There are numerous things that rental real estate investors need to grasp to thrive well in the industry. If you are just getting started as an investor, the learning curve can seem pretty steep. Along 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 most dependable methods to acquire these educational building blocks is to study some of the industry’s must-read books. While there are countless such books to pick from, if you start with just the top 5, you will be well on your way to a solid knowledge base.
1. Building Wealth One House at a Time by John Schaub
In his book, John Schaub details necessary investing strategies and advice for over four decades. It is one of the foundational books any rental real estate investor should read. In a down-to-earth style, Schaub covers the general principles and strategies of real estate investing, financing, the basics of deal analysis, and much more. To acquire a solid grasp on 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 invest in rental real estate, you need to be capable and know how to crunch the numbers. Your long-term success depends on it. That is why Frank Gallinelli’s book is another must-read for new investors. It covers deal analysis, financing, and even provides Excel spreadsheets and formulas you can actually use. When you are ready for a thorough exploration of cash flow, this is the book you’d want.
3. Every Landlord’s Legal Guide by Marcia Stewart, Ralph Warner, & Janet Portman
Investing in real estate has a powerful legal 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
Although rental real estate is far more recession-resistant than the stock market, as J. Scott points out, there are still principles and strategies that investors need to know to keep their investments safe from 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 list is one that is part investing advice and part personal finance guide. This design is significant because, as a rental real estate investor, your success depends on having clearly defined goals. After reading Chad Carson’s book, you will know 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 set to engage in investing and secure your first properties. Make sure you team up with the best property management business around. Contact us online or call us at 816-207-0750 today.
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