful investors here: hard work.

Posted: 06/05/2008 at 04:30AM

Mike -

Somewhere on this site are a few threads where people post their favorite books.

Couple months ago I copied down every book that sounded interesting and ordered them (if you go through Barnes & Noble purchase their 10% discount card first). Expensive? Yes. Worthwhile? Yes.

Also, when you're ordering there's a helpful section that says: " People who bought this book also bought these books..." . You'll get some interesting suggestions for other books.

Invest first in your knowledge and education. All else flows from there.

One last thing, Mike: people who are succesful in REI have an absolute passion for it. However you want to define that passion, it's what motivates us and keeps us going through the inevitable crap.

Good luck.

Posted: 06/25/2008 at 10:01AM

I've got an idea...and it's free!

Go the the city library and check out every book on real estate investing...take them all home...and just skim one.

If you don't catch the real estate investing " bug" ...and devour all of them in 2 days...forgot about real estate investing. It's a lifetime of learning - doing - failing - learning some more - doing some more - over and over again.

The truth of the matter is there is no " one book" ....and the " rehabbing to riches" approach you mentioned...has to be the riskier or more " super skills are required" approach to making money in real estate.

So you've picked the hardest angle...and you want to do with the least education...unlikely is the word that comes to mind.

Good Luck!

PS: See you again once you get " infected" ...let us know...

Posted: 06/25/2008 at 11:12AM

To add to Grand Wally's comment, one of the best ways to become their mentor is to offer to do some of the work for them free of charge. You'll be trading your time for their knowledge and their business will benefit from it also.

-Michael

Posted: 06/26/2008 at 09:08AM

Mike - great advice from both Rob and Grand Wally. Bring something to the table to learn from a willing mentor (why else would they take you on?), but don't leave out the " book learning" .

While I would agree that most 'guru courses' are money pits (not all though), you can buy great real estate books for less than a meal out, and often for 'pennies on the dollar' used. Every book and every mentor has at least one great thing to teach you, and the more you learn and put into practice, the greater your chances of succes.

One caveat on mentors - lots of very successful mentors feel their method is the only method - though the next thing you read or learn might be even better for today's markets. Keep researching and learning.