There are numerous ideas that rental real estate investors need to know to become successful. If you are beginning as an investor, the level of difficulty in learning can seem very high. Together with the general principles and strategies of rental real estate investing, you will need an in-depth knowledge of financing. You should also learn how to find and negotiate deals, how to evaluate properties while learning about legal and contract issues, property management best practices, and more.
One of the less complicated approaches to acquire these educational building blocks is to review some of the industry’s must-read books. Although there are many different books to choose from, it might be better if you focus first on the top 5, so that you get on your path to a good knowledge base.
1. Building Wealth One House at a Time by John Schaub
As per his book, John Schaub has provided meaningful investing strategies and guidance for over four decades. This book is one of the standards that any rental real estate investor should read. Practically, Schaub covers the general principles and strategies of real estate investing, financing, the basics of deal analysis, and much more. To get a clear understanding of the fundamentals, you really can’t do better than Building Wealth.
2. What Every Real Estate Investor Needs to Know About Cash Flow by Frank Gallinelli
If you decide to place your assets in rental real estate, you should prepare to crunch the numbers. Your long-term success depends on it. It is the reason why Frank Gallinelli’s book is another must-read for new investors. It consists of deal analysis, financing, and even provides Excel spreadsheets and formulas you can use. If you’re looking for an accurate cash flow analysis, this book is undoubtedly for you.
3. Every Landlord’s Legal Guide by Marcia Stewart, Ralph Warner, & Janet Portman
Investing in real estate has a strong constitutional component to it, which makes learning the basics of landlord-tenant law very important. What authors Marcia Stewart, Ralph Warner, and Janet Portman have created is the go-to reference guide for all the legal issues that landlords face. From contracts to security deposits, evictions to hiring a lawyer, this comprehensive book is a must-read for every real estate investor.
4. Recession-Proof Real Estate Investing by J. Scott
However, rental real estate is much more recession-resistant than the stock market, while J. Scott discusses that there are still principles and strategies that investors need to find out to keep their investments secure against economic downturns. Although the lessons in the book were written after the recession of 2008, they certainly still apply today. After reading Scott’s book, you will be able to invest in rental properties with a detailed knowledge of economic shifts, why they happen, and how to survive a recession.
5. Retire Early with Real Estate by Chad Carson
The last book on our checklist is one that suggests investing advice and a personal finance guide. It is essential to focus on this guideline because, as a rental real estate investor, your success will base according to your specific objectives. If you’re done reading Chad Carson’s book, you will appreciate how to realistically retire in 10 to 15 years. With actionable, step-by-step information, real-world case studies, and accessible strategies, Carson’s book should be one of the first ones you read as a new investor.
When you are prepared to engage in investing and secure your first properties. Make sure you are working with the best property management business today. Contact us online or call us at 817-502-3588 today.
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