Sophomore Level: RE Investor in Training

[Cory Baker]

Newbies to Real Estate Investing Education and Newbies to REI Success are not the same. There's a sophomore (which is an educated idiot) level if may. I understand many concepts and for a few years tried to hold on to my RE License. I only had that license as a course (one of so many now) instructed me as to the type of professionals I needed to meet and talk with. When a realtor told me I could go to class for just a few hundred dollars...I thought I had a great use for a credit card I'd been issued! Whoo-hoo. That was 2006 and 6 mos later I spent another $150 or so and was a licensed agent Feb 2007. I thought sure I was going to be a great investor!

2007 and 2008 showed many many big Real Estate Firms go belly-up!

I liked the education and the challenge but could not get things going and even had my broker call and tell me he was leaving and heading to another comapany... The most positive man you could be around... LEAVING.

So, after trying to comprehend the lingo, and creative techniques, AND having a license... I thought sure... but was wrong That I would be a big success within a year. Heck, I got my first ER (Contract for Exclusive Right to Sell and represent) like with in 1-3 days of getting my license! Go me!

And I had an acquaintance who was a friend of a friend who needed help with something many in 2007 would not deal with...something called Foreclosure and Auction Date Set for 3 weeks. It was convoluted. It took 9 weeks. I got it done! Go Me!

Well, just had too many other financial burdens I couldn't keep up with and life was tough.

I became a licensed Security Guard right after getting my RE License. Go Me...

Anyway, after several years of barely hanging on to my inactive license and continuing the education requirements it just seemed ludicrous to hold on to it and I let it lapse.

I wasn't even thinking much about investing. Just a couple years ago I heard of some new concepts one was Wholesaling and the other was Birddogging. It seems many have started their RE Experience with these "entry level" positions. 

I had to get some things answered before I could dive in.  Are either or both legal and are people doing these things doing something that could jeopardize one's license. 

Some do this very ethically, and legally. Others do not seem to care and then there are those who pounce on you if you do not have a license as if you have gone afoul of the law and common decency. 

Ugh. There are enough nay-sayers. As a wholesaler I'd love to have lead finders (Birddogs) and if I can only pay them $10 per (non MLS) lead and can do that 10x heck next time I could pay them what $20 per lead or maybe $30. It'd be my marketing and research.

As for wholesalers, as long as they are not playing the "bait and switch" game and are not claiming to represent anyone but themselves in the contract; I see where that can be helpful. I view the bait and switch tactic as "misrepresentation" and anyone doing this or teaching "students" to do this should have their license reviewed if they have one or asked to cease such "tactics" even if they do not. "Oh, I had that one but it just sold...I come across properties like this all the time. Can I get your name and number for the next one?" That's Bull and makes wholesalers look slimey.

Okay, So some one goes on here and posts some good points about Birddogging, Assigning, and Wholesaling and the curmudgeons drop trou and urinate on the dreams of the aspiring wouldbe wannabe investor. 

That's why I had to focus away from here as I read thread after thread of this kind of dream and enthusiasm dowsing rhetoric.

Good advice is to find out what investors in your area are doing and who they seek legal counsel from and from there after SURROUNDING themselves with like-minded investors and having the legal questions answered...move forward with the best contract you can find, and start hunting.

And another thing. I do not like when I go to seminars and they tell me we're programmed...(that part is okay)... but they then go to "What do you want?!?" And expect you to say "Freedom!" While I seem to be the only one there saying "Success! I want to get my first 1-5 deals DONE!" I've had freedom to choose my job. That does not always pay well and yet at other times it pays very well. I'm growing tired of "Freedom!" I want "Success! I want to get my first 1-5 deals DONE!"

I've already warn out 2 friends that were going to be part of my "mastermind" [Think and Grow Rich] And then the get an LLC and we'll get you the funding schtick is the new fad cramming in my email. Ugh. NO, I want to get my first 1-5 deals done... I want SUCCESS! THAT IS WHAT BURNS WITHIN ME... THAT IS PART OF MY "WHY"!

Am I alone here?