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How To
Choose The Real Estate Investing Book That Is Right For You!
As a new real estate investor you are
overwhelmed with the number of real estate investing books
available. You want to start investing buy how do you choose
the real estate investing book that is really going to
teach you about investing.
The sad truth is most real estate
investing books do a good job of talking about why you
should invest in real estate but fall miserably short in giving
you the real tools and information you need to become a
successful and knowledgeable real estate investor. In short
most real estate investing books tell you what to do, but
not how to do it.
So let’s go over a few rules to help you
find a real estate investing book.
Who Is The Author? Every good
real estate investing book is going to have a section where
the author tells you about who they are and what they have
done. If this section is not in the book it has been left out
deliberately and it is likely the author has not been successful
in their investing.
Why Invest In Real Estate? The book
should cover why real estate is a great vehicle for creating and
building wealth. Tax laws, depreciation, and write offs may not
be exciting but should be briefly explained so you realize the
advantages that only real estate investing provides.
Why Real Estate Works In Any Market.
Many new real estate investors give up when they are faced with
a little adversity. It’s human nature. The book needs to
prepare the investor for the challenges ahead show them that
investing works in all markets.
Determining The Type Of Market.
Many books try to sell you on the one size fits all strategy and
this is utter BS. There are three distinct markets, Buyer’s,
Seller’s, and mixed. Each market has its
advantages/disadvantages and your strategies will change
depending on the market you are in.
Real Estate Investing Strategies.
The book must cover the different type of strategies available.
You will choose the strategies that most interest you but you
must understand strategies available. At a minimum the following
subjects should be covered:
- Wholesaling – AKA Flipping.
Wholesaling properties is the basis of the entire real
estate business, because if you do not learn how to buy
properties right then none of the other investing strategies
will make much of a difference on your profitability.
- Buy and Hold – AKA Rentals. There is
wealth building in having rentals but you want to do it the
right way. Property management and fixing toilets should
not be part of your personal involvement or you will learn
to hate rentals and tenants.
- Rehabbing. The art of buying, fixing
and selling properties.
- Buying “Subject To.” Legal in most
states this method deals with taking over existing financing
without having to qualify. Note: Banks do not like this and
have the right to call the entire loan due. Although this
sounds scary when you understand the strategy it will be
clear.
- Lease Options & Options. Not my
personal favorite but still a method that should be talked
about.
How To Find Deals. There is a big
difference in telling you to find deals and showing you HOW to
find deals.
How To Determine Market Value.
Sounds simple but very few people understand how to determine
the market values of properties. Most Realtors miss the boat
completely on this and haven’t a clue why until it is explained
to them and then they wholeheartedly agree.
Estimating Repairs. If you are a
real estate investor it is only a matter of time before knowing
how to estimate property repairs is something you will have to
do. The truth is you don’t need any experience when you are
shown the right method to use.
Determining Your Purchase Price.
How much can you pay for a property is not a number where you
use the PFA (Plucked From Air) Strategy. Simple formulas can
keep you safe and profitable.
Understanding Foreclosures. No real
estate investing book would be complete if it did not touch on
buying properties where sellers are going into foreclosure. The
subject alone is worthy of a separate book or course but as a
new investor you should be given a crash course on the subject.
Where To Get The Money. Most people
purchase property with conventional financing through banks or
mortgage brokers. While this is normal for homeowners real
estate investors use a number of other sources that you need to
know about so you can close a deal in days instead of weeks.
When looking for a real estate investing
book make sure the book covers the 11 rules and you will be
learn more about investing than most Realtors or investors have
learned after being in the business for years. Great real
estate investing books are hard to come by and you should start
with “Real
Estate Magic 101 – How To Get Rich In Real Estate Even If You
Are Dead Broke!” This unique book should be read by every
person considering a real estate career, whether it be as
Realtor, investor, or developer. Especially impressive is the
amount of detail and how to advice that can be found in the
book. | 
