In the process of acquiring our 100+ unit real estate portfolio, I have come across many sources of great information. BiggerPockets.com is one of my favorites, but they are pretty new for me; I have only been using them since 2016, even though I have been investing since 2007.
Books have been the biggest source of information and inspiration to help get me started and guide me along the way. These 5 are the most unusual sources of inspiration, since they aren’t really real estate investing books per se, but they have been instrumental in guiding my choices. Read one or all, but you’ll certainly learn something from each one.
7 Habits of Highly Effective People by Stephen R Covey. The title says it all. If you want to be effective at life, leadership, social relationships and BEING EFFECTIVE, you’ll want to understand and live these 7 habits. The principles in this book will guide you to get more done than you ever believed and also help make sure the stuff you are getting done lines up with your values and what you are passionate about.
A Whack on the Side of the Head by Roger Von Oech. This is by far the most unconventional book on this list. Roger challenges traditional thinking and pushes readers to destroy the box, not just think outside of it. His crazy, yet wildly on point thought process will absolutely get you out of your comfort zone and will help you see the world differently. This process for seeing things differently has been amazingly helpful with our real estate, financing and solving life problems in general (specifically related to real estate this creative thinking has led to adding bedrooms to make homes more valuable, putting living quarters above garages, investing in mobile home parks, finding inexpensive sources for pulling more mobile homes into our parks, investing in rv parks, expanding our RV parks, buying commercial (including a billboard), turning unused space into rental storage space, rethinking utility sources, opening up a whole new world of creative financing options, soon to be adding a portable storage unit business, etc!). Roger certainly ‘whacked’ my thinking and this has opened up doors that I never knew or believed existed!
Think and Grow Rich by Napoleon Hill. Both the regular version and the ‘action guide’ are great. If I had to recommend one over the other, grab the action guide as it walks you through actually writing out your goals, visualizing your future, making your dreams tangible and ultimately getting you to move forward. I would offer that the action guide is a combination of the original TAGR and the book Goals by Brian Tracy. If you’ve read Goals, you’ll see some uncanny similarities between it and the action guide version of Think and Grow Rich. If you’ve already read TAGR, then read Goals and combine the concepts…this will get you to the same outcome!
The 4 Hour Work Week by Timothy Ferriss. Holy Cow! This book is a combination of destroying the box, setting goals, taking action, using technology to help you, outsourcing mundane work, etc. Crazy good book. Read it from the lens of how you can apply the concepts to your real estate investing more than from the concept of how you can get out of your 9-5. Ferriss will blow your mind and my copy is almost destroyed with highlights, scribbled notations and turned down pages of great ideas that I need to refer back to often! Enjoy this one!
Great by Choice by Jim Collins. This is a classic leadership book with principles that help the reader realize that so much of life is about preparation, planning, decision making and more. As a case study, Collins chronicles 2 different adventurers in the same year on their bid to traverse Antarctica and reach the south pole first. He shows how they achieve wildly different outcomes (one achieves greatness, the other dies in miserable conditions) all because of choices they made BEFORE they began their ventures. Collins explains in great detail and proves that life and success in life are about the choices we make. Awesome read that will get you thinking about the choices you are making every day—about your real estate and life in general–are you headed toward greatness or toward misery and a brutal death??
I hope you love these reads and find true inspiration to move ahead and either start or accelerate your real estate investing!
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