If you’re looking to make your money work for you, then one of the most tried and tested ways is with real estate investing. But with property costing so much, it can seem like an intimidating venture. Then there’s the thought of being a landlord, which can be enough to scare away many people. But if you want to achieve financial independence, it’s simply a matter of acquiring the right knowledge. Being a successful real estate investor is all about having first the right mindset. Once you have that you can move onto acquiring the right the tools and knowledge of the trade. There’s a lot of books out there on real estate investing. No single book will cover everything, and there are almost as many investment strategies as there are housing types. For those aspiring to get into real estate investing, these books below will get you started.
Some are more motivational; others are more practical; all are required reading for enterprising real estate investors.
1. Rich Dad Poor Dad by Robert Kiyosaki
Not so much a real estate investing book as a money management book. This is a classic among investors the world over that contains an incredible amount of thought-provoking content. Its main focus is on laying the right foundations for how you should look at your finances. Robert does this by making a contrast between two different approaches to money. One, the poor dad, which looks at money as something to work for, and one, the rich dad, which looks at money as something that should work for you. Don’t expect much concrete info on how to invest. Instead, it lays out in clear terms why investing is so important and how you can change your financial habits for the better. For any aspiring real estate investor, this is a great book to start with.
2. The Millionaire Real Estate Investor by Gary Keller
In this book, the advice of over 100 millionaire investors has been collected. All with the aim of delivering a straightforward and easy-to-read guide on becoming a successful real estate investor. It’s very heavy on the motivational side of things. Those new to the industry and feeling a little apprehension about it will gain the courage to get started. The first sections help to dispel the many myths about real estate investment that stop people getting into it early. The rest lays down the habits needed for success and outlines the overall structure for a successful real estate business. One thing it lacks in is details on the more advanced stages of real estate investing.
3. The Book on Rental Property Investing by Brandon Turner
The previous two books will have given you the right mindset for the road ahead. Now it’s time to start getting into the real meat and potatoes of creating profitable rental property investments. What you’ll find in these pages is real-world practical advice on how to develop an investment strategy, find great deals and finance your purchases. Those who are unfamiliar with the intricacies of real estate investment will find it invaluable as a guide as well as a reference book. While it does touch a bit on property management, it could use a little more detail. Fortunately, Brandon and his wife Heather Turner have a follow-up book; The Book on Managing Rental Properties, to tell you all you need to know on that.
4. Every Landlords Legal Guide by Marcia Stewart
Becoming a landlord can be a tough undertaking. As such, you’ll want to know how to handle the trouble spots you’re very likely to encounter. The subject can make for rather dry reading, but it’s important to know all the legal issues landlords can face. The book is extremely comprehensive and covers all the major issues like handling security deposits, rejecting applications, subletting, evicting tenants and more. A helpful bonus is that it comes with a downloadable library of forums you can use for creating leases and other contracts. It won’t replace a good attorney, but it will be an invaluable source of info on legal issues. Having some basic knowledge will also help you to ask the right questions when you do need to consult a real estate attorney.
5. Landlording on Autopilot by Mike Butler
Everyone wants the profits that being a landlord can bring, but not everyone wants the responsibilities that come with it. If you’re fearful of getting into real estate because of the thought of being a landlord, then this book will put those fears at ease. Here, Butler sets out his strategy for managing multiple rental properties with a minimal amount of work. The level of information here on how to deal with tenants is insane. Among some of its best advice is how to set up a virtual office and management system, how to use incentives to encourage tenants to stay longer, a tenant move-out checklist and package, and a ‘welcome package’ for new tenants. An updated 2018 edition is now out which introduces new tenant-landlord friendly technologies that can make the rental experience easier for everyone.