Is it easier to learn investing alone or from a course?

Question

I had this conversation today. I hear the question, why pay for a course through a larger group vs. talking to a local REIA group?    I would like to get other opinions.

Brian Gibbons · Answer

@Karen

If I were in Virginia and I were brand-new, I will do the following:

I would get my real estate sales license and be an investor realtor

I would go to REIA meetings and let people know that you can help them find great deals as an agent

I would find a couple of cash private lenders that can lend $10-$20,000 through their IRAs, and I would use these funds for minor rehabs

I would find doctors and business people that want to do 50-50 splits on joint venture partnering, using their credit and their down payment money

I would contact probate attorneys and let them know that you can do joint ventures with their property owners, using private lender money, buy the property, rehabbing if necessary then reselling, and help their clients' heirs get money fast and get top price for their house

I would contact free and clear property owners that have been in the property forty  years, and buy on installment sale, give them full price but your terms on the note, as long as it's a good rental for long-term

Lastly I would learn how to negotiate with Sellers and give them a cash offer and one or two terms offers

Good luck!

@Karen Plyler

David Dachtera · Answer

Talking to people with experience means learning what they're doing as compared to learning what you - and they - should be doing: what they're doing right and what they're doing "wrong".

There's an unfortunate and extremely prevalent and powerful bias here against paid education. Use your own judgement, though.

I have found quality paid education to be invaluable, but that's just my opinion.

Rick H. · Answer

If the only place you get your real estate education is from social media and discussion forums, you will quickly realize that you are truly unprepared to become an investor.

My analogy is that it's like going your local Home Depot and seeing a group of people standing outside, you ask them if anyone knows anything about about real estate.

Several (if not all of them) respond that yes, they do know a lot about property. A few say they can do plumbing, electrical wiring, masonry and drywall work. Not one owns any property and only work under the direction of others and live hand-to-mouth each week.

You've got your answer but it's not really from a qualified perspective and not from your best available and unbiased source.

Learn the basics, learn what a deal looks like, become a lead generator/finder for others and take massive action.

Writers write, actors act and dealmakers must do deals, or they perish.

Ned Carey · Answer

Like @David Dachtera I am a big fan of paid education. I have spent a LOT of money on my education. However I also know that the vast majority of REI courses have a very low success rate.

So can I recommend you spend thousands or even tens of thousands of dollars, knowing that statistically you will fail?

This isn't always the fault of the Gurus. Human nature says most people simply won't do the things it takes to be successful, even when they know what to do.

Of course much of the problems is the Gurus. There has been an explosion of people teaching REI. Many of these people have little experience in both real estate or teaching/coaching. In order to get students, a very rosy picture is painted that sets up unrealistic expectations.

So my answer

Yes it is easier if you pay a GOOD coach or trainer. However it is not necessary. No one coach is going to give you everything you need. So even with a paid education you will still be learning on your own.

Kerry Baird · Answer

Taking some classes at a REIA is just fine, to me.  I have a bookshelf of books, some of which are highlighted in five colors, LOL.  These are priced well.  DO recommend.

A little higher price:  I signed up for RichDad coaching, and I knew more than my coach did, so quit...not worth the money, in my opinion.  And it wasn't personalized to me, though it may be individualized now.  I attended one "guru" course on pre-foreclosures and bought a probate course.  These were under a couple hundred dollars...and all of the information there (and more) is posted here.  But you have to search it out.  I also know some folks who got taken for $20,000 in "coaching."  Yes, they got a deal done, but at a great cost.  Don't recommend.

Something else I don't recommend:  I have a friend who signed up for "mentoring" and his payment to the guru is splitting 20 deals with the mentor.  He asked me how to get out from the obligation.  I told him to get those 20 deals done quickly.

There aren't "secrets" in the industry, there are no "fast" paths to a million.  But there *are* strategies and methodologies that will take some time to discover.  If you have time, you don't need to spend much money.  If you have extra money but no time, spend a little money.

Jim Pellerin · Answer

@David Dachtera I couldn't agree more. I am a big believer in paid education, especially coaching and mentoring.

@Karen Plyler check out what I had to say in another post.

https://www.biggerpockets.com/forums/79/topics/239430-attacks-of-the-guru-s

Karen Plyler · Answer

@David Dacherta  I agree.  And I'm a smart lady. I am the active partner right now. I understand what you are saying.

I'm here to network and connect. I of course would be interested in what @Brian Gibbons stated about obtaining cash buyers.

Karen Plyler · Answer

@Ned Carey thank you for the comment.

When I think about paid education or just learning to move ahead. Is there a double standard when it comes to traditional education and its value versus other types of education? I have traditional student loan investments, that has not reaped a large enough ROI.

I agree that no matter the reason or form, its an investment and no guarantees. All things take time and work.

David Dachtera · Answer

Y'know, if you're looking for a guaranteed ROI on your education investment, I have some bad news for you: the only guarantee is between your own ears.

Now, I could tell you about the group I'm connected to and the 47 on-line classes we have, our local investor group and the study groups we have every week, but that's not really allowed here.

An analogy might be going out and buying a big toolbox full of everything one might need to work on any car, foreign or domestic; but, if it sits in your garage gathering dust without being used, ...

Karen Plyler · Answer

@Brian Gibbons you have provided me some valuable information. Thank you.

Is it easier to learn investing alone or from a course?

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