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A book I used the actual ideas from (rather than just studied) was The ABC's of Real Estate Investment by Ken McElroy. I also hired mentors that covered differ
by raintrees 7y ago
A book I used the actual ideas from (rather than just studied) was The ABC's of Real Estate Investment by Ken McElroy. I also hired mentors that covered different aspects, from The Wealth Factory (A Garrett Gunderson company), Paradigm Life, and Rich Dad Advisors, among others.
The last has given me the most help and is the reason we have had the success we have so far experienced; Ironically, it tends to get down-voted with a quickness on HN. The principal (Kiyosaki) is quite controversial, maybe due to his anti-establishment method. That and possibly his crude language/delivery. He also has stretched the truth about his own experiences, another negative. But the basic knowledge is the same that has worked for Real Estate for many, many decades (more?).
The leverage is the same used in the USA for home mortgages - We put down 25% and the bank lends 75%. If you can take advantage of assistance programs (i.e. First Time Buyer, Military GI Loan, etc.) you may find even better terms for non-commercial residential (less than 5 doors).
Some of my mentors have recommended buying a duplex or triplex to get started, and living in one of the units. It can mess with the tax advantages, so work carefully with a CPA, but it can almost seem that financially, the tenants are paying your mortgage and basically buying the property for you.
I prefer always using a Property Manager - Less profit, but also no calls at 2:00am about plumbing issues, lost keys, etc.