All Forum Posts by: Michael Sokolski

I just finished the 3 day $495 course in which the sales pitch for the advanced schools began Saturday afternoon. I did come away with things I didn't know before. I learned the many different ways to make money real estate. I learned that you have many different ways to finance the investment. I met some cool people and left motivated to continue this path to wealth through real estate investing.

I wasn't going for the advanced courses. The audience became deflated once the sales pitch began and we started losing interest. Then on the last day, they 1-on-1 you and try again to sell you the courses questioning how serious you REALLY are. Then, they even tried to sell you a trip to Florida to watch the Richdad hall of fame be inducted. I knew it was time to leave at that point. I had gotten everything I was going to.

I did get something out of it so I guess it was worth it. Out of all the investing opportunities there are, I think I would like to begin with Lease Optioning. It seems like a pretty good way to start my real estate investment company. I could also look for wholesaling opportunities along the way. It feels a little better helping someone with bad credit get a new home while you make money. (The trick is to find someone who is serious about getting back on their feet and who can pay the lease every month). I didn't like the sound on preying on people going into foreclosure.

I will also start attending meetings with my local REIA.

As a beginning investor, I’m trying to figure out where exactly I want to start. All the advice I get seems to point to the theory - start small, make mistakes, learn your lessons, and move up gradually. I’m curious to see if anyone has experience in Condominiums. I know that Co-Ops have a board you have to go through but do Condos? Are they treated like any other piece of real estate?

I was just curious to find out what expenses there are with Condos. I know you pay a Maintenance fee on top of your mortgage, Taxes, and Insurance. Are there any other hidden expenses and are condos a good way to start?

Many thanks for your opinions. I am still curious and will attend. I will NOT get sucked into the advanced course and hopefully this is not a 3 day infomercial for that class.

I have been listening to the 12 CD set that I got for signing up. So far, it's just all motivational speaking. I'm still waiting for some substance. I'm already sold and commited to the idea so now I want to learn HOW. I found a local REI and will be attending meetings.

Thanks for the advice but it's too late now. They offered it 1/2 price to those at the seminar and I signed up. A waste? Maybe, but they went over the agenda for the 3 full days and there's tons of info and they customize a plan for each individual. I thought it would also be a great way to meet local investors.

I know there is tons of knowledge here on this board and I'll be happy to report anything I learn and ask questions about things I don't fully understand. I would have found a way to blow $500 anyway so I thought I would give it a shot.

I just wanted to ask what people's opinions were of the Real Estate Gurus like Robert Kiyosaki, Trump, Carlton Sheets, etc..... Specifically about their education seminars and classes they offer.

I just returned from one of the Rich Dad seminars (Robert Kiyosaki wasn't there). They gave you some general knowledge of the real estate investment world and basically promoted their classes that they offer. They offered a 3 day class with a bunch of other things. (Books, Packages with DVD's, Audio CD's, etc.) for $495. Now, from researching this before, I know this class is close to $1000 and the all inclusive real estate program with the books and CD's were around $500 by themselves. I had planned on going to one of these anyway so I don't feel like I was suckered.

Anyway, I was just looking for your expert opinions on these guys and if their courses are beneficial. (I forgot to mention that I could also bring a guess for free).

I will give a full report. Unfortunately, I did not get a chance to go to the book store yesterday but I will today. I've never read so much in my life. I was never a big book reader but I am very interested in learning this stuff.

They all strike me as used car salesmen making promises they will not be able to keep.

I did see what Rudy did to the city of New York as mayor and he did an amazing job. New York City was a crime infested, dirty, sleezy place and Rudy got the city back in order when he became mayor. It has become one of the safest, cleanest cities in the country. (Hard to believe, I know). I guess I'm a Rudy supporter.

Going to stop at the book store on my way home from work today.

Thanks!

I decided about 1 month ago, I wanted to start a REI Business. The decision came after much thought about my future for me and my family. Since, I've read a few books, spent countless hours browsing the internet, and have even spoken to my accountant for advice.

It all started when I picked up the book, "Why We Want You To Be Rich" by Donald Trump and Robert Kiyosaki. It really got me thinking about working for myself rather than someone else. I made up my mind and decided to seriously pursue REI. Since then, I've read:

"The ABC's of real Estate Investing" by Ken McElroy

"Real Estate Advantages" by Sharon Lechter and Garrett Sutton

I'm currently reading "The Wall Street Journal - Complete Real-Estate Investing Guide Book" by David Crook

I found a local Real Estate Investing Association that I will join after attending a few meetings first.

I found that the more I learn, the more I realize I don't know. It is overwhelming but I'm committed and will keep going. I finally found something that excites me and I look forward to learning more and taking action. (My job as an IT manager isn't doing it for me anymore). I'd like to get advice from anyone with experience that is willing to share.

Should I go for a Brokers License? I figure it would be a great way to learn about Real Estate and I could make a 2% commission on sales/purchases.

I asked about whether I should create an LLC now on another thread but it can't hurt to ask again. Since I'll be putting money into this new career, should I do it now even though I'm not about to purchase a property?

I think I’m leaning toward to buy/hold philosophy. I’m not looking to get rich quick. I have a job and will be doing this on the side for awhile. I am getting into this so that when I’m older, I can generate a passive income while still having a substantial retirement savings. I haven’t begun seriously looking yet (other than searches on the internet).

Commercial or Residential? Any opinions on which is best for a beginner? I know I’ll be managing it myself until I get to a point where the positive cash flow is enough where I can consider hiring a management company. From what I read, they get 6 -12% of rent as their fee.

Best ways of finding property? Can anyone share where they go to look for investment properties? Do I just aimlessly browse the internet looking at the same properties thousands of others look at? Foreclosures? Bank owned?

I think these are questions many new beginners have and I’m sure the answers are scattered throughout the forum but I figured I would ask here.

Again, this is a great site and a wealth of information. Keep up the good work!

Don't ever forget that. There are thouands of young men and women that put their lives at risk so we can wake up every morning and do whatever we want.

Thanks again. I'll see all of you on the boards!