It's been a while since I have written a post, but today I am going to review “The Doctor's Guide to Real Estate Investing for Busy Professionals” by Dr. Cory Fawcett. He has written other books in this series which you can learn about here. Of note, Cory and I do not have a financial relationship but he did send me a copy of his book, but if you buy it here I will make a few dollars.
Real estate investing?
This book was timely in entering my life because lately I have been back to practicing academic medicine and not focusing on side projects (for instance this blog). Writing papers, putting together presentations, teaching, and working a full clinical practice was enough. Still, I was getting restless and debating what to do next for both a personal and financial project. Real estate has been something I have thought about for the last 10 years but never pursued with a “investment” mindset. I figured this needed to change.
That is where Cory's book comes into play. It had been sitting on my shelf for 3 months waiting to be read. I saw it after a recent discussion with a colleague and decided it was time to read it. As with Cory's other books it is easy to read and quite informative. He covers all the essentials including how to purchase a property including screening and cash flow assessment, various methods to finance the property, and why cash flow is king. It is a great book to get you started and has invigorated my drive to purchase real estate.
Briefly the book chapters are:
- Why real estate is your best investment
- The real estate investor versus the reluctant landlord
- How I purchased my first apartment complex with no money down
- It is always a good time to buy investment real esrtate
- Preparation for buying investment real estate
- Screening property investments
- Cash flow method of evaluating real estate investments- the gold standard
- How to finance real estate investment property
- Making the offer
- Tips and tricks to managing real estate for busy professionals
- The pros and cons of property management companies
- Buying on property per year is a great retirement plan
- Taxing issues
- Selling your property
- Getting started…you wont regret it
I recommend anyone who has considered real estate investment to pick this book up. For me the biggest benefit was realizing I do not have to time the market for real estate investing (just like stocks). If the cash flow is positive, then it is a good time to invest.
There you have it, another great book by Dr. Fawcett. I am not sure how he does all he does, but kudos to him for the hard work.