I know I write about this a lot – but I think it’s important to keep this message in the forefront for all the newer investors out there and even some of us not so newbies. The endless emails and direct mailing pieces I get that sell me on the next big, most important, I must not miss sell-a-thon from real estate gurus – is nauseating! Gag me with a spoon!
I cannot believe the horrible trend that is happening that all the old gurus and new gurus are perpetuating. And to make it WORSE (can it actually be any worse?), they not only send us endless sales pitches on their own product – they are getting bigger and bigger into affiliate marketing which means that they are letting us in “a secret”, or giving us “the insiders track”, or getting us a deal that only they can give us because this guru is “their good friend”… blah blah blah blah….. gag me with a spoon! (Did I say that already?)
What the heck is going on with this industry? Really I wish I had the answer. I cannot stand this b.s.! I am a real estate club owner and I have to spend a lot of time convincing new people that our club is different - that we don’t do pitch fest. It’s so sad how these gurus have made what we do - so distrustful. So what’s the solution? How do we stop the madness? Well – I know what I am doing to stop it – but I need your help too!
For instance – I will never book one of these guru pitch festers to speak at my club. Maybe right now – those big shots don’t care – after all, I am a new club and how much influence can I possibly have right? Well, after my meetings this week – I had a 100 people attend my “little club” meetings this week. Not so bad for a silly little girl who’s club only started 6 months ago. My goal is to continue to spread the word that we do not need to spend thousands of dollars A MONTH in order to learn real estate! Even if I do wake up with a bloody horse head in my bed someday! I will not be intimidated by your sneers – you “older, wiser and more successful” gurus and owners of real estate clubs!
Newbie Alert: Did you know that 95% of folks who buy endless guru products never learn the solid foundation that they need in order to be a successful real estate investor? Why – because many of these products are a trap! Not all (there are a some good ones out there), but many of these products are just a way for the gurus to get their hooks in you so they can up sell you to their next product or bootcamp – ENDLESSLY.
A few simple tips to follow to stay out of the “seminar junkie” trap:
1. Ask your SUCCESSFUL (successful being the key word here), investor friends – who they studied from, who’s product taught them a lot, who they trust. Then buy that program or bootcamp. If you are new and don’t have investor friends yet, join forums such as BiggerPockets and ask around.
2. If you go to a seminar that was not recommended to you by someone you trust – then leave your wallet at HOME. Don’t leave it in the car – because it’s too easy to run down and get it once these slickity slick slicks have hypnotize you into believing that you cannot succeed without them and their product!
3. Decide what real estate strategy you want to be an expert at and stick to it! Do not deviate and start dabbling in the next big strategy that is being pitched by the guru of the week. This should help you stay focused and deter you from buying product on strategies that are not within your business plan. Now mind you – as markets change, strategies change – I know this, but you do not need to know how to do everything single strategy right now. You only need to know specific strategies depending on that current market! Mr. Bruce Norris is the best at teaching us this. He will never try and sell you one of his products if it doesn’t pertain to the specific market that is happening now.
4. If you simply must buy a product - first check with your friends to see if they have it. Maybe you have something they would like to study and you can exchange product for a while. Or check with your local real estate club – some have a lending library.
5. Get a mentor! Find a successful real estate investor who is doing deals now. Personally – I would have been lost without my mentors and coaches. I have learned more from successful – down to earth, REAL – real estate investors than from most of the product that I have bought. Actually – the best product I have ever studied from was from a few of my mentors.
6. Attend your local real estate club – as long as it is not a pitch and sell environment. Stay away from those! Yucky! (That is why I started my own club! Cuz I couldn’t stand to be around that kind of environment a minute longer!)
The bottom line is that there is a reason these pitch festers continue to market like dogs in heat – it’s because people buy. When gurus sell $100K in product at seminars like these only a few of those people who bought will ever do a deal – they don’t care! They know that most everyone in the room will not be successful. It’s not about that to them. All it’s about is making as much money off you as possible. Sell – the poor bastards the dream…. That’s what they do.
The answer is get educated yes – but also, get support, get trained, surround yourself with successful investors, and don’t be hypnotized by the smoke and mirrors (think of them as the Wizard in Wizard of Oz – that might help!)
Photo Credit: Jorge BassyDon't be hypnotized by the "Guru of the Week"! by Guest Blogger