I currently own a contracting company for about four years now and am looking in to the future of real estate investments for a purpose of extra income and a nice retirement plan. I just have now idea where the process starts. Any book recommendations or advice would be appreciated.
I currently own a contracting company for about four years now and am looking in to the future of real estate investments for a purpose of extra income and a nice retirement plan. I just have now idea where the process starts. Any book recommendations or advice would be appreciated.
Go to the bookstore tab up top of this site. There is a couple good books to start with. "How to invest in real estate" is a good starting point. Maybe snagging a book or two on multi family real estate investing (or read all of them). Must reads before buying are is "The book on negotiating real estate" and "the book on managing rental properties." Those books should give you a good starting point and have you almost ready for your first buy. I would also say to read "Rich Dad, Poor Dad" by Robert Kiyosaki to get your mind churning in the right direction on how to view finances and passive income as a whole. I highly recommend watching the bigger pockets podcasts on Youtube to learn how to properly run numbers on a property, what information to research on every property and where to find that information. I personally like to listen to podcast and Youtube videos of where people made their mistakes because I love learning from others mistakes to save me time and money. On top of all of that; practice, practice, PRACTICE the process of analyzing properties to the maximum extent possible and running all of the numbers. I personally analyzed 90-100 properties before buying my first just to be sure I had a grasp of how to do it. This might seem like a lot of work, and potentially tedious work, but its necessary. Passive income done correctly requires a majority of the work up front. The more detail oriented and knowledgeable you are, the less headaches you'll have to deal with in the future. Hope this helped a little and good luck!