All Forum Posts by: David Dachtera

For what it's worth, John, I got my pilot's license back in the early 80's - Single-engine, land, VFR only, no IFR, no complex, no turbine. I never even reached 100 Hrs TT before I had to quit, mostly for money reasons.

 Well said, Russel!

In my experience, the primary barrier to accreditation for some classes sold is the monetization of how they are marketed. I'm working on a way around that, working within the available system for now.

Indeed! While "overspend" is usually a subjective judgement, many people who make the choice to invest find that they get their money back on the first deal or two.

Put it this way: if spending $x on a course of classes keeps you from making a $x mistake or a 2($x) mistake, did you make money, lose money or break even?

I just sent you a private note. Will e-mail, also.

The challenge with an accredited course is that by the time it is vetted, scheduled, catalogued, enrolled, etc. it is very likely to be so out of date as to be of limited value. Some of the classes to which I'm connected have been updated four times in the past 30 months due to changes in legislation and in the market place.

I'm glad that some community colleges and other institutions are beginning to offer more entrepreneurially oriented curricula. These days "job security" is an oxymoron.

 I sent you an e-mail privately to stay within the forum guidelines.

Thanx much for the acknowledgement. Much appreciated.

The prices do indeed seem high. Even the program in which I enrolled was a healthy chunk. Still, if you look around at the colleges and universities the cost per credit hour multiplied by the hours for which one might enroll for a single year of college can easily exceed even the sum that I paid.

Thanx, Bill! Your last line there might even have made a better title for my post.

Hello! David Dachtera here.

This post is going to be a bit unpopular on Bigger Pockets because it's about education - Real Estate Investing education. The site as a whole has rather a strong sentiment against paying for education. In fact, this V2 of this post.

To some degree, that's understandable. Thanks to the many ads we've all seen on TV, and what lies behind them, Real Estate Investing education has rather a bad reputation. It's generally considered VASTLY overpriced and it's also considered to over-promise and under-deliver.

In fact, the thought which inspired me to write this post came from watching part of a "guru" ad on TV. He's talking about fixing and flipping which, in the current seller's market, is a bit more challenging than it has been. If that's one's primary - or only - strategy, seeking properties to fit one's strategy is equally challenging, whereas if one knows multiple strategies one can approach a property and be able to determine which strategy, if any, would be most suitable. After all, not every property can be done profitably.

Of course, education is about more than real estate investing, and that's where the "gurus" fall short. It's also about the kind of education none of us gets in the school system: entrepreneurial education, business education (beyond Wall Street, that is) and, of course, financial education.

Of those, financial education is probably the most important.

Now, you should know at this point that I am a student of a paid education program. Just wanted to make that disclosure.

One can scan these blogs and discussions and find lots of examples of those who are experiencing challenges which could have been avoided thru a modicum of financial and investing education.

Some folks post about not being able to get another mortgage because lenders say they already have too many in their own name.

Some folks post about needing to find funding for their deals because they lack the resources on their own.

Some folks post about deals where the costs have mounted up to a point beyond the profit they calculated from the deal.

Some folks post about being overwhelmed by the reporting, accounting and bookkeeping demands of their real estate business.

Some folks post about how a deal went sour and they lost a good chunk of change.

Now, you can learn how to deal with all of these through the experiences themselves and from the experiences of others. Not the fastest or most economical method of learning, but certainly effective over time and there's no up-front expense.

Then again, how much money can you afford to not spend?

"What's that?", you may say. "How can I lose money by not spending it?"

Can you lose $50,000 or more on a deal gone bad? Of course you can! Easily, if you have not yet learned how to avoid it.

Can you make mistakes in the course of a deal that may lead to penalties or even serious charges? Of course you can! Easily, and some of those mistakes can lead to penalties on a par with some felonies. Even just posting "bandit signs" in the wrong place can get you some fairly stiff fines.

Can you - and your partners! - lose your property or properties in a lawsuit, even your own and your family's personal possessions like your home, your vehicles, tools, bank accounts, and more? Of course you can! Easily. We unfortunately live in a society where litigation is viewed as a source of windfall profits.

So, the choice to go forward and do-it-yourself without advanced education is a personal choice. It is a serious choice and needs to be considered carefully.

Weigh the risks compared to the benefits:

• Learn to avoid common, simple mistakes and the penalties to which they can lead, some of which can be severe.
• Learn to protect your possessions and assets from lawsuits and liabilities.
• Learn to select the investing strategy appropriate to a property - even if the only appropriate strategy is to move on to the next property - rather than limiting your property choices to those suitable for the strategy(-ies) you know.
• Learn how to make your real estate investing a business which runs without you, even when you're sick or taking a well-earned vacation.
• Learn to make your real estate business profitable and how to keep more of your earnings rather than lose them to taxes thru missed deductions and other financial missteps.
• Learn how to turn your real estate business into an inheritable legacy for your loved ones.

Real Estate Investing Education isn't just about doing deals.

It's about finance, business and entrepreneurship as well. It's about being a well rounded business owner, a successful entrepreneur and a happier leader of your team and head of your family.

Educated investors have so much more to offer to the members of Bigger Pockets than just the results of their own experiences, also. Something else to consider.

Again, getting educated is a personal choice. "Choose wisely, grasshopper!"

We'll talk again!

Take care - be well!

Much Success!

YES, indeed, Kortez! The new electronic signs may be more affordable.

They are, of course, "time sharing". Your ad appears for a while, than another ad, and another, ... they go through a rotation.

On the highways when traffic is not congested, this reduces your potential audience in return for a more affordable advertising expense.