Looking for books on commercial/apartment investing
Lobsterman · Arundel, ME · Member since 2015 · 62 posts · 29 votes
I've read most real estate books on the forums here but have decided I am more interested in bigger commercial real estate (50+ unit apartment buildings). Anyone out there recommend any good commercial real estate/apartment real estate books out there? I plan on spending the next two years putting 100K in the bank and then searching heavily for some deals. Thanks in advanced!
The Perfect Investment by Paul Moore
He is a BiggerPockets member. I highly recommend it
Awesome Dustin thanks a ton! Have you read "Crushing it in apartments and commercial real estate"? Seems to have a lot of good reviews but that doesn't always mean anything haha. Thanks I'll get my hands on Pauls ASAP!
I love the ABC's of real estate investing by Ken Mcelroy. Its a simple read with alot of great content
Ken's book is good, as is Paul's.
I also liked Steve Berges' book "Complete Guide to Buying and Selling Apartment Buildings". This had good case studies to see how he thinks.
Right now I am almost half way through Brian Murray's book "Crushing It". So far it is great; I appreciate the case studies and insight into other commercial property investment types.
Next up to read is Dave Lindahl's "Multifamily Millions".
@Tyler Goulden- Hi Tyler... I'm in the process of writing a book on this topic... Maybe you could give me some guidance and help me create it? If you could buy the perfect book on buying large apartments, what would the table of contents look like? What are the most burning questions that you would like to have answered?
By the way... saving $100k is not necessary for buying an apartment building because you can bring in equity partners. Focusing on finding deals is though, so spend more energy there.
Thanks and would love to know your thoughts!
To learn all about all the details of commercial properties including MF check out the book "Commercial Real Estate Investing for Dummies". It is a great read.
I really enjoyed the ABC's of real estate investing by Ken McElroy. Commercial Real Estate Investing for Dummies was good too I thought.
@Tyler Goulden I've listed a few of my favorites below.
1. Wheelbarrow Profits by Jake Stenziano and Gino Barbaro - Focuses on purchasing, financing, and re-positioning "mom & pop" multi-family apartment communities.
2. The Ultimate Guide to Buying Apartment Buildings with Private Money by Michael Blank - A step-by-step overview of how to identify multi-family apartments and raise money from private investors to acquire and re-position them.
3. The ABC's of Real Estate Investing & The Advanced Guide to Real Estate Investing by Ken McElroy - Solid detail on the process as well as case studies and advice based on personal experience.
4. The Complete Guide to Buying and Selling Apartment Buildings by Steve Berges - A nice overview of the apartment investing process from beginning to end with case studies and personal stories.
5. How to Create Lifetime Cash Flow Through Multifamily Properties by Rod Khleif - A nice overview of the apartment investing process from beginning to end with case studies and personal stories.
I love the ABC's of real estate investing by Ken Mcelroy. Its a simple read with alot of great content
Thanks Tony, I've got that one already, it was actually the first none Brandon Turner book I read ahha.
Ken's book is good, as is Paul's.
I also liked Steve Berges' book "Complete Guide to Buying and Selling Apartment Buildings". This had good case studies to see how he thinks.
Right now I am almost half way through Brian Murray's book "Crushing It". So far it is great; I appreciate the case studies and insight into other commercial property investment types.
Next up to read is Dave Lindahl's "Multifamily Millions".
Looks like Crushing it might be my first one than, many good reviews, is it written as an informative book or more self help? I have heard some say it isn't the most informative which I hope isn't the case.
@Tyler Goulden- Hi Tyler... I'm in the process of writing a book on this topic... Maybe you could give me some guidance and help me create it? If you could buy the perfect book on buying large apartments, what would the table of contents look like? What are the most burning questions that you would like to have answered?
By the way... saving $100k is not necessary for buying an apartment building because you can bring in equity partners. Focusing on finding deals is though, so spend more energy there.
Thanks and would love to know your thoughts!
Honestly the biggest topics I would want would be as follows:
@Tyler Goulden I've listed a few of my favorites below.
1. Wheelbarrow Profits by Jake Stenziano and Gino Barbaro - Focuses on purchasing, financing, and re-positioning "mom & pop" multi-family apartment communities.
2. The Ultimate Guide to Buying Apartment Buildings with Private Money by Michael Blank - A step-by-step overview of how to identify multi-family apartments and raise money from private investors to acquire and re-position them.
3. The ABC's of Real Estate Investing & The Advanced Guide to Real Estate Investing by Ken McElroy - Solid detail on the process as well as case studies and advice based on personal experience.
4. The Complete Guide to Buying and Selling Apartment Buildings by Steve Berges - A nice overview of the apartment investing process from beginning to end with case studies and personal stories.
5. How to Create Lifetime Cash Flow Through Multifamily Properties by Rod Khleif - A nice overview of the apartment investing process from beginning to end with case studies and personal stories.
Awesome thanks a ton man! I'll have to put all 5 of them on my nightstand and get busy! I'm just looking for every little bit of information on every single part of the process to know inside and out while I save up some capital for a down payment. Hopefully all of these will help.
@Tyler Goulden- thanks for the feedback Tyler!
Sure thing, @Tyler Goulden. I hope you enjoy. Since you expressed interest in knowing every single part of the process, I've thrown in an extra below. I was debating whether to include this one in the original list. The book below covers the details of syndication which could shorten your path to acquiring a multi-family asset and make the burden of saving up capital for a down payment less onerous. Your ability to raise capital from investors will be a key factor in scaling your multi-family investment activity.
It's a Whole New Business by Gene Trowbridge
@Tyler Goulden In addition to books, I also highly recommend the podcasts below which are either solely dedicated to multi-family investment or have a majority of guests who are involved in the multi-family arena:
1. Old Capital Real Estate Investing Podcast - Lots of good stories about newbie investors getting started with multi-family investing
2. Wheelbarrow Profits Podcast - While they have a variety of different guests, Jake and Gino have several interviews with individuals who have scaled quickly and achieved success in the multi-family arena. The Jake & Gino personal story is also a great success story in the value-add multi-family area.
3. Apartment Building Investing with Michael Blank - Same comments as Wheelbarrow Profits
4. The Lifetime Cash Flow Through Real Estate Investing Podcast with Rod Khleif - He has many guests who tell their story of how they got stared with multi-family investing. Rod also has extensive personal experience with and discusses the relative merits of single family vs. multi-family investments.
I really like Lindahl content and got started using Ray Alcorns Dealmakers Guide to Commercial Real Estate.
I also like the fact that you are not jumping right in but taking the time to get educated and work to save up some capital . I think i must have studied for about a year ( includes making offers etc) before getting into my first deal and when changing asset classes, i took about a year to learn the specifics. Not a comment you hear by everyone so i think that was really great you mentioned that .
@Tyler Goulden Great post! I too am in the hunt at scaling my real estate business to larger mid-sized apartments(25-100units). I am looking to educate myself while I look for properties. I have read Steve Berges's "Complete Guide to Buying and Selling Apartment Buildings" and just finished "Crushing It in Apartments and Commercial Real Estate" by Brian Murray. Both are great books which give a strong foundation to the concept and process behind Multifamily Apartments and other Commercial investing. They also have more detailed info and dig deeper into some areas which I appreciated. I also have read "What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures" by Frank Gallinelli. This is more of a text book type and is not as "exciting" as the others I read but is still a great resource.
@John Jacobus Thank you for taking the time to put that list of books and podcasts together as I am also looking to further my education in Multifamily Apartments. They seem like great references.
@Chris Tracy I wanted to share the questions I find myself searching the answers for. Let me know your thoughts and maybe others have similar questions. Here they are:
- What are creative ways to find multifamily deals/motivated sellers. I'm looking for some things outside of MLS, LoopNet, Brokers, etc.
- As a Broker can be a great resource, how should a new multifamily investor go about choosing a Broker and also building a relationship with that Broker. What does that conversation and/or process look like?
- Once an off-market property of interest is found, how do you reach the "decision maker" as most are owned as an entity instead of a sole proprietor. How to get around the management company (considering it is not owner operated) and directly to the owner?
- And once you do get a hold of that "decision maker", how should you approach them with your interest to buying their property? What does that conversation/process look like as to increase your chances to convert it into a deal?
P.S. These questions are related to Value-add approaches as that is what I find most interesting and appealing about multifamily investing. Thank you!
The ABC's of Real estate Investing The Advanced Guide to Real Estate Investing by Ken McElroy
Are both great books to start reading about that! These Guys are for real and they make it look easy how they present their case studies!
@John Jacobus I see that you and I are learning from the same teachers! Thank you for the lead on "Old Capital REI Podcast". Since I value the others highly I'll also look into this one.
@Tyler Goulden I really like Brian Murray's book and don't find it lacking at all. It is written in a style like you might find at a seminar - sitting and learning from someone who has done it and shares it in a relatable fashion. Lots of good info in there!
BTW, John mentioned Rod Khleif's book and podcast. Rod is currently giving away his book on his website. Go check it out before he pulls it down and makes you pay for it on Amazon: http://rodkhleif.com/
I love the Berges book. The only caveat is the timeframes he uses. Somewhat aggressive turn times b/w deals. Otherwise priceless.
@Tyler Goulden In addition to books, I also highly recommend the podcasts below which are either solely dedicated to multi-family investment or have a majority of guests who are involved in the multi-family arena:
1. Old Capital Real Estate Investing Podcast - Lots of good stories about newbie investors getting started with multi-family investing
2. Wheelbarrow Profits Podcast - While they have a variety of different guests, Jake and Gino have several interviews with individuals who have scaled quickly and achieved success in the multi-family arena. The Jake & Gino personal story is also a great success story in the value-add multi-family area.
3. Apartment Building Investing with Michael Blank - Same comments as Wheelbarrow Profits
4. The Lifetime Cash Flow Through Real Estate Investing Podcast with Rod Khleif - He has many guests who tell their story of how they got stared with multi-family investing. Rod also has extensive personal experience with and discusses the relative merits of single family vs. multi-family investments.
Thanks so much, you've given me enough information here to keep me busy studying for a couple months by the looks! Looks like I'll be done with the radio when I'm driving for quite some time!
I really like Lindahl content and got started using Ray Alcorns Dealmakers Guide to Commercial Real Estate.
I also like the fact that you are not jumping right in but taking the time to get educated and work to save up some capital . I think i must have studied for about a year ( includes making offers etc) before getting into my first deal and when changing asset classes, i took about a year to learn the specifics. Not a comment you hear by everyone so i think that was really great you mentioned that .
I mean I would love to just jump right in but I'd rather know the ins and outs and make sure I know every question to ask when I start the process and also how to answer every question I'll be asked. Gotta spend time sharpening the axe if you wanna save time cutting down the tree right?
@Tyler Goulden Great post! I too am in the hunt at scaling my real estate business to larger mid-sized apartments(25-100units). I am looking to educate myself while I look for properties. I have read Steve Berges's "Complete Guide to Buying and Selling Apartment Buildings" and just finished "Crushing It in Apartments and Commercial Real Estate" by Brian Murray. Both are great books which give a strong foundation to the concept and process behind Multifamily Apartments and other Commercial investing. They also have more detailed info and dig deeper into some areas which I appreciated. I also have read "What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures" by Frank Gallinelli. This is more of a text book type and is not as "exciting" as the others I read but is still a great resource.
@John Jacobus Thank you for taking the time to put that list of books and podcasts together as I am also looking to further my education in Multifamily Apartments. They seem like great references.
@Chris Tracy I wanted to share the questions I find myself searching the answers for. Let me know your thoughts and maybe others have similar questions. Here they are:
- What are creative ways to find multifamily deals/motivated sellers. I'm looking for some things outside of MLS, LoopNet, Brokers, etc.
- As a Broker can be a great resource, how should a new multifamily investor go about choosing a Broker and also building a relationship with that Broker. What does that conversation and/or process look like?
- Once an off-market property of interest is found, how do you reach the "decision maker" as most are owned as an entity instead of a sole proprietor. How to get around the management company (considering it is not owner operated) and directly to the owner?
- And once you do get a hold of that "decision maker", how should you approach them with your interest to buying their property? What does that conversation/process look like as to increase your chances to convert it into a deal?
P.S. These questions are related to Value-add approaches as that is what I find most interesting and appealing about multifamily investing. Thank you!
Well I hope your search for some good deals comes through swiftly and easily! If I was in your area I'd love to try and help and learn alongside you so good luck! Love those questions you asked for the @Chris Tracy book. Actually made me think of one more question: As a young kid with no experience or capital, how do you make yourself stand out and make sure people know you are the real deal and to take you seriously?
Thanks so much.
@Tyler Goulden - How to Create Lifetime Cash Flow Through Multifamily Properties by Rod Khleif, is a free download at his website.
First of all huge shout out to you for being a lobsterman from Arundel, Maine! I partly grew up in Maine and went lobstering two summers ago when I moved back stateside after living across the pond so to speak.
I second all of the above books that have been mentioned. I'm formerly in publishing and am an avid reader, consuming (that's definitely the right word!) hundreds of books every year, 80% of which are nonfiction and many of which are my favorites over and over again.
There is one book however that I found to be indispensable to my first MF purchase as well as to my other MF investment properties in which I am part owner. That book is "How to Read a Rent Roll: A Guide to Understanding Rental Income" by John Wilhoit, Jr. This book is single-handedly the most important book in my repertoire because you are actually purchasing an income stream and you must know how to evaluate that income stream. Don't get me wrong, the brick and mortar are great too (and it's because of that "improvement" to the land that you'll be receiving huge tax deductions each year), but while you're in the feasibility stage and before your earnest money goes hard, you need to verify the rent roll.
The other books I didn't see listed that are on my list of having been worth reading more than once include: "Investing in Apartment Buildings" by Matthew Martinez, "How to Make Big Money in Small Apartments" by Lance Edwards and "How to Build Wealth" also by John Wilhoit, Jr.
As much as I love reading, I can't say enough about how important it is to get out and see other people running their apartments. I found out job shadowing, interviewing others, and conducting market surveys in person were far more valuable tools than any of my beloved books (except maybe for the rent roll book). In addition, the National Apartment Association offers an excellent online introductory course for the Independent Rental Owner Professional (IROP) credential that I'd highly recommend as another first step.
Best of luck to you. (Ayuh.) ;-)
Warm regards,
Sara