There are numerous things that rental real estate investors must understand to achieve success. If you are getting began as an investor, the learning process will take much effort. Including 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 great ways to obtain these educational building blocks is to read some of the industry’s must-read books. Though there are several such books you can choose from, if you start with just the top 5, you’ll be on the road to a strong foundation of knowledge.
1. Building Wealth One House at a Time by John Schaub
In his book, John Schaub has discussed essential investing strategies and guidance for over four decades. His books are one of the basis 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 have a strong 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’re going to spend in rental real estate, you have to be ready 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 includes deal analysis, financing, and even provides Excel spreadsheets and formulas you can use. If you’re looking for a detailed explanation of cash flow, this is the book you’re looking for.
3. Every Landlord’s Legal Guide by Marcia Stewart, Ralph Warner, & Janet Portman
Investing in real estate has a substantial legal aspect, which makes learning the basics of landlord-tenant law very crucial. 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 indicates that there are still principles and strategies that investors need to know to secure their investments 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 list contains investing advice and a personal finance guide. This guidance is essential because, as a rental real estate investor, your achievement depends on having clearly defined objectives. 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 ready to engage in investing and secure your first properties. Make sure you work together with the best property management business around. Contact us online or call us at 636-542-8852 today.
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