Fortunately for real estate investors everywhere, there are a lot of real estate titles that have some great information on real estate investing. Unfortunately, there are also a lot of books on real estate out there by get-rich-quick schemers and authors who may have completed a small handful of transactions and now want to tell everyone else how it is done. Many of these books are little more than promotional fluff to get you to buy whatever "can't lose" investment system these fast-talkers and new-comers to the real estate world are shilling. It can be difficult to wade through all the snake oil and "too-dumb to know I was lucky" books to find quality information. Here at Memphis Invest we have done some of the work for you by selecting a few good books. Here are three real estate book recommendations, in no particular order, that can actually leave you smarter than they found you.
1. Real Estate Investing for Dummies, 2nd Edition (by Eric Tyson and Robert S. Griswold)
Don't let the title fool you; the "for Dummies" titles are well known for presenting valuable information in an easy-to-understand way. While some of the topics won't apply to those looking for the kind of passive investment opportunity that Memphis Invest provides, this book is still a valuable primer on the ins and outs of the real estate business for someone just getting started. The authors offer specific strategies and tips on everything from financing to tax laws. While some of the generic tips presented will not work in every market and I don;t even necessarily agree with all of the tips and strategies, I still think this is a really good place to start. It is also a great place to learn terms and definitions especially for starters.
2. Creating and Growing Real Estate Wealth: The 4 Stages to a Lifetime of Success (by William J. Poorvu)
So this book is a little bit different and if you've seen these lists from me in the past, you know that I have no problem throwing some different real estate investing books out there. The credentials of the author alone make one take notice: Poorvu managed the real estate program and taught real estate courses at Harvard Business School for 35 years, in addition to being a professional real estate investor and entrepreneur. In this book, Poorvu describes what life is like in the real estate business and how to manage all aspects of that life. For those looking for a professional development bible in the real estate industry, this is one to check out.
3. What Every Real Estate Investor Needs to Know about Cash Flow... And 36 Other Key Financial Measures (by Frank Gallinelli)
"Mesmerizing." "Stimulating." "Jaw-droppingly fascinating." What do all of these descriptors have in common?
Not a single one of them is something the average person would say about math.
Unfortunately, math is key to any business (ideally, with a lot more addition than subtraction). Real estate is no different. If you're going to be a knowledgeable, successful real estate investor, you're going to need to be familiar with a number of financial concepts and calculations. This is the book that can help you with that. Whether you're calculating net operating income, capitalization rate, or any other figure vital to success in the real estate industry, this is the book for you.
Do you have any real estate book recommendations for us? Please share them in the comments!