Can you guess how many real estate investing books have been written? I would imagine thousands of books! Continued education is essential in any field, and as a real estate investor one of my goals is to invest in myself through reading. Below is a list of books that I've read and believe were key to my development.
#1 - INVESTING IN DUPLEXES, TRIPLEXES & QUADS: The Fastest and Safest Way to Real Estate Wealth by Larry Loftis
This book served as my introduction to the many benefits of investing in multi-family rental properties. Admittedly, the first time I read this book many of the concepts went completely over my head. But, after re-reading it a few more times and re-visiting it periodically, it literally serves as a blueprint for novice and seasoned investors alike.
Published in 2006, many aspects of the real estate investing environment mentioned in the book have changed significantly (e.g., 10% down payment on investment properties) and it would be great if an updated edition were written. Despite this, Larry Loftis does an excellent job outlining the advantages of owning residential multi-family properties, using leverage to build wealth, and valuating properties.
#2 - HOLD by Steve Chader, Jennice Doty, Jim McKissack, and Linda McKissack
The last book in The Millionaire Real Estate Investor trilogy, this book provides a step-by-step process for acquiring longterm rentals. It's such a clear and succinct read and I can't say enough about the helpful examples throughout. The book is broken down into a five-step, easy to follow process from finding properties to growing your portfolio. Beginners will enjoy the checklists that are detailed throughout for each step in the process. The "HOLD Property Analysis Worksheet" that is offered as a download was invaluable in helping me to get comfortable analyzing properties. Truly an amazing book!
#3 - WISE WOMEN INVEST IN REAL ESTATE by Lisa Moren Bromma
This book is very comprehensive and investors from both genders would benefit from reading it. As Lisa Moren Bromma points out, real estate investing has traditionally been a male dominated industry. However, as the book clearly outlines, women inherently make great real estate investors and I wholeheartedly agree! Several informational checklists are included as well as anecdotes of successful, driven, women investors and the strategies they've used to acquire properties and wealth. This book also dives into rental property management and how to select and keep good tenants.
#4 - WHAT EVERY REAL ESTATE INVESTOR NEEDS TO KNOW ABOUT CASHFLOW...And 36 Other Financial Measures by Frank Galinelli
This book provides in depth calculations on how to analyze potential deals. It includes basic and advanced formulas/equations to help you determine whether an investment is "good" or not. Your approach to real estate investments should and must be as a business and not as a hobby. With this in mind, being able to do the math on potential deals helps you to remove the emotion that sometimes comes along with real estate investments. Reading this book will enable you to answer questions like "What is the monthly cash flow I can expect from this property?"and "What is the potential resale value of this property?". This isn't a book that you read in one sitting; the concepts must be studied and applied over time. Be patient with yourself when reading this book and trust that the concepts will make more sense as time goes by.
#5 - CASH FLOW DIARY: 10 Steps to Creating Wealth in Any Economy by J. Massey
J. Massey is such an inspiration. I'll leave it to you to read his story and see how he has been able to use real estate investing to propel himself and his family to multi-generational wealth. J.'s book delves into the many ways he has used creative financing to accumulate a massive real estate portfolio and to change other people's lives. He writes with a "can do" attitude and approaches real estate investing from a "how can I help YOU" stance. This book is certainly a great read.
What are your favorite real estate investing books? Leave me a comment if you've read any of the above books or can recommend a great book!