Good books on commercial real estate investing. Looking for recommendations.
Hey folks,

I’m interested in purchasing some multifamily, possibly retail property.

I’m coming from a different industry and would like to park some cash into CRE that will be managed by a management company.

Looking to learn more about how the numbers work, examples of value adds, etc.

Are there any books that breakdown the process, risks, with cre investing?

Mostly looking to hold long term.
[{"id": "ibnowvc", "text": "Are you in Canada? Finding good opportunities depends on many factors. You say you want to hire a property management company.\n\n I assume you are looking for something that has solid NOI?", "replies": [{"id": "ibnprb1", "text": "Yup, i\u2019m in Canada. Yes, solid NOI would be ideal. I\u2019ll be pouring some of my profits from another business into RE. Hoping I can also reinvest the RE cash flow into more properties.\n\nGood cash flow is important as my other business is cyclical. Much better to smooth out my income volatility with some cash flowing RE.\n\nA decent cash on cash return with good reliability and low effort is most important though \u2014 for now as it\u2019ll be my first property", "replies": [{"id": "ibnup6g", "text": "Since this is your first property a few things you should consider. In the commercial space in general leverage is more expensive and challenging to obtain than residential. It would be a challenge to find someone in this environment who would lend to you at better than 70% LTV.\n\nI would advise you to go with multi-family or similar as retail is a lot more effort if you are looking for low effort also you would get more leverage for less money than retail. Depending on where you are in Canada, retail vacancies can be relatively high as well. \n\nIn finding your first opportunity I suggest spending a lot of time looking at comps and talking to lenders to see what you qualify for.\n\nAs with anything the more effort you put in the more you get out of it. I lend to many of the largest developers in this country and none of them see this as a passive industry. Also re-zoning for density is where most value is often created so you should definitely read up on that.\n\nKeep in mind as well we are entering a bit of a downturn right now and credit is getting tighter, prices are dropping and rates are rising. Lot's of motivated distressed sellers will be appearing in the coming months in the GTA and GVA especially.", "replies": [{"id": "ibnvtce", "text": "Thanks for the info \ud83d\ude42. Will definitely look at multi-family and re-zoning for density. Definitely waiting right now. I\u2019m bearish risk assets in short term.", "replies": [{"id": "ibo2jf7", "text": "Np man. Ya lots of opportunities are starting to pop up for those with liquidity.", "replies": [], "depth": 5}, {"id": "ibowdj9", "text": "If you\u2019re interested in BC multifamily feel free to pm me I\u2019d be happy to chat with you about the market.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ibo998n", "text": "Real Estate Finance and Investments by Peter Linneman.", "replies": [{"id": "ibp31n1", "text": "based", "replies": [{"id": "ibpyyh2", "text": "What does based mean in this context?", "replies": [{"id": "ibqaydq", "text": "it means \"right on\" or \"badass\"\n\nI liked the book so much I am doing the damned REFAI , Bruce can make me sleepy with his tone, but there is still stuff to learn as the guy is super thorough, I have intermediate underwriting skills and still spot a few things I didn't know or completely understand.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "iborxrt", "text": "Crushing it in commercial real estate investing", "replies": [], "depth": 1}, {"id": "ibp5j96", "text": "The Real Estate Game is a really good one that breaks down CRE as an investment as well as important differences between asset classes. Written pretty simply by a prof at Harvard", "replies": [{"id": "ibz3uiw", "text": "It\u2019s dry at times and the first chapter where he talks about \u201cthe game\u201d is pretty corny, but the rest of the book gives a good broad overview of different aspects of CRE as a whole.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ibpyw5w", "text": "Carlton Sheets:\nKidding Of Course but I have used some of the strategies to buy properties.\n\nSame with Robert kiyosaki.", "replies": [], "depth": 1}, {"id": "ibvsaix", "text": "Here are my favorite books:\r  \n\r  \nMultifamily Millions by Dave Lindahl\r  \n\r  \nThe ABCs of Real Estate Investing by Ken McElroy\r  \n\r  \nThe Complete Guide to Buying and Selling Apartment Buildings by Steve Berges\r  \n\r  \nCommercial Real Estate Investing by Dolf De Roos\r  \n\r  \nTrump: The Best Real Estate Advice I Ever Received by Donald Trump\r  \n\r  \nTax Free Wealth by Tom Wheelwright\r  \n\r  \nCommercial Real Estate 101: How Small Investors Can Get Started and Make It Big by David Lindahl\r  \n\r  \nRaising Private Capital: Building Your Real Estate Empire Using Other People\u2019s Money by Matt Faircloth\r  \n\r  \nThe Definitive Guide to Apartment Marketing by Josh Grillo\r  \n\r  \nInvesting in Apartment Building by Matthew Martinez\r  \n\r  \nCrushing It in Apartments and Commercial Real Estate by Brian H Murray\r  \n\r  \nThe 7 Secrets to Successful Apartment Leasing by Eric Cumley\r  \n\r  \n2 Years to a Million in Real Estate by Matthew Martinez\r  \n\r  \nCommercial Mortgages 101: Everything You Need to Know to Create a Winning Loan Request by Michael Reinhard\r  \n\r  \nIt\u2019s a Whole New Business!: The how-to book of syndicated investment real estate by Gene Trowbridge", "replies": [], "depth": 1}, {"id": "icb8hep", "text": "In addition to many of these books listed here, I spent a lot of time listening to bigger pockets episodes\u2026it helped me cross the chasm and buy my first CRE property in dec 2020.  I\u2019ve got 4 properties now and looking for my 5th. I do it on the side btw.", "replies": [], "depth": 1}, {"id": "igusaw5", "text": "Hey there! Im a commercial real estate professional, looks like you've got some great recommendations below. I'll go ahead and post this here as I recently put together this list of CRE books to read. You may also want to look at my post on CRE YouTube channels to check out too. Soon will have one for Podcasts as I've found some great ones recently as well!\n\n[https://www.realestatewallets.com/post/5-commercial-real-estate-books-you-must-read](https://www.realestatewallets.com/post/5-commercial-real-estate-books-you-must-read)\n\n1. The Encyclopedia of Commercial Real Estate Advice: How to Add Value When Buying, Selling, Repositioning, Developing, Financing, and Managing\n2. Commercial Real Estate: Journey Towards Financial Freedom\n3. Commercial Real Estate Investing For Dummies\n4. The Due Diligence Handbook For Commercial Real Estate\n5. Crushing It in Apartments and Commercial Real Estate", "replies": [], "depth": 1}]