7 Books That Transformed My Real Estate Career

If you’re trying to learn about real estate quickly, it’s really hard to beat the efficiency and the structure available in a book.

And for me, there were a few books I read when I was first starting out that completely changed the way I thought about the real estate business, and these ultimately had a huge influence on the direction I took my career.

So in this post, I want to highlight seven real estate books that have had the biggest impact on me since I started in this industry, and why I found each of these so helpful.

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Book #1: Real Estate Finance and Investments by Peter Linneman

Real Estate Finance and Investments covers almost every aspect of commercial real estate finance that you need to know to get started in this industry, and also includes some practice case studies at the end of the book to apply what you’ve learned.

This is a textbook (so it’s not necessarily short), but it’s surprisingly easy to get through and written in an easy-to-read, conversational tone.

Peter Linneman is probably the most well-known academic in commercial real estate, serving as a professor at Wharton for over 30 years. He now spends his time as the head of Linneman and Associates, which is a consulting and advisory firm representing institutions, REITs, developers, and private equity firms.

What I really like about this book is that it does a great job of bridging the gap between academic theory and practice, and as a bonus, this is more than likely going to be your textbook if you end up taking an introduction to real estate course in college or graduate school.

This is my top book recommendation for people looking to land an analyst or associate role at a commercial real estate investment, development, lending, or brokerage firm, but even if you have no desire to work for another company and just want to build your own real estate portfolio, this book is a great resource to get a general overview of the business.

Book #2: Confessions of a Real Estate Entrepreneur by James Randel

Confessions of a Real Estate Entrepreneur completely opened up my eyes to the different ways of making money in commercial real estate, and just how quickly you can succeed in this business if you’re creative and willing to take risks.

Randel is a practicing attorney and investor, and he has also taught real estate courses at Columbia University. If you want a book that’s inspiring, fun to read, and practical, it’s really hard to beat this.

What I also liked about this book is that the author goes into detail on the actual transaction process itself, which tends to be really hard information to find, and he also walks through negotiation tactics you can use to structure more profitable deals.

Randel is refreshingly honest about both his successes and his failures in a way that’s both educational and entertaining, and if you have any desire to become a real estate entrepreneur at any point in your career, this is a must-read.

Book #3: The Real Estate Game by William J. Poorvu

The Real Estate Game is filled with case studies and what the author refers to as “war stories”, and this is a really practical guide to the different stages of the real estate investment process.

Poorvu taught at Harvard Business School and served as the managing partner in a variety of different private real estate companies, and this book does a great job of using storytelling to illustrate key concepts while blending in the author’s hands-on, practical experience.

This is a great resource for anyone who is interested in the thought process behind commercial real estate investment decisions, and if you’re trying to land an analyst or associate role at a big-name shop within the industry, this book will give you a much clearer sense of the types of things you might be working on daily.

Book #4: What Every Real Estate Investor Needs to Know About Cash Flow by Frank Gallinelli

What Every Real Estate Investor Needs to Know About Cash Flow clearly explains dozens of different real estate finance concepts and calculations, using examples and rules of thumb scattered throughout the book.

Gallinelli was also an adjunct professor at Columbia University and has decades of experience in commercial real estate, so the book includes a great blend of academic theory with industry best practices.

If you’re trying to land an analytical role in CRE or just want to be able to run your own numbers when analyzing investment opportunities, this book does a great job of explaining key metrics in the business, including net operating income, discounted cash flow, the loan constant, and many others that you’ll be working with on a daily basis.

Book #5: Investing in Real Estate by Gary Eldred

Investing in Real Estate is very focused on residential real estate investing, so this is something to know up front. However, if you’re interested in the multifamily or even single-family home sectors, this book covers a lot of helpful investment strategies in this space.

The author earned a PhD in finance from the University of Illinois and served on the graduate business faculty of both Stanford University and the University of Virginia, while also spending over 25 years as a real estate investor himself.

This book is pretty long at almost 400 pages, and the writing can get a little bit dry at certain parts, so it can take some time to work through this. With that said, if you’re looking for guidance on some more nuanced deal structures, how to structure more favorable contracts, and how to apply these things to the residential sector, this is a very practical guide to making those things happen.

Book #6: Investing in Real Estate Private Equity by Sean Cook

Investing in Real Estate Private Equity does a great job of talking through how real estate investment firms evaluate different opportunities, how these companies both manage risk and create value for investors, and also the different capital sources CRE firms use to fund their deals.

Sean Cook is a pseudonym for a man named Paul Kaseburg, who’s currently the Chief Investment Officer of one of the largest multifamily investment firms in the US, MG Properties.

This isn’t the most beginner-friendly book on this list, so you may want to start with a few of the books I mentioned earlier in this post if you’re brand new to the industry. However, if you’re looking to learn more about topics like JV equity partnership structures, analyzing deals as a limited partner, and understanding what’s included in a private placement memorandum, this could be a great resource for you.

Book #7: 7 Habits of Highly Effective People by Stephen Covey

7 Habits of Highly Effective People isn’t about real estate at all, but I’ve found it to be extremely applicable to dealing with people in the real estate business.

And while all 7 habits mentioned in this book could be applied to commercial real estate, the two that I’ve found to be the most applicable to succeeding in this industry are “Begin with the End in Mind” and “Think Win-Win.”

“Begin with the End in Mind” refers to thinking about where you want to end up first, and then taking actions that are aligned with that goal. This is directly applicable to building a career in this business, including the jobs you choose to take and the relationships you choose to invest in.

“Think Win-Win” refers to finding ways to help others succeed alongside you. This can be applied to making introductions that might help your peers, leaving some money on the table in a negotiation for the sake of doing repeat business, and generally making sure that brokers, sellers, and other third parties that you work with all come away from a transaction feeling like they’re better off.

How To Learn More About Commercial Real Estate

If you’re trying to break into this industry and want to make sure you have the skills you’ll need to land a job at a top real estate investment, development, brokerage, or lending firm, make sure to check out our all-in-one membership training platform, Break Into CRE Academy.

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