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In the beginning, investing in real estate can be confusing, intimidating, and unattainable. That doesn't have to be the case. Here we look at three of my favorite books on real estate investing for beginners to get you started.
It's actually easier and less time-consuming than you might think. And you can learn how to succeed in medicine and thrive at the same time. Even better, once you understand the basic concepts of how passive real estate investing works, you can start creating the roadmap to your dream financial life.
What do I mean by that? Think for a moment about what it might feel like to have more time with your family, spend more money on your interests and hobbies, and have more overall financial security. That's what passive income can do, and it's possible through real estate investing.
As doctors, we tend to delay gratification. We gave up our 20s to go to school, worked nights and weekends for a chance at the future, and more. Don't delay your future any further. Level up by creating your own financial security by learning about passive income real estate investing.
Hit the books
Making your money work for you requires your first actionable steps: your investment education. Good news! As a medical student, you are already a successful student. So let’s get to the books!
While there are many great resources for basic education – such as the resources available here at Passive Income MD – when it comes to value for money, books are typically the most productive source of information out there.
With that in mind, here are three books at the top of my list when it comes to guides on buying and monetizing real estate for passive income.
The ABCs of Real Estate Investing by Ken McElroy
How do you make a complicated thing easy to understand? Read this book. Ken's book serves as a comprehensive introduction to anyone interested in building wealth through real estate, providing both theoretical knowledge and practical guidance for navigating the complexities of the market. If you're a long-time reader, Ken's name will be familiar. That's because he has attended PIMDCON, the Physician Real Estate and Entrepreneurship Conference, for the past two years. Were you lucky enough to see him?
His book covers the basic concepts in simple terms and helps you understand basic mathematics. It also teaches you strategies for successful real estate investing – including finding and evaluating properties, financing deals, managing properties and minimizing risk – and provides real-world case studies and examples from his own experiences.
It also offers insights from the perspective of many successful investors. Designed for beginners, the success story structure will help you come out of your shell and shift you from imposter syndrome into the mindset of a seasoned investor.
Taken together, it offers a great introduction to the topic for newcomers. Once you've finished reading the book, continue with Ken. He has two other worthwhile reads on this topic: “The ABCs of Buying Rental Property” and “The Advanced Guide to Real Estate Investing.”
Rich Dad, Poor Dad by Robert T. Kiyosaki
This may be the most important $15 you've ever spent. There's a reason this book has been heralded as the number one personal finance book for decades. Of all the investors I spoke to, 90% would say this book has had a big impact on them.
“Rich Dad, Poor Dad” is a motivational story – almost like a fable – that dispels the idea that you have to be rich to get rich. Based on his own account of growing up with a “rich dad” and a “poor dad,” he examines how two father figures chose different financial paths: regular income (where you earn money for hours worked) and passive Income (where you earn money). Money works to make money). Through passive income, the “rich father” increases his wealth with very little effort and thus gains more time for his life. Kiyosaki explores the common myths that you have to work harder to earn more and provides inspiration for those thinking about starting passive income.
But beyond these mindset-challenging fundamentals, the book also reveals important financial concepts, such as the difference between assets and liabilities (and why that difference is fundamental) and the power of entrepreneurship and investing.
If it appeals to you, don't stop there. Check out his extremely useful books The Real Book of Real Estate and CASHFLOW Quadrant: Rich Dad's Guide to Financial Freedom. As both titles suggest, they are perfect for an aspiring real estate investor like you who wants to achieve financial independence.
The Rental Property Investing Book by Brandon Turner
The Rental Property Investing Book is a comprehensive guide to building wealth and achieving financial freedom through the passive income from investing in rental properties.
But it doesn't just teach you the maxims of success. This book also explains why many real estate investors fail and how you can ensure this doesn't happen. Even better, it shows you how to find the best deals in any market – even competitive or declining markets.
Perhaps what I like most about this book is the actionable steps it suggests for things like financing rent. And for those looking for ways to preserve your wealth by deferring (and eliminating) taxes, Turner has strategies for you.
From a grab-and-go standpoint, this is another book that is for everyone. Both beginners and advanced users benefit from his ideas. If you like Turner's groundbreaking strategies, you may also want to check out his other books: “The Book on Investing in Real Estate with No Money Down” and “How to Invest in Real Estate: The Ultimate Beginner's Guide to Getting Started.”
What should I read next?
When I finished these books at the beginning of my journey, I didn't understand every concept. But it gave me just enough information to take my first actionable steps. And that's what we're all looking for as first-time investors. Let's face it: We can't sit around and read books and expect our lives to change. Instead, we can use this education to motivate action and get things done.
Today I shared some of my favorite books with you. But I know you have some great suggestions too, and I'd love to hear from you. What is your favorite investment book? Contact me through one of Passive Income MD's many communities to let me know. This could include signing up for the Passive Real Estate Academy waitlist, joining our Leverage and Growth Accelerator community, or attending one of our many events and conferences. When I see you, we can talk about how we can take the first step towards investing. It will be the start of an amazing and life-changing journey.
Thank you for taking the time to read my blog today. I look forward to your book recommendation. And until the next time I see you, keep striving for a financially free life.
Peter Kim, MD, is the founder of Passive Income MD, creator of the Passive Real Estate Academy, and offers weekly training through his Monday podcast, the Passive Income MD Podcast. Join our community in the Passive Income Doc Facebook Group.
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
