My daughter is currently renting just outside of Bangor Maine, with 4 other girls. Houses are too cheap there to be renting instead of buying, so now she is looking to purchase.
She has listened to podcasts, and she has read Cash Flow Quadrant, but she specifically asked if I had book recommendations that cover the basics. I am sending her How to Buy a House by Mark Ferguson ...any other suggestions would be greatly appreciated. Thanks!
Rich Dad Poor Dad
What every real estate investor needs to know about cash flow... and 36 other key financial measures
She also needs to read up on the local landlord tenant laws
Brandon wrote a blog a while back listing a bunch of books I'm not sure how to link it. It's called
The Best Real Estate Books for Your Investing Business
I'm a real estate investor in Bangor. I'd be happy to help if I can.
Hi Erin, I don't know your back story, so forgive me if I make any incorrect assumptions. If you are coming in from out of the area, Maine can look really good due to the lower entry costs. Some things I have learned about Maine that need to be considered though:
- Taxes are relatively high compared to some other regions (all of New England/northeast are generally high property tax states)
- Heating and utilities are expensive here and often cut into landlord's profits as some of these are more difficult to pass on to the tenants than in other regions
- The housing stock is generally really really old (early - 1900s) and that comes with a lot more maintenance and CapEx than newer homes. So this has to be accounted for more than other areas
Hope this helps! I'm investing out of Maine and also here in Maine in the Bangor area. Basically, Bangor can look really good on paper but there are some things to consider about the area that can lessen the projected returns quite a bit.
Bangor-area houses are cheap, but they are hardly too cheap.
@Leah Stuever Thank you! Will let her know about the second book :)
@Merle Brubacker Thank you! I always forget about the blog posts here.
@Eddie Gonnella Thank you for your thoughtful response.
She is in Orono, Maine now...and already cold :) I'm in Boston so most things look much better than this market.
I am familiar with old houses (my current house was built in 1880 with no insulation) so not worried about that aspect. She is renting right now with 4 other girls, each paying $500 a room, heat included, for a house that is valued at $98,000. She will be house hacking which will minimize some risk, and she has 4 roommates lined up.
I can walk her step by step through the process (and will help her) but I want her to do this on her own...the reason I wanted the book recommendations for an uber newbie :) Thank you again!
The Millionaire Real Estate Investor by Gary Keller
https://www.biggerpockets.com/store/flipping-houses-ultimate <-- Great book for everyone
Richest Man in Babylon - fundamentals of investing in general and mind shift in financial distribution and leveraging funds in a very easy to understand way.
@Erin Connors The Book on Rental Property Investing by Brandon Turner is pretty basic and easy to understand guide to rental property investing. There are so many good ones I could list 100 but a 19 year old starting out just trying to grab the basics I would start with that one. (I’m assuming if they read Cash Flow Quadrant that they read Rich Dad Poor Dad too, if not its a must) good luck!
@Erin Connors - the richest man in Babylon. I wouldn’t call it a traditional “RE” book (one of the tenets is to own your own home), but it’s 90 pages long and a book I wish I would have read 10 years before I did.
Good luck to your daughter!
1. Rich Dad Poor Dad
2. How to Win Friends and Influence People
3. The ABC's of Real Estate Investing
If she reads these three she'll be motivated to buy real estate, able to communicate effectively, and will have the basic knowledge to get started.@Erin Connors
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