Investor · Chicago, IL · Member since 2020 · 66 posts · 55 votes
I have read Rich Dad Poor Dad and The Book on Rental Property Investing by Brandon Turner and I am now looking for my next book. Do you have any suggestions for good books to follow these?
For some context, I am planning on starting my investing off with a house hack and gradually building a portfolio of small MF and later some larger MF apartments. Thank you
@Jasmine Collins is that a good read even if I’m just getting started? I heard that was better geared to people who are investing in larger multi-family. Or do you think I’d still get a lot out of it as a newbie investor?
@Reed Meyer I have also read both books and am now reading Mr. & Ms. Turners The Book on Managing Rental Properties. It’s informative so far and will be a great read if you are looking to invest into rental properties.
@Reed Meyer I am in the same phase as you, I think it’s a great read in terms of setting a foundation and learning different terms and formulas. As a newbie in the industry it was one of the first books I’ve read and I do plan to read a second time after I house hack my first investment property. Like you I plan to begin in multi families and commercial real estate
A book I just finished that provided much information and resources is a book by Don Pebbles: Path to building real estate wealth. I would recommend reading as well.
@Reed Meyer There are very few books that I have read that I thought had a huge impact on me. I highly recommend that you read these two books:
- Can't Hurt Me by David Goggins
- Never Split the Difference by Chris Voss
While neither are directly about real estate, they teach skills that you will need to have in order to have a successful real estate business. Discipline and negotiation are huge! If you can be disciplined in your actions and be able to negotiate, you can probably succeed in anything. If you are looking for a good starter real estate book with a pretty broad overview, then go buy a copy of The Millionaire Real Estate Investor by Gary Keller.
I believe the Ken McElroy book is really good. Even though he does larger deals, I felt like the book was geared more toward smaller buildings. There's a lot of good information in there. He has a way of making the complicated stuff sound easy.
John Schaub has a book called "Building wealth one house at a time" that I thought was pretty good. He breaks everything down. Everything. It came out in the early part of 2000, but it's still relevant I think.
@Reed Meyer I know I mentioned The Slight Edge last night...going to emphasize that again by channeling my inner David Greene with an analogy
Investing in real estate is like going to the gym. The tactics, strategies, and techniques of investing are the bench press, squats, and deadlifts of working out. They're fundamental to what makes you stronger, but only if you apply them consistently and properly. What's more valuable...doing squats, deadlifts, and bench for 3 hours once a week? Or for a half hour every single day?
Think about investing the same way! Learning how to analyze a deal is vitally important, but only if you do so consistently. Critical to building your business is setting the foundation, and that starts with mindset. Develop the vision to identify what you truly want. Develop the mindset to develop action plans to achieve your results. Develop the discipline to work towards your goals daily
Create the foundation to set all of those pieces in place, and the activities become significantly easier. I've found that foundation is built through books like
The Slight Edge
Think and Grow Rich
Tribe of Millionaires
The Compound Effect
The 12 Week Year
High Performance Habits
Wealth Can't Wait
Set For Life
The Miracle Morning
Get your mind right, and the results are much easier to achieve!
@Patrick Menefee You’re the man. Thanks a lot. I have now added a lot of these to my list. I just finished the Miracle Morning and I started my morning SAVERS two days ago. I love it.
@Reed Meyer I love this question, and I love books. I intend to invest mostly in RE, but I really found Kristy Shen's book, and life story, inspiring. Here's my list:
-Buy, Rehab, Rent, Refinance, Repeat by David Greene (RE) -Real Estate Investing Gone Bad by Phil Pustejovsky (RE)
-Investing in Real Estate by Gary Eldred (RE)
-Quit Like a Millionaire by Kristy Shen (FI)
-Playing with FIRE by Scott Rieckens (FI)
-I Will Teach You to be Rich by Ramit Sethi (FI) -The One Thing by Gary Keller (Inspiration)