Hedland & Newman

5 must-read books for the budding investor

June 3rd, 2015 • 9 comments

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Ever wonder why some investors become more successful than others?

Reading books on not only practical applications of investing but positive mindset have been a huge contributing factor to my success in property investing, running several businesses and also in my personal life. So much so that in our team meetings here at CPG, we give an opportunity for a team member to share their key takeaways and lessons from a book they’ve been reading with the rest of the group.

Practical knowledge steps must be taken for an investor to become successful but what is often overlooked is the soft skills that a budding investor must develop. One of the ways to develop these skills is to read books that either demonstrate what has worked for other successful investors, or that tell stories of what made successful investors great.

Here are five books that I consider a MUST read for all property investors.

0-130 Properties in 3.5 Years – Steve McKnight

With more than 160 000 copies sold, this is Australia’s highest selling real estate book — ever!

Scores of investors (myself included) have used Steve McKnight’s wealth building information to discover how to achieve their financial dreams. Now it’s your turn.

Using his incredible real-life account of how he bought 130 properties in 3.5 years, McKnight reveals how you can become financially free by using cash and cashflow positive property.

4 Hour Work Week – Tim Ferris

If you want to live life on your own terms, this is your blueprint. This engaging book will make you ask the most important question that you will ever face: What exactly is it that you want out of work and life, and why? Tim Ferriss is a master of getting more for less, often with the help of people he doesn’t even know, and here he gives away his secrets for fulfilling your dreams.

You Inc. – John McGrath

John McGrath is CEO of Australia’s fastest growing real estate company, his core message is about being the best person you can be. He applies this to your business and your life. This is a book of strategies, tips and positive anecdotes that is destined to change all aspects of your life.

I have personally used the principles in this book over and over again in my life.

Rich Dad / Poor Dad

Robert Kiyosaki has, virtually single-handedly, challenged and changed the way tens of millions, around the world, think about money. This book is timeless, priceless and should be required reading for everyone (especially High-School kids). Seriously one of the best of all time and a must read.

5: Where will you be five years from today?

This book is such a favourite of mine, we take our clients through this exact process as part of their wealth creation journey.

Whether you are setting goals for retirement, considering a new career or direction or just looking for inspiration, here’s the most inspiring and compelling gift you can find.

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Questions

For me, the 7 Habits of Highly Effective People by Stephen Covey. Whilst I’m striving for maximum effectiveness, this book gave a good ‘kick’! I try to use some of its principles at home with my young children. Zoe

Comment by Zoe Cuming on June 4, 2015 at 11:29 am

I’ve always wondered the relevance of books like 1-130 properties in 3.5 years. These were written from experiences during the property boom, and were based on having your properties revalued as their prices went up to access more loan funds. I’m wondering how you now apply these principles to stagnant market, or even falling market like we are seeing in some of the WA mining towns.

Comment by Matty Nix on June 4, 2015 at 11:33 am

Hi Matty

Capital growth is certainly a fantastic positive to grow upon during the upswing cycles. Considering we can only rely on these conditions half of the time, it’s important to consider other strategies when times are flat or in the current case down. One option is high cash flow properties. Many properties in the resource towns can still offer cash flow positive returns during the downtimes. These returns can supplement the investors income and allow them to continue growing based on their debt level and individual circumstances. For investors stuck in a flat or downward cycle, it’s important to remember that this is a natural state of the property clock and that properties don’t keep increasing in value consistently year after year. Following years of growth there is always inevitably a period of stagnation and decline before the next growth stage swings round. Whilst property investors can grow their portfolio’s rapidly during the good times when grow is readily accessed, the responsible investor also prepares for the town times which inevitable will and do come each cycle.

Ryan Crawford

Comment by Crawford Realty on June 9, 2015 at 9:34 am

My favourite book is “More Wealth from Residential Property” by Jan Somers.

Comment by Yingying on June 4, 2015 at 12:18 pm

I liked the book The Richest Man in Babylon – one if those mindset books but great for bedding down the simple idea of saving more than you spend.

Comment by Maud Lyn on June 4, 2015 at 1:48 pm

Love the above mentioned books. Though have not read You, Inc or 5. Another great book is Think and grow rich by Napoleon Hill, Money secrets of the rich by John Burley. Science of getting rich by Wallace Wattles. As a man thinketh.

Comment by Michael on June 4, 2015 at 7:47 pm

To Zoe the principles are the same no matter where you are or what you are doing. You may need to look further a field to make your deals work. Or structure them in a way that will Gove you the desired outcome

Comment by Michael on June 4, 2015 at 7:51 pm

Ryan,
When do you decide that a property is not worth holding?
I have had a property for 8 years now and i feel we are losing a battle for it to go up in value.
We can afford to keep it but wonder if it’s worthwhile.

Comment by Brad on June 10, 2015 at 7:35 pm

Hi Brad

Generally the decision on whether it’s best to continue to hold or move a property on comes down to how well its serving you. Is it taking you closer or further away from your goals. Is it stopping you from investing into something which will get you there faster? Assessing your portfolios performance in this way will help you avoid making a decision based on emotion or time invested into the under-performing property. Our property coaches can assist with advising you on matter of portfolio performance and you nest move – you can register for one of our 1 on 1 sessions in person or on skype at http://crawfordrealty.com.au/one_on_one_property_workshop/

Ryan Crawford

Comment by Crawford Realty on June 15, 2015 at 12:24 pm