Tips for Getting Started in Real Estate Investing
I have done quite a bit of investigating and researching various real estate investing gurus in the past several months. I've attended the initial meetings for one nationally known company and one local presenter. I've also done two free "phone consultations" with one real estate guru and another wealth building guru.
I attended one of the pay-to-attend seminars put on by one of these companies. I did learn a lot but really not quite enough to go charging through the doors to take the world by storm.
This paid event was really a preliminary meeting to whet the appetite for more such trainings. These additional trainings are very expensive - over $15,000 for a one week training. It was very appealing but I decided to do a little testing. One of the benefits of this additional training was supposed to be your own assigned personal mentor to assist you with finding real estate deals and closing those deals, without losing money.
Obviously, the cost was one very big stumbling block. However, I never felt quite right about this three day seminar. For one thing, we were in a very expensive, well-known hotel ballroom. All that was served to us for refreshment was ice water. Over the three days, it just continued to "bug" me that this company expected me to pay these large sums for their wealth building training but they didn't serve coffee or tea or any other soft drinks. Having been to many such "ballroom" meetings that provided such refreshments, it made me think that perhaps this outfit didn't have the money. If so, what could they teach me about wealth building? Don’t they know about business deductions?
Second, there were many of the "mentors" present during these three days. I couldn't help asking myself why they were here if in fact they were able to turn deals around and earn substantial amounts of cash so quickly. Why would they be here to mess around with me?
Now comes the "testing" part. I scheduled a follow-up appointment with my assigned mentor. It turned out I had to call to confirm where this meeting would take place. During the phone call, I learned the mentor wasn't even going to be in town for the pre-scheduled appointment. It was clearly known to this person that he wouldn't be in town when he set the appointment. He further said he didn't think we really needed to get together for that appointment. That was a large failing mark in my book. How was I to be assured he would follow up on the mentoring I was promised once they had my money?
The other “gurus” I talked to by phone, I ultimately did nothing with. There was just too much push for my money and not enough reassurance about what I would receive. There was even a hint of rudeness about the phone calls. Example: “You haven’t reached the wealth you’ve wanted so far in your lifetime. What do you hope to do without this training now?”
Before I made my final decision about investing in any training, I called some local real estate people I had met previously. I asked them what they knew about the company whose three day seminar I had attended. Not surprisingly, they knew a lot about this company and they shared their knowledge with me. It was not favorable. They then opened a door to a local real estate "guru" who really does do the mentoring he promises, for a lot less cash. He has lived in this area for many years and made his living in real estate investing during this time. I was also pointed to many free (or low cost, i. e., under $35.00) meetings to learn about real estate investing. I have attended three or four such meetings and made some valuable local contacts and learned a great deal. I feel very confident that the right doors are now opening and I can use the funds I have available to actually build wealth instead of buy questionable training. These local people are offering tons of information and not asking for hand-outs from me. They are interested in doing deals together that will benefit all parties. I’ve met re-habbers, landlords, foreclosure specialists, short sales specialists, buy and hold specialists, note specialists, and many combinations of the above. They are willing to work with me to reach common goals, i. e., making money from real estate.
My suggestion to anyone checking into real estate investing guru training or other wealth building guru training is to find some local investing groups and start going to their meetings. One of my best sources for such groups is at www.meetup.com. You will meet people there who actually have something to lose if you are dissatisfied with them. They have worked hard to maintain good business relationships in the community and they have had a business presence in your local area for years.
As always however, you want to do your own research and inquiry about people you do business with. There are bad apples everywhere, especially in these desperate times. Don’t allow yourself to be pushed around or intimidated into parting with your cold, hard-earned cash, no matter who is pushing you.