One of the most important elements of being a successful entrepreneur is to continuously keep learning. From Bill Gates reading over 50 books a year, to self made millionaire Mark Cuban reading for at least 3 hours a day, all of today's business leaders invest in the deliberate practice of learning through books.
After reading tons of life-changing single-family real estate investment books, the game changer in my real estate investing journey came after I picked up my first book on apartment complexes.
I had previously invested in single family homes and stand alone commercial buildings, but was always intimidated by multifamily apartment buildings. Today I want to share with you my list of top 3 picks on multifamily investing which gave me the confidence I needed to start investing in apartment complexes.
#1 ABC’s of Real Estate Investing
My top recommendation is the ABCs of Real Estate Investing by Ken McElroy. This book broke down the basics of multi unit investing so that I had no excuse but to take action.
It gave the added confidence I needed to go out and purchase my first 8 unit complex in 2015. Since then, I have invested in over 16 multifamily properties throughout the US.
The part that I found most helpful in the book was the due diligence section. For me, the due diligence process is always the most nerve wracking part of investing.
Knowing that if I make a mistake in selecting the wrong property I could end up in a very bad financial situation, or worse, won’t be able to pay back the individuals who loaned me money for the project….which has always weighed heavily on me.
The detailed explanation of how to properly conduct unit inspections, review of rent rolls and leases, market analysis, property tax mitigations, and analysis of other items to review before purchasing a multifamily complex were all tremendously helpful.
#2 Best Ever Apartment Syndication Book
If you are big on practical learning and hands-on activities, the Best Ever Apartment Syndication Book by Joe Fairless is a must have. The best part about the book is that it includes a number of exercises and spreadsheets perfect for practicing your analytical skills as you are guided through the process.
The templates provided are all you need to create the perfect presentation when pitching your multifamily deals to investors. Joe presents the complex real estate syndication process in four distinct sections. Each section includes a distinct list of step-by-step instructions necessary to successfully complete a deal.
The steps are accompanied by real life examples which allow you to understand the practical implications of your actions. With the book touching upon almost all elements of real estate investing, the amount of detail can at first be slightly overwhelming.
However, that feeling is instantly replaced by gratitude knowing that you are being presented with the most valuable resource on the topic.
#3 How to Create Lifetime CashFlow Through Multifamily Properties: The New Rules of Real Estate Investing
A great complement to his in person bootcamps and podcast, Rod Khleif shares over forty years of knowledge in his book entitled How to Create Lifetime CashFlow Through Multifamily Properties: The New Rules of Real Estate Investing.
Rod lays out his proven method of how he runs his lucrative multifamily real estate investing business, and provides an all encompassing road map for beginners. Some of the most valuable parts of the book are the numerous examples of mistakes to avoid.
The various types of scenarios to ward off will save an experienced, as well as a beginner investor hundreds of thousands of dollars. Only true masters of multifamily investing can compile and share the essential minutiae of their craft. Besides all of the insider knowledge, this motivational book will set your mindset on the right track.
If you are like me who constantly strive for self improvement and continuous education, you will appreciate the books I’ve listed above.