There are several factors that rental real estate investors need to recognize to become successful. In case you are getting started as an investor, the progression of learning can seem quite steep. Together with the 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 best methods to obtain these educational building blocks is to read some of the industry’s must-read books. Although there are several kinds of books to choose from, if you begin on the top 5, you will be well on your way to a strong foundation of knowledge.
1. Building Wealth One House at a Time by John Schaub
In his book, John Schaub has explained vital investing strategies and guidance for over four decades. It is one of the essential books any rental real estate investor should read. In a down-to-earth style, Schaub covers the general principles and strategies of real estate investing, financing, the basics of deal analysis, and much more. To get a clear 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 want to put your resources in rental real estate, you must 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. This book features deal analysis, financing, and even provides Excel spreadsheets and formulas you can use. If you are ready for an in-depth exploration of cash flow, this is the book for you.
3. Every Landlord’s Legal Guide by Marcia Stewart, Ralph Warner, & Janet Portman
Investing in real estate has a strong legal element to it, which makes learning the basics of landlord-tenant law very important. 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
Even though rental real estate is far more recession-resistant than the stock market, as J. Scott states that there are still principles and strategies that investors need to learn to keep their investments secure against any economic downturns. Even though 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 final book on our checklist is one that gives investing advice and a personal finance guide. This guidance is essential because, as a rental real estate investor, your progress relies on having specific objectives. After understanding Chad Carson’s book, you will realize 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.
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