Assuming you're starting from scratch, and without repeating what /u/Laser45 already said, definitely read up on whatever books you can get your hands on, and avoid Gurus. (Very, VERY few classes are worth their cost) This is one of my all time favorites, which you should be able to get as a freebie on an Audible trial:

The Millionaire Real Estate Investor
by Gary Keller
https://www.amazon.com/Millionaire-Real-Estate-Investor/dp/0071446370

If you have $30k in savings, I would recommend looking into putting that into a high-yield checking account - such as: Kasasa Cash (4% APY, 7.5k cap [1]), LMCU (3% APY, $15k cap [2]), Option1 CU (4% APY, 10k cap [3]). Links below.

Biggerpockets is good... but beware ALOT of it is fluff, and not all of it is accurate. Worse - much of what is presented is shown and appears alot easier to execute and implement than it actually is. Many people lose sight of the fact that - when they wholesale, do subject-tos, drive-for-dollars, etc. - they are essentially building a new business from scratch and applying ALOT of time and elbow grease... with very little protective "moat" that prevents the competition doing the same. Even if you're complete / have done your first deal - does the profit on a $/hr basis make sense, or did it make more sense to better educate yourself at your main line of work (or even get a second job)?

Ultimately, you have to decide if you want to be an "investor" - or - if you want to "buy another job." Always quantify your options, make sure the $/hr figure makes sense - and of course, make sure you feel 100% comfortable with it.

---

[1] https://www.pelicanstatecu.com/accounts/personal-checking/index.html
[2] https://www.lmcu.org/banking/checking/checking_max.aspx
[3] https://www.option1cu.org/personal/Checking/edge-checking

You'll probably find "The Millionaire Real Estate Investor" to be a very good read. It talks about a lot of different real estate concepts that are still very applicable today. I particularly enjoyed his thought process on how to identify a good real estate opportunity and how leverage in real estate can make you wildly successful in real estate investing.

There's also a very good answer that I found on Quora relating to real estate investing that you might find interesting.

I buy all my properties (12 units) long distance since I am in a similar situation to you - I live near DC.

To keep it simple, the #1 thing you need to do is build a team of pros that will help you. Since you're not there, you need people who could do everything without needing you there.

The most important person on your team is your Realtor since they in turn could help you build the rest of your team. You want someone who does a lot of volume in the area and preferable invests in real estate themselves. You'd be surprised how little realtors know about investing unless they actually experienced it. Check out Zillow reviews for good realtors. More reviews the better.

I was actually going to write a book on it until someone beat me to it. I've read it and it's pretty spot on. He uses checks and balances with different people on his team to make sure everyone goes as planned. I have a family member close by who manages my renovations so I have a slight advantage.

https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750

Sure thing. I buy with cash. My capital was built through buy and hold investing with single-family homes. After awhile, I cashed out and went into mobile home investing. For the time being, I buy the individual homes but will be venturing into land. Think the two go hand in hand. I've written extensively about my journey in my blog as well as in my book. Hope that helps!

There are a few schools of thought. On one side is the BRRRR method, where you leverage your properties to build your portfolio. Its riskier, but allows you to build quickly.

Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple https://www.amazon.com/dp/1947200089/ref=cm_sw_r_cp_apa_i_JQSHDbXM4BE7R

The other end of the spectrum is Dave Ramsey's method, of paying cash in full for all your properties. It ties up your cash, but, if the market takes a down turn, you can afford to rent it out for the then market rates. Its far less risky, and slow to start, but most of your rental income is profit. And once you get a few paid for properties, the income starts rolling and you can build as big as you want.

The Total Money Makeover Workbook: Classic Edition: The Essential Companion for Applying the Book's Principles https://www.amazon.com/dp/1400206502/ref=cm_sw_r_cp_apa_i_8SSHDbWCFDPG8


This one was on a list of recommend books

The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Intelligent Buy & Hold Real Estate Investing! https://www.amazon.com/dp/099071179X/ref=cm_sw_r_cp_apa_i_yoSHDbKZR7WT0

This is not a current book but it is still my all-time favorite as far as getting stoked and motivated about WHY real estate works so well for wealth building. My only disagreement is this guy is comfortable with higher debt levels than I am. Other than that, it's an awesome book which explains why and how you should invest in real estate.

(Kindle version is $13.)

https://www.amazon.com/Real-Estate-Riches-Bankers-Advisors/dp/0446678643

Well, it's good that you're starting young and have cash to invest. I would suggest looking at a variety of investing opportunities to diversify and to study it as much as you can.

Here are some great books that could help you along the way:

- The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Smart Buy & Hold Real Estate Investing

- How to Invest in Real Estate: The Ultimate Beginner's Guide to Getting Started

And for concise, step-by-step information on the basics of real estate investing, I would recommend this short but helpful guide.

​

https://www.amazon.com/gp/product/099071179X/ref=oh_aui_detailpage_o08_s00?ie=UTF8&psc=1

I just finished this book and it's outstanding. I couldn't put it down. It's packed with great information and there is even an index of forms in the back to give you an idea/template of what you will need. The author is the guy from the 'bigger pockets' podcast and he covers in good detail what you'll need to know.

I’m wrapping up a book on long distance real estate investing and I think it sounds like a pretty feasible thing to do. The book: https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750.

His basic thesis is that with current technology you can set up a system and team that will allow you to avoid the pitfalls associated with being far away from your investment. He suggests finding a realtor, property manager, contractor, and lender in the given location and using them as your eyes on the ground, while also using each of them as a check on the other (e.g. if your realtor tells you a house will make a great rental, make sure you run it by your property manager).

The big advantage is that you get to pick a market that suits your real estate investing goals. I’m in a major metropolitan coastal city so it’s basically impossible to find properties that will cash flow with the amount of money I have to invest. That’s not true in many other parts of the country, including several that are expected to see population and economic growth.

I found the book to be a little repetitive and not particularly well written, but well worth the $16.

Hijacking the top comment to say you really should check out Set for Life: Dominate Life, Money, and the American Dream. https://www.amazon.com/dp/0997584718/ref=cm_sw_r_cp_api_FNjKBb42T04HZ

The strategy u/Gold_Flake is described at length in this book and is described as “House-Hacking.”

You can search “house hacking Bigger Pockets” into Google and get a bunch of great search results that also describe this method.

Good luck!

https://www.amazon.com/Multi-Family-Millions-Reposition-Apartments-Profits/dp/0470267607


David Lindahl. Great stuff.

https://www.amazon.com/Real-Estate-Finance-Investments/dp/0073377333


https://www.amazon.com/Real-Estate-Development-Principles-Process/dp/0874203430


https://www.amazon.com/Real-Estate-Transactions-Finance-Development/dp/1422429865

Happy reading!

I agree with /u/dingohopper1 in distinguishing between idiosyncratic and systematic risk. So if you have a ton of money in a single property or location, you have a large exposure to idiosyncratic risk. Efficient markets theory is that you should only receive compensation for exposure to systematic risks - not systematic. The most common / largest systematic risk is exposure to the "g" or growth factor of economic conditions.
Given a large part of the appeal to real estate investing is the possibility of inefficiency, many fractured local markets are less than perfectly inefficiency and you can find a deal.
Reading the book Asset Management: A Systematic Approach to Factor Investing by Andrew Ang, who was a professor at Columbia and now head of factor investing at Blackrock, convinced me to think in terms of exposure to factors, or systematic risks, rather than asset classes such as stocks, bonds, etc. Retail real estate and most US equities both have a large systematic risk exposure to economic growth. Residential real estate, such as apartments has lower exposure to this systematic risk. Thus, in the long run apartments should have lower returns than retail real estate; just as treasury bonds have lower long term lower returns than common stock, with investment grade bonds in between.
In summary: I think it is best to avoid stupid/unsafe idiosyncratic risk such as pledging one property for another ad infinitum by which all your idiosyncratic risks become correlated and you can lose everything. I try to think broadly in terms of the systematic risks I am exposed to. The most common in real estate are: growth, inflation, and interest rates. Your choices, e.g. floating vs fixed, effect your exposure to these systematic risk factors.
EDIT: I agree with Bogle on 4% REAL / 6.5% nominal / 2.5% inflation over next 10 years for US equities. I believe emerging market equities will provide much higher returns. This is due to to the divergence in valuation.

What you’re actually trying to calculate is Internal Rate of Return (IRR), which assesses the total return of a property against other potential investments.
I highly recommend picking up Frank Gallenelli’s book “What Every Real Estate Investor Needs To Know About Cash Flow...”

https://www.amazon.com/dp/1259586189/ref=cm_sw_r_cp_api_i_u3C7CbS0Y2RVK

For rentals this is a good overview..

https://www.amazon.com/Book-Rental-Property-Investing-Passive-ebook/dp/B018UTI2DO/ref=nodl_

Matter fact, recommend listening to bigger pockets podcasts too

https://www.amazon.com/dp/0997584777/

https://www.amazon.com/dp/B000KO6UHS/

​

I have not purchased notes, but these are the two books I've heard recommended.

​

I would go with something generic like https://www.amazon.com/Real-Estate-Investing-Dummies-Tyson/dp/1118948211/ref=mp_s_a_1_16?keywords=real+estate+investing&qid=1569616009&sr=8-16

I'm in a similar situation. I live near Los Angeles City. The price to rent ratio is like 0.3. I have been reading David Greene's book, Long Distance Real Estate investing

https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750

This book is very good, admittedly I haven’t actually done it yet but I’m planning on it.

https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750

Check out this book from David Greene: https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750

While I haven’t jumped on his strategies just yet, I plan to for my first multi-family purchase as living in Boston anything over 2+ units is crazy expensive. Really really good read.

I haven't read it yet but I'd imagine Recession proof real estate investing by J Scott would have useful information

Link:
Recession-Proof Real Estate Investing: How to Survive (and Thrive!) During Any Phase of the Economic Cycle https://www.amazon.com/dp/B07QSF3TNY/ref=cm_sw_r_cp_apa_i_mmXQDbK8MNZMX

Read this.


https://www.amazon.com/Self-Directed-IRA-Handbook-Authoritative/dp/061587343X

And if youre looking for reading material, I suggest this book: https://www.amazon.com/Best-Ever-Apartment-Syndication-Book/dp/0997454326

The Skinny on Real Estate Investing

https://www.amazon.com/gp/product/0981893562/ref=oh_aui_search_detailpage?ie=UTF8&psc=1

The Skinny on Real Estate Investing: An Introduction to the Subject

https://www.amazon.com/gp/product/0981893562/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1

As long as you have a plan on long distance investing then this is fine.

​

look into a fha loan 3.5% deposit since you'll be there for at least a year.

​

https://www.amazon.com/Long-Distance-Real-Estate-Investing-State-ebook/dp/B07818K85L/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=1555435656&sr=8-3

check out biggerpockets.com and specifically this book or audio book:
https://www.amazon.com/Long-Distance-Real-Estate-Investing-State-ebook/dp/B07818K85L

Gross profit return or gross property rent. Read this

https://www.amazon.com/Book-Rental-Property-Investing-Intelligent/dp/099071179X/ref=nodl_

READ THIS BOOK BEFORE YOU DO A DAMN THING.

https://www.amazon.com/Long-Distance-Real-Estate-Investing-State/dp/0997584750