Taking the Plunge: Birds on a Wire
Let me share a story with you about three birds on a wire. These birds have been sitting on the wire looking for new nest locations for themselves and their families. They would plan to buy and hold a great deal of nests so that one day they could combine their “nest equities” into massive bird mansions where they could store a large amount of eggs to propagate their species and dominate the bird kingdom. They also dreamed of finding old nests and improving them or letting other families rent from them in order to build a bigger empire of nests. They boasted about eating the finest bird seed, dining on the freshest worms, and occupying every branch on their trees.
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Since the beginning of Spring, they discussed this great plan, but remained on the wire as Spring began to warm up and transition into summer. Finally, one of the birds chirped, “Guys, spring is ending soon and we need to start our families. It’s time to leave the wire and make our dreams a reality.” The birds all agreed and shouted in unison, “Okay we’ve decided to leave the wire!” They were all excited about their future and their plan to execute their dreams.
What became of the birds’ real estate conquests that they dreamed and talked about for weeks and months on end? How many birds are left on that wire? If you guessed “zero” you are wrong. All three remained. The birds remained on the wire through the end of Spring, all Summer, and Fall. Eventually, the leaves fell and the birds realized their opportunity was missed. “But wait a second, you said they had decided to leave the wire?” Yes, they did decide to leave the wire…but that’s all they did. Deciding to do something is not the same as actually making an action plan and doing it!
Take the Plunge
“Leap and the Net Will Appear” – John Burroughs
The story above is designed to motivate you and light a fire under your behind. If you were ever thinking about, planning, or deciding to invest in real estate “some day”, now is a great time. It’s not just because of low interest rates and cheap money that is available to be borrowed. It’s not simply due to the rise this year in the Case-Shiller Home Price Indices and the general rebounding of the housing market. It is due to the fact that your dreams come true when you act to turn them into realities. If you don’t take action now, you may never do it at all. “Taking the plunge” is often the hardest part, but once you get going, your education will increase exponentially and unseen forces will come to your aid. Make careful calculations and never think lightly about purchasing an investment property. Before you fly off of that wire, make sure you know how to fly first. Ensure the numbers work.
The question we get a lot is “How do I get started in Real Estate Investing? How do I run the numbers? I don’t need a bunch of pep talk and fluff about birds leaving the wire, I want solid, practical advice.” With that, I would like to recommend three of my favorite real estate books and invite you to read them cover to cover, get familiar with the concepts they present, and take flight. I am a fan of audio books, so I will list one here (I prefer Audible.com for audio books), but the other two can be purchased via hardcover as well.
Robert Kiyosaki – You Can Choose to Be Rich (Audiobook)
This is one of the best audio books for investing, starting a corporation, or escaping the rat race. If you’ve ever heard of “Rich Dad, Poor Dad”, this is the same author. Kiyosaki deep dives into the benefits of real estate, calculations, starting an LLC/corporation, and the four types of income: Employee, Self Employed, Business Owner, and Investor.
Ken McElroy – The ABC’s of Real Estate Investing
This was instrumental in helping me purchase my first investment property. I carried this book with me and referred to it throughout the entire process of finding and analyzing the deal, making an offer, getting it into escrow, and closing on the property. You will learn how to run the numbers on any investment and understand how an automated tool like AssetRover will shave hours of time off of your calculations.
Gary Keller – The Millionaire Real Estate Investor
Real estate entrepreneur Gary Keller provides a very practical guide to real estate investing. He walks you through key terms of any transaction and shows you how to zero in on the best deals. He stresses the importance of net worth tracking, lead generations, and the benefits of a strong team and network while building your real estate empire.
There are endless books out there on real estate, but I hope you will find these hand-picked selections useful and if you’ve read them already, or have suggestions of your own, we’d love to hear from you in the comments below! Although we will be doing a great deal of topics on real estate and also reviewing some books in greater detail, we feel the best way to get started is to offer up some of the best books on real estate to help you start visualizing the successful real estate investor inside of every one of you!
Don't forget to check out our free rental property calculator. This will be a valuable tool in your arsenal as you analyze your existing or potential rental properties. Benefits: Thank you for your ongoing support and happy investing! – – – –
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Before you leave:
Disclaimer: The information presented does not consider your particular investment objectives or financial situation and does not make personalized recommendations. This information is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, AssetRover recommends consultation with a qualified tax advisor, CPA, Financial Planner or Investment Manager.
Don't forget to check out our free rental property calculator. This will be a valuable tool in your arsenal as you analyze your existing or potential rental properties.
Thank you for your ongoing support and happy investing!
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