Flipper/Rehabber · Henderson, NV · Member since 2018 · 76 posts · 27 votes
Ive recently been reading up in multi family and larger apartment real estate spaces to invest in but I’m very perplexed at how to get into this space. I feel as if it’s the direction I’d like to go in the future.
Anybody with loads of knowledge have any wisdom for me?
What books are considered the best for reading to get me on the right track so that I become successful in this new venture?
Any help is greatly appreciated!
- Rich Dad Poor Dad (not exactly commercial real estate but basically “the bible” in terms of mindset shifting for everyone starting in real estate investing, specially in multifamily real estate)
- The ABCs of Real Estate Investing. Ken McElroy
- The Perfect Investment. Paul Moore
- Crushing It. Brian Murray
- Best Ever Apartment Syndication Book. Joe Fairless
- Rich Dad Poor Dad (not exactly commercial real estate but basically “the bible” in terms of mindset shifting for everyone starting in real estate investing, specially in multifamily real estate)
- The ABCs of Real Estate Investing. Ken McElroy
- The Perfect Investment. Paul Moore
- Crushing It. Brian Murray
- Best Ever Apartment Syndication Book. Joe Fairless
I second the suggestions for Joe's "Best Ever Apartment" and Dave's "Multifamily Millions". Also check out Craig Haskell's "The Inside Game to Real Estate Value Investing".
@Lennon Lee read rich dad poor dad a few years ago and you’re right. Totally changed my mindset on debt and the rat race for sure. I’ve almost finished crushing it... so far so good thanks for the suggestions!
@Mike Taravella I’m really going to have to read the best ever apartment syndication book. So far that’s three recommendations for the same book! Have you done any of your own self managed syndications? The idea is very interesting to me.
@Seth Ferguson thanks for the suggestions! I read multi family millions and it seemed too short; almost like a book of ideas rather than how to execute them.
I have done 2 single family homes but looking to do a syndication deal this year. Personally the idea of fundraising and getting a larger deal is a big enough goal to get me excited and nervous. Go big or go home!
I'd start with both of Lindahl's books. You'll get a pretty good foundation on MFH investing. You'd want to learn that prior to learning the syndications business, right?!
If you need more books recommendations, feel free to PM as I have the whole library with links.
@Erik Schneider Not a real estate book, but you should read The Big Leap by Gay Hendricks. The book talks about overcoming your fears which are limiting from reaching your zone of genius.
It's here in the 'zone of genius' where you will feel most creative, alive, and free.
I recommend you check it out. It will help you have a shift in mindset, which most investors need when thinking about doing BIG THINGS in real estate.
Erik, books are important and help get you very basic fundamentals. You'll never make it unless you find a mentor or someone already doing what you want to do. You will (probably) have to pay a significant amount of money for their time, but it is worth it if this is something you want to do long-term. Just my $.02
@Erik Schneider, I second what @Lane Kawaoka said about another asset class like mobile home parks, self-storage or boat & rv storage. Self-Storage & boat & rv storage specifically are much easier to manage as there are no people living on the property.... it's essentially multi-family without the family!
I think what you're really looking for is multi-unit investing so that you have many tenants diversifying away your risk vs 1 or 2 large tenants. Multi-family is not the only multi-unit investing strategy out there.
@Erik Schneider started my journey house hacking a duplex and built the company from there. Today we own 210 million in apartments and manage another ~100 million as a fee manager.
Real estate finance, syndication are top lists but also personal development and sales training lists too. Number one skill of an entrepreneur (real estate or otherwise) is the ability to persuade others. #salestraining
Thank you to everyone who recommended Best Ever Apartment Syndication Book! Means a lot to hear how much value it has and is adding to your multifamily investing businesses.
Read this thread and went to buy Best Ever Apartment Syndication Book. Saw that it's like $50 for even the kindle version. Is that the price everyone here paid. I don't dispute that $50 could be worth it, but it's quite a high price for a kindle book.
You can check out some apartment or syndication conferences/seminars to see if its a direction you would like to pursue. If it is then there are a good amount of online courses and mentor ships out there with reputable sponsors and that could be your next step.
Books:
David Lindahl's books Emerging Real Estate Markets and Multi-Family Millions.
Crushing it in Apartments and Commercial Real Estate by Brian Murray
I have heard good things about Best Ever Apartment Syndication Book by Joe Fairless but haven't had the chance to read that one yet.
@Erik Schneider I highly recommend the ‘Best Ever Apartment Syndication Book’ by @Joe Fairless
The book has an incredible amount of information! Even if you are not looking to syndicate a deal, you will still learn a ton about the multi-family space in general.
I agree with everyone about Multi-Family Millions, Crushing It, Emerging Real Estate Markets and ABCs of Real Estate Investing. I have read Raising Private Capital twice now and it is extremely beneficial for many reasons including information on how to identify people in your network who may have access to capital, how to structure deals and also gives you helpful information about maintaining relationships with investors.