6 incredible books every property investor must read

Summary

In this video, the speaker shares a selection of impactful books that have shaped their success as a property investor. The books cover a range of topics including mindset, negotiation, time management, economic cycles, and property investment strategies. From Bill Perkins' 'Die with Zero,' which emphasizes balancing delayed gratification with enjoying life today, to Chris Voss' 'Never Split the Difference,' which offers negotiation tactics, these books provide invaluable lessons. The speaker also highlights practical resources like 'The Complete Guide to Property Investment,' offering step-by-step guidance for successful property investments.

Takeaways

• 😀 Understanding why you're investing is crucial—having a clear purpose helps avoid mistakes like overextending yourself and losing track of your goals.
• 😀 *Die With Zero* by Bill Perkins teaches the importance of balancing investment with enjoying life today—don't sacrifice too much of your present for an uncertain future.
• 😀 Legacy isn't just about passing down wealth—it’s about thinking strategically about how and when to involve your children in the investment process, such as through early engagement or giving them a stake in the business.
• 😀 *Buy Back Your Time* by Dan Martell emphasizes the importance of delegation. As a property investor, you must outsource low-value tasks to avoid turning your investment into a poorly paid job.
• 😀 Knowing your 'buyback rate'—how much you can afford to pay per hour to outsource tasks—is key to understanding how to grow your portfolio without burning out.
• 😀 *Rich Dad Poor Dad* by Robert Kiyosaki, while motivational, is more about mindset than specific property advice. It reignites your desire to own assets and build wealth.
• 😀 In property, you can negotiate prices—unlike the stock market where you have to accept the asking price. The ability to negotiate is crucial to securing great deals.
• 😀 *Never Split the Difference* by Chris Voss is a must-read for property investors. It provides invaluable negotiation tactics, such as the 'accusation audit' and the power of asking 'how' questions.
• 😀 The economic property cycle can give you insights into the future. *The Secret Wealth Advantage* by Akil Patel helps you understand market cycles through historical examples, guiding you to make informed decisions.
• 😀 Property investment is about strategy and execution. *The Complete Guide to Property Investment* provides a step-by-step guide on different investment strategies, from research and purchase to management and sale.
• 😀 To truly succeed in property investment, you need to take action. Apply the lessons from these books, make acquisitions, and be cautious of overpaying for properties to avoid costly mistakes.

Q & A

Why is it important for property investors to read books outside of property investing?

Property investing requires a wide range of skills, such as negotiation, delegation, and understanding economic cycles. Books that focus on broader personal development and business strategies can offer valuable insights that directly impact an investor's success.

What lesson does *Die with Zero* by Bill Perkins offer property investors?

The book emphasizes the importance of balancing investment for future gains with enjoying life today. It also challenges traditional ideas of legacy, suggesting that involving heirs early in your business may be a smarter approach than leaving an inheritance after death.

How can *Buy Back Your Time* by Dan Martell help property investors manage their time effectively?

The book teaches property investors how to delegate tasks and calculate their 'buyback rate,' which is the hourly value of their time. By outsourcing low-value tasks, investors can focus on high-impact activities and avoid turning property investment into a low-paying job.

Why is *Rich Dad Poor Dad* by Robert Kiyosaki still relevant to property investors?

While it lacks detailed practical property advice, *Rich Dad Poor Dad* is motivational and gets investors excited about owning assets. It reaffirms the importance of investing in assets that generate wealth, which is foundational to property investing.

What does *Never Split the Difference* by Chris Voss teach property investors about negotiation?

The book offers negotiation techniques that can be applied in property deals. One key lesson is that property investors don't have to pay the asking price—they can negotiate better terms by using strategies like 'accusation audit' and 'how questions' to make the negotiation more collaborative and favorable.

How does *The Secret Wealth Advantage* by Akil Patel enhance an investor's understanding of economic cycles?

The book provides a deep dive into economic cycles, using historical examples to show how different phases of the cycle affect property markets. This knowledge helps investors make strategic decisions based on where the market is in the cycle, rather than following trends.

What makes *The Complete Guide to Property Investment* unique for property investors?

*The Complete Guide to Property Investment* is a comprehensive, step-by-step resource that covers all aspects of property investing, from choosing strategies and conducting research to purchasing, managing, and even selling properties.

Why is understanding your 'buyback rate' important for property investors?

Knowing your buyback rate helps you determine how much you can afford to pay per hour to outsource tasks that are not the best use of your time. This allows you to focus on higher-value activities, boosting efficiency and profitability in property investing.

How can property investors use the lessons from *Never Split the Difference* in their negotiations?

Property investors can apply negotiation tactics from the book, such as using an 'accusation audit' to address potential objections and framing discussions with 'how' questions to encourage cooperation and find solutions that work for both parties.

What role does mindset play in successful property investing, according to the script?

Mindset is crucial for staying focused and motivated throughout the ups and downs of property investing. Books like *Die with Zero* help shape the right mindset, ensuring investors are driven by clear goals and can balance short-term enjoyment with long-term wealth building.