Book Suggestions Please

[Kevmeister]

From: Kevin Frey


Hello All,

Would anyone care to suggest some good books on property investing. I read the thread previously concerning expensive seminars and my instinctive feeling is how can any course for such a short duration be worth it. I'm sure I can complete half a university degree for $15K.

I've read Jan Somer's book which advocates negative gearing quite heavily but it does tend to overlook several areas such as dealing with bad tenants, investment structures (trusts etc).

And, there seems such a myriad of ways of making money out of property investment that I want to feel I've got more of a perspective on the options available to me before I move forward.

Thanks

Kevin.

 

[Rixter]

Reply: 1
From: Rixter ®


Hi Kevin,

Here's the best selection of Real Estate investment books you could ever get your hands on.

http://www.businessmall.com.au/cache/header-6public__0-0.html?cache=no

©

Happy Investing,
Rixter®

 

[Kevmeister]

Reply: 1.1
From: Kevin Frey


Hi Rixter,

Now if only you or someone could tell me which are the worthwhile ones ...

Kevin.

 

[Rixter]

Reply: 1.1.1
From: Rixter ®


Hi Kevin,

Boy oh boy you ask the hard ones??!! Please don't get me wrong im not trying to evade your question/s. It all depends on your own situation and circumstance/s, like what goal/s you want to reach, when do you want to reach them by, and your prefered investing style/s, risk levels and tolerances. What I find is a good style and book for me can be totally off the rails for someone else!. We all all different.

If you can answers the questions above I may be able to narrow the field for you.

©

Happy Investing,
Rixter®

 

[DaleGG]

Reply: 2
From: Dale Gatherum-Goss


Hi kevin

For a new investor in property, i would highly recommend the following 2 books:

Craig Turnbull's "It's easy to be a property millionaire"
Wakelin's "Streets Ahead"

Both have a lot of excellent information about how to get started and what to do. I read many, many books and these two are well worth the read.

I hope that this helps

Dale

 

[Kevmeister]

Reply: 1.1.1.1
From: Kevin Frey


Hi Rixter,

As a newbie to property investing, and with no IP's under my belt as yet, I guess I don't have an investment "style".

So I don't know if investing for cap growth versus income is my desire yet, or whether I should be looking at OTP developments versus existing property, or even things like buying a "nice" property to rent immediately versus buying something that "needs a little work" and trying to make dollars that way (I'm reasonably handy with my hands). Then there's Lease Options, Wraps etc.

I guess I'm looking for broad treatment of property investment to know its pitfalls etc so that I can then determine what area sounds good.

There is so much conflicting information available even starting can be a nightmare. Like, do I negatively gear or not? Jan Somers say yes. Steve McKnight and Rick Otton say no.

(In fact, that's such a good question I might post it as a separate thread).

 

[Anonymous]

Reply: 2.1
From: Anonymous


Read them all.

Read through this and other forums.

Then read them again.


Most of the books are actually quite similar, and not many of them are too long to not get through reasonably in a matter of days.

I'm tipping that the info you get out of the books will pretty much be the subjects of discussion on this board. ONly not as indepth.

T.

 

[Rixter]

Reply: 2.1.1
From: Rixter ®


Kevin,

I subscribe to Positive Cashflow property best described in Margaret Lomas's new book but for a general all round strategy read I also have thoroughly recommend the same as Dale - Craig Turnbull's book 'Its easy to be a property millionaire"

©

Happy Investing,
Rixter®

 

[Mr. Fabulous]

Reply: 2.1.1.1
From: Mark Laszczuk


For general finance, money and investment matters, you can't go past John Burley's Australia's Money Secrets of the Rich. It was the second investment book I read, and I recommend it be your first. It will give you heaps of handy hints about finance in general as well as some property tips (he's a wrapper).

Mark
'no hat, some cattle'

 

[WebBoard]

Reply: 2.1.1.1.1
From: Denis Backhouse


Hi Kevin,

You might find my post tonight under "Investment Seminars Caution" goes some way toward your reading list.

Tim Myers, a serious millionaire I used to work for, once said to me, of Negative Gearing ... "Why would you spend a dollar to get 50 cents back in tax?"

Good question, I'd say.

My call is that Negative Gearing will stop you dead in building a portfolio as soon as you reach your limit of serviceability ... You just plain can't afford anymore property!

Whereas with a neutral or positive portfolio, you are only limited by the time you have available to find properties and do the deal, whatever that may entail.

One gob-smackingly obvious point that I hadn't seen in over 30 years of investing is that EVERY property doesn't have to run positive!

You can do very nicely with "Blue Chip" capital gain properties that run negative, but are supported by as many cashflow positive properties as it takes.

Just as long as OVERALL your portfolio is positive!

Duh!!

Why didn't I know that 30 years ago?

No books and seminars!

No Geoff Doidge as friend and mentor!

'Hope that's valuable.

Cheers,

Denis.
www.financialsuccesssystems.com
"Capital Gain is Easy and Property is Fun!"

 

[Splinter Wood]

Reply: 2.1.1.1.1.1
From: Splinter Wood


Hi Kevin,

Books will give you info, lots of info. When you get enough info you will start to decipher all the combinations of things to form your own opinions, 'Style' and figure what's best for you. Chill out and start reading and the clouds will clear and a picture will form (as long as that is your goal).

On your personal situation, look at your cash flow now, your income, your tax bracket, and how much cash you have. Your disposable income is of course paramount.

Then you can work out what to buy. If you are just starting out, you may not get the deal of the century, but get started anyway. The first one is usually the toughest and may just teach you without you earning too much. You tend to start with something with good income and sacrifice some growth (In general depending on your timing).

A good rule of thumb, your weekly rent should be about the same (or more) as the cost of the property dived by a 1000 ie pay $100,000 , the place should rent for at least $100 a week.

Don't stress on that, just get in and do it.

If your income is say 30 to 50 K and you can afford say 500 to 800 a month, look for a property where that much will be able to service the loan you need. You can add the rent to that if you want but factor only about 80% of the rental as income because 20% will disappear in costs (in my books).

Leave a margin for error, vacancy, and make sure you can survive if interest rates move a little. You MUST take some risk so learn to live with that or don;t invest.

Second IP ++ will be easier and you will know what's going on. Like ridin' a bike man !

Get with people who know the game. They will help. So now read, talk, read more and then do it.

SW

 

[dwyerfam]

Reply: 2.1.1.1.1.1.1
From: Danny Dwyer


Well, this thread promted me do a search on the Brisbane City Council's library website and guess what? Is there going to be a rush on soon in Brisbane or what?


Your investment property : how to choose it, pay for it and triple your returns in 3 years by someone who did it in 2
Bell, Anita, No copies currently available. (Estimated wait is 7 days)

Streets ahead : how to make money from residential property
Wakelin, Monique. No copies currently available. (Estimated wait is 4 days)

How to create an income for life
Lomas, Margaret. No copies currently available. (Estimated wait is 33 days) 13 copies total in all locations

Investing in residential property : understanding the Australian market
Waxman, Peter, 5th ed. No copies currently available. (Estimated wait is 60 days) 5 copies total in all locations

Investing in property
Clitheroe, Paul. No copies currently available. (Estimated wait is 22 days) 10 copies total in all locations

Smarter property investment : ways to make more out of residential property investment
Cerexhe, Peter. No copies currently available. Estimated wait undetermined. 10 copies total in all locations

Real estate riches : how to become rich using your banker's money
DeRoos, Dolf. No copies currently available. (Estimated wait is 3 days)

More wealth from residential property
Somers, Jan (Jan B.) No copies currently available. (Estimated wait is 18 days) 17 copies total in all locations

Property smart : learn the rules of the real estate game ; consumers are the key players
Ryder, Terry. No copies currently available. Estimated wait undetermined 10 copies total in all locations

Secrets of a millionaire real estate investor
Shemin, Robert, No copies currently available. (Estimated wait is 4 days) 6 copies total in all locations

Residential real estate investing : a beginner's guide
Thornton, Clifton. 1 copy available

Property power
Barnes, Leonard. 2 copies available 8 copies total in all locations

Anyone can be a millionaire
O'Reilly, Sean, 3 copies available 10 copies total in all locations

Investing in residential property : understanding the market in the new millennium
Waxman, Peter, No copies currently available. (Estimated wait is 1 days)

Seven steps to wealth : all the things they don't usually tell you about purchasing an investment property
Fitzgerald, John L., 2nd ed. No copies currently available. (Estimated wait is 9 days) 5 copies total in all locations

Rental property and taxation : an investor's guide
Compton, Tony, 1 copy available 9 copies total in all locations

Building wealth : story by story
Somers, Jan. No copies currently available. (Estimated wait is 6 days) 6 copies total in all locations

The property investor's handbook
Airey, Graham J. 2 copies available

Rich dad, poor dad : what the rich teach their kids about money -- that the poor and middle class do not!
Kiyosaki, Robert T. No copies currently available. Estimated wait undetermined.

Realistic real estate investing : better returns through careful timing
Donnelly, Austin. No copies currently available. (Estimated wait is 1 days) 4 copies total in all locations

Building wealth through investment property
Somers, Jan 1 copy available 12 copies total in all locations


Danny D.