Investing Books

Besides Carleton Sheets, what are some books that you feel have given you the most useful information/advice on investing. This doesn’t have to be limited to Real Estate Investing (unless the rules say so and I’m missing something). I am a beginner in every sense of the word, but I have picked up books by Robert Kiyosaki, Flipping Properties, and the Automatic Millionaire Homeowner. What are you reading or what have you read that you can recommend with flying colors?

(I have purchased the Caleton Sheets program also… just waiting for it to get here).

-Brit

and yes, I have found this:

http://www.reiclub.com/real-estate-books.php :wink:

Hi Brit,

Any particular niche your most interested in?

Again, brit, as I’ve been posting in replies here lately. I wouldn’t just study Real Estate Investing as a whole, there’s so many different areas of Real Estate and things you can do.

What I would do is pick a particular area of Real Estate, study that area, become a expert in that area, locate the area of the country that would work the best in, and begin building your team and formulating your plan.

After doing this, you should have a unique approach to this industry that nobody else has.

Everybody just reads overall Real Estate books, only to forget 75% of it later on. Pick an area, become the expert, find the part of the country that works great in now and later, build your team, and then you’ll see success.

It’s not magic, it’s tailored planning.

I think general real estate knowledge is absolutely the first step. You wouldn’t know which niche to become an expert in without knowing any of the differences.

Great reply Danny, but while everybody begins “somewhere,” a major problem is that most of the people usually stay where they “began.”

In order for me to even consider Real Estate, I would have to read a book on Real Estate Investing to get a general overview of the type of money I can make, and if I would like this career.

The problem I was mentioning Danny, was that a lot of people in the industry just stop right there, and continue just doing that. And that’s obtaining overall Real Estate knowledge, and not deciding on a particular area, to begin building their expertise and soon performing the activities like a professional.

One must look at this Real Estate Investing venture like this. “I Am A Professional.” A doctor is a “professional,” a lawyer is a “professional.” They BEGAN studying overall how to be a doctor, how to be a lawyer, but they soon chose their area to work in, and now they SPECIALIZE in one particular area.

And to be successful in Real Estate Investing today, one must do the same.

Again, “everybody” is doing Real Estate. Very few, are doing it correctly, and the only way to do that, is to become a professional in a particular area of Real Estate.

I believe your right that most people stay where they “began.” That’s how it should stay as they probably aren’t fit to run a business. Those who are fit, read every book pertaining to their business model, take considerable action towards their goal and fine tune their company as they learn from early experiences.

I don’t push people to take the right steps towards success. If you have to push, they will collapse under the real pressure. People well on their way to success have already done the preparation and learning required and usually only need to figure out the next step. These people will figure it all out totally on their own if they no one takes the time to guide them. Successful people aren’t separated from failures by their specialized education. They already have “it,” and that can’t be taught.

Specializing in 1 area (especially in the beginning) is important IMO. So if a person has “it” they will soon find out they need to focus their energy in the beginning to be effective in such a wide industry. Once they figure that out, they will be on the way to the book store to buy specific books to learn how.

Excellent post Danny, and I think this is a great discussion here. Just to supplement your reply.

I believe that “it,” or that inner creative power that a particular individual possesses, is something that a high number of people have within themselves. However, the problem is that some have it stronger than others, and some have it somewhat strong, but their own lack of understanding cripples it. Plus, to add on top of that, when a person has “it,” at the beginning of their ventures, they are usually the ONLY person who SEES IT AND FEELS IT. Lol, so what happens to many people is that, because their wife, their husband, their mother, their father, teacher, etc, etc, doesn’t SEE AND FEEL the same thing, they will give that individual their “loving and caring” advice. And that advice is usually to drop the idea and just forget it.

Not to sound too preachy here, but look at the most successful business people, actors, entertainers, etc. Most of these people was like the main character in Million Dollar Baby, ONLY THEY KNEW they could do it. Nobody else knew or believed them. So what’s the problem here?

Well the problem is, that the people that hold the positions as “loving and caring” people in their lives, they usually ALWAYS give their “loving and caring” advice to the person to just drop and quit the idea. And it comes down to just basically the person having to go it alone, if they are strong enough to NOT LISTEN to the “advice” of their loving and caring family members.

Here’s what I’m saying, anybody can succeed, anybody. Success doesn’t have a favorite, the thing a person needs to do is figure out the area of business or success they want to achieve and study and become a professional in that area. What happens is they lay the blueprints of success on their life, and from that blueprint they begin constructing their dream financial foundations.

It’s not magic. It takes more than faith, it’s about tailored planning. I guess my message is more to the guy who is like I used to be. I was a guy nobody believed in, NO-BODY.

Everybody gave me very sincere and “honest” advice, and that was to just quit. And trust me, it was from loved ones, people that you would normally KNOW would ALWAYS give you the honest truth, no matter what. And in their minds, they were giving the honest truth, but they had no idea of what I was even trying to do to even judge it.

And this situation happens to almost everybody, who decides to follow their inner “it,” or inner creative state. Everybody has “it,” every single person. The one that made it, was the one who also had something I like to call a, “I don’t Give A Crap What Ya’ll Think Of Me,” attitude.

Dannythegreat (great name) says that if you have to be pushed you will collapse under the pressure. I couldn’t agree more. My old business partner tried and tried to push me but I wasn’t ready. Once I distanced myself from him and made a few changes in my life I was ready. I teamed up with my new business partner (my lovely wife) and BAM! Get the hell out of our way! No pushing needed!! “IT” has come out to play!!!

As far as John’s comments about the naysayers… Welcome to the world of “thinking outside the box”. Most people will never do it, therefore they cannot understand or accept it. My neighbors, friends, family, none of them understand exactly what I do or the money that can be made, but they all have strong opinions of it and question me ALL THE TIME! I have found that the closer I keep things to the vest the better. I think the biggest thing for me is that when I know I am doing what I am capable of doing and am okay with that, nobody’s opinion matters. John, own your inner creative power and don’t give it to anybody else. Now let’s go kick some a$$!!!

Jared :smiley:

JonTucker and Danny - good posts.

I am a big thinker and have that creative spark. In my experience, I have been met with more skepticism and unsupportive energy when pitching my ideas than I would care to remember.

However, I push forward anyway and the outcome is usually far better than even I imagined. Successes in the face of adversity build character and begets more success. Oh, and those non-believers are then forced to believe… so its a doubly good feeling.

I say if you have a feeling about something, to pursue it and see what happens. What’s the worst that could happen? As long as you’re not dead you are learning, growing, and evolving. And if you get halfway into a venture and start to have different feelings, then listen to those too.

I think the motivation to succeed is an internal fire that turns the person into a train. Even if they are slow to get started, they don’t know how to stop. The more weight pulling them back (negative people) the more momentum they generate and the harder to stop. When you get near a train, you either get on it or get run over by it. They are on a one way trip to their destination in a very defined path. If they get derailed, it’s only a matter of time before they are back up and running.

Not everyone is a train. Some are passengers, most are the unsuspecting cattle who wonder on the tracks. You have to be a train if you want to make your own success.

TOOT TOOT!!!

To reply to the original post,

Read Gary Keller’s books at the link that you posted, I would also suggest reading E-Myth if you ever want your business to grow beyond a one man show. I think the author is named Gerber, but its been a while and my copy is not with me right now.

Other than that, start on the list with the general RE books, and go to the library if you don’t want to buy a lot of books, then start on the books that are specific to what interests you. Start chewing your way through everything you can until you start to see how you want to specialize.

Luck,

DB

Read How to make friends and influence people. Written by Dale Carnegie in the 1930’s. You would be amazed at how good this book is and how it will help you in every aspect of business and in your personal affairs.

Haha It’s funny that you shoudl say that because I just picked this up last week! You’re right… it is a great read. Thanks.

And to previous posts - I am most interested in Flipping Houses. Though I would eventually like to rent houses/apartments/etc…

and THANK-YOU to everyone for your responses!!! They are greatly appreciated!!!

-Brit

I think the motivation to succeed is an internal fire that turns the person into a train.

Very true! I think that is exactly what separates those that succeed from those that don’t. Everyone wants to be rich, yet only 2% of Americans are millionaires (and I certainly wouldn’t say that being a millionaire means being rich).

In an earlier thread, we were talking about why people like Trump, Kiosaki, etc continue to work so hard. I doubt if anyone with a job puts in even half of the hours these guys put in. I believe that the reason they do it is that they are possessed by the desire to conquer a challenge. It doesn’t matter what the challenge is, they MUST conquer it.

That is exactly why only an extremely small percentage of new real estate investors will ever succeed. The gurus are all pitching the same thing. GET RICH QUICK WITH VERY LITTLE WORK! That’s the pitch. The only problem is - it’s a BIG LIE. You can get rich with real estate or anything else, but you will be working VERY HARD for many years if it’s going to happen. And the truth is, most people have not EARNED the right to be rich.

Mike

Brit,
A good list is here…
http://www.reiclub.com/real-estate-investing-books.php

do anyone listen to audiobooks

I’ve never listened to an audio book before. Though it seems like it would save you some time. I actually saw Rich Dad Poor Dad on CD the other day. I think I would miss a lot of stuff if I just listened and didn’t read. Plus, you can’t highlight anything!!! :wink:

I listen to a lot of digital books on an ipod. I spend a lot of time in trucks and tractors. (I am a farmer) I find it a great way to learn and I retain very well. You would be amazed at how quickly you get through books this way.

DB