Is it ever a good idea to pay for training/seminars?

Question

I have learned a ton on BP and I completely agree with the notion of not paying the gurus to teach you stuff they may or may not be doing. However, is it ever a good idea to spend money on some training or to get access to information in a nice little package to speed along your growth? I am not talking 1,000s of dollars. Some of the Investor meetings and REIA meetings that I have attended do offer additional detailed training course maybe on the specifics of how to wholesale a deal or marketing techniques.

Some of them may charge a couple-few 100’s of dollars or maybe more to cover the room rental or course materials. I think they may be beneficial but do not want to just waste money. I am sure you could piece together all the information by doing your own research on BP and elsewhere but sometimes you have to look at the amount of time you would spend to find it.

I went to a local meeting last night and here was one that was being presented and what you would learn: Wholesaling Boot camp

• How to find deals
• Understanding markets
• Value Assessment
• Negotiating with sellers
• Writing contracts
• How to find buyers
• Access to templates and contracts
• And a few other things

This is a 6 hour training and as far as I can tell, it is not a stepping stone to other paid training. Also, if we wholesale a deal with them, they will refund the whole price of $599. As I mentioned, I could probably find every bit of this information on BP but it could take a long time and would be harder. This is a local guy who lives in my county and does RE investing full time. What do you guys think about that? Worth it?

Bill Gulley · Answer

Good luck on your decision!

I feel a rant coming over me.

I'll resist it.

Does anyone ever ask, who, what, when or why?

Who is offering an "education"? Are they qualified by education and experience? Someone claiming they made $25,000,000 last year is NOT experience nor does it imply they actually have a proper education to advise in real estate matters.

What is being taught? Common sense should tell you that entering into any business requires understanding the industry, the legal aspects of the business. RE is much different than other businesses, it is unique, has its own economic aspects, laws, regulations, financing, valuation approach, ethics and business/industry structure. A good business person in, say the auto parts business, may give you some general business knowledge, but you'll be totally green starting out in RE.

So, is what is to be taught really appropriate at your level of RE knowledge? Really?

You have no idea of what external obsolescence is, but you're ready to go into wholesaling RE.......really? Don't really understand how license laws are interpreted in your local area, but you really think wholesaling is just fine everywhere.....right!

Folks really need to start at the beginning, there is no podcast on BP that speaks to the basic principles of real estate, I don't have to go through them to know that, it is obvious to me from the thousands of questions asked in the forums. Even those offering coaching, mentorships, seminars or whatever, don't grasp the basics of RE which means they certainly can't teach the subjects.

When......that's not just when you can fit a seminar in your schedule, is the material appropriate in your career path? Going to a seminar on pre-foreclosure activities really isn't appropriate until you understand how foreclosures work in your area. You can't really go into doing creative financed transactions until you understand what conventional financing is and the methods or programs operate. Jumping ahead of yourself by being sold by hype isn't really an education, you need to crawl before you walk and walk before you run.

Why is that instruction something you need? Are you just shooting into the dark based on podcasts telling you that some niche is the place to be in RE? Do you know enough about RE in general to form a plan for yourself or are you simply following the dream, following a crowd, or chasing a short cut to money?

Are seminars worth the time, effort and money? Absolutely, when you consider the points above. If you don't consider these aspects I'd say you're shooting in the dark, lost, searching for the easiest path to quick profits.......wake up people! When you consider that there are many more "instructors" out there that are doing what they do to take your money, than those who actually have the skills to teach and provide good, ethical, legal information that can be replicated in the reality of your area, chances are slim that you get any real value for your time, effort and money. There is more bad information being sold than good, and those new don't understand that until they advance in a sound education of the industry.

How do I know? Because I started out as a newbie, followed suggestions of others who weren't really worthy of following, but was saved early on being pointed in the direction of the basics in business, law, real estate, finance and marketing........made all the difference in succeeding in the RE arena. Start at the beginning, don't just think you can succeed jumping into some niche dished out at a seminar or boot camp. :)

Victoria Winters · Answer

Education comes in many forms and each one has a price tag, cash or sweat equity. Whether or not it is a good idea for you to pay for seminars, classes or mentoring is entirely up to the individuall seeking help. Everyone learns differently and has different tolerances for how to acquire the education they seek.

To pay for a seminar or class that may be of value is a perfectly legitimate thing to do. Everyone will offer an opinion about a course or seminar they took.  Depending on their perspective, the review and critique will be from their point of view.  If you want to trust the opinion of another person, and follow their advice that is always your choice. The bottom line is, decide for yourself how you want to gain knowledge.

Keep in mind that knowledge is only useful when it is put to use by taking action. One can purchase thousands of courses and none of them will be any good unless the principles taught have been followed up with personal action.  There are a lot of great seminars, classes, courses, mentors and programs available for real estate investors. The great news is that they all have different price tags, so there is one to fit every budget.

There really is no such reality as something for nothing. Free may imply doing your own research through reading and asking questions on blogs and forums. BP is an excellent source for "free" education. It is up to you how you wish to learn.

Jon Dow · Answer

Thank you for all the replies and thoughts.

@Devan Mcclish I have listened to about 65 or so Podcasts so far and have learned something from everyone.

@Karin DiMauro The class is April 19th so I have some time. I have been listening to the podcasts and some people say to not wholesale as a newbie and some others say it is the only way to go. Just looking for some more hands on stuff. I need to maybe do some looking around in the files section for contracts and other important documents.

Thanks.

Jay Hinrichs · Answer

@Jon Dow

I have been using flying metaphors this week... I pay instructors a few times a year to tune me up... I pay to use the full motioin simulator.. could I just go out and practice on my own I guess so or read flying articles probably.. nothing beats a little hand holding.

And it depends on your learning style.. Mine I would find doing it the BP way to be to difficult and too much white noise .. As I have been on here for a year now.. Much of what is on here is others in the business personal ways of doing business and their opinions which may work for you and or may not.. and RE is so market specific what one BP thing teach's may not work were you are at.. So if you have local guys that know a market and you are local 600 bucks is peanuts to learn from those that do it.. I would spend that more than I would spend hours trying to read about all sorts of different stuff that would probably just confuse me... But that's me... Not to mention the networking and such..

Karin Crompton · Answer

As you've probably gleaned, there's no real right or wrong answer here, particularly when you're talking about a few hundred bucks (30k, we'd all be urging you to save your $$). Personally, I gained a lot when I was brand new by attending a day-long workshop and then a 5-day boot camp that were each reasonably priced. I learned terminology, the basics of evaluating repairs, the basics of working with contractors, what desktop underwriting is and how to qualify buyers, an overview on marketing for leads, a crash course on land trusts, etc etc. I'm glad I did it and feel it helped condense my learning time on those basics. We declined the upsell to more expensive coaching classes and training, and I'm glad we declined those. The basics got us started, and then we jumped in, got experience, read books and found BP.

How soon is that class? Here's a suggestion: take your bullet points and do a keyword search on BP for each of them; then listen to every Bigger Pockets podcast on wholesaling, and decide at that point whether to sign up for the class.

Chris K. · Answer

Only you can answer that. For some it is, for some it isn't. Just like with anything else you have people who learn differently. I've always been self-taught by going out and researching or doing on my own. Some people are more into being taught and having the information presented to them. It all works but for me, I'm frugal so paying for something that I know I can get for free is a hard pill to swallow. That's not to say that I never would pay cause I plan on attending a local class for a few hundred $ but I can't do the guru upsell type places.

To each is own.

Daniel Mohnkern · Answer

Hi @Brian Gibbons How ya doin'?

Devan Mcclish · Answer

@Jon Dow You don't need seminars. Listen to ALL of the bigger pockets podcasts and you will learn as much as you will learn in those seminars. Best way to learn is to do. Take action! Best way to learn how to wholesale a contract is to send out mailers, talk to owners, put properties under contract, and sell them to buyers. Read every book you can get your hands on. I attended one seminar for CT Homes, they always try to get you to pay for the next boot camp. I learned more by reading all of the rich dad series, listening to the podcasts then I did in the boot camp. Go out and meet an investor per week in your area. What I mean by that is take them to coffee and pick their brains. You will learn more by doing that than in a seminar, and it's one on one, not 100 people in a room where you cannot ask a single question.

Brian Gibbons · Answer

Hi @Daniel Mohnkern

I have been on BP many years and I enjoy helping people.

http://www.biggerpockets.com/forums/12/topics/180137-starting-out---get-a-quick-start-this-spring-doing-terms-deals?page=1#p1218747

Learning how to approach home sellers that have little equity is the link above that includes negotiation training.  It's free.

The strategies include subject to, lease option assignments, and wrap around mortgages.

No credit, no banks, need some cash not much.  Need to be ethical.

Is it ever a good idea to pay for training/seminars?

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