Guru, Book, & Course Reviews
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Currently @ Fortune Builders $197 3 day seminar
FB were at my local REIA meeting and offered this 3 day course. Im atending it now. After the first day I decided to research some and found out that this coaching they are selling is going to cost 25k. I dont want to spend that kind of money right now since Im rand new to real estate.
I want to get into and learn how to rehab houses. Im also trying to find the best ways to find private money. So I gues my question is are there any videos or books that you have read that would help me in my journey of learning the best practices for rehabbing?
I think you have already figured this out but don't pay for their coaching. Network with people at your REIA. Ask a member if you can visit one of his or her rehabs. There are a lot of good books and some much cheaper courses. Also many good websites about real estate investing.
Hmmm, I can think of two right off the top of my head. Right here at Bigger Pockets you will find a wealth of information. The one below my name might be worth checking out.
BP is a good source of information for you, just keep reading and asking questions and you'll be surprise how much you'll have learn in a short time.
We have a lot of Pro in rehabbing that you can follow their blog too.
Good luck!
So this was day 2 Im learning alot of good stuff here but as the seminar is going on more and more it like they are starting to just push there products. The biggest asset to there product seems to be there software that takes alot of steps out of the way by doing things for you automatically. are you all familuar with it or others that are good too?
Originally posted by Mike Kooser:
So this was day 2 Im learning alot of good stuff here but as the seminar is going on more and more it like they are starting to just push there products. The biggest asset to there product seems to be there software that takes alot of steps out of the way by doing things for you automatically. are you all familuar with it or others that are good too?
Let me repeat what Ned Said above. DON'T BUY THEIR PRODUCT. Don't buy their coaching & don't buy their BS. Selling hope & dream is a very lucrative & profitable business. Snap out of it will ya?
I agree that charging $25k for a real estate training course is absolutely ridiculous. I've seen these sales pitches before. They keep hammering the point that "Just one deal will pay for our obserdly priced training program". Then they'll start calling you sissys and cowards if you aren't brave (stupid) enough to buy in. Sometimes they play the "oh, you're too poor to afford this" card to try to get you to make a rash decision. The hype of the event is their number one asset. The actual content of the material they're selling is likely fairly shallow too. DON'T FALL FOR IT!
Try this and see what kind of reaction you get from them. Tell them that if they will find, purchase, rehab, and sell a property while letting you watch their every move, you will let them keep the first $25k they make on the deal. That should get your meeting invitation revoked pretty quick.
Like the above posts said, start right here with your education. It's real-world information and it's FREE. Spend a couple weeks just reading the daily posts and taking notes. You'll find yourself leaning toward a investing path that suits you.
Also, get some good books on the fundamentals of real estate investing. The kind that explain all the different types of investing and how they work.
Good Luck!!
Most, if not all the info they are selling can be found right here with this group of investors. Try reading the older articles and you will be surpised on what you learn. I have been to some of those seminars 6 hours of real information and 2 and a half days of sells pitch. Watch your wallet
I'm not a fan of these "training" programs. I've found just as much (if not more) information on sites like BP, talking to REAL investors, dealing with REAL problems of a REAL market!
So today was the last day and I got interview and the first question was are you prepared to make the investment. And I replied not right this second I have to get my ducks in a row and the guy literally said I should go back into the event so he doesn't waist my time. I really wanted to hear what he had to say because I'm brand new . Not that I was buying just curious but I was shocked . I guess ill look elsewhere for a system... Unreal
Originally posted by Mike Kooser:
So today was the last day and I got interview and the first question was are you prepared to make the investment. And I replied not right this second I have to get my ducks in a row and the guy literally said I should go back into the event so he doesn't waist my time. I really wanted to hear what he had to say because I'm brand new . Not that I was buying just curious but I was shocked . I guess ill look elsewhere for a system... Unreal
What he meant by that is so that he doesn't waste his time - he's trying to close training purchases, not coach somebody at the back of the room.
I once walked out of one of the local REIA meetings where the "guru" presenter (hew was not associated with the fortune Builders) was at the back of the room. I wear a name badge where you can read my name clearly from a distance at these meetings. He said "Steve, aren't you 'going to take action'?" I said "I am taking action - I'm walking away!"
And sometimes that is the BEST action to take ...
Yes I understand what he was trying to do but if he doesnt go over everything with me then even if I get the money and want to do it then I dont know what he was going to say but its not a big deal. I liked what they were saying but I was not ready to invest 25k not knowing about any other educational programs out there. im going to check up on here for info. They throw the number 50k around like its simple to make on a rehab. Maybe it is but I didnt think it would be that simple.
50K is possible on a rehab but the exception rather than the rule for me. I am sure this is the rule for some but again not for me. 50K is much easier to make on a high end property; however, your risk is a lot higher. At the very least it is not simple. If you bought their $25K coaching I am sure it would include a lot of time studying their material. Please take the other's advice on this thread and use that time to read the information on this site. Save your money for marketing.
-
Real Estate Agent Utah (#4922719-SA00)
- Gary Buys Houses
You could do a deal, totally screw up, and loose $25K and you would learn more by doing that deal than you will learn from a seminar.
I totally agree with Ned Carey, better to actually DO it than have someone tell you that you need to learn more. My first investment property was an $18,000 cash deal. I learned more from that than I could've imagined. I am not a big investor like some people here and I'm more comfortable with moving slowly but you will learn fast once you get started.
Originally posted by Steve Babiak:
I once walked out of one of the local REIA meetings where the "guru" presenter (hew was not associated with the fortune Builders) was at the back of the room. I wear a name badge where you can read my name clearly from a distance at these meetings. He said "Steve, aren't you 'going to take action'?" I said "I am taking action - I'm walking away!"And sometimes that is the BEST action to take ...
That's funny! I'll have to remember that line for the next high-pressure salesman I run into.
Coaching.. well some people are against it and say they can get it for free. Lose 25k and you are still ahead, but what if you can't dump the property? What if you buy wrong? Will you be stuck holding on to the property? Did you use your own credit and now you ruin your good credit with a bad deal?
Not all coaching is good however. I have seen some so-called coaches, coach hundreds of people into financial ruin, then just wash their hands and move on.
First rule of real estate is this "Location, Location, Location". If the person/company does not presently own or invest property in the location you are in, don't do it. PERIOD. They will say their system works everywhere. It may on a high level, but each area is different. How the market works, the government works, the permit process, etc is all different.
If you are going to pay that much, find someone local that can show you everything you need in the area you are working in.
Second - Most of the Gurus have a slick, well rehearsed pitch. Then they will flash up a photo of a title company check with a big number. They focus on the number. You should ignore the number and focus on the DATE. Many will have blocked the date, cropped it out, etc. See that they are still actually investing and not just salesmen now. Markets change over time, you want someone that understands the current Real Estate Climate.
I mean look at a guy like John T. Reed. He loves to post his reviews of other "gurus" as if he is some sort of expert himself. However his own bio on his own website shows that he hasn't purchased a piece of Real Estate since Reagan was president (1983 - http://johntreed.com/Aboutauthor.html) Sad really that he thinks he can rate people since his last property was purchased nearly 30 years ago.
I just attended the 3 day Fortune Builders "crash course" "kindergarten" workshop. As a young investor with only 1 real year of investing experience I was thoroughly surprised with the amount of honesty and knowledge shown by the instructor. This guy was sharp and knew tax law and real estate contract law that most lawyers don't use. Is it enough knowledge to start your own business? OF course not, building knowledge takes time and hard work.
But, as an investment of $197, talk about a kick in the "you know what" to get you motivated to take your education to the next level. I was blown away by the number of real estate brokers, CPAs and financial advisers that were learning and getting just as excited as a 22 year old Economics grad.
Of course there were people that were there thinking this was a "fool proof system" and probably not a penny in the bank. That was fine for me because even though they will never invest in real estate, they still had a high energy personal growth reality check. I hope they at least learned that they need to start making personal decisions for their own finances. I don't feel like anyone got ripped off for $197 and over 25 hrs of sole instruction.
They do interview for a higher program that costs big bucks, but I would estimate that they tried to pitch it to you 15-30 mins each day. You did not have to go to an interview if you felt like the mastery program wasn't right for you.
Hey, they have a successful business model right? I respect that, I'm just not the type of person that needs to pay 25K to have someone hold my hand.
If you are the type of person that has the drive and motivation to succeed and continually learn then you can do what ever you set your mind to. I am very glad I went to this 3-day event and am more motivated than I have been in the past year.
Thanks for welcoming me into the community and let me know if you have any more questions about the Fortune Builders event.
I wonder how many of the people that go to these courses are actually still investing in real estate in a year or two?
Originally posted by Prashant P.:
I wonder how many of the people that go to these courses are actually still investing in real estate in a year or two?
Comments like that make me want it even more.
Thanks for the fuel, and good luck to you in all your real estate ventures!
I have to start somewhere right?
Landon S., I am not doubting you. You are right and you have to start somewhere. I am glad that you are getting other opinions and putting together a good "toolbox" like your course and biggerpockets.
I just remember that I met this guy once who was all about Amway. I went to his house and walked in, him and all his friends were sitting around watching Rich Dad Poor Dad videos. They were trying to get me to invest in Amway and some other products. Anyways, I asked them if this is a great investment and you are making money show me some proof like a tax return or a ROI. They could not. At the bottom of the brouchure in small fine print it said something like actual rate of returns are 0.10%.
It seemed they got sucked into a cult like following. I noticed the same thing with real estate investors in my area. There were alot of them buying houses a few years ago, now there are all gone and only a select few remain.
Good luck to you. I am sure you will do fine.
I have had a number people ask me to 'show them the ropes'
So when we started to gut the current SFH I sent out invites to those who had also bought into very expensive 'Gurology'.
So far no takers????? Yet the guy doing my reno work has accumulated 7 great properties from me over the last 5 yesrs
& after rehabbing sold some for over 100% return.
But everytime the Guru followers see a 'deal' they want my advice????
@Prashant P., preach it about Amway. Haha. Anyone who is willing to give them money to start their own "business" they will accept it.
I have helped my father buy two rental properties in the past two years. I partially own one with him and I rehabbed the other one for a summer job during my Sophomore year. We still own both, but now I'm in a position where I want to start doing some deals on my own.
Thanks for the kind words. Feel free to follow me and keep in contact. I'm writing up an offer on a neighboring property here off campus in Lexington as we speak.
Originally posted by Prashant P.:
I wonder how many of the people that go to these courses are actually still investing in real estate in a year or two?
Prashant P. - I'm going to take a guess that you are a member of the DIG REIA; wouldn't you agree that the same statement can be said about the newcomers to the REIA group, that they really never get going as investors for the long haul?
Steve Babiak, Steve I actually am not a member of DIG. I did go to one of their meetings but it seemed like alot of the speakers they were bringing in were the gurus or get rich quick type of people.
From being on Biggerpockets and talking with other real estate investors in our area, it seems most people are self educated, researched and tried their hand at real estate.
What are your thoughts on DIG.
I am just glad the one in Lexington is over...I was so tired of those awful radio ads every 5 minutes!
James Vermillion if you start to miss them, you can come to the Philly area - we're getting their ads on the radio right now :)
Prashant P. - hopefully the PM dialogue we had discussed things sufficiently, so that we didn't have to detour this thread off topic.