Suggestions for a good book to learn the basics?

Question

Hi all,  I am learning what I can from the site but was wondering if there was a good book that can help a newbie learn the basics?  Some of the terms and lingo go over my head so a reference would be valuable since im just starting out.  I am mainly interested at this point in long term rentals.  Thanks in advance.

Michael Quarles · Answer

I would rather read a purchase contract, escrow instructions and pre lim title report. Although I've written my share books are overrated. Go out there and make some offers. Come back here and ask some questions.

Too many people put off success. JUMP

Too many people put off success.  JUMP

Michael Quarles · Answer

I remember the first time I really understood "NO"

It's a definition of what we have unless we try. Certainly there are fears and situations to overcome.   However  "YES" is a byproduct of NO.

Of all of the people I've spoken to,  the number one fear is the unknown.  That's what the survivors are for.  We will guide you.   There are some really smart, caring and giving people here at BP.

So jump

Mindi B. · Answer

When you get your first property and start renting, I recommend "Landlording" by Leigh Robinson.

Bryan Hancock · Answer

This is a good beginner book about the numbers:

What Every Real Estate Investor Needs to Know about Cash Flow... And 36 Other Key Financial Measures

It will give you a decent grasp of some of the most important finance-related principles.

Jon Klaus · Answer

For long term rentals I like The Millionaire Real Estate Investor by Gary Keller.  Lots of real life examples from 1 rental to 100+.

Michael G. · Answer

Here is a good one. The ABC's of Real Estate Investing by Ken McElroy who is part of the Rich Dad Poor Dad camp of advisors.

http://www.amazon.com/Rich-Dads-Advisors%C2%AE-Investing-Investors/dp/B001Q3M5XU/ref=sr_1_4?ie=UTF8&qid=1325613035&sr=8-4#_

Michael Seeker · Answer

I would argue that BP is one of the best (if not the best) resources for learning real estate terms, lingo and acronyms.  I would recommend reading a few of the books listed here to gain some understanding of context, but don't get hung up one one author or expert.

If you have specific terms/acronyms you would like defined, try starting a new topic and asking for a definition.  You're likely to get several different angles on the term which will help you come up with your own understanding of it.  Not to mention it would be a good resource for many future BP newbies!

Tivon J. · Answer

Hi James,

"Barron's Dictionary of Real Estate Terms" is a good resource if you're just looking for a reference tool to learn various RE terms.

"The Wall Street Journal: Complete Real-Estate Investing Guidebook" is a good place to start also. This book just gives a basic overview of REI for novice investors and by no means is it "complete" as the title states. However, it covers various topics in real estate investing, including residential, landlords, commercial, and more and provides other suggested readings depending on which direction you would like to go.

Manuel A. · Answer

I have zero experience, but I liked "How to Invest in Real Estate: For Dummy's" as it was really easy to read. But I also like the really in depth guide Bryan Hancock mentioned. If anything though, even though I haven't, I'd say take Michael Quarles advice. It's like doing a back flip the first time. I'm really nervous that'll I'll jump, but then land on my neck!

Also F Foster, here a direct link to Jackie's book:
http://www.biggerpockets.com/files/user/CashFlowDepot/file/107-real-estate-profits-on-steroids-by-jackie-lange

Craig Shute · Answer

I have wanted to ask a similar question to James':
What would be a good book to read to get a good understanding of all the different real estate investment strategies?
Wholesaling, fix & flip, buy & hold, etc.  Every discussion on here feels to me like I'm reading a book starting on the third chapter.  I need a book that will lay out the basic strategies and how to follow them.  Any suggestions are appreciated.

Suggestions for a good book to learn the basics?

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