need a book to get me on the right path

General Real Estate Investing
1

I’ve read 1 book already about buying my first house and it was basically useless. This other book I am reading now is about flipping houses and is anecdotal to the author and not enough about making a business out of this. I would like equations, indicators of the market, profit margins, and all that good stuff. Anybody have a book in mind that meets all these requirements?

thanks

2

Need a book to get me on the right path. . .

The Bible

3

lol been waiting for a post for so long, was so excited that somebody responded!

damnit. :evil

4

What type of RE business do you want? Rental properties? Flipping? Commercial?

5

If you want a good book about rentals, look up Property Manager’s book. He is a poster on this site. It will give you all those things that you asked for in a book. If you want more of a wholesaling book, the best thing would be to look at Steve Cook’s wholesaling for quick cash 2.0. It’s actually a course but not that expensive.

6

is property manager’s book the link at the bottom of his profile this “1minuterentalpropertyrichness.com” thing with Michael Rossi as the author?

7
is property manager's book the link at the bottom of his profile this "1minuterentalpropertyrichness.com" thing with Michael Rossi as the author?

Yes, and just so you know - the title is meant to be sarcastic. Many of the gurus promote getting rich without any money, credit, or work and we all know that is ABSOLUTELY RIDICULOUS!

Mike

8

You should also become a regular reader of his blog so you can see what it’s like to actually do REI (although I wish I could be as efficient as Mike at repairs/rehab).

9

As great as I think Mike is…Wink, wink Mike

I would say buy his book…

You can tell from looking around his blog that the dude does know his stuff and isn’t just pulling ideas out of thin air…

okay, this whole being nice to Mike thing is about to kill me…But seriously he does know his stuff.

10

I agree, but to be honest I have no idea what you guys are talking about 98% of the time. I ordered the book, hopefully after reading I will be able to understand what is going on and find reasoning behind the madness.

Propertymanager, what year was your book written? Anything big change since the date written (if its older)?

11
Propertymanager, what year was your book written? Anything big change since the date written (if its older)?

I wrote it at the end of 2006 and to answer your question - no, nothing has changed. In fact, if I had written the book in 1966, the answer still would have been the same - no, nothing has changed. Real estate investing is a VERY SIMPLE business. There are no “secrets”, contrary to all the guru b.s… If you learn the basics, they will last you a lifetime. Furthermore, if you can run one business, then you can run any other business with just a little education on the particulars of that business. That’s why the CEOs of the big companies frequently move from one industry to another - they’re pretty much all the same.

The only things that do constantly change are the laws (at the whims of the idiots in Washington and our state legislatures). For example, some states have recently passed or are considering laws against land contracts, lease options, certain foreclosure practices, etc. These laws are in constant flux and you MUST put forth the effort to learn your local laws and keep up with changes to those laws. It would be foolish to try to list these laws in a book, because the information would be outdated before the book hit the shelves. That is why it is important that you join your local REIA (Real Estate Investors Association) and make friends with the SUCCESSFUL investors in your area. Your local and state REIA is keeping up with the latest changes in the law and is fighting against onerous new regulation on both a local and state level.

Good Luck,

Mike

12

The more thread you read here, the more it will start to make sense. If you have questions about something and you can’t find anything written about it, just ask. If someone is legitimately asking a question, people here probably are not going to give them crap about that being a stupid question. I just can’t stand the people who come on here as a platform to sell their guru crap. If you search thru these forums, you will NEVER find Mike promoting his book. He doesn’t have to because other people do it for him. You asked a direct question about his book so he answered that, but that’s about all I’ve ever seen him say about it. There’s a wide range of experience and people doing pretty much every aspect of REI you can think of. Ask away…