Investpreneur

 Investpreneur: Real Estate Lessons for the Determined Investor, Kristen Cripps, Leaders Press, 2020

This is the story of one woman's rise from massage therapist and part-time bartender to real estate mogul, buying her first home before she was 20 years old.

According to the book, several questions must be answered before you buy your first investment house. Is this to be a short-term, or long-term, rental? Will it be posted on a site like Airbnb? Have you watched too many home renovation shows on TV, and are convinced that flipping houses is an easy way to make money?

The author then looks at the next question to be answered, which is getting financing from your local bank. After that, do your homework on your potential purchase. Visit the neighborhood at night. What is the sale price of nearby comparable houses? Have a local real estate agent look up the house's history. Has it been on the market for a long time; why is it selling for a lot less then nearby comparable houses? Get a home inspection.

If the house is to be a relatively inexpensive first home, than a little bit of skimping on the furnishings is acceptable. If it is to be a high-end house, worthy of a magazine photo spread, do not even consider skimping on anything (potential buyers will notice).

The book also looks at what to do if the house is to be a rental (the ups and downs of being a landlord). Get everything in writing, and be very clear about what is, and is not, covered in the rental agreement.

For anyone who is determined to get into the real estate business, reading this book ahead of time is a very good idea. At least your eyes will be wide open when you sign on the dotted line. This book is very clearly written, and is very much recommended.