Best guides for the novice landlord

Dear Steve,

Dear Brandon,
You are smart to try to narrow down your search for "starter" advice. There are literally hundreds of books and treatises out there on real estate investment and management, of varying quality, merit, length and usefulness. There's an almost equal number of package deals including seminars, tapes, books, software and the like, many offered at steep prices by folks who often purport to make millions following their own advice, but who are mostly profiting from personal appearances and sales of these materials.

So how do you weed through this avalanche of information for the real grist? Well, keep in mind that the best real estate book authors are usually those who've spent the bulk of their time researching the industry and actually working in it. In my years of covering real estate for newspapers, magazines and Web sites, I've found that a handful of such authors are cited far more frequently than others as especially helpful by reputable industry pros.

The book, "Landlording: A Handy Manual for Scrupulous Landlords and Landladies Who Do It Themselves" by Leigh Robinson (and other contributors), is considered by many to be the bible on rental-property ownership/management. I've read it, and it's a logically structured book that's especially useful in advising property owners how to avoid potentially disastrous tenant problems. But don't just take my word for it. Go to book-selling Web sites such as Amazon.com and peruse the reader reviews on the title and other real estate books.

I've also spoken with numerous avid devotees of self-published author and real estate adviser John T. Reed, a Harvard Business School grad and author of 20 books. Reed's titles are only available on his Web site, www.johntreed.com, but he also offers scads of free real estate investment there, including tips for beginning real estate investors.

His realistic and often humorous approach to the business are evidenced in free Web features such as his "Real Estate B.S. Artist Detection Checklist," his ratings of seminar and home-study courses and his ongoing ethical and legal battles with numerous self-proclaimed real estate gurus.

Reed's books, "How to Manage Residential Property for Maximum Cash Flow and Resale Value," and "Aggressive Tax Avoidance," are considered among his best and might be helpful to you.

Two books, "How I Turned $1,000 into $5,000,000 in Real Estate in My Spare Time," and "How to Make a Fortune Today Starting from Scratch," by Bill Nickerson, are also highly regarded. Both advocate discipline and frugality as a means to real estate wealth.

By the way, Brandon, I know none of these authors personally.

You could also go to Real Estate Investing Depot, where various books and courses are rated by actual real estate investors.

Another site, www.rentlaw.com, has similar resources.

Choose wisely, move prudently and good luck with your investment plan.

-- Posted: Aug. 21, 2004