There are several things that rental real estate investors need to learn to achieve success. If you are starting as an investor, the learning process may look very steep. 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.
Probably the ideal approach to acquire these educational building blocks is to read some of the industry’s must-read books. Although there are a lot of similar books to choose from, if you begin with just the top 5, you will be on the right path to a strong knowledge base.
1. Building Wealth One House at a Time by John Schaub
In his book, John Schaub has shared fundamental investing strategies and guidance for over four decades. It is one of the foundational books that any rental real estate investor should read. Realistically, 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
If you want to put your resources in rental real estate, you should have 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 contains deal analysis, financing, and even provides Excel spreadsheets and formulas you can use. When you are ready for a detailed cash flow analysis, this is the book that you need.
3. Every Landlord’s Legal Guide by Marcia Stewart, Ralph Warner, & Janet Portman
Investing in real estate has a substantial legal factor to it, which makes learning the basics of landlord-tenant law very vital. 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
Though rental real estate is much more recession-resistant than the stock market, as J. Scott finds out that there are still principles and strategies that investors need to learn to maintain their investments protected from economic downturns. Even though 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 list is one that gives investing advice and a personal finance guide. This information is essential because, as a rental real estate investor, your accomplishment relies on having clear established objectives. After reading Chad Carson’s book, you will learn 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 ready to engage in investing and secure your first properties. Ensure that you are working with the best property management business today. Contact us online or call us at 704-919-1344 today.
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