Top Real Estate Investing "How-To" Books

The title should say, "These are the books with the most thorough content that I have read as of today...though I, admittedly, have yet to put much of their great wisdom into practice."

Even though I am leaving the starting gate of real estate investing like the tortoise, I am convinced that I have collected some of the greatest educational resources available. This is a relatively short list of books. (Which, if you had intended on buying everything on my list, should leave you very relieved.)

I have read quite a few books and these are the ones that I always return to. (I didn't even realize that my list was so short. My wife will be happy to hear that! Now, I suppose, she really can take the countless others in to trade at the bookstore.)

I also want to note that, though these books may have amazing content, some/most of these books lack basic literary editing. So, if you are looking for books that are concise and are well written from an English Major's perspective...maybe you're looking for edification in the wrong career.

I would be honored to hear your comments about these books and/or share the names of any additional book(s) you feel helped you along your journey through the labyrinth of real estate investing. (I'm sure that I've left out quite a few favorites.)


Allen, David. Getting Things Done (2003)

Botkin, Sandy. Lower Your Taxes--Big Time (2003)

Butler, Mike. Landlording on Autopilot (2006)

Clason, George S. Richest Man in Babylon, the (1988)

Gerber, Michael E. E Myth Revisited, the (1995)

Hill, Napoleon. Think and Grow Rich (1983)

Keller, Gary. Millionaire Real Estate Investor, the (2005)

Langemeier, Loral. Guerrilla Wealth (2004)

Mandino, Og. Greatest Salesman in the World, the (1985)

Schaub, John. Building Wealth One House at a Time (2005)


I look forward to reading your favorites!

Bad Loan Officer Kills ANOTHER Deal

On the standard residential real estate sale side of life there are two things that will kill a deal. One is a bad property inspector. Hear me out, every home is flawed to some degree. I have absolute respect for the home inspector who does the job well and leaves no crack un-documented.

What I do not have tolerance for is the home inspector who tells their client (be it buyer or seller) that every documented item on the list, no matter the severity of the issue, must be addressed in order for the property to be fit for sale. But, this is an issue I will expound upon at a later date. Today, let me share my thoughts on the second deal killer.

To err is human. What was omitted from that great saying was that those with the highest propensity to err are mortgage brokers.

I really don't know where to begin this rant. I realize that mortgage brokers get paid according to their production volume. What I don't understand is, if they cannot get a deal to close, how they get paid at all? And, why is it that there are so many of them? Most importantly, why are so many buyers suckered into working with these mortgage brokers that have a very public track record of closing no better than 1 in 10 deals that they have "pre-approval letters" for?

I have full confidence that if a mortgage broker tells me that "we can get this deal closed in 2-weeks" my poor listing client has no chance at all that this buyer will be able to qualify for a loan. It has to be some kind of secret code phrase for bad lenders. Every time, without fail, when I have heard these words uttered to me by a mortgage broker one day before our scheduled closing (here comes another secret code phrase) "the underwriter is having trouble with the appraisal". Never mind that the property has been intentionally undervalued with the intention of attaining a "quick" sale.

The real question, though, is why do I allow my sellers to go through this heart ache? I am honest with my clients. I let them know that when a buyer puts an offer on their home for 110% of list price and my sellers still manage to only see a net offer of 82% that something might be a little off and that this loan package might not come together. (Even though I have been told by the mortgage broker, "Close in 30 days? Hah! We'll get this deal closed by the end of next week.)

But, my poor sellers see a contract offer and with it a light at the end of the tunnel. It's so hard for them to turn away even the slimmest of chances. That is until the day of closing and we are sitting at the title company wondering why the lender hasn't arrived yet. And, by the way, didn't they say the loan figures were coming over the fax...3 hours ago? Hey, why am I getting a "this number has been disconnected" message when I call your mortgage brokers mobile number?

Exciting news

I am pleased to announce that my new website collaboration is open to the public. SecondRateHomes.com now has content. Now, don't let the name fool you. We are not marketing junk on this site. What we have done is taken an entire real estate market and searched for the best deals, we locate the properties that are undervalued and overlooked and place them front and center for everyone to see.

It's my intention to turn this page into a top resource for real estate investors in the Metro East. We are offering free advertising to anyone who wants to market their properties for sale, rentals that are vacant, handyman services, mortgage services, and whatever else.

As we move into the next stage we will also be offering investors useful tools like deal calculators, and a renter brokerage to help you get your place rented faster, cheaper and with a higher quality tenant.

So, please drop by and leave a comment...and subscribe to this post while you're at it. You'll find first rate values at SecondRateHomes.com