Which do you think is a "MUST READ" when learning about REI?

Question

Recently I´ve read two books that I think are a "must", The E-Myth (Michael borger) and The MIillionaire Real Estate Agent (Gary Keller). Specially for us the new ones, I think they can both help you to start your business in an organized and structured way and thinking more outside the box to do original things, I recommend them!

Bill Gulley · Answer

Karen Margrave, I'm not so anti-guru as most think, but I'm really anti-bad-guru and knowing the basics will help make a distinction between them.

I realize that most here are young and starting out that the tendency of youth is to have it all now with little effort as if there are real secrets to making big money in RE. Advising against this natural tendency is tough, as they really do think if you just follow this program you'll make money. (IMO from what I've found here and other forums).

Let's put it this way, one of my crown jewels of a deal was done by knowing survey requirements that I could peel off existing houses that were on one plat that could be divided on thier own lots. While my deal was involved and I did have some basic surveying knowledge anyone with a basic knowledge of describing lots could have had a surveyor do much of the brain damage for them.

From the deal, I netted out an over 2,000+ sq ft "A" frame on a small local river that included a large barn, a few acres, pond, coral area and a regulation tennis court with 8' chain link enclosure, FREE to me when it was all said and done. And, I didn't have a dime of cash in it except some filing fees! Today the FMV would be bumping 250K. Simply from being able to clean up a mess using basic RE concepts!

I'd say most are unaware of the value of knowing RE from the ground up so to speak. There is no guru book I know of that explains how to do or arrange basic and conventional concepts. The story is on here somewhere, but there was no magic involved.

The big money is from knowing how to put deals together, getting only parts to a puzzel and not seeing the big picture means you'll never put the whole puzzel together. :)

Karen Margrave · Answer

As usual, I'm with @Bill Gulley on this. THE best place to start in real estate as an agent, investor, or ? is by building a solid foundation, and understanding the process. The first step is Real Estate Principles, just as it implies, it teaches you the principles.

Too many people get out ahead of themselves, and end up losing money for lack of understanding the basics.

Jason Merchey · Answer

With respect to the book Bill references - which I think I would do well to buy - I have read 20 books, and I put The Millionaire Real Estate Investor near the top as far as my bread and butter book. There are others that are different, maybe better in certain ways. There are also things I wish Keller would have left out, such as the spiritual components. I also don't think he quite makes it clear how challenging it can be to put his principles into practice. However, I would bet that if you followed his advice, you'd become a millionaire in 15 years. There will be pitfalls and challenges, but compared to a book that doesn't lay out a clear and competent vision like that one does, I think it's worth its weight in gold.

Cristina Corredor · Answer

Thanks a lot for all the recommendations, I got some homework to do. I still love to read on paper so there is some book shopping coming.

Cristina Corredor · Answer

You are absolutely right, thanks a lot, this kind of mind set is what really helps us "newbies" to start in the business with the correct point of view. I´ll work on that!

DuRon Netsell · Answer

Rich Dad, Poor Dad is absolute must! The book is what initially opened my eyes REI and have heard numerous investors say the same.

Bill Gulley · Answer

Start here:

http://books.google.com/books?id=pvRH7FI_vRAC&q=option#v=snippet&q=option&f=false

Search: Principles of Real Estate. These are introductions to real estate written as college texts with plain easy to read aspects of RE.
While most are written for college level classes in the business departments, they are also used at highschools.

The one I just linked has options and contract for deeds described.

By starting out with these types of study materials you will see how the investor strategies fall into place and you can understand the relationships between one strategy and another making it much easier to grasp the basics of any investing approach.

There was recently a question here on BP asking about a roadway easement where an investor wanted to bid on a property but didn't know if they would have access. These types of books inform you such issues that you will bump into in real life. Knowing the basics, in that case of an easement, you'd know how much of a concern it would be and then allow you to continue in your negotiations. The unknowing investor will be at a disadvantage and could miss out on deals becuase they couldn't make a timely decision.

I'm not endorsing a specific text book, but any written as a business text will put you years ahead of those who do nothing but chase guru books, I guarantee it! Good luck..  :)

Dan N. · Answer

Cristina Corredor, I think "E-Myth" is by Michael E. Gerber. It has been mentioned several times on the BP Podcast. I hope to get it soon.

Manuel A. · Answer

Depends on what aspect of REI you want to get into, but the only thing I've ever needed was BP. Their audio recordings from last years BP summit are great, and J  Scott has a lot of great stuff posted on his blog. And of course this forum, it's basically the key, all you need to do is ask the right questions, and it will provide you with answers :)

-Manuel

Which do you think is a "MUST READ" when learning about REI?

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