books for a new investor

met someone recently, new to property investing, what books do you recommend

I have not read anything on property for at least 10 years, most strategies probably outdated. For example Steve McKnight's books Re: cashflow strategy by buying regional property is probably not possible to achieve today.

Jan Somers - possibly also outdated?

She is a complete novice.

Thanks

MTR

 

I put together a book list at https://www.propertychat.com.au/community/threads/book-list.100/
John Fitzgerald's Seven Steps to Wealth was a easy but good read even as a beginner.

 

The ole classic "Rich Dad Poor Dad" for basic understanding of finances would be a good start.

"Richest Man in Babylon" would also compliment the above.

Reprogramming your understanding of money is the starting point IMHO as without addressing this first you are open to self sabotage due to incorrect info from parents, friends, media etc.

 

They should read Motivated Money, Peter Thornhill before making a deposit

 

* Hans Jakobi - Due Diligence made simple(easy) or Due diligence for dummies or something like that
* Hellen Collier-Kogtevs - 59 Biggest Mistakes Made by Property Investors and How to Avoid Them
* Margaret Lomas - 20 Must Ask Questions for Every Property Investor

But I agree with Colin's comment, work on the understanding of money first. so Rich Dad Poor Dad would be a good start.

 

Chris Gray's Your Empire

 

Steve McKnights 0-130 properties in 3.5years is my favorite beginner book.
I agree that concepts such as buying regional and vendor finance are no longer solid strategies but he explains other important concepts such as number crunching.

Also really enjoyed Margartw Lomas (forget name) when I was starting out.

Those 2 for mine are still the best I have read. Read some shockers since with Andrew Winters book taking the cake!

As others have said, mindset before property thiugh is probably a good thing. I just got done reading "Making money made simple" which was a brilliant read and still as relevant as either.

 

Free hard copy, PDF and audio- Download Our Free Property Investment Book - Your Empire
Good book on basics and easy read for beginners. Emailed them asking where I could buy his other book Go For Your Life as couldn't find a copy anywhere and they also sent it for free. Lovely!

Also free online but can't find the link now. Have the PDF

I thought Yardney's What Every Property Investor Needs to Know About Finance, Tax and the Law and Grow A Multimillion Dollar Portfolio in Your Spare Time were pretty good sources of info when I started reading.

Outside property I always recommend Noel Whittakers 'Money Made Simple' and Pete Wargent's 'Get A Financial Grip'. Should be mandatory reading in school!

 

I can't help myself, but Helen Collier K made the biggest blunder, I think it is 15 properties she purchased in Moranbah which has fallen back 60%+ in value

 

Well that's 15 out of the 59 biggest mistakes.. I read these books when I was starting out. Gave me a good idea of how things works. I didn't end up following most of the books that I have read, I created my own strategy based on the collective understanding of how it works. I found that after reading 4-6 books, you will find things are being repeated and re-packaged differently to make it their own idea.

 

Great, so many followed her to Moranbah and lost their shirt

 

Well... Many people in the industry write books to increase their credibility. Books can be good. Used as bait or even possibly done with good intention. It doesn't mean what comes out of their business is any good.

 

I agree

 

I think it's important to read at least 5 to get overall views/opinions and then form your own perspective over time. Some focus on growth, some on yield and some both. Personally I believe the more you read the better perspective you will be able to form. Also, most of the simple and easily avoidable mistakes many make can be bypassed by just knowing the basics and seeing common themes reoccurring in the books to drum it into your head.

You put the effort in once to learn this stuff and then it's with you for life.

 

Authors gain credibility with me if they have used their investment philosophies to advantage and grown their own personal property portfolio.
Not really interested in them baring their souls to the public with every detail of their portfolio but they need to be able to walk the walk.

 

As a newbie myself I have read through 0 to 130 and 0 to finacial freedom by Steve Mc Knight
And found both very helpfull, especially the negative gearing chapters. However the 0 to finacial freedom book feels a lot like a sales pitch for his online property investment apprenticeship.
Want to read grow rich with the property cycle by Kieran Trass as recommended by a forum member, Seems hard to find and its expensive, anyone got this one they want to send my way?

 

I liked Pete Wargent's books for an nice overview.

 

I agree with you but ........
..I wonder how many do this, do we see their tax returns, what do we really know, perhaps their main income is their business and not their property portfolio. In fact many strategies preached by some gurus are now on the back burner because they won't/don't work, for example LOE

 

$30 incl postage on Amazon when it's in stock- Grow Rich with the Property Cycle https://www.amazon.com/dp/0143019430/ref=cm_sw_r_cp_api_qC5SxbFSYDJ2V

But a better option is to request it from your local library There's 12 libraries that have it so should be able to obtain a copy by request- Grow rich with the property cycle / Kieran Trass. - Version details

 

I guess it Depends on her goals and risk profile. Then she can read books tailored more to her goals and long term outcome.

But I would recommend 'Rich dad, poor dad' for am understanding on wealth creation and mindset and some motivation. But the book is good for nothing else but that.