A great book or source for duplex, triplex, and fourplex investing?

Question

I am a young investor (in my 20's). I do not currently have my license but have completed classes and am awaiting exam and subsequent licensing. I am currently reading Tom Hopkins's Mastering the Art of Selling Real Estate.  I actually find this to be a very nice read and down-to-earth. It's a good pick-me-up when I feel dumb relative to agents in my office who have conducted multiple transactions and have a good rapport and manner on the phone and with their clients. Seeing as I do not have clients yet, I am trying to attain as much information as possible until I am licensed.

Aside from the licensing, I am very interested in multifamily home investing. I have almost $7500 saved up in 4 months (before taxes, working on self-employed 1099 basis). While that would be a solid start if I was investing in other parts of the country, I live in Silicon Valley/Bay Area and the prices of any property are fairly steep so I am trying to learn techniques on investing with large financing/small upfront expenditures.

If anyone knows of some solid techniques or advice, or even a great book/read/article on MFH investing ... I would love to know. I love BiggerPockets forums and read constantly, and highly respect the wealth of knowledge amount the agents/investors/etc here.

Thank you for your time!

Joakim Esaiasson · Answer

hi,

i got HOW I TURNED $1,000 INTO 5 MILLION by William Nickerson from amazon, its a good book even if it was writen 1950... fun to read all the old prices etc, people where paying 45$ in rent etc..

Michael Seeker · Answer

A good book to read is "Investing in Duplexes, Triplexes & Quads" by Larry Loftis

Account Closed · Answer

The best and most detailed book on multifamily investing in my opinion is Ken McElroy's "The ABC's of Real Estate Investing" and "The Advanced Guide to Real Estate Investing".  It breaks down the actual process and formulas and is very minimal on the "motivational speeches" that so many of these books seem to fill their pages with.

Brie Schmidt · Answer

I second Michael Seeker - That is how we started.  I also suggest

HOLD: How to Find, Buy, and Rent Houses for Wealth

Paul Timmins · Answer

@David Thomas

Welcome.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 40 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here wholesalers will present deals and rehabbers can do the work.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing works well in your area. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Brandon did a great job with  The Real Estate Agent’s Ultimate Guide to Working with Investors http://www.biggerpockets.com/renewsblog/2013/08/24/real-estate-agents-working-with-investors/

Good Luck

Paul

Kris Benson · Answer

David,

I am reading Buy It, Rent It, Profit! by Bryan M. Chavis.

I have been very impressed with the number of examples and checklist templates included in the text.  Very detailed and process oriented.  I know for me it has been extremely helpful in helping me develop my systems for market analysis and due diligence on a property!

Good Luck!

Kris

David Thomas · Answer

Can't thank you all enough!! I am surprised, but I know I shouldn't be with the amount of support from the BP group. Making me glad I chose to move in the direction of real estate about 4 months ago. Some great people, and very positive vibes.

I have seen all the book recommendations, and now think I will have some on my list to keep me occupied, and am trying to take steps towards actually making moves soon rather than reading about them. :)

Thanks guys!

David Krulac · Answer

@Joakim Esaiasson

He actually wrote more than 3 books on real estate.  But the $1million, $3million and $5million versions of his book are updates about 10 years apart.

Read the $5million version its the latest, check out the library or used book sources.

Joakim Esaiasson · Answer

Hi guys,

I just realise that Willam Nick... have writen 3 diffrent books.

What's the diffrence between them?

Should i read all three of them?

Thanks

Joakim

A great book or source for duplex, triplex, and fourplex investing?

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