There is a lot of stuff that rental real estate investors need to learn to become successful. If you are planning to start as an investor, the learning process can seem quite critical. 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 effective ways to get these educational building blocks is to read a few of the industry’s must-read books. Although there are several other books to consider, if you focus on the top 5, you will be well on your way to a reliable foundation of knowledge.
1. Building Wealth One House at a Time by John Schaub
In his book, John Schaub has expressed critical investing strategies and information for over four decades. It is one of the essential books that any rental real estate investor should read. In a realistic style, Schaub covers the general principles and strategies of real estate investing, financing, the basics of deal analysis, and much more. To get a good 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
In case you want to engage in rental real estate, you have to be ready to crunch the numbers. Your long-term success depends on it. That is the reason why Frank Gallinelli’s book is another must-read for new investors. It includes deal analysis, financing, and even provides Excel spreadsheets and formulas you can use. When you are ready for a detailed analysis of cash flow, this is the book you must read.
3. Every Landlord’s Legal Guide by Marcia Stewart, Ralph Warner, & Janet Portman
Investing in real estate has a solid legal aspect, which makes learning the basics of landlord-tenant law very valuable. 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
Even if rental real estate is much more recession-resistant than the stock market, as J. Scott reminds that there are still principles and strategies that investors need to understand to keep their investments safe as opposed to 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 selection is one that delivers investing advice and a personal finance guide. This information is relevant because, as a rental real estate investor, your future based on having positively established priorities. If you finish reading Chad Carson’s book, you will realize 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.
Once you are ready to engage in investing and secure your first properties. Make sure you’re teaming up with the best property management business today. Contact us online or call us at 509-572-5440 today.
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