Why the 30 Day Real Estate Deal Mantra????

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Account ClosedI can't disagree more.... If you want to be an electrician, I wouldn't recommend trial and error... Or even learning strictly from a book.... You need to have "training" and you need to pay for that training- either in the form of tuition or working as an apprentice.... But investing in real estate is not an area I would consider it necessary to pay for the typical guru or "outfit". You need to know your market (so find a good agent to advise you), you probably need to know about financing (so find a knowledgeable lender), and you need to learn how to be a good landlord (so read a few books)In my experience, the majority of people who pay for a program to teach them how to invest in real estate waste the down payment on their first property not due to lack of knowledge or motivation, but due to fear.... They are basically paying to have someone hold their hand through a process they could have easily navigated on their own with the guidance of knowledgable professionals (agents, lenders, title co, etc)Jeff

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I haven't read this "30-day mantra" you are talking about, and from your post, I wonder how I've missed it! Regardless, I have some thoughts that may help you.The point is that you need to set goals for yourself. Real estate investing is a business. Like any business (or anything worthwhile for that matter) you need to set goals. Nothing happens without deadlines.If you've ever read anything about goal setting, you probably have come across the acronym SMART. The M stands for measurable. The R stands for realistic. The T stands for time specific.If you think 30-days is unrealistic for you, pick a "T" that you think is "R", but pick one. You can't hit a target you don't have. As to your question about should you invest in training, from personal experience, I would not be where I am today if not for the mentoring and coaching I have purchased over the years. I don't know what training is right for you. But what I can tell you is that any good mentoring or coaching program WILL give you a specific game plan, that if you follow it, you will get paid. It won't just tell you that you need to find deals (duh). It will tell you specifically HOW and where to find deals. It will tell you how to make offers. It will provide paperwork for you to use. It will coach you on how to properly use that paperwork. Those are just a few examples. The point is if you are serious about this business, invest in yourself. You could probably fool around and figure stuff out from postings here on BP to do a deal or two...maybe even successfully. Even a blind squirrel finds an acorn now and then. But if you are serious about making this business more than a hobby, invest in the right training for you. The operative word there is right. The S in SMART stands for specific. Determine specifically the type of investor you want to be...wholesaler, fix-and-flip, fix-and-rent, turnkey cash flow investor, passive, for examples. I read too many times here on BP about people who want to start here and go to there and end up somewhere else. Pick one that you think is right for you and commit to it. One is all you need. Commit to being the best at it.Personally, I decided on wholesaling when I got started in this business over 10 years ago. If I were younger, I might have picked something else. Wholesaling made sense for me back then (and still does today). I invested in coaching and training. I have done 100's of deals over the years and am now an on-site mentor for the outfit that taught me. When you decide the kind of investor you want to be, pick an outfit that matches to train you.

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@Ariq Sharif, you asked: "does this 30 day mantra kind of set up new investors for failure if it doesn't happen in 30 days"?The answer is: whether for weight loss programs or RE investing, they (mostly) don't care, because they've already got your money by then! Cheers...

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@Ariq Sharif Same as weight loss programs. It's marketing. "30 days to a new you!" Is it possible? Yes. Will it happen for most people? No. As for your two questions, there is no one size fits all. It depends on your starting point (how much you know about investing now, what you have for cash, how much time you have to invest, etc), the effort you want to put in, and your goals.

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@Jeff W. I appreciate your opinion. But to use your example, learning to be an electrician via trial and error can get you shocked to death.Hey look, Jeff. If you've been successful learning real estate on your own, then good for you. A lot of people need help, though. While a lot of the mentors/gurus/etc out there offer nothing of value, I know of ones who do.

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Notice I said I wouldn't recommend learning Electrical by trial and error