Here’s his best advice to other REIs

“It is far too easy to quit when a few of the inevitable real estate problems arise … your vision must inspire stronger motivation and action than the paralyzing disappointments.”

He should know. Almost 10  years ago David Toynbee suffered a traumatic head injury at the age of 25. He was  given “a 50-50 chance of dying or being a quadriplegic.” With a strong will to continue his life, he defied the odds and walked out of the hospital three months later. The following year, he regained his ability to read, his driver’s licence and job.

Quite and inspiration to anyone in a devastating accident. But David went on to defy the odds and tried his luck at flipping houses. We picked his story because his strategy aligns so much with what we teach here at Part-Time REI. 

His Strategy

Like any good student, David read up on his subject. He found inspiration in books on real-estate investing . And furthermore gained the investor mind set and the motivation to purchase his first investment property. He also joined the Langley, B.C.-based Real Estate Investment Network to learn more about building a portfolio of properties. Something else we recommend; surrounding yourself with like-minded people.

He is primarily a buy-and-hold investor, focused on generating cash flow from his properties. Cash flow is “the most important factor in sustainability,” he says. Adding key points to finding good areas and opportunities to add value with renovation improvements and/or changes of use.

David soon realized that after a few years, his first investment property had more equity in it than what he could possibly save after 20 years in his day job. This was the first realization that real estate investing was an avenue worth investigating for him.

He has also learned valuable lesson on leveraging the right people in his business. Once he hired a property manager with out interviewing them and outlining his expectations. That hurt him more than it helped him he says. Lesson learned.

Do you have a success story that you would like to share with Part-Time REI?

To learn more about Part-Time REI visit us at http://part-timerei.com/

Or connect with us  

But where to do you start? One of the questions asked time and time again on the forms is “What books do I read when staring out in REI?” Here at Part-Time REI we believe in educating yourself, and reading up on the subject matter is a great place to start. So we took our coaches top picks along with some of the top real estate investing books lists out there and comprised a list of 10 great books to read when investing in real estate. Spoiler alert, you probably won’t find many of these on the New York Times Best Seller’s List…or will you?

1. Rich Dad Poor Dad By Robert T. Kiyosaki

2.The Unofficial Guide to Real Estate Investing by Spencer Strauss

3. The Book on Flipping Houses by J. Scott

4. The Millionaire Real Estate Investor by Gary Keller

5. Landlording on Autopilot  by Mike Butler

6.The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss by Ken McElroy

7. The Richest Man in Babylon by by George S. Clason

8. Fixing and Flipping Real Estate: Strategies for the Post-Boom Era  by Marty Boardman

9. Midas Touch: Why Some Entrepreneurs Get Rich – And Why Most Don’t by Donald J. Trump, Robert T. Kiyosaki

10. FLIP: How to Find, Fix, and Sell Houses for Profit by Rick Villani  and Clay Davis

We hope this list helps you if you are just starting out or if you are a seasoned veteran of flipping houses, maybe some of these books will help you brush up on your flipping skills. Either way we would love to hear your feed back. Also be sure to check out our Flipping Houses University for a plethora of tips and advice on staring out in REI.

To learn more about Part-Time REI visit us at http://part-timerei.com/

Or connect with us