Just wrapped up Real Estate Is a Team Sport by John Carney.
Here are my overall thoughts:
It’s a great book for investors just starting out or who haven’t purchased their first property. The book is structured so that it describes each of the 9 team members you’ll need to be successful. The author, who is a Best Ever Guest (hear is Best Ever advice here) is originally from the United States but has lived in Australia for many years so there’s a heavy slant towards investing in Australia in the book. However, tips and most of the team members he mentions are applicable in both countries.
Perhaps the most valuable aspect of the book is at the end of every chapter John summarizes the key points and in most cases gives you things to watch out for and questions to ask the prospective team member.
My 3 Takeaways from the book:
- Active management of your properties is required to be successful. On page 18 he compares the constantly check-ins on a property to the constant check-ins and maintenance you have to do on your car. You wouldn’t just buy a car then not fill it with gas, right?? Right. Same goes with your properties. You’ve got to constantly be vigilant when overseeing the mgmt. even if there’s a property mgmt. company involved.
- A couple questions to ask accountants when determining if they will be on your team:
- How many properties do you own?
- How do you help your clients profit?
- On page 136, John lists out the two must have characteristics that you should have in a partner. They are:
- Shared values
- A skillset that you don’t possess
You can buy the book here: http://amzn.to/1P1qqND
Hope this is your best day ever,