The 7 Best Books For Real Estate Agents at Any Experience Level

The 7 Best Books For Real Estate Agents

What books should every real estate agent read? Whether you are a brand new real estate agent. or an experienced veteran, these are the best books available for anyone in the real estate sales business!

Know someone thinking about entering the business? Send them this list! If you can commit to the strategies outlined in these books, you will have not only a successful career but a very enjoyable work-life balance!

Not every book on this list is ‘real estate agent specific’, but each one will help you improve and increase your business and personal happiness.

Click book titles for link to Amazon

 

 

The 7 Best Books For Real Estate Agents:

 

1. Seven Levels of Communication– Michael Maher
One Sentence Summary: Grow your business the right way, and that is through referrals and deep relationships.

2. Miracle Morning for Real Estate Agents– Michael Maher and Hal Elrod
One Sentence Summary: Win the morning, win the day, win the year.

3. Mastermind Dinners– Jayson Gaignard
One Sentence Summary: Become a connector of people and you can succeed at anything.

4. The Art of Selling Real Estate: Patrica Cliff
One Sentence Summary: The Real Estate business is hard work and takes a lot of time, and is the best business there is.

5. The Compound Effect– Darren Hardy
One Sentence Summary: Small changes, every day, over time, yield immense results.

6. Millionaire Real Estate Agent: Gary Keller
One Sentence Summary: Tried and tested strategies to build a referral based real estate business.

7.  How To Leverage Your Real Estate Business With Facebook 
– Skyler Irvine
One Sentence Summary: Proven sales strategies to increase your sales and how to use Facebook to leverage your impact with your sphere, without spending a dime on ads.

How many have you read?

For more recommendations of books visit: CashFlowLifestyle.net/books


So You Want To Be An Investor? Don’t Quit Your Day Job

 

Don’t Quit Your Day Job

I often get asked “Where should I start?” or better yet, “What would you do if you were me?”

 

If I were you? I would get started immediately! But that doesn’t necessarily mean investing in Real Estate. Here’s why:

I cut my teeth in the Real Estate Investing game at the perfect time to be in the Real Estate Investing Game. I knew this at the time because everyone told me how stupid I was for getting into real estate in 2009.

This was a combination of being introduced to the right books at the right time, investing my savings and income made from my first company into Kiyosaki Real Estate courses, and eventually just pulling the trigger on my first property purchase.

I was VERY fortunate. All of these factors had to come into play at the right time for me to succeed. Not to mention I was born in 1984, graduated college in 2007, and then fired from my corporate job in 2008. If I was born a few years earlier and things were different, maybe I would have invested in real estate at the worst time ever.

I know I am lucky, but I also know that I was willing to take the risk when others wouldn’t.

However, risk taking is easy when you are unemployed and living with your parents. It gets harder in your 30’s when you are married with 2 kids. I get this.

This is why I am very cautious when people ask me how they should get started investing in Real Estate. You can do all the homework in the world, but eventually you will have to pull the trigger.

So before you do, make sure you have the following covered:

It Must Cash Flow!

What does this mean? You should know by now, but if not here is a refresher. It should put more money into your pocket every month than it takes out.

If it doesn’t cash flow after mortgage, taxes, insurance, property manager fees and miscellaneous repairs, than it isn’t an investment. Its a liability. Even if its losing just $100 a month, you try and convince yourself its a good thing because  of  appreciation, and taxes and blah blah blah.

The problem with losing money on an investment is
A- It’s dumb to lose money on an investment
B- How many of these “investments” can you afford if its losing money every month?
C- You won’t get rich by losing money.

Which brings us to number two:

You Are Going To Use A Property Manager

I don’t care if you only own one rental property, use a property manager. If you don’t, you will never buy number 2. Trust me. I see it countless times.
Or if you end up being the exception to the rule and do purchase a second rental property, you become a full time land lord and your other income producing projects suffer or become non-existent.

You are investing in Real Estate, you are not switching job careers to property management.

Your Best Course of Action is to Purchase a Primary Residence, and then Rent It Out

The best wealth tool that everyone in America has access to is your mortgage on your primary residence.

It’s the best interest rate on any loan you can get, and its secured by real property. And you get access to a couple of these over your lifespan if you are smart about it. So be smart about it.

Don’t Quit Your Day Job

If you want to be a writer and you aren’t writing every day then you don’t really want to be a writer.

If you want to be an investor and you aren’t reading on your lunch break, listening to podcasts and audio books during your work commute, and attending seminars on the weekends, then you don’t really want to be an investor.

How will quitting your job make you a better investor? It wont.

So whats the secret to investing? Working your ass off. There is no free time. Time is money. Time is Valuable. Time is a rare asset.

Never in the history of the world has there been so many different ways to make money for anyone at any time in any country.

Before You Invest In Real Estate

Ask yourself why do you want to invest in real estate.

Seriously.

Ok, then read this: “Why Do I want to invest in Real Estate?”

Answer: Because I want passive income and investments.

Then ask: “Why do I want Passive Income and Investments?”

Answer: “So I have the freedom to live the life I choose!”

Lastly: “What Life would I choose if I could?”

Answer: (This is where you come up with your own answer)

Does your 3rd answer line up with question number 1? Then great! You should start investing in Real Estate ASAP!

Does your 3rd answer describe something else that has nothing to do with Real Estate investing?

Well then maybe real estate isn’t for you? I am learning that it isn’t for everyone. But that’s ok, because only 64%-68% of the American adult population historically owns real estate, and that includes the real estate boom of 2006.

Maybe what you really want is to travel the world. There are other ways to generate income that will allow for this. Maybe you can intern at an embassy in a country you want to spend time in? Don’t need to own real estate for that.

For me, real estate made a lot of sense, and still does. But we are also not in the same market we were before. This is why I also diversify into stocks and other small business opportunities.

If you plan on spending more than a couple of years in any one place, I highly recommend buying a home and renting the rooms out. If you have a family and this isn’t conceivable then I recommend buying a home and in a few years moving to another one and keeping your first as a rental.

If you can do this every 3 years imagine the position you will be in after a short decade. The time is going to pass by anyway!

Make these types of decisions as early as possible.

Or don’t. Just keep doing what you are doing and keep getting what you have been getting.

What do you think? Love this? Hate this? Let me know!


Investing in Real Estate Vs. Stocks: Which is Better and Where Do I Start?

Real Estate vs. Stocks: The Final Showdown?

Facebook Question

The problem with answering this question is like asking a person which is better: sports or music? For each individual the answer will vary based on experience, preference and/or internal desires.

Additionally, how broad of a statement this: Which is better: sports or music? Better at what? Better how?

Same goes for Real Estate and Stocks.

Confused yet? Let me explain:

Advantages of Real Estate over Stocks:

Real estate is one of the best, if not the best, ways to build wealth in America. This is due to 2 important factors. Leverage and tax breaks. No other investment option provides these two factors which allows an individual to build wealth faster than any other investment.

But to clarify, these tax breaks and leverage opportunities for the individual only apply to your personal primary residence. Or in other words: your home. However, the term ‘Real Estate’ includes commercial properties, industrial, retail, apartment buildings, in addition to residential real estate. So when someone asks me “Which is better, stocks or real estate?” the first thing I have to do is explain the myriad differences.

  1. Buying your first home
    1. FHA loans 3.5% down payment
    2. 10-20% down payment conventional
    3. Investment properties 20% typically
    4. Mortgage limits, much tougher after 4 mortgages
  2. Buying investment properties vs. trading up your primary residence (2 years)
  3. Power of Leverage
  4. Tax Breaks of Home Ownership (Mortgage Interest Deduction)
  5. 1031 Exchanges.

The same broad confusion goes with stocks.

  1. ETFs
  2. Mutual Funds
  3. Stocks
  4. REITS
  5. MLPS
  6. Index Funds.
  7. Tech Stocks, Retail, Energy, Consumer.
  8. Dividend Stocks vs Growth Stocks.

Advantages of Stocks over Real Estate

To start: you can begin investing in stocks at a much lower cost than real estate. Investing in any type of real estate requires more capital, but with stocks you can open up a brokerage and begin investing with a few hundred dollars.

Stocks are also liquid investments, meaning you can liquify, or sell,  your stock portfolio quickly if you need to. However, this can be both good and bad. In times of panic everyone can liquify. This is why the stock market is more volatile than real estate, meaning it can rise and fall at a much faster rate.

“If the biggest investment you ever make is purchasing your home, then you are doing it wrong.” Your home will be a very large investment indeed, but it cannot be your biggest and/or only investment.

There is no one piece of perfect advice to give, when it comes to starting your investment portfolio, because times change markets, and regions impact results.

For example, the Phoenix Real Estate market is much different than that of New York City. And while I may like certain stocks today that I would adivse others to get into, you may be reading this a year from now and new information may have presented itself to change market conditions and provide better opportunities elsewhere.

This is what makes The Cash Flow Lifestyle such a crucial concept in your path to financial freedom. There are a few guiding principles to live by, thus a lifestyle, but there is no “end all be all” way to live it.

Every major real estate investor I know also has a very large and diversified stock portfolio. Same goes for all the major stock and bond investors I deal with in regards to owning real estate.

There are a few younger stock investors I know that still prefer to rent and stay out of the real estate market, but when I talk to them about why, its usually because they are still waiting on they type of home they want to buy  to become available, and also because their way of life depends on having a large ammount of capital working for them in the market.

Similarly, fix and flip investors I have worked with have so much money tied up in their projects that they have yet to diversify into more liquid investments, like the stock market.

However, keep in mind these are two examples of people still working for their money as opposed to their money working for them. There is money that can be made fixing and flipping houses, but no matter what anyone says, it is very capital and time intensive work. I know.

And for those who argue day-trading is a path to working your own hours and setting your own schedule, this is true if the schedule you want to set for yourself is 8-10 hours a day of studying and researching the markets.

There are easier and better ways to make moey, but society has an obsession with house flippers and day traders. But remember, these are jobs, not passive investment opportunities.

One question I often struggle with is when a  person I have never met asks me what it is I do. This is because I do a lot of different things, mostly looking for market inefficiencies and then capitalizing on them. But this is too much to explain at a cocktail party. The most positive response I ever got were the years I was flipping houses. It was as if I told them I was a cowboy from the wild west.

“Isn’t that dangerous?” They would ask.

“Isn’t that risk?y”

“Do you have your own TV show?”

“Yes, Yes, and no. What I do is too dangerous for TV.”

I am not too proud to admit that there were times I wanted to keep flipping houses just for the mystique that came along with it. Even as margins were dropping and I was working longer hours for less money. But don’t be fooled by the late night infomercials or the scammy-looking Facebook ads.

Even the successful day-traders and home flippers work long hours, spend a lot of time researching, and have a lot of their personal wealth tied up in their investing. Oh, and of all the people I have met who tried day trading and flipping houses, very very few were successful over time. And all of them have at one point or anther lost a lot of money. No successful investor hasn’t.

So which is better: Stocks or Real Estate?

Hopefully I have explained how impossible this is to answer. Remember the analogy of which is better music or sports?

The answer is too subjective.

Athletes listen to music and entertainers sit courtside at sporting events. A good mix of both is best.

Stock investors own homes and a real estate portolio and real estate investors keep liquid assets to fund their businesses.

Finding the right balance is key. But balance is difficult when you are first starting out.

Real Life Advice:

Too many books and blogs out there spend too much time dodging actual advice. Although I spent the last 20 minutes explaining how this question really cannot be answered, let me know explain what I would if I were starting from scratch today:

I am opening a brokerage account (e-trade is what I use) and putting at least 10% of my income into stocks every month. If I am very risk adverse, I am buying Vangaurd Index Fund. If I am more educated and searching for cash flow, I am buying dividend stocks, starting with energy companies followed by REITS. (I am investing in energy companies with a proven track record of growth and dividends. This can include producers, transports and pipelines. I am not investing in new tech like renewables and solar/wind.)

I am also looking to buy my first house, 3 bed 2 bath single family home somewhere close to where I work or maky my living. Depending on the numbers (purchase price, taxes, interest rates, going rents) I am purchasing it as my primary residence to get the best loan and tax breaks out there, and then I am going to rent out the two spare rooms.

After 2-3 years I am going to look for another home and do the same thing. When I move I am going to continue to rent my first home out, but this time all three bedrooms. This only works if the rents are covering all my my expenses, however. So its very important you run all of these numbers and scenarios from day one. It might make more financial sense to put more money down on your purchase, so that your monthly expenses are lower (usually avoiding mortgage insurance premium is your best bet.)

All the while I am putting 10% of my income into the same stocks.

I am going to continue to do this for 10 years. This means after 10 years I should own three houses, and a cash flow producing dividend stream in my stock portfolio. The stock market has most likely risen and fallen 5-25 times during this period.

I didn’t notice though, because I was just focusing on my 10% into stocks every month and looking for my next real estate investment. There are times where I will fund my real estate investments with money or income from my stock portfolio. This is why I have my stock portfolio.

There is no reason that this strategy will not work. If it won’t work in your part of the country then move. If you can’t invest 10% of your income every month then stop spending money on other crap. This strategy does work, but only if you are committed.

This is a 10 year plan that anyone can follow. This was my first ten year plan. It works.

Some mistakes I made along the way that you can avoid, and also advice to adhear to:

Avoid condos. Maybe there is an instance where they make sense, but they will never appreciate as well as single family homes and you are always at the risk of the HOA raising its costs. This cuts into your cash flow deeply and is tough to predict.

Work with people and professionals that have your best interest in mind. Then question why they might have your best interest in mind. Usually only you will have your best interest in mind, which is why you need to invest in yourself.

Never stop educating. If you are in a career, attend every conference, seminar, read every book and watch every youtube clip on your profession. Be the best at it,  most educated and most driven. Become irreplaceable. Become the person people want to follow. Whether you leave companies, careers, it doesn’t matter. You are being paid to learn, so invest a little extra in yourself.

Learn other skills as well. Learn how to write better. Or learn how to make youtube videos. Learn how to understand Facebook or other new technologies. There are hundreds of books on every topic. Read them. Get an amazon kindle unlimited subscription and read ebooks all the time.

Your industry has changed, is changing, and will change much more, in the next 10 years. Be prepared for it. Or better yet, be the reason it changes.

Keep the focus on your why. Sometimes times get tough, stick to the plan. Sometimes times get really easy. Stick to the plan. Sometimes you get so tied up in your sucess and achieving goals you may forrget why you are working so hard in the first place and instread just work hard to get better or to beat your competition. Remember your why.

So Real Estate vs. Stocks, which is better?

They both are.

How could this article be better?Like this? Hate this? Let me know! www.twitter.com/skyler_irvine

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