Women Get Wealthy

I have been investing in real estate for over 10 years and people always ask the same question -  "How did you get started"?

The answer is books - to be more specific, 'Rich Dad, Poor Dad'.  I was fresh out of college, working as a software consultant, when a more senior colleague/mentor of mine said to me...."I just finished a great book.  If I were your age, THIS is what I would be doing".  A few weeks later, while stuck at the Buffalo airport, in a bad snow storm, I read nearly the entire book in one sitting.  It changed my whole view of personal finance and severely altered my plans of how I was going to achieve a goal of financial independence.

Here are a few books, which helped get my wheels turning, with regard to real estate investing:

Rich Dad, Poor Dad - Robert Kiyosaki  - Instead of signing the paperwork for that Mercedes I had just picked out (I was young, single and didn't know what else to do with my money), I continued driving my clunker and saved until I had enough money for a down payment on a condo.  Rich Dad, Poor Dad opened my eyes.  This book helps to explain fundamental investing concepts and details WHY investing in real estate is such a good idea.  Kiyosaki breaks down the basic principles into a format that is easy to understand.

Loopholes of the Rich - Diane Kennedy -  Another book within the Rich Dad series - Diane worked closely with Robert and gives a great, easy to read, perspective on the tax advantages and legal (company structures, etc.) that should be considered when investing in real estate.  Just as important as learning how to get the money coming in is learning how to keep it!  This book is a great starter for understanding those strategies.

Investing in Real Estate - Andrew J. McLean and Gary W. Eldred - a more in depth look at real estate investing.  Here, we get into examples of deals, issues which may occur throughout the purchase/ownership process.  In my opinion, the authors do a very good job of walking you through various sample transactions.  Again, the focus here is on fundamentals - long term wealth accumulation via the Buy & Hold approach.  This book will not teach you how to do short sales, lease options or some of the other, more involved scenarios; however, it will provide great insight into basic real estate investing practices.

No one book will teach you everything.  In fact (being the over-analytical type that I am), I read over 20 books before I bought my first investment property.  I am not suggesting that everyone follow that path but I would absolutely recommend a few as a great way to get yourself thinking.  Knowledge is the best ally, when heading into unchartered territory.