Calgary, Alberta · Member since 2015 · 9 posts · 6 votes
I was at one of those seminars with a business buddy that are advertised from time to time. Info seemed great. They wanted 2K for the next level of training - we coughed up. Again, great info, and really whet my appetite and opened my eyes. But then they wanted 40K to get to the next level of training. Huh?
How many people are successful when going it alone or with a buddy without a system behind them? A better question may be whether MORE or LESS people are successful with a system behind them?
You do not need to spend $40k for a "system." The only one who gets rich from that is the guru. In my area $40 k buys a really nice three bed house that will rent for $900 to $1000. Pick some people here who know what they are doing and read all their posts. There are many recommended books that are reasonably priced.
You do not need to spend $40k for a "system." The only one who gets rich from that is the guru. In my area $40 k buys a really nice three bed house that will rent for $900 to $1000. Pick some people here who know what they are doing and read all their posts. There are many recommended books that are reasonably priced.
Well, thanks for the reassurance. I guess I'll read your posts ;)
I thought something smelled because we kept getting tip of the iceberg info with no meat.
This company did have a cool online portal to find different kids of property - eg., foreclosed, divorced, tax liens, peak buyers etc. Are the similar sites a person could join?
When I first started in the 70's there was a guru who had seminars, wrote newsletters and finally a magazine. He finally admitted where he made his real money was selling ideas. He claimed to have made a million with real estate and ten million selling the same tired ideas just rebundled. Don't waste investment money on expensive seminars. Everything you need is online and basically free. I see the same ideas as those presented back in the late 70's. It isn't a system that will make you money it is handwork using the tools you already have heard before. There is no magic bullet no matter what anyone tells you.
Just use what you already know. Some will tell you that seminars will keep you from making mistakes and that is bs; you will make mistakes if you are working at RE at all.
Be patient, wait until you find a real deal and not some "just about" deal so that you can get into the business. That is definitely a sure way to lose your money.
Congrats for not coughing up $40k. My cousin and his friend coughed up $40k for some real estate training during this downturn and didn't have much to show for it other than they are $40k poorer. There are companies that sell leads on foreclosures, divorce, tax liens, etc. for very cheap, anywhere from 6-10 cents/lead or $30-$50/month for unlimited subscription. Google is your best friend. If you were in my area, I would have been able to help you out.
Real estate is not rocket science. It requires common sense. Google for a local Real Estate Investment Club/Association in your area, or local real estate meet-up. Go there and rub elbow with some investors. That is where you would likely find someone that is more than happy to show you the rope for free. Once you're successful, donate $20k to Biggerpockets and save yourself the other $20k.
First off! Welcome to Biggerpockets! A wonderful and FREE resource!
Second we got started at 23 with nothing other than plans of not being stuck entering a second career when my husband retired from the navy (god and navy willing) in 15 years.
While we made mistakes, and had lots of learning experiences in the past 3.5 years we have been very successful 5 houses later. We have put a little over 70k in all our houses combined. So.....
I personally would recommend you dive into the podcasts (we had the opportunity to talk about our story in 103), blog, and forum. We didn't find BP until after house number 4.
Yes, just to chime in with my own experience. I spent about $1500 on a wholesaling course once. It was almost completely useless.
When I actually learned something was when I made an actual connection. I met an experienced rehabber at a reia meeting. I got to know him a little bit and worked up the courage to propose that I fund his next deal. He was glad to take my money. One of the conditions of the loan was that I must be able to see everything he does. For the next several weeks, I shadowed him and saw how he did it. In the end, I made money while getting the education.
Fast forward 8 years, this event propelled me into a career as a hard money lender. I've since done about 30 deals with the investor. He continues to be my mentor, client and a very good friend.
Education does not always have to cost money!
There are lots of websites/companies that offer the same services at $75-100 a month. I have not needed to use them but see their value. Maybe someone on her can recommend a few.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).
Wow, what a lot of helpful answers. I really appreciate it.
I left the seminar yesterday after 28 people had signed up to spend thousands for more training knowing that it was right to leave, but having that doubt in my mind (planted by the multi-millionaire presenter) that I was about to become a loser.
And 18 hours later I have a ton of info and the advice of some great people.
Wow, what a lot of helpful answers. I really appreciate it.
I left the seminar yesterday after 28 people had signed up to spend thousands for more training knowing that it was right to leave, but having that doubt in my mind (planted by the multi-millionaire presenter) that I was about to become a loser.
And 18 hours later I have a ton of info and the advice of some great people.
Thanks.
The job of the presenter is to try to spur "action now" in the attendees. Meaning, plunk down thousands of dollars to learn how to "make money". The only one generally making money is the guru. Probably 99% of those people who are spending thousands will not make a cent.
But in order to make money you have to have a plan. An actual plan. Are you going to wholesale, buy and hold, or flip? If you say "I want to make money" that's kind of generic. You can make money doing anything (even selling manure) but what do you WANT to do?
OK - my personal financial goal is to care for my kids.
One is handicapped and will need care all his life, so I would like to purchase a fourplex type building so he can live in one with a carer, and the rents pay for all his costs etc. A fourplex in Calgary will cost about 800K
My two other kids will go through University - one ones to be a veterinarian. I would like to pay for that and get them on the property ladder. Starter condos here are north of 300K.
I lost money in my previous business before going back to teaching 3 years ago and so lost all (250K) of my pension. I have that to make back.
Besides going out and learning from the school of hard knocks you've found the most cost effective training program by joining BP. So maybe you have to do a little searching to learn what the CAMEL score is of a bank but you can research it online and understand it rather than walk into a bank like a novice putting on a face asking about the CAMEL score. Honestly, I might not even have the acrynoms right on that but I understand the concept.
The best part of BP is the quick turn around on advice. You post something and more often then not you get some good responses, as above, from many of the active investors.
My advice is to take that 40k and put it towards an actual invesment property not a class. The classes are overwhelming with information that put me into a spot where I don't know where to start.
@Anthony Hulse Great to hear you didn't fork out the cash. $40k is outrageous, and I'm sorry to hear that some people get duped into paying that.
Honestly, I do believe in paying for an education and I have---and a lot of the stuff I've paid for has been worth the money, because it's very niche-specific. But we're talking less than $1000 and a full course with free ongoing training.
I think the key is if the "guru" is actively involved in that business currently in a big way, so you know they know what they're talking about, and if they seem to honestly want others to succeed and it's not about the training money first for them.
Most successful investor "gurus" who are legit I think don't need your money and do it partially because they like seeing others' success.
@Anthony Hulse - I did not intend to comment on this thread, since you knew the answer before you posted the question :) But, then I read your post toward the bottom relative to your "WHY".
My family is why I do what I do. My family is why I do it the way that I do it, and not some other way. My wife, Patrisha, and I are recovering our son from autism, so I feel I can relate...
You are at the right place. I am 40, and while I am not done by any means, I've achieved a golden mean whereby my family is OK - RE did it.
Ask and you'll get answers here. Feel free to reach out.
OK - my personal financial goal is to care for my kids.
One is handicapped and will need care all his life, so I would like to purchase a fourplex type building so he can live in one with a carer, and the rents pay for all his costs etc. A fourplex in Calgary will cost about 800K
My two other kids will go through University - one ones to be a veterinarian. I would like to pay for that and get them on the property ladder. Starter condos here are north of 300K.
I lost money in my previous business before going back to teaching 3 years ago and so lost all (250K) of my pension. I have that to make back.
Indeed, this is a great motivator. Here is what I have learned so far, and somebody could correct me if I am wrong. If you are to have had something (you and your partner), you could buy a turn key property, or a rental. They usually say 1%, that being you only need to put up 25% of the property value. Say you have 100k, then you could buy something around 400k, if there is 1% rent, that could translate to 4k/month. Not good with rentals. That pension could sure help a lot.
Wow, what a lot of helpful answers. I really appreciate it.
I left the seminar yesterday after 28 people had signed up to spend thousands for more training knowing that it was right to leave, but having that doubt in my mind (planted by the multi-millionaire presenter) that I was about to become a loser.
And 18 hours later I have a ton of info and the advice of some great people.
Thanks.
I would rather be called a loser with 40k still in my pocket, then an idiot that just threw 40k away. Tjhe gurus will saturate you with information and systems where you will feel overwhelmed...then a phone call "Sounds to me like you need a mentor."
I spent the $40k. It was worth for me. I made the money back in one year starting from zero. If I had to do it again I would get a local mentor and split the profits on deals. I do this now with three other people and it works out well for everyone. They have access to all of my $40k training.