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All Forum Posts by: Account Closed

Account Closed has started 15 posts and replied 127 times.

Post: Newbie looking for advice in Atlanta, GA

Account ClosedPosted
  • San Jose, CA
  • Posts 132
  • Votes 50
Originally posted by @Roddrick Jones:

@Account Closed Thank you for the insight, I just looked into that and discovered that the Atlanta REIA is meeting on Monday January 4, 2016. I will definitely be attending this meeting. Thanks again!

 My pleasure, Roddrick.  I wish you the best, and am a bit envious that you're getting started in RE at 23.  It took me ten years working for the man before I decided to look into real estate.  I neglected to mention that you have one hugely important advantage compared to most others getting started in RE - time.  Be sure to allow yourself the opportunity to learn without feeling rushed or stressed.  Atlanta is a nice area to begin this journey. 

Post: Newbie looking for advice in Atlanta, GA

Account ClosedPosted
  • San Jose, CA
  • Posts 132
  • Votes 50

@Roddrick Jones

Welcome to BP, Roddrick.  Congratulations on your graduation. 

I think the most important thing you can do is continue educating yourself while seeking a mentor. Reading books is great, but the real education comes when you are paired with a mentor. You're not likely to get far in RE working alone with no experience and no capital. There is much value in meeting with local like-minded REI. I suggest doing a bit of research on when and where your local REIA assembles, attend a meeting, introduce yourself, and go from there.

Post: New Member from California - San Francisco bay area

Account ClosedPosted
  • San Jose, CA
  • Posts 132
  • Votes 50

@Drew Sukovich

Welcome to BP, Drew. I share your B/H philosophy, though the payout with B/H might be delayed given the home values in the bay area. There are some places in the north bay that would offer you higher initial cash flow (assuming 20 - 25% down), though you'd have to consider C-class neighborhoods for your investment. Many B/H REI look in Sacramento for cash flow.

In addition to the podcasts, I recommend the ebooks under the "Education" tab at the top of the page.  There,  you'll find some great resources. 

Post: Another new investor in the Bay Area...

Account ClosedPosted
  • San Jose, CA
  • Posts 132
  • Votes 50

 Welcome to BP, Charles. I'm also originally from the midwest and definitely do not regret the move to bay area, CA.  Perhaps I could offer a perspective to your inquiries. 

First, the best time to buy here in the bay area was 6-8 yrs ago. Aside from the bit of sarcasm in that comment - the best time to buy is always the present, that is, if you're planning on being a long-term investor. Some of my less-than-savvy non-REI friends have encouraged me to "wait 'til the market dives again." On average, the bay area RE market has about an 8 year cycle. We're currently at about the 8 yr mark since the last RE low, yet home values continue to rise with no let up in sight. The tech giants out here continue to hire hundreds of new employees per week (I have confirmed this through my contacts) and are thereby driving home prices higher and higher.

The areas you should consider will depend on your strategy. You'll need to decide which class of neighborhood you're most inclined to work with, A, B, or C. A-class neighborhoods have the multi-million dollar homes, but do not currently generate the ROI as C-class neighborhoods. However, the appreciation is stronger in A-class areas.

No comment on your stock market performance comparison - I don't have access to your stock portfolio and am ignorant to your paper investments. 

For good strategies, refer to the book "The Book on Investing in Real Estate with no (and low) Money Down" by Brandon Turner.  This book, and other useful resources, are available under the "education" tab at the top of the page. 

Best of luck,

- Chris

Post: New from Iowa

Account ClosedPosted
  • San Jose, CA
  • Posts 132
  • Votes 50

@Nikki Banks

Welcome to BP.  You'll find all you need under the "Education" tab, including links to the podcasts and free ebooks.  

@Joe Meyer

The RD real estate seminars are marketing gimmicks designed to sucker people out of thousands of dollars. They constantly upset the consumer with the promise that they will learn "secrets" to RE investing. As any experienced investor will tell you, there are no secrets to REI. Before wasting your time and money at a RD seminar, do yourself a favor and perform a search for "Rich dad seminar" in the forums on this site. You'll turn up plenty of reviews from real people, not paid jokers often portrayed by the marketers of these guru programs.

Post: Newbie

Account ClosedPosted
  • San Jose, CA
  • Posts 132
  • Votes 50

@Jasmine Flores

Welcome to the site, Jasmine. I think most will appreciate your enthusiasm for learning RE, though I challenge you to examine your way of thinking. The marketers of RE programs and scammers (perhaps one in the same) prey on people who have the "pay to learn" mindset. Most people who received a formal education think the only way to learn is to pay someone, attend classes, take tests, etc. Rather than focusing on trying to find a class and enrolling, try to find a mentor who has experience in the type of REI you're interested in, and connect with them. So much can be learned about RE just be being included in and engaging in conversations and discussions about the process of RE - no brick-and-mortar institutions needed!

As @James Miller pointed out, the Rich Dad programs and seminars are nothing more than a marketing machine designed to sucker people out of money, as are most guru programs. Unfortunately, I know this from first hand experience as I didn't find this site until after I tried a Rich Dad "program." 

@Matthew Vitlin is spot on with his suggestion of spending time under the "Education" tab at the top of the page.  Personally, I've found the podcasts to be very informative as well as the ebooks, which are all free. 


Good luck in Las Vegas. You're in a nice location to start REI.

Post: Rich Dad Poor Dad Coaching

Account ClosedPosted
  • San Jose, CA
  • Posts 132
  • Votes 50

@Brad Rogoszewski

I was a "student" in a rich dad "program." It was a valuable lesson in that I learned that they will tell you anything just to get your money. The cost of the program was definitely not worth the information I received. Had I known about this site before hand, I would have never bought into the rich dad scam. Most all you need to know about RE can be found right here through the free resources (see the "Learn" tab at the top of the page) and/or through reading the posts of experienced REI's.

Post: Newbie from Baltimore

Account ClosedPosted
  • San Jose, CA
  • Posts 132
  • Votes 50

@Paul Hirsch

Welcome to BP, Paul.  This site is full of useful information from resources as well as helpful members who are willing to share their expertise..... for free! Be sure to explore the "Learn" tab at the top of the page.  There you will find links to some great resources such as the podcasts and ebooks. 

I applaud you for walking out of the rich dad seminar.  As you may know, Robert Kiyosaki is no longer associated with those seminars.  He sold the rights to it years ago.  Unfortunately, those seminars (as well as most other guru seminars and programs) are nothing more than a marketing machine to sucker people out of money.  


As 

@Account Closed pointed out, flipping is quite an endeavor.  Moreover, as Aaron Mazzrillo pointed out in podcast#37, flipping is quite encompassing. In the podcast, he pointed out that a flipper needs to be proficient in several different areas including negotiation, contracts, rehab assessment, appraisal, and marketing. It is recommended that one has a system and strategy in place first prior to flipping. 

Please don't assume I'm implying your intention is misplaced. I'm merely offering some things to consider.

You might be find The book on flipping houses by J. Scott useful.  J is a master flipper and has turned very ugly homes into palaces. 

Best of luck  

Post: Newbie From Bay Area (Milpitas), CA

Account ClosedPosted
  • San Jose, CA
  • Posts 132
  • Votes 50

@Angelo Wong

Welcome to BP, Angelo. Nice to meet another bay area member of this site.  This is a great place to learn RE.  Be sure to check out the "Learn" tab above.  There you will find links to some great free resources including the podcasts as well as ebooks.  I've found these resources to be quite helpful.  Also, you might find it useful to set up "key word alerts."

Best of luck

Post: Should I purchase education from Rich Dad or Fortune Builders?

Account ClosedPosted
  • San Jose, CA
  • Posts 132
  • Votes 50
Originally posted by @Julie Falen:

If you look closely, Rich Dad sold their courses and educational Company to Donald Trump and Trump Univ - they are the same thing. The smallest "Tuition" for their program is, I believe, $16,000. Highest is $40,000.   (FYI Trump U has been in a class action litigation about their fraudulent classes for 5 years. Still in progress)

I have run a RE Investment club for 2 years in Southern California and I have heard over and over "Yeah I'm one of those  (silly, stupid, regretful) people who bought that program and now have a huge credit card debt. I wish I had waited and learned more from other people instead first".  I have also presented many folks selling their courses and have opinions about good and not so good ones. 

The people teaching those 3 day Rich Dad and Fortune Builders "courses" are Brilliant - at selling the courses! They give you just enough info and tell success stories enough to make it seem like it is the easiest thing in the world to do yourself AFTER you buy their info of course.  

There are TONS of resources out there. Bigger Pockets is a huge and hugely helpful  one. And also there are tons of free rehab calculators, deal marketing strategies, ways to create "We Buy Houses" websites, how to buy pre-foreclosure lists, how to write "yellow letters" (and if they work or not), and all sorts of other tools you might need. However, it IS difficult to make yourself move forward on your own, and often scary  (I speak from experience Lol). For that reason, I feel that certain classes or Gurus or groups or teams are valuable because of the Network you build and the support you get from others who have gone through the same training. You will NOT get that with Rich Dad training as 80%-90% of people who buy into it never do anything more. 

So if for nothing else, go to your Local REIA and ask people what classes or courses THEY took - and that will be the most educational thing you can do to start with. It will truly help you make a better decision.

 Well stated, Julie.  FYI, the Rich Dad program I was apart of was much less than $16K, but it was a few thousand dollars.  

I have, and continue, to read about litigation involving many different "guru" courses and programs.  Although there are some instances where "students" get their money back after lawyers are involved.  I have no doubt that this shadowy practice will continue since the reward for the marketers of these programs is far greater than the con of having to pay back a few of their clients.  The old adage is true, "a fool and his (her) money are soon parted."