As originally seen on waaonline.org
One of the first Facebook live events I did was a compilation of the best books I’ve read for real estate investors and entrepreneurs. At LED earlier in the month I was asked to do a series of blog posts on the books I’ve read and talked about either on FB Lives or in blogs. I decided to break the series down over a couple of months because I don’t want it to detract from writing other timely blogs or more pertinent topics. What better way to dive into this topic of educational reading than to start with books written on specifically on real estate? These books are in no particular order and is by no means an exhaustive list of the awesome books I have read.
Millionaire Real Estate Investor by Gary Keller
You have probably heard me refer to Gary Keller a couple of times if you have been following my online content. He’s written a number of books for investors and entrepreneurs. Two of his books have been game changers for my life. His Millionaire Real Estate Investor book is one of those.
Millionaire Real Estate Investors is NOT a book written by a man spewing his philosophy on what has worked for him. It’s a brain trust book. Keller got highly successful real estate investors together (net worth of $1,000,000 or more) and broke them down into two groups. What ensued was a forum of ideas, war stories, success stories and nuggets of knowledge which were transcribed into a real estate book that could easily be deemed a “bible” for real estate investors. Its topics are expansive, including: acquisition models, property criteria, vendor issues, investing myths, mentality and more. As a warning though, Millionaire Real Estate Investor is not a light read. You don’t curl up with a cup of tea and read it to relax. You actively read it, more so than most any other real estate book out there It’s best read in a style similar to your school days where you are focused, writing notes, and maybe even re-reading paragraphs to be sure you took it all in. It’s a must read for anyone that wants go further than in their real estate career.
ABC’s of Real Estate Investing by Ken McElroy
Straight out of the Rich Dad Authors series comes McElroy’s book on real estate investing. The series offers a wide variety of books on most any topic involved in real estate. I would recommend you google the series and add a few to your reading list.
ABC’s of Real Estate Investing would more easily be classified as light reading compared Keller’s book. McElroy’s writing style is a less dense style. McElory gives a detailed overview in simpler language of how to evaluate investment properties (one of the best overviews I’ve seen). McElroy does focus on multi family properties so if you plan on investing in single family homes as rentals, you may not get as much out of the book. While other business books may have more thorough discussions on negotiation tactics, McElroy gives an overview of how real estate investors should handle price negotiations based on their evaluations. It’s topics aren’t advanced but that doesn’t mean it isn’t worth the read if you are experienced. (In that case you can consider this booker a primer for his “Advanced Guide to Real Estate Investing”. Which I didn’t put on this list because I didn’t want this to become The Rich Dad Authors blog.)
Landlording on Auto Pilot by Mike Butler
Out of all of the books on the list, this is probably the easiest read. Butler writes about how he created a system to his managing his rentals while keeping his more than full time job as a police detective. The reason I like this book is because it’s a reminder of how integral to success it is to have a good system in place. As Robert Kiyosaki likes to say, very few people truly go to McDonalds for the food. They go to McDonalds for the system that produces inexpensive, consistent, and predictable prices for food on the go.
Butler’s book details his own experience and what worked for him. I encourage you to read this book as a jumping off point for creating your own automation to your landlording because his book goes into detail about aspects of our industry that are regulated by state and municipalities (i.e. eviction, law compliance, screening). His book is full of hundreds of ways to create a well-oiled machine for managing your small or moderate rental portfolio if you prefer to be a hands on landlord. The book was originally published in 2006 and unfortunately Butler hasn’t updated it for the Kindle version released this year. This means that some of the information is a little out of date (i.e. pager system, marketing that doesn’t feature social media or a high concentration on web based sources). I wouldn’t say its information is ground-breaking but its a good read to motivate you to systemize your landlording as much as you can.
The Book On Investing In Real Estate With Low Or No Money Down
by Brandon Turner
This book certainly gets the award for longest title in the list. Turner is a seasoned real estate rehaber and buy and hold owner at the young age of low 30s. His motivation and enthusiasm make him an addicting person to follow in real estate investing.
His book is written based on the strategies he used to get involved in real estate with very little money in his bank account as a young adult. Turner outlines all the strategies he has used to acquire properties without having to save up for a 20% down payment. His strategies include: Buy Rehab Rent Refinance (his go to and today tried and true platform), live-in flip for buy and hold, master lease, owner financing, and partnership (one person brings the money the other brings the sweat equity per say). Turner’s books are always easy to read and usually an enjoyable narrative. If you like narratives tied into your real estate books, Turner’s books will be ones you enjoy. His enthusiasm and dedication even jump off the book pages at you.
You can pick up all these books on Amazon in Kindle or paper format.
Owner Brio Properties
Wisconsin Apartment Association Director of Records