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Does anyone have any recommendations on real estate investing books?
Also, are there any magazines out there that are good for real estate investors?
Its a book every investor - real estate, or otherwise must read!
"The Richest Man In Babylon"
also, check out "Thin and Grow Rich" by Napoleon Hill
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The Robert Kiyosaki books are all great for newbies.
What about the Trump books - Art of the Deal, and the other one. Are they worth a read? Thank you for all the great suggestions. I guess I have some reading to do.
Darryl, the Donalds are entertaining and insightful however, odds are you will never play in the arenas of which he speaks.
You will be best served by reading practical down to earth nuts and bolts methods of doing the street level deals long before you building Luxury highrise buildings across the globe.
I like Don but his books really won't help the small investor much, other than motivating you to think very BIG!
From the Dummies series:
Successful Real Estate Investing: How to Avoid the 75 Most Costly Mistakes Every Investor Makes - by Robert Shemin
It is a simple, yet insightful look at real estate investing. Worth a look.
Originally posted by "Darryl":
Also, are there any magazines out there that are good for real estate investors?
Hey Darryl - Here are two magazines I learned about re: real estate
Affordable Housing Finance - http://www.housingfinance.com/ahf/
Apartment Finance Today - http://www.housingfinance.com/aft/
You can preview both online at the websites, and/or subscribe. I haven't subscribed, but it looks like a good resource.
The book I'm reading right now, Real Estate Riches by Dolf De Roos. A really good book for someone starting out trying to gain some REI knowledge.
What about Gary Eldard's books? Thoughts?
Hi, for a basic real estate knowledge, has anyone ever checked out a college level real estate text book? Just wondering. Bill
Originally posted by Dewayne:
The book I'm reading right now, Real Estate Riches by Dolf De Roos.
I read his Making Money in Real Estate last year. A very good book. No hype, no get rich quick schemes, no BS, just the plain honest truth that if you build your empire by working slowly and carefully, you will eventually find yourself atop a nice mountain of wealth.
The other book I finished recently that I really enjoyed was David Schumacher's Buy & Hold Real Estate Strategy: How To Secure Profits in Any Real Estate Market (John Wiley & Sons, New York, May 1992, March 1993 & March 1994 with Dr. Erik Page Bucy). It's a little dated, but I swear, when you read this book from 1992 you will NOT believe how much it sounds like today! He recently released a new edition called BUY & HOLD FOREVER: How to Build Wealth for the 21st Century (released 2010) which I plan on ordering soon.
The Donald's Art of the Deal is a very entertaining read with some good business concepts for us all to adopt (handshakes and sticking to your word, win-win situations for all, paying top dollar for good help, etc.), but like someone else said, it's NOT a how-to REI book for the non-billionaires in this group.
Finally, I subscribe to the Personal Real Estate Investor magazine http://nexzuspub.com/, but I'm not sure if I'm going to renew. There's a little info in there, but not a lot that I can use, and the magazine seems like a front for a number of gurus, REI businesses, and brokers. I'm curious if anyone else is familiar with this pub.
Finally, I subscribe to the Personal Real Estate Investor magazine http://nexzuspub.com/, but I'm not sure if I'm going to renew. There's a little info in there, but not a lot that I can use, and the magazine seems like a front for a number of gurus, REI businesses, and brokers. I'm curious if anyone else is familiar with this pub
I usually end up buying this magazine at the bookstore only to realize why I hesitated the time before ... as you said, it appears to mostly be a front for gurus and REI businesses. It seems to contain about 10 pages worth reading of the 70 or so in each issue. Anyone know of a better magazine that caters to real estate investors?
William Nickerson's, "How I Turned $1,000 into Five Million in Real Estate in My Spare Time" has been recommended to me several times. I haven't read it to date.
Any comments on this title?
For mobile homes - "Deals on Wheels" by Lonnie Scruggs is a good read. For overall real estate - Robert G. Allen books are also good. Trump series teaches an "I win - you lose" attitude. Most investors I know try more for a "win-win" attitude. Rich Dad/Poor Dad books explain things in very simple terms. It shows that a personal residence is a liability and not an asset like it is usually portrayed. "Real Estate Investing for Dummies" also explains things in simple terms and concepts. Any and all books dealing with real estate investing in the area you want to specialize in would be helpful. The motivational ones are there to help build up your self confidence so you can get out of your shell and make deals happen. Internet sites like this one also can be a gold mine for tidbits that will help you along the road of investing! Never stop learning as when you think you know it all - you realize there is a whole lot out there you do not even understand.
Hi, I have not read Rich Dad, I'd like to hear how your personal residence is a liability in another thread, if anyone would like to go into that....Realtyman?
The argument is that it doesn't "feed you" and thus is a liability. This obviously ignores the fact that you need a home to provide shelter so that you can sell your time for income.
The Rich Dad book is motivational, but it is also filled with a ton of half-truths and inaccuracies.
Thanks, I have seen the ads and that was my initial impression, spinning guru pitches! Guess if you lived in a tent you might have more money to invest or invest in books.
Asset is defined as something that puts money into your pocket. Liability is something that takes money out of your pocket.It is a liability to you - but is an asset to the Lender! Another book has an inverted pyramid as to different ways of learning. Top way is actually doing it. Second way is to simulate doing it - he recommends the game of Monopoly - which was originally designed for business school students. Another book called "Everything I learned about business - I learned from playing Monopoly" or something to that nature. It explains that when trading in your 4 green houses for a red hotel - you are doing a 1031 exchange. It recomends never putting money in the middle to be taken by anyone landing on free parking as it teaches taking free handouts from the government. Going back to the learning methods (about 10 different ways) the bottom two are listening to a lecture on the topic and reading about it. These two are the main ways you are taught in the school system so he does not have too good of an opinion as to the school methods. He also sells games called CashFlow 101, CashFlow 202, & CashFlow for Kids. These are also like monopoly to teach you how to get out of the rat race. They are rather expensive, but many cities have CashFlow Clubs where you can go to play the games on a regular basis. Hope this helps out!
Well, that's just strange, no wonder people are confused. Free Parking is an amenity that increases value, an asset, even though it does not put cash in your pocket. LOL
I like John T. Reed's book "How to Get Started in Real Estate." It is very detailed and gives you the information needed to determine which real estate investment strategy is for you or if real estate is something you want to do at all! Very good book. Does not sugar-coat anything.
He has a self titled website along with other book titles.
The theme of Rich Dad Poor Dad is about turning typical values on its ear. Instead of learning everything at the university level, just accumulate assets, don't spend lots on personal stuff and build wealth.
What caught my atention was his numbers when he talks about expenses with his rentals. He is either making stuff up or not paying attention.
I like The Cash Flow Quadrants for basic understanding of the different ways people make money but the best Real Estate book really depends on the technique you are implementing. I personally like anything related to raising private money
I have bought at least 5 books by different authors on real estate investing/landlording/rehabbing/tax liens/foreclosures on top of the rich dad series. I think the best thing you can do is really read them all and then unload the ones that do not match the plans you have for yourself.
Like Travis said, the CashFlow Quadrant is good for understanding how to shift your mindset. In that regards, I have not come across another other author who could make it that simple to understand. As far as specifics about the REI game goes, it doesn't really help. It will gloss over the basic ideas which is a good starting point.
Forget about all the negativies and half truths. All the books, and all the "experts" I have read/listened to are the same way. Everyone will think their highway is the right way and any other way is not the way.
As for landlording, I liked the book One Minute to Rental Property Riches the most because it cuts the bull out and straight to the goose. None of the books I read up to that point gave me as much information as this book had about landlording.
As far as going from one property to two properties to a dozen properties, it's tough to say there but I would say Fixer Jay did a nice job explaining how he formulated his strategy even if it is still glossing over the small details.
As far as taxes goes, the only ones that really helped me was Barry Crouch Rental Real Estate and Profits, Taxes & LLCs. It does not have anything to do with landlording or how to but rather the nitty gritty of the taxes and how you can maximize your end results.
As far as finding and selling, Find It, Fix It and Flip It was a terrific book in understanding how to increase the value of your property upon sale.
All of these books and a few others gave me a greater understanding of the various puzzles involved so I could pick the pieces I wanted to form my own puzzle picture (my strategy) and to be honest with you, I hit it out of the gate on my first purchase because of these books, not because of this highway or that highway.
I highly recommend books by Matthew Martinez.
"2 Years to a Million in Real Estate" and "Investing in Apartment Buildings".
I learned probably as much as you could in a $1400 guru course.
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