Turning Pages to Properties: My 100-Book Challenge and Its Impact on Real Estate Investing

Jan 10

Why read 100 books in a year?

Simply, it changes how you view the world. In this article, I share my journey of getting started with a reading habit, culminating in reading 110 books in 2023.

In April 2022 I ‘read’, via Audible, Dragons of Winter Night by Hickman and Weis to get some background for a Dungeons and Dragons game I was playing. I chose Audible so that I could listen while out for a morning walk, while doing dishes, or while driving. This allowed me to multi-task and fit in the book in situations where I would not otherwise be able to read a physical book. I love physical books, but I can’t read them while driving or doing the dishes.

The CEO of the company where I work holds a regular ‘town hall’ meeting via teams. I recall seeing his bookshelf in the background of the call. Sometime later, I was having lunch with a few colleagues, and one mentioned they contacted the CEO after that call and asked for some book recommendations. These included Competing in the Age of AI, and a biography on Elon Musk (the one by Ashlee Vance). So, I queued these up in Audible and this turned into reading a book the following month, and then three the month after that, and by the end of 2022 I'd read twenty books, with six of them being self-improvement.

Talking to my friends about my reading I got interesting comments that ranged from, ‘but you don’t retain 100% of what you read’, and ‘you don’t retain as much by listening rather than reading’. I think this varies based on people’s learning style. Also, I was making notes as I listened, and I’ve developed a habit of keeping a small notebook in the car, so that I can stop and write down a key thought, and later I learnt I can make a bookmark in Audible, or use Siri to record a note. My view is that regardless of the percentage people retain, you will be far better off with significantly more books than without. Also, for key books, I read them more than once.

I bumped into the CEO

I bumped into that CEO in the basement carpark at work, and mentioned that I’d read some books by indirect recommendation. In the lift, he asked had I read a few other specific titles, and those I hadn’t I added to my reading queue. He also invited me to help myself to his bookshelf, and asked if I had any reading recommendations for him. I emailed him the list of books I had read and my top recommendations at the time. I visited his bookshelf and found that he keeps multiple physical copies of key titles, so that people can literally take a book from that library. I took photos of the bookshelf and later that evening added twelve titles to my reading queue from looking over the photos.

Along the way, I heard that fortune 500 CEO's and top entrepreneurs read 50 books per year (such as Bill Gates, and Elon Musk). So, I set a ‘financial year’ target to read 30 more by the end of March 2023, which I did. Along the way, I also started consuming Youtube content from Y combinator (A US-based startup accelerator), the Hormozi's ($100m entrepreneurs, with learning material at acquisition.com), Ted talks, Harvard CS50 (Computer Science course), etc. Through that broader exposure, I then found out some people read 100 books per year (Sam Altman – previously at Y Combinator and now at OpenAI, Tony Robbins), and my Q1 reading rate was at that pace, so I just kept going, setting a new ‘calendar year’ goal of 100 books for 2023.

To sustain this high reading rate, I needed to have a sufficient quantity of quality books in the queue. I’ve developed an approach where I pick a topic, then research the top books on the topic, then add them to my wishlist. This came about because I read that reading the top 5 books on a topic will put you in the top 10% of knowledge in that subject. I’ll then purchase in blocks of about 5 books, picking a mixture from the whole wishlist based on having some variety in that batch. I later evolved this to listen to the shorter books in the batch early in the month and the longer ones towards the end, as this gives me more control on keeping my reading rate constant around 9-10 books per month.

I joined Toastmasters

I joined toasmasters around October 2022 and gave a speech on reading 20 books in April 2023. That triggered a club member to suggest introducing me to other ‘readers’ in the business. I also browse websites for ‘best of’ book lists, and I seek recommendations from friends and other people who are readers. I presently have 97 books in my wishlist, and I’ve got involved as VP PR in the Toastmasters club (I can’t help myself; I know – more on that later).

During the March to June period, I was studying as Master of Construction (Quantity Surveying) part time (50% full time load). Because of the way I was consuming books (walking, dishes, driving), the study didn’t seem to interfere with my reading rate. I’d like to be able to have a good text to voice reader for some of my university material, but I have not mastered how to do that yet.

I decided to take two papers from the Business School; Leadership and Teamwork, and Managing Financial Resources. They were non-standard schedule courses, and are compressed to two months, and furthermore, I’d enrolled in two concurrently rather than the one at a time that the MBA students take. I had reservations about going ahead with that load but thought you can cope with anything for a short period of time. The assignments were back loaded to the end of August, and I had a 100% full time student load during the Jul/Aug period in addition to working full-time and running a business.

Needless to say, I was shattered by the end of August and my reading rate for August halved to 5 books for that month. Also, with the additional reading load, my overall grades reduced in 2023 to two A’s and two B+’s compared with two A+’s and two A’s from 2022. The worst part was that my father passed away at the end of August, and was the first parent that I’ve lost, so I was grieving going into October. By now I had consumed a lot more personal development books, books on philosophical thought, and books on habits. This helped with dealing with my loss. I had some perspectives, such as from the book Man’s Search for Meaning, which enabled me to move from just being sad, and contemplating and second guessing all my recent interactions with my father, to being more philosophical and understanding that this is a stage in life where the time is up for the generation ahead. It gave me better insight into how to prepare for my own passing, in terms of influence on my family before I go and getting my affairs in order. It also gave me a better perspective to help other people who may go through this type of loss in the future, and indeed, I was able to put this into practice when my boss lost her father two months later.

I was becoming a more effective coach

My reading was making me a more effective coach, and during the preceding year I had three people from outside my work ask me to mentor them (so, I had started a one-hour per month coaching group). Having more exposure to fiction books was also helpful for my social quotient and in October I was one of three (in a 6,500-person company) nominated for a quarterly values award for the value “Everyone Has A Part”, which is described as “We commit to respectfully see the world through other peoples’ eyes and encourage their contribution to a better place.”

So far this year my direct reports in the day job have grown from 3 to 7 (and I’ve been asked to mentor a further 6 people that don’t report to me). I’ve set clear goals for the team, set them up with individual development plans, and facilitated meaningful collaboration within the team. I’ve completed 37 Percipio courses in the company training portal and I’m working towards a two-level promotion to allow me to contribute to the business in a way more closely matched with my experience and capability, and which provides more meaning in my work. I’ve implemented an innovation incubator idea, pitched an AI idea as an intrapreneur activity, started working on opening new sales, and reached out to assist on charitable activities.

Now in November 2023 I've just completed my 100th book calendar year to date. I have accidentally 'hockey-sticked' my personal development, and I've kept a notebook of key insights for the year which I refer to as I have opportunities to apply the knowledge gained, and it has occurred to me that there are several opportunities there to write books based on the synthesis of knowledge.

To give an overview of the diversity of reading, here is a count of books read by category (note that many books can fit under more than one category, so my classification is partially subjective):

Now, interestingly, I’ve obtained a LinkedIn badge “Top IT Strategy Voice” and this corresponds to books on business strategy, marketing and sales, technology and innovation, and some biographies. This came about because LinkedIn invited me to contribute to some articles on the topic, I assume based of my earlier posts, which where then tagged as insightful by LinkedIn users. My reading has assisted in achieving this.

The 100th book was The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Smart Buy & Hold Real Estate Investing, by Brandon Turner. I am running a property development start-up business and I’ve found the reading very, very useful for that purpose. I read the book “Traction” in early July and by the end of July I had begun to implement the Entrepreneur Operating System in my business. In the second quarter of using that system, the team has expanded by three people (part-time) to fill roles in the organisation. This reminds me of the Rich Dad Poor Dad definition of a business being a “commercial, profitable enterprise, that works without you”. The traction system is helping with all three. As this is a blog on my property development business website, here is a summary of key takeaways from the seven property development books I’ve read in 2023 (and as a bonus, I’ve included the two I read in 2022 also).

Key Takeaways from 7 Property Development Books

7 Steps to Wealth

John L. Fitzgerald

A 7-step strategy encompassing buying land for capital growth, optimising rental income, and maximising tax benefits among others. Fitzgerald's approach delves into a holistic strategy for wealth creation through property, shedding light on the multifaceted avenues of real estate investment beyond mere property acquisition. It is based on his experience in the Australian market over a 35-year period his strategy has been proven. Several of his readers swear by the process. It is easy to understand and contains practical advice for long-term property investment. As a result of reading this book, I've targeted building larger homes, with a greater proportion of land. Fitzgerald states that your investment purchases should have at least 30% of the price in land value, and I've incorporated 'helping families build wealth' into our company values.

10 Properties by 25 Years Old

Eddie Dilleen

This book is about Eddie’s journey from a challenging financial backdrop to building a multimillion-dollar property empire by 25, with strategies encompassing prudent purchasing and portfolio building. The book exemplifies a roadmap for youthful investors, elucidating the power of starting small, yet dreaming big in property investment. In my personal journey, I bought my first house at age 25 and built up a portfolio of 15 properties over the following 10 years, so it was interesting to hear another person's approach, ambition, and successes in this area. This is a good book for early career buy-to-rent investors.

Buy, Rehab, Rent, Refinance, Repeat

David Greene

The BRRRR strategy is explained to attain financial freedom through buying under-market value properties, renovating, renting, refinancing, and repeating the process. A playbook for investors seeking to dive into the cyclical process of buying, renovating, and renting properties, showcasing a sustainable and scalable real estate investing model. They key point from this book is recycling the equity to enable you to build a portfolio faster. It is a good approach for an investor starting with low equity, and with more time available to manage this process. I would have used this process when I was younger if I was aware of it, so this is another great book for early-stage investors and is a strategy that works in up and down markets (compared to flipping, which doesn't work well in down markets).

Build a Rental Property Empire 5th Edition

Mark Ferguson

This is a comprehensive guide on finding deals, financing, managing, and even selling rental properties to build a thriving rental empire. Ferguson’s book is a treasure trove for aspiring landlords and property managers, detailing the nitty-gritty of rental property investment and management.

No Money Down Property Investing

Kevin McDonald

Techniques for massive cash flow generation from property investing with little or no initial funds, covering negotiation, investment locales, and creative strategies. McDonald demystifies the notion that hefty initial capital is a prerequisite for property investment, unveiling a plethora of strategies for cash flow generation. This book provides ideas from beginner to advanced, and I've earmarked it for detailed follow-up study. This book gave me the idea to be a "property problem solver" and has broadened the range of creative strategies I have to employ on deals. This book is on my 'read again' list for 2024.

The Book on Rental Property Investing

Brandon Turner

A thorough guide on generating wealth through smart buy-and-hold real estate investing, highlighting the avoidance of common pitfalls and working smarter. Turner’s insightful narrative underscores the long-term wealth creation potential of rental properties, making a case for prudent and strategic investment and management. Mainly focused on the US market and promotes the website biggerpockets.com. This book provides some 'rules of thumb' for assessing potential deals, offers insights into managing tenants by training them to comply with the rules, and the key idea is to treat your real estate investing as a professional activity rather than as a hobby.

The Secrets of Property Development

Samuel Leeds

Transitioning from property investment to property development, emphasising that larger deals can be more profitable with less work required, along with deal finding, structuring, and financing. Leeds delves into the lucrative domain of property development, shedding light on how strategic transitions and deal optimisations can substantially elevate profit margins. The critical insight in this book is that it’s not about working harder but is about playing the right game. Interestingly, I made the note 'power team to see project to completion' in January, and in October, I expanded my property team to six people with diverse professional backgrounds and training to see projects to completion.

As a bonus, I’ll share two more reviews of property books I read in 2022

Property Development

Lloyd Girardi

Lloyd Girardi unveils the journey of venturing into property development with no prior experience, alongside his business partner Andi Cooke. The narrative underscores the feasibility of starting a property development venture from scratch, even without hefty financial backing. Girardi's firsthand account demystifies property development, making it more approachable for aspiring developers. His experiences provide a realistic understanding of the challenges and learning curves in this domain. Mainly focused on the UK market and the website whiteboxps.com. I've added opening a Northamptonshire office in England to the company's medium-term strategy, I've begun attending online seminars with Lloyd, and have incorporated land-finding strategies into our process based on that. Whitebox provides training and access to a network of like-minded people for UK-based investors. This is a book I read twice in 2022. I’m attending Lloyd and Andi’s business retreat in England in May 2024.

Making it in Real Estate

John McNellis

With over 35 years in commercial real estate, McNellis shares practical advice on starting out as a developer. The book covers crucial aspects like financing, working with professionals, leadership, investment decisions, and navigating the regulatory environment. McNellis' rich experience translates into a reservoir of practical insights for both budding and seasoned developers. The book serves as a mentorship guide, covering the breadth and depth of real estate development, from seizing opportunities to averting common pitfalls. The book is focused on the US market and is another book I read twice in 2022.

Self-improvement through reading

I wholeheartedly recommend reading. It doesn’t matter what you start with. Pick something you are interested in. Find a way to build that into part of your schedule. Vary the types of material you are reading, and my belief is that your reading will expand as you grow personally.

The first reaction I normally when people find out how much I read is “how do you have time to do that much reading”, and that is before they find out what other things I’m also doing. In my opening comment, I mentioned that reading 100 books changes how you view the world. When I hear people say, “I didn’t have enough time to do something”, it translates in my mind to “I had exactly as much time as everyone else, but I didn’t say no to enough other things to get that thing done”. I’m not perfect, though I find myself more intentional now in deciding which things to say ‘no’ to.

Applying bookish insights in the real world

Self-Improvement

Learn the power of self-reflection, internal self-talk, and the power of making intentional steps towards self-improvement.
Embrace a growth mindset and continuously seek personal and professional development, including asking for feedback from others.
Learn to manage fear and stay motivated and resilient through challenges. I've applied this several times during stressful moments in the year.
Learn how to recognise and re-program habits to be more effective.

Property/Real Estate Investing

Understand the fundamentals of real estate investing, including financing, property management, and legal compliance.
Explore innovative strategies for building a rental property empire and optimising returns.
How, as a property developer, to make dwellings interesting for property investors.
Obtain an international perspective on rental property investing (mainly US, UK, AU).

Marketing and Sales

Develop a strong brand and marketing strategy to attract tenants and investors.
Understand the importance of customer-centric marketing and delivering value.
Understand the power of content marketing - which has driven the creation of this article.

Business Strategy and Management

Establish clear business objectives, operational efficiencies, and a strong organisational culture.
Learn from successful business models and consider adopting innovative management practices.
Implementation of the Entrepreneurial Operating System (EOS) from the Traction book in the Marilyn Apartments business (similar to Scaling Up and Clockwork: Design Your Business to Run Itself)

Finance and Economy

Maintain a solid financial foundation, explore various funding options, and understand economic trends impacting the real estate sector.
From a foundation knowledge perspective, this was useful when taking the MBA paper Managing Financial Resoruces which was about business financial management and combined these have led to a change in the strategic approach to raising capital

Technology and Innovation

Leverage technology to streamline operations, enhance tenant experience, and make data-driven decisions.
Stay updated on emerging technologies and innovations in the real estate and property management sectors.
I've also realised that I have world-leading ideas in the area of AI, and combined with learning from Y Combinator videos, I've realised it is a startup idea that I didn't know was a startup

Memoirs and Biographies

Draw inspiration from successful individuals and learn from their experiences and leadership styles.
I found it facinating how much attention to quality Steve Jobs had at Apple, how much attention to a customer-centric approach Jeff Bezos had at Amazon. I've been guided by this when setting, and enforcing, quality standards in property development - for example, when a team member says that something is optional, but isn't a great customer experience to omit it, I've said, 'I'm not going to build a dwelling like that' - I'm enforcing alignment with our Massive Transformational Purpose to improve the standard of living for humanity. We need to find a cost-effective way to bring this quality to market, in a repeatable, long-term way.

Classics and Literature

Explore timeless principles and ideas that provide a broader perspective in decision-making and problem-solving. For example, realising the value of what you have (Acres of Diamonds), understanding different charcters and personality types, and broadening vocabulary and cultural awareness.

Science and Exploration

Stay informed about environmental and sustainability issues that could impact the property development industry. I've added sustainability (not for the planet, but for future generations) to the company values as a result, and this is a strand that weaves into helping families thrive through genreations e.g., not just financially, but in their ability to enjoy the natural environment.

Psychology, Political, and Philosophical Thought

Understand human behavior to enhance tenant satisfaction and community engagement. I added community engagement to our company values.
We have adopted the 1+1+1 approach where 1% of profit, 1% of employee time and 1% of product is for charity. We have begun this by supporting Trees That Count.
Stay aware of political and regulatory landscapes impacting the property development sector. I've had an in-person conversation with the previous minister for Urban Development and met with the chief economist and treasurer of one of our main banks.
Foster a culture of continuous learning and improvement within the organisation.

Fantasy and Science Fiction

Red Mars and The Ministry For The Future have some parallels with the future of contruction and it's impact on climate, politics, and exploration.
While this category may not have direct takeaways, imaginative thinking can inspire innovative solutions.

History

The two books I read in this category cover global human evolution, and then a more focused national history of new zelaand.
While not a direct takeaway, I revisited an earlier study I'd done on 'Why property developers fail and what to do about it'. From a historic lens, we can learn from historical successes and failures in property development and real estate investing. I've applied this by researching trends in employment and property consents over the last 100 years, and the impact of world war II on property. This is particularly topical given the present unrest in some regions of the world. After relatively-speaking short-term impacts on consents and property prices, the markets bounce back with strong growth post-event and maintain a fairly stable long-term average.

Project Management

A key takeaway from my reading in this category was 'manage risk daily'. This is also a good lens from which to monitor project managers that I'm managing, both in my professional work and in my business.
Adopt effective project management practices to ensure timely completion of development projects within budget.

The writing of this summary has been therapeutic and cathartic. In moments of such reflection, one recognises both the progress that has been made and the progress yet to come. I welcome your reading recommendations. You can reach me at Stephen at MarilynApartments.co.nz.

PS: What’s next? Where to from here? The plan for the remainder of the year is to do some formal study in real estate sales prior to starting university again in March. In 2024 I will complete my Master of Construction research project, which will be on the topic of Accelerating development of residential construction projects, and all aspects of business strategy, management, finance, sales and marketing, etc., that must go into that, inspired by (NZ-billionaire) Graeme Hart’s MBA thesis on how to grow Rank Group Ltd. Marilyn Apartments, the company set up to implement this plan has a Massive transformation purpose (MTP) to improve the standard of living for humanity. We will do this by open-sourcing our innovations to advance productivity in the construction industry (in a similar way that Tesla open sources its patents).

Also, I have an idea in motion around AI, Data and Software to help the property business and with more general application. This brings me to my closing pun, riffing on the Y Combinator mantra, I plan to ‘build’ something people want (physically and metaphorically).

Stephen McIntyre