After reading a few blogs on the internet on real estate investing, if you feel like you can step foot in this venture, then let us stop you right there! Just because you purchased or sold your first house on your own, doesn’t mean you are ready to take on this challenging job.
The world of real estate investment is a wonderful place to start your journey to becoming a millionaire. Alright, we might have exaggerated this a little bit but you sure will earn a lot of money if you play your cards right. However, you also have the potential to lose all your savings in one fell swoop, if you don’t do your homework.
The key to coming out swinging at the top: knowledge.
Where will you get it? From real estate investors who have been working in this profession for a long time and have even written books about it. These books don’t just give you step-by-step direction on how to proceed but tell you stories about failures that will stop you from making the same mistakes.
So, let’s have a look at the top 3 real estate investing books you should read to build your game:
1. “The Millionaire Real Estate Investor” by Gary Keller
If you are new to real estate investing, then better buy this book now! The book focuses on building wealth through various financial models. The book talks about different methods of investing from more than 100 millionaire investors. You will learn strategies along the way that will tell you about how to enter the market and contains simple situations you will be easily able to relate to.
The books starts with a bang by clearing all the myths attached to real estate investing, so that you plan your strategy with a clean slate. Keller says that big models bring in the big bucks, which is why planning is the most important stage. The 3 areas of your focus should be: what you buy, how you buy it and who helps you.
2. “The Book on Rental Property Investing” by Brandon Turner
The main area of concern for most newbies is finance. They are worried about using their personal savings in the investment and then failing. This book provides strategies and detailed advice that Brandon learned throughout the years investing in rental properties.
By reading this book, you will be able to come up with ways on how to finance your rental property and find profitable deals. In his book, Turner said, “While many investors have ‘sprinted’ toward their investment goals, success is most often found by consistent action, not big action.”
So, instead of asking yourself “should I invest”, ask yourself “is this the right fit for me?”
This comprehensive guide also delves into screening practices and tenants, so you know you have hit the jackpot. It cuts to the chase and does not have all that motivational “rah rah”.
3. “The Complete Guide to Real Estate Finance for Investment Properties” by Steve Berges
In real estate investing, you have many options to choose from, such as single-family house, multi-family house, commercial properties and more. This book by Berges teaches you how to gauge the worth of a property. It’s a straightforward guide that includes value analysis, essential valuation techniques, effects of financing strategies on investing, methods of appraisal, case studies, structure of real estate finances, understanding financial statements and measuring your performance.
The books are listed into order from basic to complex, so that you can venture into the areas that offer big bucks. So, better store up on knowledge from these books before investing in your first property.