(Part 2) Best products from r/RealEstate

I love this question and always get it from friends of mine. I just send them the same list of books that got me started and convinced me to pursue strictly investing in multi-family. These have all been out for some time but the fundamentals of deal analysis have pretty much stayed the same. IMO, the multi-family game is all about numbers and finding ways to add value and force appreciation.

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In no particular order (and affiliate link free), these are all easy reads and great resources to get started;

1. Investing in Apartment Buildings
   
2. Multi-family Millions
   
3. The Complete Guide to Buying and Selling Apartment Buildings
   
4. Honorable mention (non necessary commercial re but still great for learning analysis and calculating returns) Investing in Duplexes, Triplexes & Quads
   
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   These will all talk about why multi-family can work better than single family and will familiarize you with concepts such as capitalization rate, its importance, how to calculate it, gross rent multiplier, internal rate of return, cash on cash return etc.
   
   I've grown my re career as an investor over the past 16 years and am still learning new things everyday but for me there is no other tool like it that provides the potential for economic freedom.

So true, you definitely don't! It is an interesting question to think about though!

Let me give my thoughts... In the greater area here (PDX), starter homes that are not condos or townhouses range from 275k to 500k (certainly can go much higher, but they're 3,000+ sf beautiful homes in the city in a walk-able neighborhood for 500k to 650k). I am GUESSING, but I would say median suburb home in NOT a hip walk-able neighborhood here is 300k to 330k (assuming one doesn't take a new construction 4,000 sf lot 50 minutes from the city).

Using 330k, this implies a debt free income of $110,000 (at 3x income, 130,000 per year at 2.5x income). 110k a year and 130k a year household incomes are overwhelmingly dual income households. Plus, my brain tells me a dual income household would be more likely to go housepoor too and overextend (they shouldn't, the dual income trap illustrates why, GREAT book, link at end).

There are LOTS of millenial professionals here who pull 110k to 130k, they're more likely to be late 20's and early 30's though. There are even MORE millenial DUAL INCOME households who pull 110k to 130k, who could easily be mid 20's for both of them.

Anyways, that was my thinking... 330k on 75k income isn't so bad when you get a downpayment gift of 100,000 dollars and then a gift the next year too.

As an aside, because it came up, the Two Income Trap is a GREAT book: http://www.amazon.com/Two-Income-Trap-Middle-Class-Parents-Going/dp/0465090907/

Thoughts? Are most millenials buying houses above the national median dual incomes?

Take your post licensing classes right away. They are going to tell you the stuff you need to know right up front. Don't be that agent who waits until the last weeks, then spends all her breaks screaming into her cell phone because she's trying to juggle clients and at least one escrow headed south (hi!). On the other hand, learn all you can from that crazy lady.

Also take whatever your brokerage offers in the way of success classes right away. Yeah, different set of classes. If you're with Arizona Properties, it's called RE-Start. They will tell you what you need to do to manage your business, get clients, and close transactions.

As for books, I liked Champion Real Estate Agent and 1200 Great Sales Tips.

You must do some sort of lead generation every single day that you work. Doesn't matter if it's making phone calls or knocking doors or shudder putting address labels on a mailer.

Know what's going on in your market. Be able to say things like "Well, Monday we had 4580 available properties, 9330 under contract, and 4320 sold in the last 30 days. Median price on SFR was $143k and median time on market was 32 days."

If you think you might have any interest in new homes, tour all those properties. Put the brochures in a folder in your desk so you can talk about them with clients before you get in the car.

There will be many vendors who want to take your money. Don't give anybody a dime unless they can put in writing what you get before you pay them. They are counting on the fact that most Realtors are idiots.

Make sure you know where your clients come from. If you didn't call them first or they didn't come in on floor time, ask them "So, may I ask how you found me?" This will let you figure out what you are doing right and do more of it. It will also give you an excuse to stop doing (and stop spending money on) things that don't work. It will also give you a chance to thank people for referrals. If Bob sent in Mary, give Bob a call to say thanks or send him a Starbucks gift card. The advantage of calling -- other than being cheap -- is that he might tell you things that will help you and your business relationship with Mary.

Call every person in your circle of influence once a quarter. Your broker or sales coach will have a script. Ask if they need anything from you and ask if they know somebody who needs a Realtor.

Attend office meetings. You'll learn something.

Be prepared for the fact that something will go wrong in the last week of most transactions. Most of the time, it will have something to do with the mortgage. The deal isn't closed until it's recorded and the buyer has the keys in his hand. Don't spend your commission check until you have it.

Good luck!

Actually there is a brilliant book that everyone should read, which you might have heard of:

The creature from Jekyll Island

You will find that this is in fact not the first time the bailouts have happened. The author has done some wonderful research to show how this cycle has played out ad nauseam. In fact it is in chapter 2 itself. I encourage you to read it.

The origins as well as the mission of the Fed is anything but altruistic. I'm going to sound like a crazy right-winger for a moment, but the system really is geared towards enriching a small segment of elite while tying the rest in debt servitude for life.

That's what housing bubbles like the current one do. They force you and me to auction our future wages against each other in a giant competition, so that we can sign our lives into debt-servitude. (Don't get me wrong, debt can be good if used productively, but not like this). Rising house prices benefit only the banks, who can collect massive interest over 30 years. Again I'm hesitant to quote RT, but literally like it says, Read it and weep.

The banks meanwhile can use fractional reserve banking to create money, and lend it to you and profit. If they make risky loans, they get paid more interest. If the loans default... why hello Uncle Sam, where's our bailout? It is a zero-risk way to make tons of money, and it is bullshit.

Let's see what happens with all these treasuries now. I'm amazed that we have all concluded that QE was such a grand success, when QT hasn't even been done yet. The Fed is looking to stop their purchase of treasuries in the coming months, and let the current ones roll off the balance sheets. China is looking to slow down or stop treasury purchases. The Government on the other hand gave out massive tax cuts, and is looking to finance a $1 trillion dollar deficit by issuing more treasuries! The NK war, which will happen soon, will also be financed with debt. Jesus. This is not going to end well.

No, I run a real-estate-related website (called PadMapper). Everything I know about Kiyosaki comes from reading RDPD and later reading some of critiques of his info online, rather than any personal experience that refutes what he was saying. That said, a lot of it seemed suspect.

In general, I'd be very wary of people like Kiyosaki who make their money on writing books and selling extremely expensive courses that claim to teach people to become rich. In general, truly rich people don't need to sell informational courses on how to become rich.

This book is not about Real Estate, but I think it's a better book on the subject of making money: http://www.amazon.com/How-Get-Rich-Greatest-Entrepreneurs-ebook/dp/B0017SUYY6

It's written by the person who founded the publishing company that spawned Maxim, among other well known magazines, and it's apparent that he has no stake in sharing info other than wanting to spread the wealth a bit - he doesn't really need the money from book sales at all. I don't agree with everything he says (pay well, but don't give employees any equity, for example), but it's interesting to read the unvarnished perspective of someone who is truly wealthy, including some of the sacrifices he had to make.

https://meetkevin.teachable.com/

A great primer with best practices. Not affiliated with Kevin, but I like his course. Much of the content can be found for free, but his format is very helpful for content absorption.

I bought it to get my wife interested in scaling beyond our current portfolio. Our startegy is buy, rent, and hold, but many principles still apply. We are looking to get into the BRRR

For flipping specific, there are great resoueces to get schooled on flipping

The Book on Flipping Houses: How to Buy, Rehab, and Resell Residential Properties https://www.amazon.com/dp/1947200100/ref=cm_sw_r_cp_apa_i_DWCQDbD0FYHND

Flip Your Future: How to Quit Your Job, Live Your Dreams, And Make Six Figures Your First Year Flipping Real Estate https://www.amazon.com/dp/B07NNH2MSD/ref=cm_sw_r_cp_apa_i_5WCQDbEJ8YB8Z


You might find more ideas on r/realestateinvesting

Solid plan. I think this is how a lot of Canadian investors get started.

Whatever province you're in, read the Residential Tenancies Act (or your equivalent) and have a good understanding of it. Even if you're going to eventually hire a property manager, look after the first property yourself so you get a good feel for what you're doing and build some experience.

Always screen all your tenants including getting a credit check. Don't ever, ever, EVER skip the credit check.

If you have clean rental properties in OK areas that are well looked after, you'll have no trouble finding good tenants. Treat them fairly and with respect and you'll minimize (or eliminate) nightmare tenant stories.

When I got started, I read Real Estate Investing in Canada by Don R Campbell. Good little book that's not intimidating. Well worth the $20 investment.

http://www.amazon.ca/Real-Estate-Investing-Canada-Creating/dp/0470158891

Well the good news is I bought them all on audible and listen to them when I work out. This means I can return them which is awesome. I'm just wondering if I should keep 1-2 around and get the information from those.

Also been wondering if the rich dad advisers series is good or just another scam. It was written by someone else, specifically this one here:loopholes in real estate but it has the rich dad name on it so I'm weary of it.

I do agree that it has got me thinking like an investor and I think the books have given me a new way to think about investing for sure just want to know if it still has something worth taking from ya know.

I'd recommend reading a few books. Before I got started, I found these particularly helpful:
Sell with Soul by Jennifer Allan
21 Things I Wish My Broker Had Told Me by Frank Cook
The Millionaire Real Estate Agent by Gary Keller- everyone swears by this one, but I didn't find it that helpful.

Good Luck

Read this book: https://www.amazon.com/Book-Estimating-Rehab-Costs-BiggerPockets/dp/0988973715

You can probably check it out from the library. You don't need all of it, just skip to the chapter on writing a Statement of Work. It will help you communicate with your contractor, and greatly reduce the chance of overages (but you should still plan for them of course).

Other than that, the best thing you can do is network a bit to find an awesome contractor.

I have my TV over the fire place. It's the only logical place it could be mounted in my house. I bought one of these mounts:

https://www.amazon.com/MantelMount-MM340-Above-Fireplace-Mount/dp/B01MS1MHET

I love it. It works very well and was easy to install.

I would recommend reading the 'how to manage contractors' section in Buy and rent Foreclosures (no affiliate link) and have your building manager follow this system so it's an agreed upon price up front with weekly milestones, etc. If they don't meet it they have to catch up on their own time/coin.

Also make sure photos are sent back every week to your wife, and have her call them every day. Seriously.

For $17 you can learn enough to do a pretty good job of identifying these neighborhoods in your area.

https://www.amazon.com/Suburban-Nation-Sprawl-Decline-American/dp/0865477507

Investing in real estate really requires that you know a little about a lot of things. These are the books I used when starting up:

General Overview:

• The Wall Street Journal. Complete Real-Estate Investing Guidebook
  
• The Millionaire Real Estate Investor
  
  Multi-Family Introduction:
  
  
• Investing in Duplexes, Triplexes, and Quads
  
  Flipping Introduction:
  
  
• FLIP: How to Find, Fix, and Sell Houses for Profit
  
  Real Estate Formula Primer:
  
  
• What Every Real Estate Investor Needs to Know About Cash Flow
  
  Landlord Tax Basics:
  
  
• Every Landlords Tax Deduction Guide
  
  
  That is a good intro for books...BiggerPockets is always good too. However, most investors will tell you that there is only so much you can read about real estate. Read some books, get a feel and then go for it. It's the only way you can really learn.

https://www.amazon.com/FLIR-One-Thermal-Imager-For/dp/B0728C7KND/ref=pd_ybh_a_23?_encoding=UTF8&psc=1&refRID=ZA9FV783GHAVTT16M719

MAKE SURE YOU CHECK ANDROID OR IOS !!!!!!!!!!!!!!!

Sell with Soul by Jennifer Allan was pretty refreshing. I have a huge stack of RE books by my desk and that one stood out first.

Have you read this one? I'm assuming you have since you've recommended it?

investing in Canadian real estate is something I've been seriously looking at lately as well. Would you also recommend Don Campbell's other book?

I've bought and installed cameras for my properties at a cost of ~$500 each property. Its a great investment and provide a better sense of security for the tenants as well, it can record 24/7 for up to 3 weeks (higher if you get more storage space).

I would view the recording when a tenant complaint about something like illegal dumping, car window broken and such. With a big posted sign and cameras in place, there seem to be less illegal activities.

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Nothing fancy, 1 or 2mp cameras is all you need, also I purchased a security box to secure the recorder.

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https://www.amazon.com/ZOSI-Security-Recorder-Surveillance-Detection/dp/B01KHIMUQQ/ref=sr_1_12?s=electronics&ie=UTF8&qid=1536093602&sr=1-12&keywords=security+camera

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https://www.amazon.com/Kenuco-Heavy-Gauge-Security-Lockbox/dp/B073DBMNQ1/ref=pd_sbs_504_2?_encoding=UTF8&pd_rd_i=B073DBMNQ1&pd_rd_r=48250528-b083-11e8-97de-971d4c54e3db&pd_rd_w=mcLIv&pd_rd_wg=6VmqE&pf_rd_i=desktop-dp-sims&pf_rd_m=ATVPDKIKX0DER&pf_rd_p=0bb14103-7f67-4c21-9b0b-31f42dc047e7&pf_rd_r=SV84FXYWARC754BN75TJ&pf_rd_s=desktop-dp-sims&pf_rd_t=40701&refRID=SV84FXYWARC754BN75TJ&th=1

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> What kind of red flags to look out for for coops/condos?

1. Make sure you have a good lawyer who is really going to do all the necessary due diligence.
   
   
2. Read this book.

Millionaire Real Estate Investor, Gary Keller.

http://www.amazon.com/The-Millionaire-Real-Estate-Investor/dp/0071446370

There might be better "beginner books", but I think this does start at the basics and does an even better job at the more thorough and practical levels. By far the best overall book on RE investing that I have read. No nonsense approach, which is hard to come by in a world where every slick haired dude ever bought anything is trying to sell a book on "how to be a billionaire overnight with no money or assets at all!".

Beyond that there are a list of other books that hit on more specific or detailed topics, and when you need those just let me know. I could think of a few.

It's nothing you can't find online, but if you want it all in one book - I'd recommend the Bigger Pockets guys' book. If you don't want to pull the trigger (it's only $22..) read their website and their posts to get a sense of their writing.

http://www.amazon.com/Book-Estimating-Rehab-Costs-BiggerPockets/dp/0988973715

I saw in your comments that you area fellow canuck. Do not invest until you have read this book. All of your questions will be answered. For the types of joint venturing you are looking at, you should read this.