best real estate books
As a real estate private equity professional, I have certain “must read” books in my library. below is a list of those books, broken down by book types. Please note that publishers do not pay us for these reviews.
best real estate investment books
Real Estate Investing Books are easy to read and digest and are must-reads for anyone who want to understand the fundamentals behind real estate investment strategies. Below are two books every aspiring real estate investor must read:
You are reading: Real estate finance books
- william poorvu’s real estate game
- what every real estate investor should know about cash flow…and 36 other key financial metrics from frank gallinelli
the real estate game is legendary. Even though it was published in 1999, most of its lessons and concepts are still valid today. dr Poorvu, professor emeritus at Harvard Business School, frames commercial real estate investing as a board game in which the “deck of cards” (variables) consists of properties, capital markets, players, and the external environment. His current or future boss has probably read this book.
What Every Real Estate Investor Needs To Know About Cash Flow is simply known as cash flow in the world of real estate investing. cash flow is a cheat code for preparing for technical real estate interviews. It’s exclusively about the metrics used in commercial real estate analysis: cash flow, cap rates, IRR, NPV, cash vs. cash, and dozens more. Gallinelli also walks readers through a cash flow pro forma (also known as an annual property operating document) and how to perform each analysis using excel. While the book may be self-promoting at times (Gallinelli repeatedly directs readers to his software company, RealData), the information is invaluable.
real estate books for beginners
If you’re not quite ready for full on investing books, start with accessible, glamorized stories of historical events. The two must reads in this category are:
- vicky ward’s liar’s ball – liar’s ball is an excellent retelling of the scandalous tale of harry macklowe’s takeover of the iconic gm building
- michael’s big gamble Lewis – is probably the most popular real estate book, providing an in-depth analysis of the real estate crash that triggered the Great Recession.
Reading stories like this makes real estate more memorable and will help you identify patterns. Some say real estate investors have 5-year memories in a world of 10-year cycles, and case studies will help you see the big picture. Better yet, you’ll be able to impress your boss when you ask him obscure questions about topics like the s&l crisis.
best real estate textbooks
No one reads textbooks for fun, which is exactly why reading one will set you apart. Concepts like Cap Rates, NOI, and IRR are often thrown around in discussions and presentations without clear explanations, and if you don’t understand these terms, your learning process will be slowed down dramatically. In addition to building your real estate lexicon, you will start to understand whether or not you want to pursue a career in the industry at all.
top 3 real estate textbooks
- linneman and kirsch real estate finance and investing: risks and opportunities (refai)
- gelter and miller commercial real estate: analysis & investments
- finance and real estate investments from fisher and brueggeman. while all three are great, each offers a different perspective on the industry.
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refai is often referred to as the “blue bible of real estate.” is based on dr. Linneman’s course notes from his years teaching at Wharton and have been updated to include chapters on modern financial modeling strategies. the textbook does a great job of balancing academic theory and professional reality – dr. Linneman slips personal and professional advice throughout the book and shares great anecdotes about the eternal conflict between fear and greed. Due to its accessibility and clear writing, it is a staple in many classrooms and real estate offices across the country.
the biographies of the titans
If you’ve ever had trouble answering the interview question “why real estate?”, you should check out a biography or autobiography of a real estate investor. These books are a great complement to textbooks and quasi-textbooks. -textbooks because they put abstract concepts in context and make it much easier to recall interesting investment stories and bits of real estate history.That said, I wouldn’t consider them a great substitute for textbooks-even if a biography provides a high-level description of a financial or investment concept, they rarely break these concepts down into beginner terms, making it difficult to digest.
These stories are insightful and make real estate exciting. Although some of these stories follow an almost formulated plan (humble beginnings on Wall Street followed by moderate success followed by great failure followed by redemption), they are worth reading. The personal and professional advice shared in these books is thought-provoking and powerful, and if taken seriously, can definitely change your perspective on investing, career paths, and life.
Biographies and autobiographies need not be limited to real estate investors only. Exploring the stories of different types of investors can be helpful in evaluating whether or not you want to pursue real estate as a career. I would start with the autobiographies of Stephen Schwarzman, Sam Zell, and Ray Dalio.
what it takes by steve schwarzman
If you are interested in working for blackstone, you should read what it takes. plain as that. Schwarzman’s high school and college stories prove that it’s never too early for him to achieve something great, and his honest account of his early career turmoil can resonate with anyone. The book is peppered with both personal and professional advice and is a quick read.
am I being too subtle? by sam zell
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Few people have had more of an impact on the commercial real estate industry than Sam Zell. He is legendary for his outspokenness and ability to take on challenges, and his personal story is impressive, beginning with his parents’ flight from Poland at the start of World War II. am I being too subtle? It provides insight into how Zell thinks about risk and reward, and after reading this book, he’ll want nothing more than one of his automatic toys for the holidays.
principles by ray dalio
the principles of ray dalio will change your life. he is not a real estate investor, but his meticulous analysis of the principles for success is second to none. The book is thick, so if you’re not sure about reading it, you can start with this short 30-minute animated series.
put it all together
A little reading goes a long way. Students with no experience or connections are often eager to network and interview, but without the proper preparation, they’re destined for a rough ride.
Getting into real estate private equity, real estate investing, or the real estate industry in general can be tricky. Unlike the transparent, structured, and consistent hiring processes found in the consulting and investment banking industries, the hiring process for many commercial real estate companies can be opaque and highly variable.
Fortunately, you can find success in this process by doing three simple activities:
- read the best real estate investment books
- take real estate financial modeling courses
- talk to industry professionals.
reading is the first step. When combined with additional technical training programs and informational interviews, reading will help students start their careers on the right track.
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