I am a 42-year-old dad of two young girls who is looking to transition into a career of real estate investing to better the quality of life and time with his family. I’ve listened to several audio clips this past weekend for reiclub.com. My question is, what books/publications do you recommend that I read to best create a solid foundation to become a successful investor in the next 60 - 90 days? I’m estimating that I’d be able to read 3-5 books by Labor Day. I don’t have a lot of disposable cash, so I’m looking to self-educate myself and complete a few real estate transactions before buying/attending any courses or seminars. Any assistance/suggestions are greatly appreciated
I read The Millionarre Real Estate Investor by Gary Keller and thought it was a great place to start. His book outlines getting your mind right, setting up your business from start to finish, and how to find and make deals. Throughout the book there are short exerpts from millionarre real estate investors to keep you motivated. At the end of the book are the investor backgrounds of all the investors that helped Gary with the book and how they made it big. An outstanding read for sure!
Hey,
I agree. Of the books I’ve read The Millionaire Real Estate Investor was the best.
Peace,
Richard
I’ll make that a third recommendation. A must for every RE investors collection.
first and foremost, purchase yourself a primary residence (if you have not done so). if you have not done, this you have missed a critical first step in your REI career.
Education and knowledge is critical, but not sufficent. Getting deals to close is an experience driven process; each one is unique and will a little different twist or curveball to it. Handling those is very important and even then, when you make a mistake (and thus learn from it). Having done 25 deals or so in the past 6 yrs, I came within 5 mins of lossing a deal on Tues afternoon becuase of a couple of minor (but, stupid) mistakes on my part. My point is you are learning in this process. I have a day-job so it would have been a case of a lost opportunity; not a lost paycheck.
Moreover, having been self-employed in th past, its a different animal than workin’ for da man. It has its plus and downsides. With any type of self-employment you need to have some finanical cushion as money/pay-days do not come on set dates.
Lastly, you need to focus on a particular technqiue (foreclosure, short sales, rehabs, etc). There are million of properties for sale out there. Simply buying or “investing” in real estate does not necessary make you money. Additionally, you will find that RE investing can be quite competive depending on your location as there are a lot of people out beating the bushes for deals.
Get educated, focus on a technqiue and then execute a deal or two and see if you like it.
Happy Investing 