Best Books to Read...

8 Replies

Im a NOOB to REI, and Im in college with a fresh brain so can you all post which books helped you the most and gave you the highest quality information?

Also tell me your favorites, Im currently reading Rich Dad Poor Dad, should be done in a few days...

Thanks :lol:

I'm new to RE investing, but have been reading up on creating wealth for at least 8 years now. I've worked on Wall Street as an I-Banker and studied business as an undergrad.

I have to admit that I was a big fan of "Rich Dad, Poor Dad" -- it opened my eyes in terms of how to think about wealth. However, I've come to learn that not everything Kiyosaki says is right nor is it necessarily the right path for everyone. So make sure you use your own judgment when reading his book. He's in the business of selling finance and self-help books, not RE investing, despite his claims.

With that being said, I recommend you read:

1) The Richest Man In Babylon
2) Think and Grow Rich
3) The Automatic Millionaire by David Bach
4) Financing Secrets of a Millionaire Investor by William Bronchick
5) Flipping Properties by William Bronchick
6) Beating the Street by Peter Lynch
7) The Intelligent Investor by Benjamin Graham

These seven books will give you the right mindset about wealth, tell you the "how" of creating wealth, give you the basics of RE investing/flipping, and let you understand that any investment instrument on Wall Street beyond boring, low-cost index funds is a waste of your hard earned dollars. Value investing and index funds are the best ways to grow wealth over the long-term.

Everything else (i.e., the advance topics and other specifics) you can learn on the Internet (BiggerPockets.com, answers.Yahoo.com, WikiPedia, Investopedia.com, etc.) so don't bother spending more money on any other courses or books. Everything else is just a rehash of the principles taught in these seven books.

Forgot to mention one more book: The Millionaire Next Door.

This book is inspirational as it really helps to reinforce the notion that getting rich is not based on luck, intelligence, formal education, or inheritance (e.g., the genetic lottery).

If you've ever found yourself thinking, "If only I had/was ... I'd be rich." Then this book is a must read.

I know this book isn't a Real Estate Book, but I think it helps greatly with the Psychological change that you need to have to leave the J.O.B. and go for it on your own.

"Who Moved My Cheese" - Spencer Johnson M.D.

You should see my library! I have some 500 books and courses on real estate and real estate investing. Landlording and property management. Real estate taxes and REITS. Real Estate math and Note purchasing Lease options and flips Tax liens from California to Texas, Pre forclosures, REO's, Brokering, agency and Escrow text books. Real Estate Pinciples and Practices, Homesteading, Land Trusts, partnerships, landscping, plumbing, condo conversions.... It goes on and on and on!!!!!

I hope you are catching my drift here. If you want to invest in real estate. I mean REALLY get into it, Then you need to read EVERYTHING that you can get into your hot little hands!

This list alone illustrates just how faceted the game is! No one book can do real estate investing justice. It is too BIG!

I have accumulated these books and courses over time to use as resources and BETWEEN Real Estate DEALS!

Therein lies the caveat to purchasing a bunch of expensive Real Estate Courses! Don't become a professional book and course purchaser and wonder why you have no deals!

My top three virtues are FOCUS EFFORT DISCIPLINE! If you are focusing on accumulating books then that's what you will have at the end of the day. Not deals!

NEWBIES PAY ATTENTION HERE!

There is no sense in purchasing a real estate course for hundreds or even thousands of dollars. Here is the secret that ALL of these courses DON'T want you to focus on.

Ready?

They're just books. and maybe some tapes!

Everyone gets all worked up about this Magical course that is going to guide you step by step to the closing table. After you see all of the testimonials from people sitting on romantic verandas over looking Key West and going on and on about how they now have this incredible net worth, blah, blah, blah! You can't help BUT get all worked up. You think to yourself that "THis is going to be it! If that tubby guy in the bad hawiian shirt can do it , SO CAN I"! And you are RIGHT! You can do it!

But not because you purchased a $200 dollar book. But because you have Focus Effort and DISCIPLINE.

Remember, It's not a magic course...

It's just a book....

...And maybe some tapes

Is there a cheaper way to get started?

You BET!

Go to the library!

But don't pay $200-$500 on a beginner course. It's not worth it.

Take Care
Huntman1

Nothing Down (I started with this book)
Weekend Millionaire (for those who have a day job so limited time to invest)
and almost anything else that catches your eye.

Go to a large bookstore and browse. Pick a few titles, grab a coffee and start reading. Figure out which authors seem to have some points worth the price of the book.

Go to the library and borrow all the books that they have. Read them all and find more by the authors you enjoyed.

Then get out and practice.

CDs and seminars are also a good idea when you have some money. Likely not the best idea when you have little cash and are getting started.

Figure that you need to spend a significant amount each year on your education. That could means new books, CDs, seminars, REIA memberships and annual conventions. After you have read or learned most of the basics you really need to focus on networking. You can stay on top of the latest ideas when you are in the market and talking to other investors who are active.

John Corey

PS. There is a lot of good information on the web so you do not need to spend much to get the latest info from the field.

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