Author Topic: Landlording Book Recommendations?  (Read 2641 times)

Elaine

  • Bristles
  • ***
  • Posts: 467
  • Age: 32
  • Location: NYC
    • Small Things Good
Landlording Book Recommendations?
« on: November 27, 2013, 10:01:52 AM »
Hi All,
I'm looking for book recommendations on landlording/real estate. My SO and I are about 3 years away from buying still, so it's early, but we think we'd like to buy a 3-6 unit building and live in one of the units while renting the rest out. We're looking at Philadelphia as a front runner area right now (based on salary we can both make, not needing cars, real estate cost, etc.). I'd love resources about general things you should know before doing this, and also books that may have advice on choosing a property (for example, is it better to buy in a college area since there will be constant people in need of housing, or a suburban family area since families will probably take better care of the place)? Basically anything that you read about it and thought,  "Wow, that was helpful"- I'm a voracious reader so load me up with recommendations- I'll take any web recs too if you have them. Thank you!

hoodedfalcon

  • Bristles
  • ***
  • Posts: 441
  • Location: Deep and Dirty
Re: Landlording Book Recommendations?
« Reply #1 on: November 27, 2013, 10:17:00 AM »
I think anyone who is thinking about becoming a landlord should be very familiar with the local landlord/tenant laws.

arebelspy

  • Administrator
  • Senior Mustachian
  • *****
  • Posts: 28234
  • Age: -999
  • Location: Seattle, WA
Re: Landlording Book Recommendations?
« Reply #2 on: November 27, 2013, 11:19:40 AM »
If you search these forums, you'll find several threads with real estate and landlording book recommendations.  :)

BiggerPockets.com is a good resource. Though scattered and not as comprehensive as a book, it's a good place for random thoughts and questions.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

Daleth

  • Handlebar Stache
  • *****
  • Posts: 1201
Re: Landlording Book Recommendations?
« Reply #3 on: November 27, 2013, 01:12:05 PM »
Hi All,
I'm looking for book recommendations on landlording/real estate. My SO and I are about 3 years away from buying still, so it's early, but we think we'd like to buy a 3-6 unit building and live in one of the units while renting the rest out. We're looking at Philadelphia as a front runner area right now (based on salary we can both make, not needing cars, real estate cost, etc.). I'd love resources about general things you should know before doing this, and also books that may have advice on choosing a property (for example, is it better to buy in a college area since there will be constant people in need of housing, or a suburban family area since families will probably take better care of the place)? Basically anything that you read about it and thought,  "Wow, that was helpful"- I'm a voracious reader so load me up with recommendations- I'll take any web recs too if you have them. Thank you!

"Two Years to a Million in Real Estate" is good despite the cheesy title.

You need to immerse yourself in learning about the financial side of it. "3 to 6-unit" properties are not in the same category: there's 1-4 units, which you can get normal loans through banks for, and then there's anything greater than 4 units, which is harder to get a loan for and the terms of the loans are not as good. Focus your attention on 3-4 unit places, both for ease of financing and for ease of management--you don't want to start out with a huge project, and more to the point, banks don't want you to (whether you have experience with rental real estate, and if so how much, is something banks are likely to factor into the decision process when making a loan).

Fireman

  • Bristles
  • ***
  • Posts: 397
  • Location: Fredericksburg, VA
Re: Landlording Book Recommendations?
« Reply #4 on: November 27, 2013, 05:40:14 PM »
Several years ago, I found myself needing to rent my house very quickly.  After a lot of research I settled on "Landlording on Autopilot" by Mike Butler.  Inside, you'll find his story about going from one income property to several and his stumbles along the way.  I enjoyed the way it was written and the advice included with the story line.  Additionally, the author includes several templates for the lease and other important forms as downloads. 

I'm currently renting to the same tenant and, despite a few stumbles of my own, i've been able to maintain happiness on both sides of the fence. 

Here is a link to the book on Amazon.

http://www.amazon.com/Landlording-Auto-Pilot-No-Brainer-Profits-Headaches/dp/047178978X/ref=sr_1_1?ie=UTF8&qid=1385598660&sr=8-1&keywords=landlording+on+autopilot

Nords

  • Magnum Stache
  • ******
  • Posts: 3236
  • Age: 59
  • Location: Oahu
    • Military Retirement & Financial Independence blog
Re: Landlording Book Recommendations?
« Reply #5 on: November 30, 2013, 10:30:40 PM »
Hi All,
I'm looking for book recommendations on landlording/real estate.

(1) Investing in Real Estate, 4th edition or later, by Andrew McLean & Gary W. Eldred (who's taken over the new editions) and
(2) Landlording by Leigh Robinson (7th edition or later) and (3) Rent vs Own by Jane Hodges.

Both books talk about tailoring your properties for students or other demographics-- if that's where you feel the money is.  Of course that's also concentrating your risk in that demographic, so be ready with a "Plan B" if things change.

Elaine

  • Bristles
  • ***
  • Posts: 467
  • Age: 32
  • Location: NYC
    • Small Things Good
Re: Landlording Book Recommendations?
« Reply #6 on: December 02, 2013, 09:48:58 AM »
Thank you, thank you, thank you! I will check out all of these resources- I really appreciate the references.