Please Recommend a Beginners Book
Wife and I are going to start reading to each other each night on how to get started as a landlord. Wanted to see if there was a good beginner's book to help us, something that would answer the following questions:
1. Financial strategies, i.e. avoiding taxes, 1% rule, 20 vs 25% down, whatever, what are the different viable financial options for purchasing a house and making profit, and what are the "definitely don't do X" things
2. How do I determine if the market is too competitive for a particular neighborhood? I.e. when I look at a neighborhood on zillow that has 200 houses in it, and 20 for rent right now, should I avoid that neighborhood?
3. Buying strategies: High income vs. Low income areas, what to look for, schools, amenities, what are the pros and cons.
4. What is a good game plan from now to handing the keys to someone?
5. Ethical strategies and thinking behind buying from a Realtor without a Realtor. I.E. i want them to make their money, but not bringing a Realtor I would like a better deal.
I did a search and saw this:
http://www.biggerpockets.com/real-estate-investing
Maybe that is all I need?
I also saw this article which I was going to review this evening.
http://www.biggerpockets.com/renewsblog/2013/04/14...
Anyway, we are total beginners but want to do this, Our current strategy is to find a house in a lower cost but well kept neighborhood with good schools, 25% down (don't know why) 15 year loan, rent to a family.
Thought maybe someone might have a personal suggestion.
Most Popular Reply
Hold. I highly recommend it. Best beginning book for a buy and holder that I've found. There was also very little fluff - some motivational stuff in the beginning, and some nuances (advanced strategies) in the end, but 90% of the book is a how-to guide for new RE investors. That 90% is stuff that really is a needed if you want to be successful.
http://www.amazon.com/HOLD-Find-Rent-Houses-Wealth...
It's also available on audio-book. In fact, I did the audio-book and was very impressed with it. That's about 7 hours long.