I'm looking for a book recommendation for my upcoming winter vacation. Last year I read Rich Dad, Poor Dad and it was incredibly eye-opening and inspiring. I went on to give real estate investing a full hearted attempt in the first quarter of this year, but did not end up making a purchase.
I'm now thinking of investing in multi family out of state, and I'm wondering if there are any books on that topic that I should check out. Alternatively, if there's nothing that specific, what should someone interested in investing in multi family read after Rich Dad, Poor Dad?
Thanks in advance for your recommendations!
Have you considered house hacking a 3- or 4-unit with a low-down payment option? If you're not picky where you live, it can be done in our area.
Anyway, I haven't read many real estate books, but one that popped in my head was Multifamily Millions by Lindahl. It's not out-of-state-specific though.
Skip the book (no not really) and buy yourself a cheap plane ticket to where you want to invest. Find a friend or cheap VRBO to stay with. Drive around and check out the area. Hope on the bus route. Look up some properties for sale in the area and go take a look. The best education you can give yourself is hands on! Good luck and great name!
What pushed my wife and I to buy our first rental was flying to where we wanted to invest and driving around for 3 days with a realtor. I looked at the cost of the plane ticket and rental car as an investment and a fun time with my wife. We closed on a rental 42 days later.
And keep reading too wink wink.
Long distant real estate investing by David Greene is a good place to start.
@Christian Clark I would look at podcasts or grab a dozen other investors numbers and start calling. Any book written on that subject will be a sales pitch.
Thanks everyone for your responses.
@Logan Allec I'd be curious to hear what areas you're thinking of. Even the 3 or 4 units in LA I evaluated do not cover the repairs, vacancy, capex given the low rental income and rent control.
@Christian Chevier If you have any advice on how to find a market, I'd love to hear it. Right now it seems there are endless possibilities.
I second the recommendation of David Greene's "Long Distance Real Estate Investing"!
@Christian Clark I look at future needs. Hospitals and Universities are fairly solid employers especially with 10k baby boomers retiring a day. I just look at areas with large medical companies as employers. Ohio is a great cash cow I believe and the numbers tell me the same. Good luck keep learning!
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