Books for learning about real estate

[jemn]

I'm interested in learning about the real estate industry (no specific sector yet). I've noticed many folks here are into real estate and wanted to ask for some guidance. Can you guys recommend some books for me to read? or any other materials or things that might be helpful for learning about the subject? thanks!

[Gregmal]

Immerse yourself in the markets you want to learn about. Track whats for sale, what sold, etc. Call brokers and shoot the shit. Read the reports put together by the big guys. Learn what drives pricing; its different for each area but common threads exist. Stuff like the below attachment is easily available. CWRetail.pdf

[hasilp89]

Ditto that below is some of the technical stuff - but for RE you have to know your market - driving/visiting markets and paying attention to what's going on is priceless. I also use Business Journals (Charlotte Business Journal, Nashville Business Journal) to keep a pulse on what is being developed in markets i'm interested in etc.

1. would recommend filings and transcripts, most REITS publish very detailed supplemental financials with detailed breakdowns by property. 
2. For NNN space read investor letters by Chris Volk for STOR - they are very informative
3. I read this while back (real estate game) - i don't believe i finished it (telling) but it does have some good stuff in there. Believe the author was associated with Seth Klarman at some point in the based - https://www.amazon.com/Real-Estate-Game-Intelligent-Decisionmaking/dp/068485550X/ref=asc_df_068485550X/?tag=hyprod-20&linkCode=df0&hvadid=312025907421&hvpos=&hvnetw=g&hvrand=4286894923406073717&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9009919&hvtargid=pla-497934778277&psc=1

Edited April 5, 2021 by hasilp89

[Longtermlens]

The Real Estate Game is a good primer

[Enrico Pallazzo]

What are you trying to learn?  How to invest in your own deals?  I do RE for a living.  I seem to remember loving The Millionaire Real Estate Investor before I started in the business, not sure how well it holds up.

It’s a complex topic, lots to learn.  If you’re on Twitter, Moses Kagan is a good follow.

[Morgan]

On 4/5/2021 at 9:43 AM, hasilp89 said:

Ditto that below is some of the technical stuff - but for RE you have to know your market - driving/visiting markets and paying attention to what's going on is priceless. I also use Business Journals (Charlotte Business Journal, Nashville Business Journal) to keep a pulse on what is being developed in markets i'm interested in etc.

1. would recommend filings and transcripts, most REITS publish very detailed supplemental financials with detailed breakdowns by property. 
2. For NNN space read investor letters by Chris Volk for STOR - they are very informative
3. I read this while back (real estate game) - i don't believe i finished it (telling) but it does have some good stuff in there. Believe the author was associated with Seth Klarman at some point in the based - https://www.amazon.com/Real-Estate-Game-Intelligent-Decisionmaking/dp/068485550X/ref=asc_df_068485550X/?tag=hyprod-20&linkCode=df0&hvadid=312025907421&hvpos=&hvnetw=g&hvrand=4286894923406073717&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9009919&hvtargid=pla-497934778277&psc=1

Poorvu was one of the original investors in the Baupost Group. Poorvu wrote a 4-5 real estate books and I believe is a professor at Harvard. You should read all of his books and see if he’s written any papers. 
 

I agree with what the others have said. Study what things are selling for in the market you're interested in and eventually you’ll find a deal that you think is good. I’ve been investing in real estate for 15 years now and have looked at hundred of deals and only purchased 12 properties. In other words, 95% of the properties I looked at weren’t attractive enough for me to buy. Everyone in RE wants you to buy and sell. They don’t care if you go broke from owning the property. Their incentives aren’t aligned with yours to buy attractive property, but only to generate commissions for themselves. Realtors/brokers are a necessary part of RE, and there are good people in those businesses, but listen to your own analysis. If the deal is so good, why wouldn’t the realtor or broker buy it? 
 

Cheers and good luck! 

[CapriciousCapital]

What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures, Updated Edition Paperback – November 18, 2015 by Frank Gallinelli  (Author)