Real Estate Gurus or skip?

Question

Hello BP family,

I am new to this Real Estate Journey and I would like to be successful but I know that it takes time and much dedication; however, prior to joining BP I inquired about information with some "gurus" Peter V. and Phil P. I was contacted a few days later form both of their companies and as you all may know. . . .thousands of dollars was involved to become coached by them.

Has anyone actually bought into this and became a success story?

Michael Jone · Answer

Take three or four courses. Most courses are pretty decent. More than three courses, law of diminishing returns kicks in.

I took Marko Rubel, Larry Goins, Sean Terry, Cory Sperber, Dave Lindahl, Kent Clothier, John Cochran, Al Aiello on LLC, Dr. Cashflow, and couple more. They all have few pointers worth the money.

Just like wholesaling, ask how much they sell for. Bargain for at least 25%.

I hate all the losers here against paying for an education. YES. You can find everything in here or Google. Do I want to study that way? Unstructured and not arranged, here and there kinda piecemeal type of education? Waste of time and effort. I do not agree you can find everything in Google.

These education doesn't even cost that much. Treat it like a business, you will make money like a business. Treat it like a hobby, you will spend your valuable time and money like hobby.

As far as coaching, I had many coaching experience with day traders. It must be human nature to not to fulfill whatever they promised. They all get lazy. They don't follow through what they were promising. All of them sucks.

In my trading career, I had more than a dozen of coaches. Like Tiger Woods and Michael Jordan, even the best players need a coach or mentor. Especially in financial market. However, I don't even need a successful person to coach me. As you may know all the top coaches in major sports were not the best players in their game. I just need a coach to go over weekly game plan/strategies and strengthen my mental game. These bastards are always busy trying to sell their courses to other potential clients. Their interest in you will stop about a month into your payment.

If I were you I will skip the mentoring and attend local REI meeting or get a peer investor to meet once a week to go over game plan and discuss what happen each week. It is just like a football players watch their recorded games and discuss.

You have to realize peers/partners/coaches are very important. Warren Buffett will not be successful trader with his partner Charles Munger. George Soros had Jim Rogers followed by Stanley Druckenmiller, Thomas Edison had Edwin Barnes, Andrew Carnegie had Charles Schwab.

You want to make serious money get serious support and serious education.

Terron Winn · Answer

@Rachel H. I can say that I am almost certain that I do not need to pay a guru thousands of dollars for the same information that I can get for free online; in a book, forums and videos. I guess the only difference is that all the guidance/information they give comes together strategically where else I would have to find bits and pieces and put them together myself for it to make sense. However, I learn better that way rather than having someone just through out the answers to me.

And you are right, the deciding factor does come from within.

Thanks so much :)

Terron Winn · Answer

Thank you so much @Nirmal Khanderia. I will actually follow this link now.

Nirmal Khanderia · Answer

Hi @Terron Winn,

Following link will be a good starter.

https://www.biggerpockets.com/renewsblog/2013/02/1...

Then, you can attend your local REI meeting, and meet with fellow wholesalers, cash buyers, flippers, and hard money landers. I did that, and now I am learning much more.

Set up your personal goals, revisit them everyday, and take tons of action to achieve your goal. Contrary to what gurus pitch, this is a road that requires lot of hard work and perseverance to succeed.

Rachel H. · Answer

Wow! I've heard of these suggestions from other gurus. Never do that...just to pay for this type of education.

While I've read numerous books and courses, the deciding factor in your success is really you and your ability to take action. Sure, you'll make mistakes. But that's where we learn and get experience. And that's priceless.

Good luck!

Terron Winn · Answer

@Brent Coombs You are right, I was baffled to hear that using my equity from my property was not a good choice. However, this was the only time I heard that was when I called "coaching by peter" to gain some advice. Using my equity from my primary residence was my first thought/option. I dont have other cash laying around to put down on another home.  I guess their reasoning was that they would front me the down payment to purchases my first flip and they would also get me a grant and I would pay them on the back end.

However, my first and only real option for me would be to pull equity from my residence and buy another.

Terron Winn · Answer

@Nirmal Khanderia, You are absolutely right about that. There is so much knowledge out there that one can learn most through reading/listening. I am fortunate enough to be sitting at a deak for 8 hours a day (or am I?) to listen to podcast,videos all day long.

Brent Coombs · Answer

Who told you using cashed-out equity as a deposit on your new primary is a big no no?

Looks to me like you DO need some more sensible education - but, it needn't cost much at all!

Seeing as how you can borrow at least $100k on your primary (soon-to-be investment) property, I advise you to ONLY use those borrowings toward ACTUAL deals, not pro-forma education*!

All you need to know is here at BP for free (by asking the right questions, and sifting through the answers carefully, and posting for clarification when still uncertain), and at local Real Estate Investors meetings, which also help with networking and team building and so on. All the best...

* [Obviously, good education is not always costless, but, shouldn't need (paid) testimonials].

Jay Hinrichs · Answer

unlike most on BP I am not vehimitly opposed to paid training in any form.. but would have to say 250k.. if that was not a typo.. is the most I have ever hear of.. I know coachs that will charge 100k or so.. and the folks that went through it were HIGHLY motivated folks who then went on to do wonderful things.

flips are tight right now in most markets .. so caution on how much you think you can make there.

Real Estate Gurus or skip?

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