Recommended Reading

Hi Guys,

Just found this site yesterday and am loving it already. So much information on here to gain knowledge from.

Was wondering what books people are reading and what you would recommend. I know there is a sticky here with a reading list but it was made back in 2002 an I figure some of the books there would be out of date by now.

The most recent books I have read are:

Steve McKnight - 0 - 135 Properties in 5 years
Peter Spann - $10million in property in 10 years
Jan Somers - Making Wealth through Investment Property (this was written in the early 90's and I think things may have changed since then?)
Dr Schwartz - The magic of thinking Big.

I went to Dymocks today and also picked up:

Michael Yardney - How to Grow a multi million dollar portfolio
Margaret Lomas - 20 Must ask questions every property investor must know

I'm just trying to get a handle on the right strategy to make help me acquire the most wealth in the long term. Initialy I liked Steve McKnight's idea of getting positively geared property from the get-go, but after reading a bit more and talking to a couple of people it seems that if I negative gear in the early stage then in a short time the property will become positively geared and also get great capital growth (if bought in the right area).

I would ideally like to have $200,000 passive income per year from property in around 7 to 10 years. ;-)

Looking forward to all your replies.

Another recent book to add would be 'The Property Puzzle' by Stuart Wemyss.

For inspiration starters and a different selection of strategies that have worked for people in Australia (and maybe still do!) would be

'Building Wealth Story by Story' Jan Somers &
'Ordinary Millionaires' by Jim McKnight

Also for some information on how to work on the 'Why' of investing rather than the 'How' I quite like 'Wealth Sabotage' by Dale Gatherum-Goss, not sure the best way to get that though.

The local library system should have a great selection, I pay 80c to order books through the Brisbane system and if they are classics then I buy them later.

Paul Do - I buy houses

Paul Do - I buy houses - fantastic read. Thanks to an earlier post that recommended this.

Read through a few books just before we got access to our first place...now I haven't picked one up in 4 weeks! This might give me some motivation to start reading again soon!

Hi mate,

Welcome to the forum.

The Jan Somers book (even though old) explains the fundamentals really well. The Margaret Lomas 20 questions book is a good read (especially if you're looking into buying CF+ IPs). I read some Dolf De Roos stuff which is good as well - then there's the entrepreneruial mentality stuff by Kiyosaki.

I enjoy the investment mags as well (Australian Property Investor and Your Investment Property). I found them to be good value - for $10 a pop I seem to always learn something new and I continually refer to them down the track.

All the best with the investing - you'll find plenty of help on the forum.

Cheers,

Jamie

Thanks for all the help guys. I'm so keen to get started and just can't stop reading everything I can lay my hands on to soak up more knowledge.

Really like the idea of the magazines as well. Wasn't sure which ones were available so thanks for pointing the names out for me Jamie.

Andrew_A said:

Another recent book to add would be 'The Property Puzzle' by Stuart Wemyss.

Click to expand...

Thanks for the recommendation Andrew.

I have to say that I wrote The Property Puzzle for this very reason – to help people through the planning stage so that they could develop a property based investment plan using the various strategies out there. I approach the book with an agnostic view of strategies and wanted to let the numbers speak for themselves.

they are all good , but missing the key fundementals about money management, read: The Richest man in Babylon. this would give you the why some folks a wealthy and others struggle every day of their lives?

Here's my list, though I forgot "The wealthy barber" which I loke more than RMIB.

Piston Broke said:

• Building Wealth through Investment
• Building Wealth in Changing Times
• Wealth Magic: From Broke to Multi Millionaire in just 7 years
• How to Build a 10 Million Dollar Property Portfolio in 10 years
• I buy houses" by Paul Do, my review: http://www.somersoft.com/forums/showthread.php?t=58976
• How to get rich rewards in Real Estate
• Massive Profits in Real Estate by Adding Value & Renovations
• How to win friends & influence people
• The magic of thinking big

Click to expand...

I will investigate Stuart's books next

craigb said:

they are all good , but missing the key fundementals about money management, read: The Richest man in Babylon. this would give you the why some folks a wealthy and others struggle every day of their lives?

Click to expand...

Wikipedia gives a concise summary of this book

Hi All

Yes I'm with Samantha, I"m half way through the Paul Do book , and its very good I must say

Will also have a read of stuart W book as well,

if only because of the fabulous authors name.

signed Stuart

The Millionaire Next Door,

You can be rich and fly under the radar!

You don't have to have the flash car and all the crap to be well off and enjoy your life.

Cheers
Graeme

Andrew_A said:

Also for some information on how to work on the 'Why' of investing rather than the 'How' I quite like 'Wealth Sabotage' by Dale Gatherum-Goss, not sure the best way to get that though.

Click to expand...

Wealth Sabotage its one of the best ebook/spread sheet program I have ever read and used.

IMHO its a must have!

I have recently re read Wealth Sabotage, definitely a worthy read, it is written in a way that really seems to make it sink in easily.

Can't go past Richest Man in Babylon or Rich Dad Poor Dad if you're looking to begin with the fundamentals either.

Rixter said:

Wealth Sabotage its one of the best ebook/spread sheet program I have ever read and used.

IMHO its a must have!

Click to expand...

The book I am reading now is "The Accounting Game" by darrell Mullis
Although its not one of make you rich nor a property book, its good for learning accounting concepts . if you are not from the accounting background (like me) its definitely a good read.
Now I can read and understand the yearly strata reports