Hold is a must read for anyone looking to invest in Real Estate. If you didn’t catch it from the name already, this book is for real estate investors willing to put the time and effort into owning and managing rental properties for the long haul. House flippers might not find this as useful, although it never hurts to have a backup plan if your flip fails or the market shifts.
Veteran investors will find a lot of overlap in knowledge they have found in other books or lessons learned throughout years of owning property, but even for the veterans out there, this is worth the read. Hold takes you through 5 main steps for successful long-term real estate investing:
- Find – You will discover how to find off-market properties like the pros. Find the right property for the right terms and at the right price.
- Analyze – learn how to make an offer to make sure the numbers and terms make sense. Good analyzing tips here, but I prefer to shoot for a little higher cash flow, the $100/unit suggested is a bit low in my opinion.
- Buy – A key point here is that you need to look for properties that are discounted, and not buy something just because you think it will appreciate. You will want to buy an investment property where you make money going in. We’re somewhere between the Buy process and the Manage process on our latest property rehab.
- Manage – Find out how to properly manage your new rental property and what things to look for. There are some helpful tips for new investors regarding what types of notices to send out and when. This entire process can be a lot easier if you use some form of property management software. We recommend Buildium, but there are others out there as well so do your research!
- Grow – Continue to build your portfolio and rent houses for wealth and financial freedom.
I consider this a 5 star book, it’s an overall great read with valuable information. While it is geared more to new investors, I still managed to find new ideas.
Anyone have a good suggestion for the next book I should read? Let me know in the comments below.