Jumping into real estate as a beginner can be daunting. There’s a lot you likely don’t know, and a lot you definitely want to know if you want to be successful. The great thing about real estate is that you can learn about it rather easily. There are plenty of resources out there to help educate yourself and become the best real estate investor you can be. One of the best resources to use when learning more about real estate investing is reading! There are so many different books out there full of tons of information and advice from industry professionals. On that note, here a few great books to check out if you want to learn more about real estate investing.
Considered a practical, step-by-step guide for rental property investing, there’s a great reason why this book is on this list. Brandon Turner does a great job of breaking more complicated topics down to bite-size, easy to understand pieces. Topics that are covered include deal analysis, finding and negotiating deals and a whole lot more. The only downside is that the book tends to focus more on small-time investors, so if you are looking to build a real estate empire, this book is likely not for you.
John Schaub has worked in real estate for over forty years as a landlord, house flipper, and lender, so it’s not surprising he’s chosen to share his knowledge with others. If you’re looking to learn the fundamentals, look no further than Building Wealth One House at a Time. John’s book takes a dive into a strategy for achieving financial independence with residential real estate as well as going over finding, financing, renting and selling properties. Some topics covered include legal and contracts, property management and general principles and strategies.
Gary Keller uses his book to break down and share aspects of the real estate investing business as well as best practices. He does a great job of capturing the mindset needed as well as the strategy of how to build a successful real estate investing business. Keller goes over a few important ideas such as the 5 models of a millionaire real estate investor or The Dynamic Trio of Investing. Keller also includes profiles for plenty of real-life real estate investors, which shows that it’s possible to become a millionaire in many different ways. The only downside is that the book was published in 2005, before the real estate crash of 2007 – 2009, so things may be a little out of date.
There are countless books you can check out if you want to get into real estate investing. With so many different things to learn and investors to hear from, there are plenty of ways for you to learn more about the industry and start being the best investor you can be.
If you’re thinking of selling your house, it might be a good idea to do renovations beforehand. A little bit of home improvement can go a long way, especially when talking about resale value. The problem is that with the market being down, some home improvements can actually devalue your home. So which improvements are safe to make and which ones aren’t?
Remodeling The Kitchen
With the kitchen being practically the most important room in the house, it makes sense that renovating it would increase the value. Just be careful not to go overboard, as that can mess up your plans to increase the value. A good tip to follow is to never make your kitchen look nicer than the rest of the house, or even the neighborhood if you can help it. A good reason for this is for the simple fact that renovating your kitchen too much might not make it feel like it fits in with the rest of the house. Remodeling your kitchen can tend to give you a 100 return of the cost, if not more when selling.
Add A Deck
Outdoor living spaces have become pretty big in Real Estate as of late. By adding a deck to your yard, you’ll immediately make your back yard more appealing and likely be able to make a large amount of the cost back. The cost of the deck itself will likely vary depending on a few things such as size and extra added accessories for it. You can even save yourself some money and build the deck yourself if you have the skills and equipment required.
Surprisingly, a lot of houses only have one bathroom. Adding a second one is a surefire way to add to the resale value. Look around your house and see which rooms you don’t need, or if there are any underutilized spaces you could repurpose into a bathroom. Think about if you want a tub or shower in the second bathroom, or if you just need a sink and toilet. What you want in the second bathroom can make a big difference in cost and size.
Reimagine a Room
Since adding a whole new room to a house can be extremely expensive, a better option is to try reimagining an already existing room. A great way to do this is to finish a basement or turn the attic into a bedroom. Oftentimes basements are just used for storage and laundry, but if you have a big enough one you can make a whole living area out of it. Before you make any big changes though, try to put yourself in potential buyer’s shoes and think about what they might be able to use the space for. That can help you get a better idea of how to handle the re-imagining, so you can get as much value out of it as possible.
There are so many great renovations that can increase the resale value of your house. It’s important to do the research before making any big decisions though, as that can help you get a better idea of what is and isn’t worth it.
Podcasts have become an extremely popular form of media in recent years. There are podcasts on practically every topic, and they’re great to listen to when traveling, working out, or just working around the house. There are even podcasts about real estate! If you’re interested in learning more about real estate and getting the insights of others in the industry, check out some of these great podcasts.
If you’re looking for honest advice from some of the best in the real estate industry, look no further than Next Level Agents. Hosts Kevin Kauffman and Fred Weaver have been in the field for decades and have loads of information to share with other individuals interested in real estate. They post new episodes weekly and offer great pieces of advice for any real estate agent.
If you have a sense of humor and love real estate humor, look no further than Caravan Confessions. Host Eric Simon is a real estate agent based in Los Angelas who is also the founder of The Broke Agent. Every episode, Eric listens to other professionals in the industry talk about their most outrageous real estate experiences. Typically bizarre and hilarious, this show provides endless entertainment for real estate agents and anyone else who wants to discover the stranger side of the industry.
Real Estate Coaching Radio is hosted by Julie and Tim Harris, a duo who strive to help real estate agents be the best they can be. The show is updated every weekday and is great for some bitesize advice and encouragement from great industry professionals. Their specialty is getting the listener to get something done today, as opposed to saying you’ll do it when you “have time”. Whether you’re looking for advice or a little bit of encouragement, listening to Julie and Tim will definitely help you be a better real estate agent.
There’s an episode of Tom Ferry’s podcast for practically every real estate agent, whether you’re new or a pro. With over twenty years of experience, it makes sense that he’s capable of going in-depth on so many topics. Tom’s show is updated every week with a new episode Monday through Thursday, each one focusing on a different thing. For example, every Monday you’ll get a less than 5-minute episode meant to motivate you to be your best, and on Thursday Tom likes to do a throwback Thursday, going over lessons and guidance that have remained relevant to the industry for decades.
If real estate is your thing and you’d like to learn more, check out these and other great real estate podcasts. There’s always something new you can learn from other individuals in the industry.
Depending on where you’re looking to live, you may end up looking at historic houses. Historic houses have a sense of life to them that newer ones don’t always have, due to the history of the house itself, as well as quirks the house has, such as odd floor plans or old school decorations. But buying a historic game comes with much more than just living in a piece of history. Depending on the location, age and condition it’s in, a lot more might have to go into the home before it’s comfortable to live in. Here are a few things you should know before you buy a historic home.
Old Home, Old Problems
Even if an inspection isn’t required, it’s a good idea to still get one done on your potential home, especially if it’s a historic home. Older houses come with problems that newer houses don’t have to deal with, such as lead paint or asbestos. You don’t want to move into your new historic home just to find out there’s some type of health precaution, so try to find an inspector who has experience with historic homes and their issues.
Financing and Insurance Can Be Hard To Acquire
One common issue that arises when looking at buying a historic home is acquiring financing and insurance. If the home you’re looking at needs extensive repairs, lenders will likely be hesitant. Since traditional loans will likely be hard to get, you might want to look at private loans such as a 203(k) loan. 203(k) loans also go by rehab mortgage insurance and typically go towards the cost of rehabilitation as well as the purchase of the home itself. The same thing can happen when trying to get home insurance as well. Insurance companies will sometimes assume that the replacement costs will be higher for historic homes, but this isn’t always the case.
It Can Get Expensive
Historic homes tend to be pretty well built, which probably explains why they’re still standing after all this time. The problem is that depending on how old it is and the kind of work that has been done to it over the years, it could end up needing a large number of repairs which can add up. If you don’t have a steady income and a solid amount of money put aside, you likely shouldn’t try buying a historic home. You don’t want to be surprised by an urgent repair only to realize you can’t afford it. Depending on where you live though, you may be able to get a tax cut that helps with repair and maintenance of your historic home.
There’s a lot more to think about beyond what I’ve mentioned here when buying a historic home. It’s important to take your time, and do the research to make sure this is an investment you really want to make. If you do, you won’t regret it.