/biz/ Reading Essentials

[Anonymous No.881311]

Does anyone have any book recommendations regarding practical real estate investing? My income just spiked massively, and I have enough to buy a condo a year for the next 10-15 assuming 20k down (I live in an area where condos go for 60-80k), but I dont have a community college offering real estate management courses nearby.

Also, /biz/ reading general if possible

[Anonymous No.881328]

[Anonymous No.881350]

Just started reading yesterday. Pretty decent so far.

[Anonymous No.881394]

[Li_Sheng !n54GAoW8Vs No.881436]

Here's the list of links to various uploads
http://dropcanvas.com/zpf5p

Eben Pagan's Self Made Wealth
Helps master your psychology and secure a good mental framework.

Ramit Sethi's Earn 1k 2.0
Start that side income

Ramit Sethi's Find Your Dream Job
his flagship $20k course on maximizing your hire-ability and salary.

Gold Rush Formula - How to buy shiny rocks

Ramit Sethi's How to talk to anybody
kill your outer aspy

Speaking Accounting
have a basic conversation about money

Tim Ferriss' The 4 hour life: Healthy Wealthy Wise
Various high leverage skills and practices to improve. Including Meta Learning and Finding good teachers

Josh Kaufman's Personal MBA
Higher level accounting and analysis stripped down to essentials

Mike Dillards The Elevation Group
What one new Rich guy did. Insurance for legally hiding money from lawsuits, Get's robbed in Forex, Commercial Real estate, Guns, Shiny rocks, etc...

Robert Kiyosaki Collection
98% of Kiyosaki's products Most useful in my opinion are the cashflow games and accompanying cd's. Most of his books are wordy, repetitive, light on content, out of date or flat out wrong, but serve as rudimentary introductions to many topics if you don't take them as gospel.

[Anonymous No.881438]

>>881436
thank you based Li Sheng

[Li_Sheng !n54GAoW8Vs No.881468]

>>881311
You definitely don't need a community college course in real estate investing or management.
Check REIclub.com many video archives.
On top of that discounts for courses

As far as your plan I'd recommend really digging deep in your research.
Condo's even when they're cheap are often under performing assets. The HOA fee is paid for maintenance current and deferred. HOA's are often run by old folks with nothing better to do, most have never managed an HOA and have no idea how to properly manage their charge.
Secondly, the income for the HOA is divided up by the number of members in it. So a Condo filled with 90% occupancy has nearly 1-1 expense ratio per owner, However if it should drop you're left hanging the bill. Ask yourself if its a good idea to sign the lease on an apartment for 100 people where anyone can walk away from the lease.
3rd condos lack liquidity, meaning your exit window is very small. They are the last to rise in price and the first to fall.

Now their viability as an investment is relative to whatever else is available to you, and limited by your skills and time. There are successful condo investors. However its a very very involved investment with substantial structural risk and larger expense base.
Take the time to analyze investments in your area. Take the time to plan your exit and exit timeframe with each investment.

Used Trailers are nearly always better cashflow investments over time. Very short term Capital gains in a condo might beat it out. But ROI after 1-2 years in an inflationary period is way better despite the capital gains.

[Anonymous No.881483]

>>881436

Is Ramit Sethi's stuff actually any good? I remember years ago when he started getting big and I checked out his website, but it seemed more like he was just trying to make money off of people buying his shitty advice.

[OP No.881487]

>>881468
I live in a vacation area where condos draw 900 a week in vaca season (ski and summer), but the rest of the time the only renters are pretty much doomed to section 8 and death by meth or heroin use. Used trailers would def be a better investment if I was to only accept section 8 housing, but I dont want to be a slumlord either, dealing with degenerates is not what I would call wise investing. my wife has huge amounts of contacts with the local hospital (which has a pretty brisk hiring rate with seasonal staff) so we were ideally thinking of renting to traveling nurses and locums physicians, although that would again not provide profits all year. Anyways, I wanted books to read because I am not educated enough to assess risk in a local real estate market, and I hate being uninformed.

The things is, i am already putting 32k a year into tax deferred bonds/reit/ and equity indices, and I want to diversify into tangible assets that can amount to a significant secondary income in the next 30 years.

[Li_Sheng !n54GAoW8Vs No.881838]

>>881483
Ramit does a couple things well. His main strengths are in nailing the salary negotiation/ budget proposal, as well as Identifying the critical leading steps. Also he talks about the significantly larger secondary job market which most everyone avoids as well as a particular focus on ancillary services/soft skills.

As far as his personal finance plan goes. I think its as good as any other rudimentary finance plan in the industry. Between Orman, and Ramsey, his advice works better in current times, and for most under 40's nor is he as strict as ERE and MMM. Having done it myself I personally and met with a significant degree of success I disagree with the assumption of not managing your own investments. I think aggregate studies put the barely literate troglodite on equal footing with the capable. However that's personal and I could see the argument for passive index investing.

A couple caveats this is general business advice. Which there really isn't anything above adequate. The best business advice is specific advice about your little corner of the business world. If you run a gas station knowing what investment bankers do isn't going to help you.

But you've got probably 50k$ worth of material for free, so check it out and make up your own mind.

[Li_Sheng !n54GAoW8Vs No.881872]

>>881487
Again condos give me significant apprehension but if those are the numbers in your area, it might be worth it.
A couple basics first. You're going to need to assess what a major repair will look like financially. for most areas around 4-5k will handle most problems. This should be your portfolio target monthly income. That means 20-30 dwelling at 200$ net/month for portfolio stability. B/c there are sometimes literal fires to put out. Getting to that many doors is critical to your long term stability.

If your timeframe is 30 years I can't think of a better way to do it than services to medical staff. Its a 2nd degree market with massive growth behind it and all those aging baby boomers. My mother is currently renting rooms to doctors on rotation using rotating-rooms.com with a very low vacancy rate ~ 6% we can't get enough places to fill the need and are constantly booked. If you can become the goto for this niche you basically win the risk game and need to worry about the hospital failing or a whale coming in and building an apt complex near the hospital.
City-Data.com is a goldmine of info
There's not much hard material on this that I've found most of it is hard. For your market its best to know a lot of locals in higher management and project development and keep your ear to the ground, buy a few folks lunch. Pretty easy after a while.
As far as general capital risk. look at population influx and out flow and new construction permits. Pretty much every town has these records digitized by now. Check with your local REIA for the program that works best with the city's DRM. Nothing on a national scale yet.

[Anonymous No.881882]

48 Laws of Power and How to Win Friends and Influence People. If you can balance those two, the world will be your oyster.

[Anonymous No.881884]

I tried reading the 7 habits of highly successful people, and listen to the audiobook of "No more Mr. Nice guy"...

HOLY FUCK 2 most boring books in the world fam.

past 3 hours no mr nice guy wasj ust the same blabbering, which i understood all of which hours ago.

7 habits of highly successful memes was so fucking boring i couldn't get past the 30 page introduction.

[Li_Sheng !n54GAoW8Vs No.881889]

>>881487
As far as section 8 is concerned. You do exercise some control here and you should be discriminatory. You aren't really letting to the tenants but the government. who pays their bills. There are terrible section 8 tenants who abuse the system. Most are just down on their luck or sick as hell. Just keep your requirements a little higher than normal and you won't be the low hanging fruit.
A few tips from the local guys who do section 8 here. Lots of fucking lights homes right next to a streetlight if possible. All those annoying as shit security lights. Get way more than is necessary. Good folks could care less. Druggies and cockroaches hate that and flee from the light. Ask for a few solid references. CBS construction is preffered. Weekly Rent is a blessing in so many ways. early removal of bad tenants and more frequent checkups. I personally will not rent to the underclass if I can help it. Nothing ghetto at all. In my area it was blacks. I've heard of some places banning pickup trucks to keep hicks away. Even the ones who paid rent on time every time were a fucking hassle. With that point in mind they are making you like 50$ a month off them. If you're dedicating more than $50 of your time which to me is 1 or 2 phone calls with followup. Have a prefilled set of eviction letters, with an eviction specialist on call to deal with it personally. Its actually rare once you get your screening dialed in. A friend of my grandpa's would buy small to midsize apt buildings and get them up to section 8 standards then pass the building and systems off at a huge multiple, to a cashflow investor. b/c he wanted the cap gains.

[Anonymous No.881904]

>>881872
>>881889
Thank you for the really helpful replies. All of the hospital real estate search for new hires (95% are hired on the national level) is run by one woman, and my wife works with her husband, who is also an employee of the hospital. i think she is coming to my bbq next week. The area is 96% white I believe, with a smattering of Indians. My ideal is to be the primary provider to traveling hospital staff, but what makes me nervous is that the hospital seesaws from profitability to severe problems, and I can never be sure of the inflow of new leasees.

Anyways, if you dont mind, how else would you invest 20-30k a year if it wasnt in a tax deferred investment vehicle. Ive thought of dividend royalty or VIG but frankly id rather not have all of my wealth riding the market.

[Li_Sheng !n54GAoW8Vs No.881914]

>>881904
all investments are tax deferred. Its called a self directed IRA.
There are a few t's to cross and i's to dot but its a tax deferred or roth acct that invests in a company you own/manage. that company invests in whatever the hell you say. tax deferred/free. gold/silver/platinum/houses/paintings/apartments/porkbellyfutures

[Anonymous No.881920]

>>881884
anyone know this feel?

why are these books so darn boring rt fam

[Anonymous No.881935]

>>881436

Use jdownloader on these links boys

Thanks based Li

[Anonymous No.882928]

This thread is amazin boys, keep goin

[Anonymous No.882934]

>>881882
>neets think the world will turn around them by just reading a book

[Anonymous No.883076]

What newspaper/periodical is the go to (besides the wsj)?

[elarib No.883076,1]

Hi,
i need to download Ramit Sethi , find your dream job, but the links are incomplete, there is only from part 23 to 55, i can't find the links of part 00 to 24 ... Can you please share it with us ASAP :D
Thank you

[Anonymous No.883087]

The Lazy Man's Way to Riches by Joe Karbo.