These recommendations aren't page turners, they don’t tell you how to achieve maximum output with minimum input or romanticize someone’s rags to riches story. These books cover the basics and take you from a beginner level through an intermediate level of understanding of the basic principles of real estate investing, owning multifamily property and property management. If you read one of these books and second guess buying real estate for investment that just means you’re learning something.
The Complete Guide to Buying and Selling Apartment Buildings – Steve Berges
The author covers the basics of understanding the market, sourcing capital, identifying good opportunities, property valuation, creating value, working with brokers and property management. The latest version also offers some case studies. I read the earlier edition years ago so I can’t comment on the case studies in the 2009 edition but they look interesting. This is the book I want to give to people when I ask them what type of a return they are looking for and they give me a blank stare in return. It’s a good refresher for those with experience too.
The Unofficial Guide To Real Estate Investing – Spencer Strauss and Martin Stone
Another good read for those who want to start investing in real estate but don’t know where to start or what to really expect. The subject matter is fairly broad and no individual subject is overly analyzed. The authors spend a lot of time warming the reader up to new concepts but it is a complete A-Z resource that is easy to read and makes a good long-term reference book too. I particularly like the fact that the authors have an entire chapter dedicated to setting investment goals. The material here gets a little more complex which is why I would recommend this book for seasoned investors too.
Streetwise Landlording & Property Management: Insider’s Advice on How to Own Real Estate and Manage It Profitably – Mark B Weiss & Dan Baldwin
This selection is for the more advanced investor but a serious first time investor would benefit from taking it on as well. It looks like a textbook and reads like one too. The comprehensive material covers everything from the decision to become a landlord to investment risks to knowing how to sell real estate to working with tenants to financing and legal concerns. Mark B Weiss and Dan Baldwin are straight forward and realistic about investing in real estate. This is a book you can keep on the shelf and refer to again and again.
If you're an investor looking to purchase multifamily buildings in Chicago, contact Brent Hall to get started today.