I’m new to this site and to investing in general. My portolio currently consist of some shares in a couple of REITs, but other that, I don’t know much. Anyways, i’m tring to get into real estate investing and was wondering if you guys could recommend a few good books for me to read about starting in this business and books how to purchase with little or no money down. Thanks
For a newbie with nothing down?
Robert G. Allen – “Nothing Down for the '90s” and the follow-on, “Nothing Down for the 2000s”. The second is avaialble as an ‘e-book’:
http://www.ebookmall.com/ebooks-authors/robert--g-allen-ebooks.htm
Most of his stuff is pretty basic and not terribly sophisticated but relatively solid.
Keith
There are so many REI books these days… Rich Dad series is good for general info and to get you enthusiastic about REI. However, it would not be my first reference if I needed nuts and bolts information. As kdhastedt already posted, Robert Allen is a good source as well.
I think you will gain so much from forums like REIclub, reading posts, reading the articles, etc. But, as the saying goes, there is not substitute for experience. So, do some reading and then decide on what type of RE investing you want to try. Pick something that fits your style - what I mean is, if you are not handy and don’t know the general cost of repairs, I would avoid doing rehabs.
There are so many different ways to make money in RE that you should focus on one technique first to start. Get a few RE books on that technique and start drilling down into the details. Then, go make some offers.
If you have already decided what type of RE investing you want to try first, post back and I am sure someone can recommend a more specific title or author.
In my opinion, the best way to get started in this biz is using options and lease options. They are easy to understand and, done correctly, have minimal risk and little cash requirements. Big factors for the average n00b.
The last thing you want to do is become bogged down in theory and techniques. Learn one technique well, put it to use, and get a deal or three under your belt. Then, with some cash and confidence, you can begin the process anew with another technique that interests you.
Don’t overwhelm yourself with too much info. That leads to the dreaded “paralysis of analysis”.
As for lease option info, there are a number of good programs available, and an equal number of bogus ones. Do your homework as a consumer. A few I can recommend from personal experience are Bill Bronchick, Claude Diamond, and Michael Carbonare. Carbonare is my favorite because it is a no fluff, no BS, to the point manual on how to do lease purchase deals. Lot of good info on his site, too, at naked-investor.com
Good luck.
Thanks for all the very helpful replys.
I want to own a property and rent it out. The lease options sound interesting and I think i’ll start looking into that.