#202 3 Foundational Books for Real Estate Investing Beginners ft. Dr. Peter Kim
In this episode, Dr. Peter Kim talks about the three books that helped him start his journey in real estate. Tune in to discover how to equip yourself with the necessary knowledge and practical steps you need to move from information overload to truly taking action.
We talk in-depth about all of this and more in our course–Passive Real Estate Academy. Want to learn everything about investing in real estate with confidence? You can grab your seat right here!
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Episode Highlights
Now, let’s look at what we discussed in this episode:
- Create The Life That You Want
- Three Books That Helped My Journey
- Rich Dad Poor Dad by Robert Kiyosaki
- The ABCs of Real Estate Investing by Ken McElroy
- The Book on Rental Property Investing by Brandon Turner
Here’s a breakdown of how this episode unfolds.
Episode Breakdown
Create The Life That You Want
Peter begins by reflecting on how important it is to seize the current moment and maximize life, especially for those of us in the medical field.
He talks about balancing personal goals and responsibilities, the challenges and sacrifices made to reach those, and to consider reevaluating career paths to match their ideal life. Peter encourages taking a proactive approach to shaping one’s life and career, aiming for fulfillment and the realization of postponed dreams.
“You want to do that so that you can live the life in medicine that you want, and the life outside of medicine that you want.” — Peter Kim, MD.
Three Books That Helped My Journey
While figuring out how to hedge against the uncertainty of the future, Peter found out that real estate investing was one of the best ways to do it.
He shared how some doctors are successful at balancing investments, family time, and their medical careers, making extra money while working in medicine by investing in real estate. And he wanted to dive into that, however, even with lots of information online, starting in real estate can still feel overwhelming.
To those who were just like him, wondering about the first step, Peter suggests starting with books to learn the basics effectively and affordably. He then shares the three books that helped his journey.
“If you’re not sure where to start, just start in some good old-fashioned books. They are a tried and true way to learn anything.” — Peter Kim, MD.
Rich Dad Poor Dad by Robert Kiyosaki
Peter discusses the impact of “Rich Dad, Poor Dad” by Robert Kiyosaki on his mindset and career choices.
Talking about his first book, he highlights the contrast between two father figures, emphasizing the concept of passive income and freedom from the traditional work-for-money cycle. He shares how reading the book during residency prompted a shift in perspective, leading to a reevaluation of career goals and a new-found focus on financial independence and leveraging income.
Peter mentioned that the book’s influence steered him towards a different path, sparking a lasting change in his mindset and approach to personal finance.
“It helps you think about the hamster wheel of life, whether you’re on it, and how to escape that.” — Peter Kim, MD.
The ABCs of Real Estate Investing by Ken McElroy
Dr. Kim proceeded with his second book “The ABCs of Real Estate Investing” by Ken McElroy, emphasizing its value as a comprehensive guide for beginners in real estate investment.
He highlights McElroy’s success in the real estate industry and praises the book for providing foundational knowledge, practical advice, and examples from successful investors. Peters talks about how it can help understand real estate terminology, basic math for evaluating investments, and key aspects of property management and deal analysis.
Peter also mentions an advanced guide by the same author and reflects on how it simplified the concept of real estate investing for him, making it accessible even to those without a background in the field.
“I think it’s important to learn a lot of that, even if you’re not planning on doing it yourself.” — Peter Kim, MD.
The Book on Rental Property Investing by Brandon Turner
Peter Kim concludes with the last book “The Book on Rental Property Investing” by Brandon Turner, talking about how it works as a comprehensive guide for building wealth through rental property investments.
Throughout the book, Dr. Kim emphasizes the importance of foundational education and taking the first step in investing, providing actionable ideas on finding deals, financing, and tax strategies. He reflects on the impact of reading this book, sharing how he found value in initiating action in the investment journey to create momentum, learn, and progress toward larger opportunities.
Lastly, to address those who have read all three books and want to take it to the next step, Peter recommends joining the Passive Real Estate Academy.
He shares how it offers tons of resources for those seeking to advance their knowledge of passive real estate investments. Through a supportive community of continuous learning and growth opportunities, he mentions how it can help gain confidence when making investment decisions
“We get you to the place of confidence in investing in deals… and we surround ourselves with a community of people doing this together, learning together, growing together, and you have this community for life.” — Peter Kim, MD.
