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Updated almost 9 years ago on .
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Best or most critical books for investing in real estate?
Hi,
I have watched some videos and have read a few Real Estate books. It seems like the more I learn, the more I find out that there's a ton of critical things that I do not know. I feel more comfortable reading and highlighting books than reading an entire book or e-books from a computer or pad.
Here's what I need?
Books that teaches the correct information about taxes and / or the government part about investing in real estate. For example: when I purchased my first property this past August, people started telling me that I need to pay this tax, and that tax, and your gain could be tax free if you live there for 2 years, up to 500k. Some people had it right and some dead wrong. I seem to hear a different set of rules or state laws from various people when I ask them about it.
I know that you buy a home below market value, fix it up, rent it, or just sell it to another person at a higher price, and make money. Everyone knows that part. I need to know all of the legal stuff. I am not trying to become an accountant. I need to know the super important parts about the deal before going into it, or what to expect after the deal. Many people dive into things without seeing the whole picture. I don't want to be that guy!
If you know of any new / current books that explains things correctly in great detail, please let me know. I have found some properties that look like great deals, but I want to be sure that I am not overlooking the fine print of the deal, so to speak, and make huge mistakes. I want to learn all about the different ways of obtaining funds, purchasing real estate, estimating flipping costs, REO's, HUD's, or any other useful information.
For example, sometimes I watch one of the thousands of "Total Real Estate Experts" on youtube . In the comments section, half of the people say "what a crook, or what and idiot" "he doesn't know anything and will land you in jail". For this reason, of course, I need to start out on the right foot with the correct information, not by having some scam artist telling me what to do on youtube, or how to get rich in 30 days.
Please point me in the right direction!
Thanks,
Mike