I Need More Books To Read........
Hello all, I've enjoyed the behind the scenes of this forum (read your posts but not posting anything of my own yet).
Recently I've determined that I wanted to really get into income property mainly 4-8 unit buildings. I want some more books to read and I'm thinking of picking up (Income Property Valuation
by Jeffrey D. Fisher ) I want to learn to really evaluate and understand all the terminology that I read across this forum (ie... cap rate, debt service, etc....)
Does anyone have opinions on the book that I listed or recommend any other books that I should take a look at????? Thanks in advance
Great forum, keep the wise info going!!!!!!
How about "Rental Houses for the Successful Small Investor"
by Suzanne P. Thomas
Any recommended reading or insight is greatly appreciated
Dear jcorp,
Reading and theory are only 10% of the knowledge if you do not take action. Take the action and continue to learn if you want to se a red penny out of all this thing. When it comes to purchasing, managing and selling rental properties I can recommend you number of buck but you will only get more confuse cause the numbers they propose are god for Alabama. Nebraska or other inland states and their teaching will be worthless for you.
Open the paper, dial some phones and go see the properties. get you feet wet and then practice writing lowball offers. If one of them accidentally get accepted and you are not ready, I'll buy it for you.
Go do it!
Thanks Omega1 for the insight. Trust me, I'll be getting my feet wet soon enough, I would just like a book or reference tool where I can "run the numbers" to determine if the deal is worth doing as well as when I speak with a realtor, broker, or whomever I have a good basis/foundation for the terminology they are using.
I am more of a doer but I need to make sure I don't look like a fool when I'm doing it. Do you have any books for income property that you reference too?????
Sorry, but I partially disagree with Omega
I would begin making phone calls, looking at properties, etc while you learn. It will make your learning more valuable.
Math, ratios, and formulas are not time and area specific. Any book that say "10 plexes should cost $500K" shouldn't be read anyways.
"Getting Started in Real Estate Investing" is good. It's not multifamily specific, but it teaches you the basic math and principles of RE. I'd read that first.
Next read "The Complete Guide to Buying and Selling Apartment Buildings". Need I explain more?
Just about every "house buying" technique is simply a "Real Estate Buying" technique. Read through the forums and substitute "20 unit complex" every time you see "house" in your mind (and add a 0) and you can learn that way as well.
Learn your market and your area. Get a feel for what things are selling for in terms of:
Price per unit
price per sq. foot
Cap
Cash flow per unit
Prices will inevidibly vary from neighborhood to neighborhood. Once you can accuratly estimate what a building will sell for in 30 seconds or so, you'll be ready to move forward and make an offer. Only then will you be able to spot the bargains and the real opportunities.
Lastly, Figure out:
-What type of property you want and can buy.
-How you're going to buy it:
-What you are going to do with it once you've got it.
Figure those 3 things out, and you're ready to go!
Thanks Hibby76,
Actually thats part of what I meant about terminology, I don't know what the cap rate is and how to derive the cap rate, thats why I would want a book that gives me the formulas or tells me get xx, xx, xx figures plug them into this socket and voila theres your cap rate.
Now I understand that each area will be different in terms of rent per sq ft, price per sq ft, etc... I'll probably try looking for a real honest broker that sales multi fam and small apartment complexes to also get some guidance.
The books that you mentioned, I take it I can pick those up in the shop section of this website?? Thanks again everyone.
Hi Jcorp,
Here is a great book if your looking for info on financing:
Financing secrets of a millionaire real estate investor. (Bronchick)
This books has a lot of valuable info on financing. I can personally vouch that this book saved me over $3,000 on my last deal. And that was from one little piece of info that I wouldn't have known if I hadn't read it. While diving into things and taking action is a must, I think your doing the right thing by reading as much as you can first. Mistakes can be very expensive. Just don't spend all your time reading and no time taking action. You can never know enough in this business. If you need a few more books to read , pm me or email me. I've got another 5-10 I'd recommend.
Thanks, ahahahaah funny I have his book on Flipping Properties. I'm going to email/pm for the others you recommend.