Book Review: Rental Houses for the Successful Small Investor

I recently read a book called Rental Houses for the Successful Small Investor by Suzanne P. Thomas. According to the back cover, Ms. Thomas began investing in real estate at age 23 and was "semi-retired" by age 32, whatever that means. Clearly, I am behind schedule.

The book is a great resource full of very practical information. It is aimed mainly at small-scale investors looking to buy properties to rent out. It cannot be considered a one-stop resource for all your investing needs, but it is a great primer on many areas. Say you're interested in doing 1031 tax deferred exchange. You won't be able to complete the transaction based on the information in this book alone, but it will definitely get you headed in the right direction.

Some of the sections may be too basic for an investor with a little experience. The first chapter, for example, is about setting financial goals and deciding "how much is enough"? I think all but the complete novice at investing will skip this chapter.

Most of the other chapters dealing with finding properties, financing, and tenants provide very practical advice for the small-time investor. I like books that give practical advice of the type you can easily apply to your own dealings, as opposed to theoretical advice as to how to invest in general.

Overall, this book is an easy read with great advice in simple and understandable terms. I highly recommend it for anyone who is relatively new to real estate investing and is considering maintaining a small number of rental properties.