PDF Drive is your search engine for PDF files. As of today we have 78,, eBooks for you to download for free. No annoying ads, no download limits, enjoy . aspect of real estate investing, but a broad-stroke overview of the best ways to start .. Books -- real estate booksAs the old saying goes, “Those who lead, read. There are literally thousands of real estate books on the market to-day and trying to separate the best real estate books from those that can easily be passed.
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I wanted to be financially free. I began researching how to become financially free at the library and at book stores. Real estate investing surfaced as a common . WHAT INVESTORS ARE SAYING ABOUT The Millionaire Real Estate Investor “ The Millionaire Real Estate Investor finally brings a book to the real estate. ix. Preface. The Real Estate Investment Handbook is designed to be a tool for cur - . This book is about commercial real estate investment.
With just a few sentences, book readers can walk away with new insights and practical lessons that they could use to improve both their personal and professional lives. This is especially true for rental property investors. Whether you are a new or veteran real estate investor, these six books will add value to your rental property portfolio.
Although this might sound like a deal breaker for investors who simply do not have large cash reserves, "The Book on Investing in Real Estate with No and Low Money Down" provides practical strategies to overcome such dilemma. These include forming partnerships with individuals who have money to invest and using hard money lenders. The book was written by Brandon Turner, who is the co-founder of BiggerPockets.
It serves as a comprehensive guide for rental property owners after they have closed on their deals.
Complicating everything is the fact that it takes time to grow money. Financial wealth building is not something that can be accomplished in reaction mode. It is really difficult to find more money just because you all of a sudden want or MythUnderstandings 45 need it. Becoming an investor—someone who pursues financial wealth building every day—is all about preparing for the minimums and maximums in your life: If you choose not to pursue financial wealth, your future more than likely will be defined by extremely limiting financial choices.
You may have to scramble to meet your changing needs or do without the things you eventually wish for. At a point in your life when settling for less might devastate you, you might have to do just that. Let me share with you a revealing conversation I had with one of my students on the pursuit of big financial wealth. Life is going great just the way it is. Fair enough. I truly appreciate your honesty and respect your answer. Do you have insurance? Do you have any car, homeowner, disability, or medical insurance?
Insurance takes care of the unplanned or unexpected, right? My question for you, though, is this: Well, what happens if you suddenly lost your job or, worse, your ability to earn a living? I understand.
But it is a real possibility, and you really should think about it. You know, that scares me a little bit. If they had health issues or experienced a financial disaster, I think I might feel very bad if I were not in a position to help in a meaningful way.
No one can know beyond today what he or she might or might not need in the future. I gave my student a moment to let the truth of our conversation sink in, and I honestly think it did.
What if she had a gifted child who needed special educational opportunities? What if an MythUnderstandings 47 unforeseen opportunity arose that required more money to take advantage of than she currently had? You also have enough to take care of the critical unforeseen needs that might arise for your friends and loved ones. Now, if you still had an abundance of financial wealth after all those needs had been taken care of, are there other things you might do with your money?
That would make me feel great. I love the idea of your traveling the globe with your folks. Well, of course. Honestly, Gary, there is so much that is needed right here in town. I got it. What if you had financial wealth such that even after you did all those things, your reach could extend even beyond this town? What could you do? Who thinks about that? I might even be able to help put a dent in world hunger. Now listen to yourself. Earlier you said it felt bad to think about pursuing more money.
I think a lot of people feel that way. What it will do is amplify who you already are. I believe that in the end people are exposed to new possibilities by financial wealth and empowered by it.
Instead of being changed by money, it simply allows them to be more of who they really are. That makes sense to me. More money just makes you more of what you already are. Your hypothetical responses just prove the point. Having more wealth would just amplify your generosity. So tell me, how does this new view of your financial potential make you feel? Honestly, it makes me feel inspired. Yes, inspired. Inspired that my life could be so much bigger than I ever thought was possible.
You know what? See, this is the kind of thing that happens when you pursue maximums for your financial life instead of minimums. Suddenly money can become good for the good it can do.
And the more you have, the more good you can do. I appreciated the candidness of my student and her willingness to allow me to talk to her in this manner.
She realized that there are two types of people in the world: First, there are those who because they chose not to build financial wealth have limited opportunities to care for themselves and their loved ones.
Second, there are those who because they chose to pursue financial wealth as an investor have much larger opportunities to care not only for themselves and their loved ones but also for so much more.
Later, as you might expect, she and I began to talk about how to make more money. This curiosity is the natural result of 50 The Millionaire Real Estate Investor imagining how big your wants and needs might become. You progress from seeing that it might be possible to believing that it should be, and then you realize that you are now motivated to seek financial wealth to your highest potential. Most people are taught to live within their means, but I was taught differently and encourage you to think differently as well.
Instead of forgetting your dreams and living within your means, try pursuing the means to live your dreams. And because your true financial potential is unknown, it makes no sense to place limits on it. The unfortunate irony is that the people who would rather not set themselves up for disappointment by going for it are the very ones destined for disappointment.
Years ago the online job search company Monster. The litany in the commercial went something like this: When I grow up, I want to file—all day. When I grow up, I want to claw my way up to middle management. I want to be replaced on a whim. I want to be a yes man. Yes woman. Yes, sir; coming, sir; anything for a raise, sir. Three or four other children continued this refrain until the commercial closed with a surprisingly touching question: What did you want to be?
With that question, the contrast between the modest aspirations and resigned attitudes of the children in the commercial and the shoot-for-thestars hopes real children have went from humorous to sobering.
That was when you realized that you may have made more compromises along the way than you would have imagined, that somewhere along the journey of your life you stopped wondering what was possible for you and started thinking in terms of what was probable. In my experience there are basically two ways people view their financial potential. Probability thinkers base their view of their future financial selves on their past history and current capabilities. Based on who I can become, this is what I can financially accomplish.
For them, their financial future is flexible, active, and, ultimately, alive. A great example of this is Trammel Crow, who rose from humble beginnings to amass one of the largest real estate empires of all time. A child of the Depression, Crow and his seven brothers and sisters grew up in a Dallas home with no bath or hot water. In he went into real estate and saw a world of unlimited possibilities. He quickly realized that through loans and private investors he could achieve his goals long before he could on his own.
By the s he was the leading developer of shopping malls in the United States, and by the s he was the largest real estate developer and property manager in the country.
Today, because he saw no limits to his potential, the Trammel Crow Company is one of the largest diversified commercial real estate services companies in the world. Many of the real estate investors we interviewed told similar stories about how before becoming investors they would have been voted least likely to become financially wealthy by the world.
A good example is Barbara Mattson, whom I mentioned briefly in the Introduction. Barbara worked as a home health nurse, and her husband, Tom, was in construction. They were a typical family living in a modest home with two cars and a pair of young daughters. Then, in , Tom came home not feeling well. Suddenly Barbara was left to care for her children and an ailing husband while also having to earn enough income to cover two car notes, a mortgage, and a mountain of medical bills.
You have to help me. Mattson, this is a long process. In one of those positive coincidences, Barbara bought some tapes on investing in real estate. They originally were intended for Tom, to fill his 54 The Millionaire Real Estate Investor time and possibly eventually provide a way for him to earn income for the family.
After all, he worked in construction and understood real estate. She also listened to them on the way to her home-care appointments. He emerged from surgery cocooned in a body cast. Here is one of those defining moments when the difference between probability thinking and possibility thinking is revealed. Between work and looking after her husband and family, she had almost no time. Faced with the same situation, what do you think most people would do with the money?
Would they pay off their bills and get their accounts back in order? Would they use the money to supplement their income and get some relief? Or would they do what Barbara did when, in an inspired moment of clarity, she invested the money in real estate?
Eventually the rents began to add up until finally she could see light at the end of the tunnel. Because Barbara could imagine better possibilities and a bigger life, she was able to have them. If you can find a great deal, people will throw money at you. Once people step over into possibility thinking and believe that they can achieve financial wealth, they often see a whole new set of obstacles.
They quickly become certain that they will need more time, money, and investment knowledge than they currently have or could acquire easily. Figure 5, on the facing page, graphically demonstrates how much ability A , time T , and money M a person needs to begin an investment career.
While many people mistakenly believe they need a lot of all three, they actually need a little of each: Beyond this they can accelerate their growth as an investor by picking one area to increase. T A really need? Over time, each of those three areas can grow and your power as an investor will increase.
The hidden secret is that the three factors are multipliers of each other. If you double your time, even if your ability and money remain the same, you double your current investment potential. If you double your ability and your time, you quadruple your current investment potential. Figure 6 increase any one of the three. The chart above illustrates how this multiplier effect works when you increase your investing time, money, and ability. Your self-assessment in these three areas often dictates your strategy.
People who have the luxury of time but have limited financial resources can focus on amplifying their ability to achieve greater success. They also can earn sweat equity by doing much of the work other investors might contract out. In contrast, investors with more financial resources and less time can afford to employ experts and contractors to make up for their lack of time.
Time and money often are strongly connected, in that time can be used to earn money and money can be spent to download time. Similarly, ability can be had with time think books and seminars or bought with money think consultants.
The wonderful thing is this: Any extra ability, time, and money you have in the beginning speeds up the process. When we interviewed best-selling author and Millionaire Real Estate Investor Robert Kiyosaki, he made an important observation: They find excuses that prevent them from taking a look at what might work. And when they find a reason, they make that reason their reality. More important, what beliefs do you currently hold, and are they accurate?
In our research on these myths about investing we went straight to the source: We talked to more than millionaire investors about these very issues.
What emerged were five common MythUnderstandings about investing that can cause people to get off track. While these myths certainly apply to investing in real estate, they also transcend it and apply to investing as a whole. They can seep into any discussion about investing. They often are used as justifications for failure, and they are repeated widely in the form of cautionary tales. Investing is complicated.
But to be fair, almost anything, taken as a whole, can appear more complicated than it really is. Take your car. Of course not. All you have to know are the basic rules of the road and how to drive.
Investing is no different. The trick is to step back and identify the aspects that matter the most. Investing is not a game where the guy with IQ beats the guy with IQ. He freely admits that there was more knowledge available than he could digest at once. But instead of being overwhelmed, he found a way to deal with all the new information: You use what you can. The rest of it may not apply today. It builds on itself step by step. Fractions look like nonsense to a child who has not yet learned about them in school.
On a practical basis, what I know is that you never need to know everything in order to do something. You just need to know the right MythUnderstandings 61 things to do at any given moment. Over time, given enough chances to study and experience something, you naturally and progressively will learn everything you need to know to do it well.
That is how you become an expert. Real estate investing is no different. When you learn things in the correct order, your knowledge will come more easily and more quickly. One of the core goals of The Millionaire Real Estate Investor is to provide the fundamental knowledge you need to get in the game correctly and lay a foundation for success. Like anything else in life, real estate investing is only as hard or as complicated as you make it.
To me, the real nature of investing is always to invest in what you know and fully understand. Choose an area that you already know or one that greatly interests you and commit yourself to becoming an expert in it over time. I love the story legendary investor Warren Buffett tells about the technology stock boom of the late s. Rather than jump on the bandwagon where thousands of amateurs were amassing small fortunes, Buffett 62 The Millionaire Real Estate Investor chose to sit out the boom on the sidelines.
I love that attitude. Here is an investor who absolutely, no matter what the apparent upside is, sticks to his criteria. If profits were lower than expected this quarter, was that because it was a colder-thanusual winter, driving up heating expenses?
Or did a pipe burst? These are issues that any investor can understand. Because risk is what people bring to the concept of investing. By doing that, they take the risk out of the game. Jerry Clevenger, a Millionaire Real Estate Investor in Kansas City, Missouri, told us about a deal that perfectly illustrates how investors make their money going in. He felt comfortable making this bold move because he understood what he was downloading and what it was really worth.
And he was right. You gotta be able to pull the trigger immediately. It is about having sound criteria, the patience to find the right opportunity, and a willingness to take the correct action quickly. The best investors know this and are dedicated to following this formula.
Timing is one of the most misunderstood concepts in investing.
When people say that timing is important, they are correct. The economy is cyclical.
Markets are cyclical. And downloading and selling opportunities are created by the ebb and flow of the cycles. Finding the best time to download or sell is called timing. What is misunderstood is the way timing actually is accomplished. Most people think timing is about active observation—sitting on the sidelines waiting for the moment when they should jump in and take action.
In other words, timing is about being reactive to opportunity. The truth, however, is that timing is all about being active— active all the time. I believe that the vast majority of opportunities cannot be observed from the sidelines—you must be in the game.
You have to download in a way that lets you afford the cycles. And you have to know where you are in the cycle. Investors recognize and seize these opportunities because they are always engaged in the game and close to the action.
He knew this because, rather than taking the foreclosure information at face value, he called the bank to learn more about the property. He was there every day, watchful for opportunity and ready to act on it when it arose.
If you pursue opportunity in this way, you too can look like a timing genius. So you need to know the fundamentals of a property: Successful timing is made possible by time spent on the task over time.
You have to keep your hook in the water. What it does mean is that you are consistently searching with your Criteria, watchful for the moment when opportunity surfaces.
This is what I mean when I say that timing finds you. You can never know the absolute best time to act except after the fact.
Better to look at it like this: All the good investments will be taken. The only question is by whom. As simple as it sounds, the truth is that those who take them are those who best understand the conditions that create them.
By the way, this is the other and more subtle side of the timing issue. While the previously discussed myth was about timing the market, this myth addresses your timing as an investor. There are two fundamental forces at work—economic ones and personal ones—and they are always present, always at work, and always influencing the marketplace. Basic economic forces show up in the form of things such as job growth, interest rates, population shifts, and area revitalization.
These are the things most people think of when they think of the forces that create investment opportunities. What is often overlooked, however, is a second set of human, or personal, forces that are always present and can create additional and significant investment opportunities. Some arise from positive circumstances such as relocation, marriage, and family growth.
Others arise from negative conditions such as divorce, death, and debt. In my experience, those who declare that all the good deals are taken are almost always overlooking this second set of human forces and the unique opportunities they create. I would much rather play the downturn than the upturn. Best-selling author and economist Burlington, VT What I most want you to understand is that opportunities are always there in every market and in every time.
Sometimes there are a lot, and sometimes there are not. Some opportunities are the result of obvious eco- nomic forces. Others are the result of local and incidental personal forces. Because personal forces are always at work, these opportunities are constantly being created. But in time they will be taken by someone, and I want you to realize that that someone could be you. The opportunities are gone only for those who assume they are.
It can seem like madness to look so hard for a rental property that may yield only a couple of hundred dollars a month. Houses are too small for big guys to get started in. Think of a ball rolling downhill that picks up mass and speed as it goes. Although it may start out small or slow, it ends up growing quite big and fast.
My son discovered the power of compounding one Saturday afternoon when we were weeding the flower beds at our home. We were going along fine until I looked up and found myself alone in the backyard. When I went in to look for him, I found him at the kitchen counter adding up a series of numbers on a piece of scrap paper.
It was the classic story of the value of a penny doubled every day for 30 days that often is used to illustrate the idea of compound interest. Instead of taking the normal pay, the worker negotiates a compounding pay scale where his pay doubles every day but starts with just a penny. This led to a great discussion of money, and rates of return. Any form of investing is about putting your money to work and letting it work for you over time.
What distinguishes it from other investments is that the original value of your asset tends to be large and, through the magic of leverage, can be downloadd for less. With each asset you add to your portfolio, your portfolio grows. As your investments grow, so do your downloading power and your investment knowledge.
Figure 8 70 The Millionaire Real Estate Investor No matter what your current station in life is, financial wealth is available to you. No matter how little money or knowledge you have in the beginning, a great ending is possible for you.
The trick is to get started and then let the power of growth on growth take you higher. The longest journeys are just an accumulation of small steps; the tallest buildings are built by placing block upon block. These common MythUnderstandings can stand between you and true financial wealth building.
Examining them can ultimately free you to pursue your dreams. Chances are, your current job income and savings plan will not be nearly enough to build true financial wealth.
Your job is your job; building financial wealth is something else. Becoming an investor is about preparing for the minimums and maximums in your life. Instead of forgetting your dreams and living within your means, pursue the means to live your dreams! Believe that true financial wealth is possible for you no matter where you are in your life. Learn the basics and build on them over time. Great investing can be learned if you take it slow, start with the basics, and follow proven models.
Pick an area and become an expert over time. Real estate investing is one of the easiest areas in which to acquire this expert knowledge and understanding.
Opportunities cannot be observed from the sidelines—you must be in the game. Opportunities are always there, in every market and in every time. Yes, they will all be taken by someone, but realize that that someone could be you.
Small investments can have extraordinary implications over time, thanks to the power of compounding. Would it surprise you to learn that the Bible has over 2, references to money, property, and wealth?
That is more than twice the number of references to faith and prayer combined. In fact, money shows up as a prominent theme in every major religious text. No matter what your personal faith is, spirituality and money are always connected. It seems that God cares about how you think about money and wealth, and that makes perfect sense to me.
Money—what you do to acquire it, how you hold onto it, and what you do with it— reflects your innermost values. In other words, money spent is a personal testament—the receipts absolute proof of your priorities. It simply has the power to reflect and reveal. And whether money reveals you to be honest or dishonest, generous or greedy, it is you—not the money—who inherently own those values. Typically, the more money you have, the more positive choices you have.
The two go hand in hand. The spiritual journey of financial wealth builders begins when they understand that their choices define their lives, that having more positive choices is a good thing, and that pursuing more positive choices is an enlightened pursuit. Go out and do something with it. While most set out on the path to financial security and prosperity, they all came to understand that the way they earned their money mattered and that mutually beneficial deals, a reputation for honesty, and fair dealing were essential to the fulfilling pursuit of their financial goals.
The further they progressed, the more generous they tended to be with their time, money, and financial wisdom. They talked about the satisfaction they received not only from successful deals but also from saving people from foreclosure, putting people in affordable homes, and turning downtrodden properties and even neighborhoods into places where anyone would want to live.
They also related how the success of their personal investing had created income and opportunity for their colleagues and partners. To sum it up, they had no hang-ups about money or wealth.
They were experiencing the power of money and realizing all the good it could do. Over the years I too have come to understand that money is good for the good it can do. I encourage you to adopt that viewpoint as well—that money is good for the good it can do for you and for others.
In the end you can achieve a financial place of security and abundance that I call true financial wealth, where you have accumulated assets that deliver the passive income necessary to achieve your personal mission in life without having to work. It takes just as much time and energy to think small as it does to think big. The only difference lies in the results you get.
The millionaire mountain logo on the cover of this book is meant to symbolize the power of thinking big. It comes from a discussion of climbing Mount Everest I sometimes use to illustrate the path of high achievement—going after big audacious goals. They study, plan, and think strategically.
One major misstep can result in falling short of the summit or even in disaster. There is just as much at stake in your financial life, and becoming financially wealthy represents an Everest of sorts in the world of money.
The journey is big and can be long, sometimes trying, and often extremely difficult, but it is always worthwhile—always. The best way to prepare for a climb to the highest altitude is first to acquire the right mindset and attitude. Think Powered by a Big Why 2. Think Money Matters 4.
Think Net Worth 5. Think Real Estate 6. Think Value, Opportunity and Deals 7.
Napoleon Hill believed it, and so do I. I clip news articles, read biographies, and watch documentaries on their lives. What I try to decipher from their individual stories is a common pattern for achievement. What did these people do differently?
Were they smarter or better educated? Did they come from high-achieving families? Were they exceptionally gifted or hardworking?
They had a compelling, personal reason to achieve. One of the many articles I clipped was from a management study in which the authors made an interesting discovery: The Millionaire Real Estate Investors we spoke to while researching this book shared with us the fact that their motivation arose from a desire to be free from their jobs, have more choices in their lives, achieve self actualization, and gain the security that comes with abundance.
They shared a similar drive to reach for their potential, asking questions like: Striving to be your very best will have you following in their footsteps on the path to Big Success.
A Big Why can redefine your life in ways you might not have imagined, but to qualify as a Big Why, your motivation should move you from thinking in terms of electives to acting in terms of imperatives. Life is very different when you move from want-tos to have-tos, and a truly significant Big Why causes you to make that transition.
They have limited financial training, and they have a weak spirit. There are a lot of people with the right financial knowledge, but they lack guts. Are you tapping into the energy it can bring to your life? You probably have a strong motivation for seeking financial wealth. I encourage you to take a moment to reflect on the things in your life that motivate you the most. Try to think beyond material goals. You may be working hard to pay off college loans or credit card debt or maybe to get a new family car, but as big as those things seem now, they are really short-term sources of motivation.
Any benefits you receive from a focus on them today are unlikely to outlive your achieving them tomorrow. Maybe your greater motivation is financial freedom. Take a moment now and write down your thoughts. What are the big reasons that drive the choices you make? Do some things motivate you more than others do? What would it mean to me to have that or do that? What would it allow me to become? Do your best to rank all these things in terms of their importance to you. This is important because the power and reach of your motivation often dictate the level of your success.
Having no motivation will lead you nowhere. A small source of motivation will bring you small success. Big Success, in contrast, requires much, much more. It requires a Big Why— an evergreen, ever-growing Big Why! The goal of this exercise is simply to look for and articulate the factors that drive you to take meaningful and persistent action. Once they are put on paper and written in your heart, they will become a powerful guiding force in your life.
Are my relationships in line with these goals? Possibly the most tangible gift of a Big Why is that it requires and enables you to prioritize your needs as well as the choices and actions that will fulfill them.
If your Big Why is to seek the limitless opportunities that come with financial wealth, you soon may realize that some of your current spending decisions are working against your long-term financial aspirations.
Keeping your focus on the big prize is a great way to avoid missteps or distractions. All great achievements are the result of sustained focus over time—all of them. A Big Why brings incredible power and enormous stamina to your financial focus, and big financial success requires that. If you want to lead a big life, your thinking has to lead the way. With the Kindle app, you can read books on your desktop or smartphone. While my own book also revolves around Real Estate, it is not free.
I decided to compile these real estate books and real estate investing books so you can start learning for free. Download the PDFs and start learning! Phil was really one of inspiration sources when I started to invest in Real Estate.
I probably watched every single video on his Youtube channel. You can check him out here. Just request your copy on this web page. Jay is another of my references when it comes to Real Estate Investing. In this book, Jay reports a fantastic journey, from a criminal career to a Real Estate mogul.
He also comments on fixing credit and legal ways to increase your credit score super fast. Throughout the book, Jay reports on his rise, fall and rebirth into the expert he became. Jay Morrison also has a very inspiring YouTube channel, which I also recommend for anyone interested in pursuing a career in real estate. This book provides a few rules of thumb to follow when investing in Real Estate. Although it is a pitch for you to get on the Bigger Pockets forum — in my opinion the best forum on REI out there — it does a great job of introducing you to REI.
It touches on several different topics of REI, although it is based on high level not in-depth topics. For me, it was too focused on single family homes, as I like to invest in multi-units, which is the core of my real estate investment strategy. I like this book because it offers a very concise way to start investing in real estate. Ryan Scott actually comes from a very poor upbringing and supported his college costs by investing and managing real estate. Ryan has over fifty years of experience in owning and managing real estate, so this book can be great for you if you follow this very same route.
He walks you through the entire process, from selecting the area to invest in and manage the property. This is all presented under a philosophy of investing and making money with real estate. I chose this book because of two reasons.