Yankton, SD · Member since 2020 · 21 posts · 58 votes
Are there any “need to read” books that you would suggest I read before making my first deal? I have some time before my first deal as I’m only a senior in high school but Ive always taken interest in real estate and have found myself investing a lot of time into reading about the topic. I want to focus on single family and small multi family rental homes and I’m always open to learning more about rehab and flipping. Any suggestions would help me further my education and help me become a successful real estate investor. Thank you for your time!
Yankton, SD · Member since 2020 · 21 posts · 58 votes
6y
@Andres Montoya
This is a great idea and one that I never really thought of. I’ve always hated reading but when it comes to real estate I can finally enjoy it again. With your tip I will be able to learn a lot more from reading the same amount. Thanks so much for the advice!
Hi @Kincaid Ryken! Awesome job getting started so young in this industry. Rather than another book recommendation, I would recommend you find a mentor in your area and try to secure an internship. You can read a lot about real estate, but the best way to learn is by doing. Try going to a local REI meet up and talking to some local investors. Offering to intern for free is a great way to get your foot in the door and gain some knowledge
Yankton, SD · Member since 2020 · 21 posts · 58 votes
6y
@Jacob Lapp
I’ve already read Rich Dad Poor Dad but the others I’ve heard nothing about so I’m excited to dive in! Thanks for the list of books, I know they will help me along my journey!
Yankton, SD · Member since 2020 · 21 posts · 58 votes
6y
@Cody Weber
Thanks so much for the encouraging words! I’ve always been interested in learning about house hacking and never came across a book about it. I’ve always thought it was a great idea and I will definitely check this book out!
I’ve never looked into complex proofs in Geometry but with math being one of my passions I will probably dive deeper into that subject.
As far as the complex word problems, I’d say that’s where I excel because I am well off on finding equations from the words.
May I ask why these two concepts are important when it comes to real estate investing?
REI is nothing but numbers with $$$ in front (and not %% behind). Choosing what properties to buy is all about which ones will generate the best return (in cash, $$$). In order to make this decision, you must be able to analyze markets not properties), and learn to invest in the markets that will bring you solutions that match up with the financial goals (math again) you established in your REI plan.
You will need to learn how to live on the "left side" of the equation instead of the right side. The right side (of the "=") is the answer...that's where most REI live. Every decision they make is based on what is handed to them. The left side is where the controls are. This is where the REI has choices of "how", "where" and "when". This is where strategies are developed, not just followed. If you know just one or a few strategies, then the left side of the formula is nothing more than fill in the blank. However, if you know what each constant and variable on the left side represents, and what a change to each does to the overall problem, you can develop a strategy that works.
6 + 6 = 12; 20 - 8 = 12; 3 x 4 = 12;
3x + A - B(3y - 2x) = 12 if A = 3; B = anything; x = 3 and y = 2
or, if you are selling 12 eggs, but the buyer only wants a dozen, then don't argue...and just sell them a dozen eggs.
Rental Property Investor · Portugal · Member since 2018 · 61 posts · 26 votes
6y
I would suggest myself to listen to the BP Podcast (all episodes) with a notebook next to me and write not only EVERY RE book but also every business related book suggested! After that, I would order by number of recommendation and read in that order :) But first, the podcast, hands down.
New to Real Estate · Urbana, IL · Member since 2020 · 11 posts · 6 votes
6y
@Kincaid Ryken
I’m reading the Book on Rental Property Investing currently as well. Even though I’m new too, I would say you should definitely finish it as it explains crucial information on different sides of real estate investing. I’m also reading the Mindset: The New Psychology of Success by Carol Dweck and The Compound Effect by Darren Hardy along with a few others at the moment. They aren’t focused on real estate but more-so the habits and mindset you will more than likely have to instill in order to be successful in real estate or whatever endeavor you dive into.
Rental Property Investor · Melbourne, FL · Member since 2017 · 114 posts · 108 votes
6y
@Kincaid Ryken great question. You are taking the right steps in laying the foundation as a young person. Here are my recommendations;
Mindset
The Richest Man in Babylon - George S. Clason
Rich Dad, Poor Dad - Robert Kiyosaki
Cash Flow Quadrants - Robert Kiyosaki
Real Estate Investing
The Book on Rental Property Investing - Brandon Turner
The Millionair Real Estate Investor - Gary Keller/Jay Papasan
I believe that if you start with the mindset, your “why” will be fueled and established. I found that the Book on Rental Property Investing was very thorough and can help beginners have a great understanding of how rentals work and how to create wealth through rentals.
Investor · Chattanooga, TN · Member since 2019 · 137 posts · 122 votes
6y
Bravo @Kincaid! Your mindset of learning, asking questions, and pursuing an alternate path puts you well ahead.
I won't give a book recommendation, since others have named my favorites, but here's a hint about reading/listening to books for free.
Download the Libby app to access thousands and thousands of books. Books can be read or listened to directly from the Libby platform or transferred to Kindle.
So much money is saved reading/listening to books this way. If a certain book is a favorite, then I buy it.
Flipper/Rehabber · Bedford, NH · Member since 2020 · 17 posts · 6 votes
6y
Congrats on taking the first step to enlightenment! If you read only these three books for the rest of your life you’d be better prepared than 99% of the population:
1. Rich Dad Poor Dad
2. The 4 Hour Work Week
3. UnF*ck Yourself (Yes, that’s a real bestselling book 🤣)
Brooklyn, NY · Member since 2020 · 14 posts · 10 votes
6y
@Jen R.
Hi Jen,
I will take you up on these recommendations as well. I am a novice in real estate as well. Rich Dad was a great book I will look into the others. Thank you
Brooklyn, NY · Member since 2020 · 14 posts · 10 votes
6y
@Andres Montoya
Interesting! I usually get the audio and if it’s great I then get the book and listen to the audio, highlight and make notes. This is a great way to retain more information that you read
Real Estate Agent · Port St. Lucie, FL · Member since 2018 · 152 posts · 51 votes
6y
Scott Trench’s book (on Biggerpockets) “Set for Life”. It’s a great book I have read twice that stresses the importantof getting your own financial house in order before you start investing at all. After all, if you make alot of money in real estate, what will you do with it? How will you keep it legally? If you’re a young person, definitely knowledge many of us wish we had or wanted when we were younger. Good luck!