An Author Wednesday Interview with Michael Thomsett, author of “Getting Started in Real Estate Investing”

Michael Thomsett’s “Getting Started in Real Estate Investing” is a must read that takes into account the existing financial state and how to take the right steps that will lead first timers to adjust to the fast paced path of real estate investing. The book acts as a guide that pushes you to making the right decisions, taking into account on how to survive in the post real estate boom market. “Getting Started in Real Estate Investing” informs readers what the appropriate properties to purchase are, as well as how to read for future housing trends and how to choose the right investments. With its direct approach, the book explains how to take your investments to the next level and who to talk to for professional advice, while also taking into consideration your current financial situation. This book holds the proper strategies that will lead to success in the market, even with the current economic condition.

Read more for the rest of this great author interview and to learn how you can grab a free copy of Michael’s book!

Q. Thanks for the interview. Can we begin by having you tell us a little bit about yourself and how long you’ve been working in and writing about this topic?

A. I have been writing professionally since 1978 and full time since 1984. I began writing articles but after two years decided I wanted to focus on books. Since then I’ve published over 70 books including 16 real estate books, including “How to Buy A House, Condo or Co-Op,” Consumer Reports Books, “Homeowners Money Management,” Rodale Press, and “Getting Started in Real Estate Investing,” Wiley.

Q. What’s your new book about? Why did you write it? What main message will readers take away from it?

A. “Getting Started in Real Estate Investing” is aimed at the individual seeking clear and practical advice on the investment aspects of real estate. The Wiley “getting started” series is designed to provide this type of information. I wrote in (currently it is in its third edition) because I was not able to find clear and concise information on this topic elsewhere on the market, and I found this to be a great niche.

The primary message for readers is that before putting money into real estate, the risks need to be examined and compared; the many ways to participate in real estate should be examined; and the individual should make sure that real estate is a good match in terms of risk tolerance, assets and income, and beliefs about the future of the market.

Q. What inspired you to write this book?

A. I enjoy writing especially for the consumer market. However, I believe that there are many misconceptions about most investing, and especially about real estate. In the past, great faith in the ever-profitable market misled many people. Today, the belief that the market will never recover is equally destructive. I wrote this book to demonstrate why all markets are local and the potential for profits can be found if the investigative groundwork is done first.

Q. What were some of the greatest discoveries, lessons, or findings you came across while doing research and writing this book?

A. I discovered that comparing the many ways to participate in real estate do directly address the important liquidity and risk issues every investor faces. I also had spent many years as a landlord and got out of it because I was not enjoying it; in researching this book, I realized that being a landlord is not for everyone, or for every age. This is an intangible, but I devoted space to the issue in the book because it is crucial to understand. I also devoted space to the economics of real estate because there is little in print for consumers about basic ideas such as how to evaluate real estate supply and demand, trends, and valuation.

Q. What do you feel sets your book apart from others in the same genre?

A. My book is simple. It is organized logically and presents concepts with illustrations, examples, and definitions. The definitions are also set aside in the margin to highlight them (as well as repeated in the glossary). I also included a generous number of sidebars for key points or online resources.

Q. What are 5 things everyone should know in your area of expertise?

A.

1. If you think you want to be a landlord, understand the issues it involves.

2. Valuation of real estate is subjective, so comparison is critically important.

3. All real estate is local, so national or state averages don’t mean much in your town.

4. You need to identify the methods for judging the health of your local market, including list/sold spread, time on the market, and the current inventory.

5. The experts don’t know as much as you if you have done your own investigations.

Q. What does your typical day look like?

A. I rise about 6:30 or 7 and get right to work (after two cups of coffee, of course). I like to write for about three hours without interruption. For me, that’s all I can expect to do in one day; the rest is spent on marketing, research, and other secondary issues.

Q. If someone were a complete newbie when it comes to the topic of your book, what are some steps they could take to dive in and get more educated in this area. (Besides reading your book of course!)

A. Study and learn all that you can. Buy more than one book, go online and research, talk to lenders, agents, appraisers in your area. Go to open houses and listen to what you are told. Be skeptical, but learn from what you hear.

Q. If you could write one Golden Rule to take away from your book, what would it be and why?

A. Do your own research and don’t expect to be handed a roadmap to riches. The process is very rewarding, and the payoff depends on how hard you apply yourself in gaining knowledge.

Q. What other resources in addition to your book would you recommend to people to learn more about this area?

A. The Internet has become a rich source of great value, but it also contains a lot of junk and heavy promotion. Be discerning but look for information online and follow the leads you develop.

Q. What are some of your current projects you’ve been working on in this field?

A. I am focusing now on blogging and developing new book projects. I would like to write a book for real estate investors on the topic of investment-based risk management. For example, virtually all real estate speculators believe they will know when values peak. Second, virtually all real estate speculators fail to recognize when values peak. This is the paradox of speculation in real estate (and anywhere else).

Q. Thank you for the interview Michael. Would you like to share where we can find you on the web and how we can buy your book?

A. Yes, I would enjoy that. My book can be purchased online at Amazon.com or other outlets. It can also be purchased directed from the publisher at http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470423498.html.

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About the Author: Michael Thomsett was born in England and has published over 70 books for real estate, personal finance, and business. His book Getting Started in Options sold over 250,000 copies. His first collection, “Investment and Securities Dictionary,” was Choice Magazine’s Outstanding Academic Book of the Year by and was later published as “Webster’s New World Investment and Securities Dictionary.” Thomsett currently lives in Tennessee and duals as a published author and a musical composer of many pieces.

For more information about the author: www.michaelthomsett.com

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