What’s up, everybody? So over the last six years, I’ve been able to purchase more than 20 properties totaling 55 doors and buy and hold good old fashioned rental real estate and a big reason I’ve been able to do the things that I’ve done and find this level of success that I frankly am personally very proud of is because there’s a lot of valuable content and great information that’s available for all of our consumption. So with that in mind, I wanted to give you guys and share my favorite for real estate investing books for people that are new into real estate. Either find your first deal or find your next deal. And it starts right now.
Rich Dad, Poor Dad
So number one, the first book is Rich Dad, Poor Dad by Robert Kiyosaki. It is pretty much the Bible on real estate investing, although the Bible has some great tips on money management as well. But I’m a staunch believer in this book because actually I’m making my kids read the kid version, as a matter of fact. So like I’m all about this because there’s so much that you don’t learn in school. They don’t teach you the secrets of making money and multiplying money. So for me, rich dad, poor dad was a game changer early on. It was one of the first books that I read in the world of business. Obviously read a lot of stuff in school, but none of it having really to do anything with money, finances or real estate. What it did for me and what I love most about is it changed the way that I viewed money and time and put in very simple terms.
I walked away knowing what the difference is between an asset and a liability. And you would be surprised how many people actually couldn’t give you a textbook, or I should say a real life explanation of what those things are and how they impact you. But explain in simple terms, you got to get out of trading your time for money and you have to be able to put money to work for you so that you can make money in your sleep. And you do that by collecting assets, taking out debt to buy assets. So now this book is not going to go into a lot of detail on the steps that you need to take. It’s more philosophical in nature, but it’s a great foundational book to build your philosophy and the psychological approach to wealth building.
The Richest Man in Babylon
So number two, actually, I don’t have this copy because I lent it to my property manager. So that’s actually something is required reading for her. It’s the richest man in Babylon, and this book is memorable because it’s unique and it’s a blend of philosophy also with actionable tips, and it’s told sort of in story form. So it’s really fun and really easy to read. So essentially, with the help of several small stories, short stories, this book teaches clear, simple lessons that lead to the secrets of wealth building and shows that they truly are timeless principles that the story revolves around a man who wants to acquire gold in an ancient civilization, and he’s willing to work hard for it.
He has some really tough lessons to learn along the path to becoming guess what, the richest man in Babylon. So it’s a really cool book. Every concept mentioned in the book is taught in a way that just about anyone can understand. The book will really relate to you if you’ve ever struggled with money in your life, or maybe growing up, there was just kind of a lack around the house. But you wanted to work hard and you wanted to grow and sort of break out of that. So it will really connect home with those of you that didn’t have enough when you were growing up. And so with every chapter, the concepts build on one another, and by the time you’re done, you’ll have a great pathway to start ‘thy purse to fattening’, which is actually a reference in the book.
So please read it. It’s worth its weight in gold. You’ll also learn a lot of truths about life, not just about money. So it’s a good read no matter what. But make no mistake, once you start understanding the principles in this book, the laws of attracting and creating money, it will be a much simpler path for you to get started, especially if you take action on the things that you learn.
Rich Dad’s Cash Flow Quadrant
Number three. Number three is we’re going to go back to the well of Robert Kiyosaki, and this one is Rich Dad’s cash flow quadrant, Rich Dad’s Guide to Financial Freedom. This book is similar to Rich Dad, Poor Dad, but it goes into greater detail on what the difference is between, let’s say there’s actually four quadrants. It’s broken up into this little symbol that he has and it breaks income down into four categories. Those who make money as an employee, those who make money being self-employed, those who make money as a business owner, and those who make money as an investor in all forms of income basically track back to one of those four quadrants. So and for me, this really changed my mindset. It helped me to figure out that the path that I wanted to take for my future and it helped me understand the importance of time so that I was putting my time in all the right places, because you have to get out of the trap of trading time for money if you intend and have committed to building wealth long term.
Eventually you have to figure out how to put money to work for you in addition to just time. So I would definitely read this book before you get into real estate investing or if you’re into real estate already, please pick up a copy. It’s worth the time and worth the read.
The Book on Rental Property Investing
So number four. Number four is the book on rental property investing by my man Brandon Turner. So first of all, good on Brandon Turner for coming up with a creative, funny book name because he can always be the guy that wrote the book on rental property. I thought that was cute. Brandon Turner shout out to him. He’s amazing. He changed my life. He’s changed my family’s life just by virtue of the content that he’s put out and who he is and how he attacks real estate. He’s a legend. If you’ve ever heard of bigger pockets, if you haven’t heard of bigger pockets, please check it out. The best real estate podcast out there for real estate and you should also check out his YouTube channel. He has a ton of great content out there, so I’m a big fanboy. He’s the man. All this stuff that he puts out is incredible for real estate investors.
So enough about Brandon to the book on rental property investing. I love this book because it’s super tactical, it’s very actionable. You will read this book and you’ll walk away with eight or ten different concepts that you can immediately. It goes into great detail and talks about every single thing you could possibly think about in regards to real estate investing. So once you’ve read it, you will have the confidence you need to be able to get into that first property or the next property. And I will give you one caveat, which is it’s a really dense book. It’s meaty, it’s thick, a ton of information. So it might be a little overwhelming as your first book into real estate. So if you’re a novice investor, if you haven’t done a deal yet and you’re thinking about getting a book, I would recommend reading a couple other books first. It’s not that you’ll get disinterested, but if this is the first book that you read in the real estate genre, it’s probably going to be a bit overwhelming. So I’d put it a little bit lower on your list, but it has a ton of great information, and if you love real estate, you absolutely will love this book.
Why Books are Good for Real Estate Investing
So books are one of the best ways to sculpt our minds and get our brains reticular activating system working properly on our behalf. So I’ve personally primarily used books and podcasts over the last six years to kick my mind into gear and to help me formulate the plans and action steps that I needed to take to get to where I am. Frankly, we’re just getting started. We’re if you’ve ever heard of the hockey stick analogy, where it heads down the first couple of years and then it takes a huge turn up, we’re just at that point where it’s starting to turn up and we’re building huge momentum. So I love books because it helps me stay focused on building the life of the intention that is so important to me, for myself and for my family.
So if there are other books that you would like to recommend, please comment below. I’d love to see what’s in your top four list if you’re an experienced real estate investor, or even if you’re not. If you’re new to the game but you have some book recommendations, please comment below and let me know what those are. If I’ve learned anything in real estate, it’s that success is achievable for anyone. All you have to do is put one foot in front of the other, stack up small wins day to day, week to week and year to year. And you will be amazed at what you can accomplish in your thirties or in your forties and fifties. I’ve only been an active rental investor for six years and we’ve come a pretty long way.
So I know it’s possible for you too and I can’t wait to hear about your coming successes. So, friends, I sincerely hope you enjoyed this video. If you did, please do me the favor of hitting the like button and subscribe to the channel until next time. I’m Jonathan Beasley signing off.
