If you are seriously considering to transition into multifamily investing, the first book you should read is The ABCs of Real Estate Investing by Ken McElroy. It is one of the only books that will teach you how to find, underwrite, negotiate, manage and prosper in the multifamily space. I have read countless books on apartment investing, but Ken’s book stands out above the rest for several reasons.
For starters, it is always refreshing to read a book from a “guru” who is actually massively successful and engaged in the subject he is teaching. Ken is a Rich Dad Advisor who owns one of the largest property management companies in the Southwestern U.S. He is in the trenches, and has the ability to write about multifamily investing in an easy to understand style. His book has actionable content, and a framework for the reader to follow.
Ken focuses a good portion of his book on property management, a vital topic that most authors gloss over. He highlights the fact that property management is vital for the success of the investment and is an ongoing process. He details the duties and responsibilities of a successful property management company, and how to hire a company and when it is time to fire your management company.
Other topics that Ken dives into in his book:
Dispel myths about investing
Deal analysis and the five-step property evaluation
Walking the investor from letter of intent to takeover
Due diligence (as he says: Trust, but verify)
If your goal is to read a book that introduces you to investing in apartments and illustrates how to become a successful investor, this is the book for you. Once you have finished reading the book, be sure to check out his other two real estate books: The ABCs Of Property Management and The Advanced Guide To Real Estate Investing.
Also read: The One Thing with Jay Papasan
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