Recommend A Book For The New Guy
Hi there,
I've been reading this forum for a few days - great info. I apologize if this is a FAQ, but I searched around and didn't find an answer. I'm looking for a book on real estate investing that is relatively comprehensive. The market seems awash in stuff, a lot of which appear to be money making schemes.
I am not completely clueless, but what I know is all school of life and I'd like to supplement that. In the past two years I've bought a 4-plex, a 3-plex, and a duplex (live in the 3-plex). This has taught me important lessons like:
* I'm a crappy carptenter.
* Tenants are a pain in the ass.
* Everything is more expensive than you think.
And has resulted in major changes in my initial assumptions like hiring a property management firm and accepting that I might only break where I thought I would have income.
I learned the first property I bought was too expensive and as a result got two years of minimal appreciation in a hot area. I have learned I did the wrong things in financing and learned a little more with each deal. I have learned what maintenance issues I overlooked each time. And the most important thing I've learned is how much I still don't know.
So, I'm hoping to find a book or two to round out my knowledge. Any suggestions?
Thanks!
Bill
Well I'm sure its out of print (or maybe in the 27th edition) but I have here on my shelf INVESTMENT ANALYSIS FOR REAL ESTATE DECISIONS by Greer and Farrel. It was very good in its day (2nd edition 1988) but mostly because its a college-level textbook and not a "beginers" level.
For all your talk about being the new guy you've got more experience than many here and even more wannabes out there. I applaude the rapidity with which you have reached these conclusions. I'd also recomend taking a good general business law course at the local community college.
Finally there are a number of publishing companies that specialize in investment grade real estate books. John Wiley and Warren Gorham and Lamont come to mind immediately. Their books tend to be geared to attnys or accountants or professional property managers. You might check their catalogues.
Finally, do not be afraid to read widely in the business field. One of my favorites is still a 4 volume set from the Harvard Business School called THE WORLD OF BUSINESS which must be close to 40 years old now. The chapter on Explaining the Bond Market to Your Wife is absolutely hillarious. I don't recall a single chapter on real estate per se but I use the lessons gleaned there all the time.