What books do you like....

Question

I want to read some good books and looking for some recommendations.  I want to learn from the start on finding investestment properties to landlording....Any recommendations?

Thanks.

Jim

Account Closed · Answer

Jim,

Have you reviewed the ebook MikeOH has produced. I have not read it but others I trust feel it does a good job.

What books have you read so far?

Some of the time you will need a local book so you can learn the local laws. When I started investing in OR the City of Portland had a great book for $5.00. They produced it to improve the quality of the rentals and it covered all the laws plus had great advice on screening, etc.

You can use Google to see if there are local resources for your state. A good source for landlord forms is the state chapter of the Apartment Owners Association. They pay lawyers to keep the forms up to date and then send them to members. They generally publish regular news updates so you can stay current with the state and community regulations.

Jared B. · Answer

I recommend reading biographies of Trump, Rockefeller, Buffett, Carnegie, etc.  The giants of industry, you'll see there is a combination of luck and business savvy.  You'll learn a lot about what makes a successful individual.  You'll realize the old rules still and always apply.  Watch how "the real estate pros" guy runs his company.  Like him or not he's successful, and has built a large profitable firm.  Business is business, learn it and apply it to real estate.  Study tax structuring, transaction processes, etc.  Understand building, if you're renovating.  Better than a book, find contractors that you can discuss your plans with and trust.  Administration information would be handy, how to departmentalize, delegate, negotiate, etc.  Anything on those subjects.  Trump is a great businessman whether you like his tacky persona or or not.

Timothy W. · Answer

Secrets of a Millionaire Landlord by Robert Shemin.

Very basic, very good book.  This was his from his pre-Learning Annex PT Barnum days.....  It's not written the same way that he talks when he tries to sell from the platform now.

Also, you'd be surprised how accessible good landlords are once you find out who they are.  If you take them to dinner and just ask for advice on property management, you'd be surprised what you hear.  Landlords love to share war stories.

Jim McMillen · Answer

Haha....Yes, I need something with meat.  Thanks for all the replys.

Anthony Sulecki · Answer

Heres a recent thread, with the same topic. A good amount of books are mentioned, involving real estate.

http://forums.biggerpockets.com//viewtopic.php?t=15062

Brian Bern · Answer

I'm assuming you are past the "motivational" step of the process (ie. any of the Rich Dad Poor Dad series and Think and Grow Rich).

Let me state now before I go any further that I am a newbie myself.  I haven't done any deals yet except for the house that I live in.

A good book that a friend loaned me is a book titled "How to Buy & Manage Rental Properties" by Irene and Mike Milin.  The book is now 20 years old, but with the exception of the out of date financing and interest rates, still seems relavent.

Another book that my wife recently purchased for me is from the Smart Start Series "How to start a business in Colorado".  It goes through the steps necessary for creating an LLC and explains the pros and cons of other business structures (s corps, c corps, partnerships, limited libability partnerships, etc).  It then goes into the steps of creating a good business plan and goes over some of the essential finance and accounting methods.

As a newbie myself, I am looking to create my LLC some time in Q2 of 2008 and then to close on my first deal some time in Q3 or Q4 (assuming I can find the property the best fits my goals).

Good post.