Monday, July 23, 2012

Recommended Reading

In the comments to my last post, Jason asked me what books I would recommend. I'm assuming he was referring to real estate investing books. That's actually a fairly tough question. I've been investing in real estate for 8 years now. I started out by reading a bunch of books, but looking back, I realize I've gained the majority of my knowledge from experience and from reading other people's experiences via blogs and forums on the internet.

But if I had to pick a couple books for a real estate investor newbie, I would pick these two:

Rich Dad, Poor Dad by Robert Kiyosaki. This was the book that launched his empire and really, the only one of the series that is worth reading now. (The rest of the Rich Dad books start repeating the same stuff over and over) There are questions about how true his story is and if "Rich Dad" was one person or an amalgamation of multiple people, but that doesn't really matter. There are two things to take away from this book: the difference between passive and earned income and the idea of having your money work for you. (And those two are really the same thing, when you get right down to it.) The book is almost completely bereft of practical, step-by-step instructions for investing in real estate and that frustrates some people. But I look at this book as more of an inspirational book than an instruction manual. Nowadays, Kiyosaki has moved on and his preaching has changed quite a bit from when I followed him 7 to 8 years ago. Back then (and this was way back when he would give presentations wearing Hawaiian shirts instead of suits), his persona was that of a rich guy trying to help the poor masses think like and get rich like millionaires. The last time I looked at what he was doing, I got the sense he was just another massively wealthy guy trying to convince his followers the standard Republican Party line of lower taxes is always better.

Freakonomics by Steven D. Levitt and Stephen J. Dubner. I wrote about this book previously and there is a chapter or two specifically about how to increase the price you get for selling a property by carefully wording your listing. The thing to take from this book is that people don't behave rationally and there are all sorts of cause and effect relationships between events that you might not expect.

You'll notice both those books were originally published several years ago. I've stopped reading real estate books, for the most part. I read a bunch in the past and came to the conclusion that books about real estate investing, almost by definition, have to be somewhat generic. You won't find a book with step-by-step guides on how to do it. This is mainly because real estate laws and procedures are different in each state. If you are interested in buying properties at foreclosure auctions, for example, the methods vary wildly from state to state. The standard real estate contract varies by state and you need to become familiar with what is in the contract used in your state (or state where you investment property is located).

This isn't to say I think my real estate education is complete. I simply find I get more value from following blogs and discussion forums on the internet than I do from books. I list the blogs I follow in the sidebar. I'd start there. See if you can find some blogs written by people in your state or area and follow them for a while. Learn from their mistakes. Ask questions. The reason people blog is because they want to share their knowledge and experiences. They are usually happy to answer questions (within reason, of course).

The corollary to the above, of course, is you have to be careful whose advice you take. Like all things on the internet, you have no idea of the person's true knowledge or experience level. You don't want to end up following a Casey Serin. So be a lurker for a while. I read forums and blogs for a year before I bought my first property. Keep your BS-detector finely tuned.

Of course, the quickest way to get an education in real estate investing is to buy some real estate. That's the quickest, but not necessarily the cheapest :-)

41 comments:

  1. Earn Money Answering Questions at www.bulkanswer.com No Reg Fee, No Other Charges.

    ReplyDelete
  2. Part time with online works and details
    03022165646
    http://ismith-em4l.blogspot.com/

    ReplyDelete
  3. lots of important thoughts.
    recently i found a great way to make money. hope you will like it.
    Project Payday

    ReplyDelete
  4. i don't know the second book.


    http://moneey-income.blogspot.com

    ReplyDelete
  5. Hey,

    Fanshala.com is a new portal using which,you can earn

    money through your Facebook pages.
    Fanshala enable's you to earn by simply posting a simple

    advertisement under your status or post.

    Here is how, All you have to do is to sign up on

    Fanshala.com and follow these steps:

    Sign up on Fanshala.com
    Follow the instructions given on the site to connect your

    Facebook page to Fanshala.
    Start posting and earning.

    It is the easiest way to earn a lot of money in a short

    span of time.

    ReplyDelete
  6. Thanks for recommending these books...would be helpful!!

    motilal oswal online trading

    ReplyDelete
  7. Hi All!

    Here you can earn on signup and send refferal link to your friends online and you will paid to just while your friends open your refferal link(No need to join).

    So Grab this chance asap!

    Go here : http://visitors2cash.com/ref.php?refId=94355

    ReplyDelete
  8. we gives you the easiest way to increase income For more details visit: http://tinyurl.com/3gce3ot

    ReplyDelete
  9. Work at home completing simple surveys from home. No
    registration fees. Join today For more information
    visit: (http://tinyurl.com/3gce3ot)

    ReplyDelete
  10. WeLendHardMoney deliver the fastest and easiest access to private money online. Various loan option are available at WeLendHardMoney.com.

    Regards,
    http://welendhardmoney.com/private-loans/

    ReplyDelete
  11. fulfill your dreams (11586)

    we gives you the easiest way to increase income For more details
    visit: http://tinyurl.com/3gce3ot

    ReplyDelete
  12. get income from a part time Assignment entry jobs best way to make money at home

    best way of earned money for student online data entry jobs now offered to all those people who want to earned money by work at your home
    more detail (http://tinyurl.com/3gce3ot) IDS (11586)

    ReplyDelete
  13. Free Work At Home Job Work At Home Completing Simple Surveys From Home. No Registration Fees. Join Today (Http://Tinyurl.Com/3gce3ot) Ids (11658)

    ReplyDelete
  14. Apply for Payday Loans @ www.textminiloans.co.uk/payday-text-loans.html
    We are able to bring to you easy cash assistance at interest rates that will not affect your monthly expenses. Lenders who are working with us understand that it is because of paying high interest rate that many people refrain from applying for additional funds. However, when you apply through us, you are able to gain monetary freedom at interest rates that best define your existing needs.Get payday text loans by simply sending an SMS. Yes, do not be astonished as all that you have to do is just fill the online application form available on the website of Text Mini Loans and submit. Soon we will forward it to our associates who will match your with loan deals that are perfect according to your present situation. As soon as approval is given, you will get a pin code. This pin code is what you need to send the next time you face monetary crunch.

    ReplyDelete
    Replies
    1. Thanks for sharing. This information is very useful. I am very impressed. For more details just click on Payday loans

      Delete
  15. work at home, no signup fees, unlimited income work at home
    without paying signup fees earn an unlimited income working
    with 20,000 companies for more information visit:
    http://tinyurl.com/3gce3ot) ids (11659)

    ReplyDelete
    Replies
    1. Simply awesome Really interesting ,,brilliant post..thanks for sharing...!!!

      Hi,

      Very Very good and usable post. Thank's to share your experience with us. I will try to remember these tips in my blog commenting task.

      The blog was absolutely fantastic! Lots of great information and inspiration, both of which we all need!b Keep 'em coming... you all do such a great job at such Concepts... can't tell you how much I, for one appreciate all you do!

      Thanks
      short term installment loans

      short term loans uk

      Delete
  16. free work at home job work at home11667
    completing simple surveys from home. no registration fees. join today (http://tinyurl.com/6j53ne6) ids (11667)

    ReplyDelete
  17. free work at home job work at home
    completing simple surveys from home.
    no registration fees.join today
    (http://tinyurl.com/6j53ne6) ids(11659)

    ReplyDelete
  18. To finalise, weekend payday loans are a unique solution suggested by the lenders for your unforeseen financial challenges. These timely aids, don’t let you feel the pressure of cash shortage even on weekends.


    http://weekendpaydayloans.directlendersuk.co.uk/
    http://sundaypaydayloans.directlendersuk.co.uk/
    http://weeklypaydayloans.directlendersuk.co.uk/
    http://12monthloans.directlendersuk.co.uk/

    ReplyDelete
    Replies
    1. Simply awesome Really interesting ,,brilliant post..thanks for sharing...!!!

      Hi,

      Very Very good and usable post. Thank's to share your experience with us. I will try to remember these tips in my blog commenting task.

      The blog was absolutely fantastic! Lots of great information and inspiration, both of which we all need!b Keep 'em coming... you all do such a great job at such Concepts... can't tell you how much I, for one appreciate all you do!

      Thanks
      loans for people on benefits same day payout

      same day payout loans for unemployed

      Delete
  19. Long term loans are services which are tailored for settling your earlier debts. You can opt for it in the secured and in the unsecured type. You can thus avail this monetary facility although you are a non-homeowner. Application for this scheme is easy through the online medium. For more please visit us @ online instant decision loans.

    ReplyDelete
  20. Cash Loans in 24 Hours are services which are tailored for settling your earlier debts. You can opt for it in the secured and in the unsecured type. You can thus avail this monetary facility although you are a non-homeowner. Application for this scheme is easy through the online medium. For more please visit us @ 1000 Text Loans.

    ReplyDelete
  21. "Excellent"

    Thank you for sharing your knowledge and your experiences with us.


    150 pound loans no credit check, 150 pound payday loans

    ReplyDelete
  22. Hello,

    Its good to be here, very nice post, the content is amazing, keep posting friend it will be very helpful for everyone, Thanks for sharing. I really liked it.

    Thanks And Regards

    long term personal loans for poor credit

    long term personal loans for people with bad credit

    ReplyDelete
  23. Hi,

    Very Very good and usable post. Thank's to share your experience with us. I will try to remember these tips in my blog commenting task.


    Thanks

    emergency payday loans UK
    emergency payday loans for unemployed

    ReplyDelete
  24. Hi,

    Very Very good and usable post. Thank's to share your experience with us. I will try to remember these tips in my blog commenting task.


    Thanks

    immediate payday loans UK
    immediate payday loans no credit check

    ReplyDelete
  25. Hi,
    The blog was absolutely fantastic! Lots of great information and inspiration, both of which we all need!b Keep 'em coming... you all do such a great job at such Concepts... can't tell you how much I, for one appreciate all you do! Thanks
    need a loan fast with bad credit
    pay day loans bad credit

    ReplyDelete
  26. Long Term Payday Loans are particularly preferred when the borrower immediately and want to pay back the loan in easy installments. These loans are your helpful source of cash without any credit checks needs money.

    ReplyDelete
  27. Long Term Payday Loans are particularly preferred when the borrower immediately and want to pay back the loan in easy installments. These loans are your helpful source of cash without any credit checks needs money. Long Term Payday Loan @ http://www.12monthcashloans.urgentpaydayloans365.co.uk/12-month-loans-no-credit-check.html


    ReplyDelete
  28. Hi,

    Thanks for sharing wonderful news with us. I'm sure many people come to like your blog and gain benefit from this information you have provided. I would love to apply these terms on refinancing. Hope to see more amazing blog on your site.

    Have a great day...!!!

    3 Month Loans

    Payday Loans Over 3 Months

    ReplyDelete
  29. Hi,

    Thanks for sharing wonderful news with us. I'm sure many people come to like your blog and gain benefit from

    this information you have provided. I would love to apply these terms on refinancing. Hope to see more amazing

    blog on your site.

    Have a great day...!!!

    12 Month Bad

    Credit Loans


    12 Month

    Loans For Bad Credit

    ReplyDelete
  30. Hello,

    Its good to be here, very nice post, the content is amazing, keep posting friend it will be very helpful for everyone, Thanks for sharing. I really liked it.

    Thanks And Regards

    90 day payday loans uk

    ReplyDelete
  31. Hello, it’s good to be here, very nice post, the content is amazing, keep posting friend it will be very helpful for everyone, Thanks for sharing. I really liked it.
    Thanks and Regards
    Unemployed Loans
    Loans for the Unemployed
    Simply awesome Really interesting, brilliant post..Thanks for sharing...!!!

    ReplyDelete
  32. Hello,

    Its good to be here, very nice post, the content is amazing, keep posting friend it will be very helpful for everyone, Thanks for sharing. I really liked it.

    Thanks And Regards

    cash loans for 30 days
    short term loans for 30 days

    ReplyDelete
  33. Hello…what is the fun of sitting at home and working all alone on an impersonal machine? I am a very social person and like to get out and mingle. Maybe you should try some more, to convince a person like me to give up a day job. There are wonderful blogs on sites like best graphics design online,best online business services
    and www.envato.com which speak highly of work-from-home freelancers. I find them quite interesting to read. I will keep freelancing work for a rainy day. At present though, I am happy working 9 to 5.

    ReplyDelete
  34. Hey friend, what just happened to GreenLeaf? Is he not managing this blog anymore? Can somebody share his contact with me? I wanted to share my blog site with him, he inspired me to make money online thanks! Online Earning King

    ReplyDelete

 
Copyright © 2012 · Money Loan , All rights reserved | Proudly Powered by