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We're always going to be active or passive investors. Usually, we're both, but you just need to understand the distinction there, becoming an active investor means you're an engaged investor. And so there's a lot of power in that.
So rich dad's guide to investing is one of the three core titles in this series. And it covers the basic rules of investing, how to reduce your risk in investing, how to convert that earned income you get from your active job or career, and turn that into passive income.
And he talks about something he refers to as rich dad's 10 investor controls. And this is where he gets into the weeds gets deep into the concepts of investing. So the rich dad philosophy makes a key distinction between managing your money and growing it and understanding the key principles of investing is the first step towards creating and growing wealth. So this book delivers guidance. You need to help begin that process of becoming an investor and stay on that road till you get to that point of financial freedom.
It's really more of a guide. In fact, the title says it is all rich dad's guide to investing. All right, well, those are the three books in the finance and investing category, and it's really the trio, the three rich dad series books, the initial or the original books. Now let's talk about real estate investing for beginners. So this was a little bit challenging for me. In this category, I ultimately decided on four bucks instead of three for this now keep in mind, even though I'm calling it real estate investing for beginners, these books apply to almost everybody.
Even if you are a seasoned or an experienced investor, there's a lot of stuff you can learn from these books. If not every chapter, certainly some of the chapters in these books and the first one is really not a book at all. In fact, it is my ebook that has been a free download on our websites for the last probably 10 years, which has been downloaded literally tens of thousands of times.
And I wrote this 40, page ebook as a primer for people to understand the key concepts and key components of investing in real estate, leaning towards passive investing, meaning buy and hold, not flipping real estate, or to actively involved. It's really about building a portfolio, creating wealth, creating passive income, and learning the fundamental key pieces.
So it is really a great primer. So you read it, it's a great starting point, but then you build on top of it with these other books. So The Ultimate Guide to Passive Real Estate Investing the free download on our website is really about the most powerful way to accumulate wealth. This guide that I wrote has been written to help educate all real estate investors, regardless of their experience level.
And again, it's a primer. It talks about the advantages of income-generating real estate, how to analyze properties, key metrics, cash flow returns, what to look for in the quick test to see if a deal is worth even pursuing. So it's kind of like the smell test, if you will, how to choose some of the best markets and neighborhoods.
I try to pack it all in there. There's no fluff. It's just crammed with good information. So if you haven't downloaded a copy or read it, go ahead and do so. I'm going to be updating that soon to kind of a version 2. And I'll just tighten up a few things in there based on today's economy and environment, but not much has changed because principles don't change. All right. This book was written by Brandon Turner. He's got several books. I've picked a couple of his and this book is great if you're starting and good if you're a moderate level investor.
So everyone knows that real estate investing can be a powerful way to build wealth and achieve true financial freedom. But because each person's journey is going to be a little different knowing the first steps to take is challenging for some people.
So what this book does, it becomes a manual of sorts on getting started in real estate investing. It gives you essentially an insider's look at the many different niches and strategies that exist. So it's not all about passive real estate investing. It's got a little bit of everything and it just kind of help to paint pictures. In other words, it shows you the landscape and then you can choose your path. So what you can do is find which strategy and path work best for you, and then help you build the resources and the goals around that.
Unlike most real estate books, this one won't tell you that there's any one secret path, okay. It is considered by many one of the best books on real estate investing. There's more than one path to success in real estate, but it has more than 40 real-life stories in the book from other investors on how they achieve success in real estate investing. And I'm sure you're going to be able to relate to many of those stories. There are a lot of similarities, but there are differences between every person and every story.
And this is by one of the rich dad advisors, Ken McElroy. He is a sharp guy. You know, I've talked to him in the past. I've had him on the show at one point and you know, I like his content. Now he's really a big real estate guy. He's focused primarily on big multi-family apartment complexes, but he did start with, you know, small real estate, single-family homes.
And that doesn't mean that there's a migration path here. Some people will start with, you know, multi-units and apartments and work their way down to single families, duplexes, and fourplexes, and other people do the other way around. And while other people just stick with one and stay with it. So you can create wealth and passive income with every size and type of real estate. But with his book on the ABCs of real estate investing, he kind of geared it more towards the people who are just getting started in the beginners and just real estate investing.
Think of it like real estate investing one Oh one, but he talks about things on achieving wealth and cash flow using real estate. You know, what a property is potential is how to unlock the myths that float around real estate for people who are seasoned, how to negotiate deals, evaluate properties and the purchase price, how to increase the income on a property, and ways to properly manage a property.
Now he doesn't get into property management in any depth in this book, it just touches upon it. He actually has another book on that topic, which I'll talk about here in a minute. And then the fourth, if you will, fourth and last book in this category is Long-Distance Real Estate Investing. Now I love that title. He doesn't get too deep into it, but it is a good book.
It's by David Green. It's one of the bigger pockets series books. But you know, what he talks about is living in a hot market or a market that's not suited for buying hold investing because it's just unaffordable too expensive. The numbers don't work, whatever the case is, but he poses the question. Well, how do I take advantage of building wealth in real estate?
When I live in a market that I can't invest in, it's impossible, or how do I avoid, you know, market fluctuations or the next market crash. So we know real estate investing is one of the greatest vehicles for creating wealth, but you need to understand how to choose markets and be able to be nimble and agnostic.
And this is stuff I talk about on the podcast all the time, and this is what he talks about in the book. I just wish he would get more deep into the concept of done for you and rent, ready properties, and turnkey properties. He touches upon it. But to be completely honest with you guys, I have always found since the beginning of bigger pockets in , they've always had a bias towards turnkey, real estate investing, and passive real estate investing in general.
They are certainly of the active, real estate investing flavor. They certainly believe in buying, fixing, and creating value on properties. It seems that to me, that most, if not all of their content, either excludes conversations about turnkey investing, buying properties that are essentially rent-ready. So you don't have to do any fix-up or renovation work. They're all about putting in sweat equity to create value.
That's fine, but that's not for everybody. And we all know that a lot of us are busy. We don't want to go down that road. We just want to invest in real estate and build a portfolio and let it grow over time. So I'm not knocking the book. The book is good. I just wish he had more on the topic of passive real estate, investing, turnkey, real estate, investing, and done for you models instead of hiring a team outside of your local market to essentially do all the grunt work, swinging the hammers, and everything else, that's fine.
But I think he glosses over a little too much. So in this book, real estate investor and police officer David Green, shows you how he's built a multi-million dollar portfolio through buying, managing, and flipping out of state properties. So keep that in mind when you read it, but he does share tips, tricks, and systems that he's put in place over the years of his real estate investing experience and journey and what he's done to essentially succeed and avoid making mistakes along the way, but just realize that's the perspective.
Anyway, the bottom line with this book, and what I like to talk about all the time is to don't let your location dictate your financial freedom, learn how to succeed regardless of where you live and where you invest, choose the right markets, the right neighborhoods, the right properties, and have the right team around you. And that will be a secret if you will, or a formula to your success. All right, the next category is real estate investing to grow.
So this is kind of the next level up. He is obviously the founder of Keller Williams, the real estate brokerage nationwide real estate brokerage. So he is a real estate investor and a very good one. Anyone who seeks financial wealth first needs to learn the fundamental truths and models that drive it.
So the millionaire real estate investor represents the collected wisdom and experience of over a hundred millionaire investors from all walks of life who have pursued financial wealth and achieved it through real estate. And so what he did is he basically created this book in a straightforward, no-nonsense way that reveals the strategies that these hundred millionaire investors have used to create financial freedom, independence, and a lifestyle that works for them.
So this book essentially is a handbook that has tried and true financial wealth-building principles and models built around real estate that reward your patience and perseverance, and he lays it out. So some of the things he talks about are the myths about money and investing and especially the ones that hold people back and really how to develop a mindset of a millionaire investor, which goes back full circle to where we began about mindset.
You know, even when he talks about this in the beginning part of the book, he talks about how to develop sound criteria for identifying great real estate investment opportunities, how to zero in on key terms and parts of transactions and achieve the best possible deals when you're putting a deal together or looking for a deal. He also talks about how to develop your dream team, which is something I talk about often proven models and strategies that millionaire investors use to track their net worth understand finances.
It's not a very complex or complicated book. It's not going to put you to sleep or cause your eyes to glaze over. I think it's extremely well-written. So again, it's one of my favorite books. It's a blue and white book. The next book in this category on real estate investing to grow is The Book on Rental Property Investing. Again, this one is the second one by Brandon Turner. So in this book, he discusses practical strategies that investors around the world use to build significant cash flow with their rental properties.
So this is getting a little bit more into the weeds, a little bit more tactical if you will. So in this book, you'll learn how to build an achievable plan, how to find good deals, how to analyze those properties and those deals build your team, finance, the rentals, and a whole bunch more, and basically everything you need to become successful at rental property investing. Again, it's a book there's only so much you can put in the book, but it does a good job of laying it out.
This is one of the best books on real estate investing. This book will feed what you need to succeed in rental property investing. So again, think of it like a, a, a practical guide. So there's a lot that he covers in this book, but you know, he starts with why real estate investors fail and how you ensure that you don't. And he talks about four easy-to-follow strategies that you can build your real estate portfolio on creative tips to find those deals, how to achieve success by avoiding property management, which, you know, we all love actionable ideas on financing.
Those rentals. Now, obviously, there are limitations there, but for the most part, it's going to be cheap financings like conventional loans and a little bit of advice on keeping your wealth by deferring and eliminating your taxes, which you know, is really not an extensive part of the book, but essentially something we'll talk about here in a minute last but not least.
So if you're interested in the real estate investing space, you may have noticed that this part of real estate doesn't get covered much. And when it does the mainstream media focuses mostly on, you know, stocks, bonds, mutual funds, and that kind of stuff. And they don't really talk about real estate as an investment, all that much.
It's really about homeownership. And even when they do talk about it, it's like, Oh, it's like this one, nebulous bob, they refer to as the housing market, but they don't really talk about specific markets unless you're listening to your local news channel, but that's because financial publications, TV, radio, um, they make the bulk of their money from advertising paid by the very companies who provide the mainstream media and those channels with financial services, the advertising, the marketing, all that stuff.
But real estate investment is something that you can do on your own without a large amount of money upfront, as we all know if you just learn how to do it and pick the right markets to do that. So what Ken did with this book is he picked up where he left off in the first book, the best-selling book, ABCs of real estate investing.
And he reveals the next essential lessons and the information that you need as an investor to succeed and continue to scale and grow your business. So he built on the foundation of the first book, which is kind of like real estate investing one-on-one and he talks more about how to think and operate like a real estate mogul.
How do identify and close expert deals, you know, differences between single multi-family property surrounding yourself with the right team to maximize your money, avoid paying thousands in taxes, by structuring property sales wisely? This is a kind of asset protection and tax strategy combined, and last but not least important projections about the future of real estate investing.
Now, this book is a few years old, so, you know, I'm sure some things have changed. I don't think Ken was expecting the amount of appreciation that we would have seen over the last two, three years and the lack of inventory. So it kind of compounds what he talks about. The next section is about property management. And so again, Ken wrote a third book on this subject because this is where he actually started his real estate career as a property manager. So as you start to invest and you build your portfolio, the question comes up, you know, how are you going to make it as profitable as possible?
And how will you maximize its potential and make it grow in value? And the one word he has for this is management. Now that doesn't mean you managing the property, although you could, if you want it to, there's nothing wrong with that. And it's probably good to understand how to manage your property, but if you're managing your managers, this is good information. So this book can reveal the key to his success, and that is exceptional property management.
So he teaches you the most important principles and the keys to achieving success, where other people fail, which is often in the management of their properties. So he talks about things like how to decide, you know when to manage your property and went to hire someone, to do it, how to implement the right systems.
If you're doing it yourself structures for your investment, how to manage and maximize cash flow, you know what to expect, essentially it's the life of an owner-manager and how to find the right property manager and avoid the wrong ones. So I think this is a good book as a frame of reference, whether you manage or you don't.
The second book is if you choose to manage your own properties, it's another book by Brandon Turner called The Book on Managing Rental Properties , a proven system for finding, screening, and managing tenants with fewer headaches and maximum profits. This is definitely a book for a do-it-yourself. So if you want to manage your own properties, even if it's just one or you already manage your properties, this might be a good supplement to that. So no matter how great, you know, you are at finding real estate deals, if you, I don't want to manage your properties well or correctly, you're obviously leaving money on the table, or you're not maximizing your returns.
Brandon likes to say that being a landlord can be fun, but only if you do it right. So learning to effectively manage your tenants means that you end up with more freedom, less drama, higher profits from your real estate business.
And it just ends up looking good, feeling good. So Brandon's a, you know, an experienced property manager, he's been managing his own properties for a long time. And what he does in this book is essential takes you on an insightful tour of their management business there as in, you know, him and his wife. So you can learn how they've been able to maximize profit, minimize their stress. He says that he has a blast doing it. So I guess you can learn how to do that too. But he talks a lot about his personal stories of the mistakes that they've had, and that you can learn from.
And he talks about the different tools and tricks and systems that they've put in place over the years. And the book probably will change the way you think about property management altogether. So there's a lot of stuff he covers in the book. I think it's more than a beginner's book. It's certainly a primer, but it has some advanced content. So overall I think it's great.
And last but not least taxes, you know, the thing we want to defer or eliminate as much as possible. So I have three book picks here. There are many books out there on taxes, but I think these are great fundamental books. And really what I've tried to do again, is boil it down to the best two, three, or four books in each section that will give you everything. You need, the nuts bolts strategies, tactical plans, and not leave you hanging.
So the three books I chose for the area of taxes is first and foremost, the book by Tom Wheelwright, another one of Robert Kiyosaki's rich dad advisors, great guy, super smart. I've had him on the show several times. Always have great episodes talking to Tom, but his book, which he just revised recently.
So I will say that this book is slanted a little bit more toward business owners and entrepreneurs, but it applies to anybody and everybody because if you pay taxes in any way, shape, or form, you're going to learn something or you can learn something from this book.
So tax-free wealth is about tax planning, concepts, and how to use the tax laws to your benefit. So Tom explains how the tax laws work and how they are designed to actually reduce your taxes, not increase them. The key here is to understand how taxes and tax law works. So the book explains how to use the tax laws to your advantage, and in ways that will support your vision and growth plans, not only for your company or your business, but you know, for your investing empire as well, however, that is structured and you know, more specifically real estate.
So once you understand the basic principles of tax reduction, then you can immediately reduce your taxes to the point where eventually you may be able to legally eliminate and contactless and drastically reduce your taxes overall. And he talks about this in the book. So it's about minimizing, eliminating, and deferring your taxes. Those are the three things he talks about in the book. Now, once you get through that, there are two books specifically on real estate investing, as it relates to taxes.
The subtitle to this book is powerful techniques. Anyone can use it to deduct more, invest martyrs, and pay far less to the IRS. Skillshare is a membership-based online learning platform with courses on a wide variety of topics. Students can choose between free and premium memberships, though the selection of free courses is limited.
While the free membership is limited, Premium membership includes unlimited access to classes, downloads for offline access, and other benefits, so you may find it worthwhile once you check out the trial. As of the date of this article, there are almost 40 real estate courses available on Skillshare covering a variety of topics.
Courses on Skillshare range from wholesaling contracts to buying your first home to learning how to flip a property. The courses vary in length from about 15 minutes to over three hours and are created by experienced real estate investors who want to share their knowledge. Investors who want access to a variety of classes from actual real estate investors for one low price.
When making an offer on distressed properties, the rehab cost can be one of the biggest variables in your calculation. Whether you're flipping a home or buying it as a rental, rehab costs can make the difference between profit and loss. Scott helps investors develop a renovation plan and build a budget for each project. Scott is an experienced real estate investor who has completed hundreds of successful rehab projects. His tips include which upgrades offer the biggest return, how to recognize big problems, and how to determine which contractors are best for each repair.
This book is a valuable resource for both fix-and-flip investors and buy-and-hold investors who need help determining a property's rehab budget. Reddit is a popular online community that offers numerous sub-Reddits on various topics. Anonymous members share tips, ask for advice, and provide feedback in these channels.
Because of its anonymous nature, readers should be aware that not everything shared on this platform is accurate. On the flip side, because it is anonymous, many people are also willing to divulge detailed information openly because it generally cannot be traced back to them.
Fans of Reddit who are comfortable with the anonymous environment of the community. Roofstock is one of the many fintech platforms making real estate investing more accessible to average investors. The Rooftstock Academy is designed by veteran real estate investors and was launched in Its goal is to help investors learn about real estate investing through a membership-based program. The course cost is spread over several months, or there's a discount if you pay in full.
People who want one-on-one coaching and are interested in single-family or multi-family rental property investing. It could be possible to make a lot of money by investing in real estate. Wealthy families often include real estate in their portfolios for both appreciation and monthly income, as well as diversification away from the stock market.
That said, investing of any kind is inherently risky and there is no guarantee that you will see a return on your money. Our guide on how to invest in real estate offers an in-depth look at the ways you could potentially make money in this niche. Traditional real estate investing required large sums of money or access to credit.
Investment options include buying real estate ETFs in a brokerage account, investing in a real estate mutual fund, or signing up with an investment app like Fundrise. It helps to have a baseline understanding of real estate terms, but the majority of your "education" will be from actually doing deals. Too often, potential investors delay starting out because they need to read one more book, take one more class, or listen to one more podcast episode.
These resources are helpful, but the best lessons are often those learned from personal experience. There are many quality sources of real estate information available, and much of it is free. Successful real estate investors make a point to continue to learn throughout their investing lifetime.
However, don't use learning as an excuse to delay execution on your first deal. Instead, study a specific type of real estate deal, execute a transaction, analyze the results, and then repeat the process. These behaviors will reinforce your education while generating real-life results along the way. Remember that any type of investing is inherently risky. Following the instructions found in real estate books, podcasts, and courses may yield dramatically different results for you, even if they worked well for someone else.
Learn from their advice and adjust it to fit your scenario, but remain vigilant throughout the investing process to protect yourself. The Juneteenth holiday weekend may come as a bit of respite for investors. Last week, they had to navigate increasingly turbulent markets: The officially entered a bear market on Monday, the Federal Reserve announced a 0. Is the Stock Market Closed on Juneteenth? In this piece we will take a look at the ten best falling stocks to buy right now.
If you want to skip our introduction of the companies and the general economic outlook, jump right ahead to 5 Best Falling Stocks to Buy Right Now. The start of had a tinge of optimism to […]. Now that electric vehicle EV stocks have tumbled from excessive valuations, many people are looking closer at getting exposure to the sector.
The Microstrategy CEO, who turned his software company into a bet on Bitcoin, believes competing digital tokens and many crypto stakeholders like exchanges scare off professional investors due to "all the slime that gets onto the asset class" from their unregulated behavior. In this article, we will look at 10 low-price blue-chip stocks to buy now. We are halfway into , and what at first was a stock market recovering from pandemic-related aftershocks, is now […]. When you inherit property, the IRS applies what is known as a stepped-up basis to that asset.
Here's how capital gains are taxed on inherited property. Just a few months ago real estate was flying high. But with mortgage rates rising, brokers are already seeing a sharp slowdown in buyers. The big builders are better positioned to weather a recession. Lower output from Chinese steel mills has hit demand for iron ore, while prices of commodities like copper and aluminium have slumped on worries that aggressive interest rate hikes by the U. Federal Reserve's and other central banks could tip the global economy into a recession.
Market downturns and rising inflation rates across the globe have left most businessmen and […]. Following a modest 0. Buying dividend stocks, which make so much money that they give a chunk of their profits on a regular basis to shareholders, can eventually build a waterfall of cash that can set you financially free. While many taxpayers dread tax filing season, Americans living abroad face even bigger yearly burdens and those are so frustrating that some want to ditch their U.
Another week of whipsaw stock trading has many investors wondering how much farther markets will fall. Investors have often blamed the Federal Reserve for market routs. It turns out the Fed has often had a hand in market turnarounds, too. You mention having individual retirement accounts, but you could look into opening a Roth IRA, which is funded with after-tax dollars.
Vinny Zane has a taste for life — and an appetite for risk. Futures rose as Bitcoin rebounded. It's a bear market, so stay safe. Tesla rival BYD is among a few stocks setting up. Dow 30 29, Nasdaq 10, Russell 1, Crude Oil Gold 1, Silver CMC Crypto FTSE 7, Nikkei 25, Read full article.
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