Part 4 – Urban Geography, Inter-Personal Skills & Ethics
By Robert Vallera CCIM
• How can a knowledge of urban geography improve your investment returns?
• It might not seem like real estate, but you certainly won’t get far without it.
• Is the bottom line the real bottom line?
This post presents the final selections of a reading list that was created for real estate investors who want to build wealth and avoid losing it all during ever-recurring market corrections. In the first, second and third installments we covered a wide range of topics including wealth management, the behavior of investors and investment markets, and the importance of understanding alternative investments in order to better understand real estate investments. On a side note, I realize that Wall Street investors will shake their heads at my reference to stocks and bonds as alternative investments. But yes, that is our perspective, because The Urban Navigator is all about real investments.
The New Geography: How the Digital Revolution Is Reshaping the American Landscape, by Joel
Geographic information systems are finally playing a significant role in sophisticated real estate analysis. While that topic is far beyond the scope of this reading list, it amazes me how few real estate investors take advantage of the knowledge contained within the field of urban geography. Kotkin’s writing provides a simple, descriptive introduction to urban geography. The New Geography is a good starting point and will help you view your urban environment in an entirely new way. I’ll also recommend Kotkin’s website, www.newgeography.com. It contains a treasure trove of articles that will redefine your understanding of the dynamic forces shaping American cities in the 21st century.
Inter-Personal Skills & Ethics
The lessons of the proceeding eight books will fall short of guiding you to a successful life without some of the wisdom contained in this last category. Read, learn, earn, and remain focused on the big picture in life.
How To Win Friends & Influence People, by Dale Carnegie
This book is so highly regarded that over 15,000,000 copies have been purchased since it was originally published in 1937! Carnegie believed that 85 percent of financial success can be attributed to, “the ability to express ideas, to assume leadership, and to arouse enthusiasm among people.” If you haven’t had the pleasure of reading this treasure, you will be amazed at how relevant Carnegie’s words remain after 80 years. The times may have changed, but people are still people.
The Bible, Torah, I Ching, or another creed of your choosing
This is where we learn what life is really all about. Money can control resources. Used judiciously, it can improve your life and that of your family, friends, your apartment residents, and the beneficiaries of your favorite charities. If we become blinded by the pursuit of money for its own sake, then all is lost. The bottom line… is that life is about more than just the bottom line. Don’t miss this critical lesson!
Now It’s Your Turn
Hopefully these reading suggestions will prove helpful as you build and refine your portfolio. Compiling such a list is an enjoyable but highly subjective endeavor. You may have already thought about books that you would include on your own list of favorite business classics. If so, I would welcome hearing from you. If there is a consensus about any worthy books that should be added to this list, I’ll be happy to write a follow-up to these posts for the benefit of our readers.
Now it’s your turn to give some thought to your favorite readings for real estate investors. My list is but a starting point. Please visit the Comments section below and share your favorites!