Should I give up this dream?

29 Replies

I feel really stupid because I just learned from this site that the scott yancey real estate investing workshop is a scam. I want to do real estate. I'm 32 years old. I have two children, a worthless two year degree. I work 9 hour shifts, daily but my income doesn't cover basic needs. I make what the minimum wage should be. I don't have savings and I never will at this rate. I don't have credit. I was willing to find a way to get to that three day workshop. It was my one shot. I needed that support. I was willing to work and learn. I don't have 30 years to save pennies in a jar just to not have enough money to do this. Is there anything out there that isn't a scam? Am I wasting my time?

This website isn't a scam and if you spend some time reading on here, more than you already have, you will likely figure out a way to substantially increase your income.  But you are going to have to work hard to do it.  

Originally posted by @Stephanie Muhammad :

I feel really stupid because I just learned from this site that the scott yancey real estate investing workshop is a scam. I want to do real estate. I'm 32 years old. I have two children, a worthless two year degree. I work 9 hour shifts, daily but my income doesn't cover basic needs. I make what the minimum wage should be. I don't have savings and I never will at this rate. I don't have credit. I was willing to find a way to get to that three day workshop. It was my one shot. I needed that support. I was willing to work and learn. I don't have 30 years to save pennies in a jar just to not have enough money to do this. Is there anything out there that isn't a scam? Am I wasting my time?

 So... where to start here.  If you want to succeed you need to remove all the negativity. Let's put a positive spin our introduction:

Dear BP,

Thank you so very much! You just saved me from spending $10k on a worthless guru! I'm a 32 year old mom, working in a job that is keeping me from following my dreams. I want to learn how to make money in real estate.  I work 9 hours a day and have 2 awesome kids, I'm glad to have found a support system where I can learn everything I need to know!

Now we can get started. Real Estate is not easy when you are starting, you aren't going to be rich overnight, you have to work at it as a second job.  What is the price of giving your children the world? is it doing research on BP for an hour after you put the kids down? Is it worth it to sacrifice your day off from work to drive a neighborhood and bird dog?  

It's like that timeless adage; you only get out of it, what you put into it.

@Stephanie Muhammad  Welcome to BP! Don't give up on your dream, but find a way to make it happen. Look at what you CAN do, not all the obstacles. Right now you obviously have a job, a computer, access to the internet so that you can come on to this great site, and learn, for FREE! Start out by reading Beginner's Guide to Investing and then check out some of the PODCASTS Post any questions you have on any topic, and you'll get answers from several different people. Hint: When posting try to make the subject line very straight forward so that people know what the post is about. 

Also, set up keyword alerts for your area, type of property you are interested in, etc. Start getting to KNOW your local market and what prices and rents are, and what you get for the money. 

I'd recommend that you upload a pic of yourself to your profile, it gives it a more personal look. If for some reason you don't want to put your pic online, upload a pic of a local landmark, a hobby, etc. (can't be copyrighted pic) 

Next, do a search in Events and Happenings Forum, or a search of BP, for Chicago Meetup,, and see if there are others meeting there, then go! Don't be intimidated. Everyone starts someplace. 

Why are the top ten percent highly successful in this world?? MINDSET

You need to retrain your brain and change perspective on the filter through which you are viewing things.

We all have obstacles to overcome and many of us started from nothing. If you are already quitting before getting started it doesn't bode well for chances of long term success.

You might want to go work for an investment RE company as a errand person at first and work your way up. See how successful deals are put together and money is made. Then decide if it's something that really makes you happy and you want to do it.

Money is not everything. You need to get fulfillment in others ways as well. Lot's of things make people money but it makes them miserable or they feel incomplete in some way. The payoff needs to be more than monetary only and give you satisfaction and happiness from multiple avenues.

Stephanie oftentimes we all need a good rush of built up frustration to open the floodgates of investing motivation. 

BP is a great resource and I am glad you are voicing your concerns and questions to people who can actually help you. You will find the BP site to be an incredible resource for you. Your one shot wasn't a weekend workshop. You're ongoing shots and support will be the resources and help you will get from all of the investors and contributors through BP.

Don't feel stupid. Every single investor starts at the beginning and with little knowledge. All of us have different motivating factors but the drive is to the same destination.

When I first got started in real estate investing I used a hard money lender for my initial investments. I did this because I didn't have a lot of cash saved up. I know for a fact there are numerous hmls in the Chicago area. I'm not saying a hml is the absolute way to go, but it's an option for an investor without a lot of cash and credit. I know from personal experience.

This is a fight worth fighting. You can be successful. I too started with little but built up over time to accomplish a lot. Sure, there are setbacks just as there are with any venture, but I have found the end result to be worth it. Good luck as you progress forward!

And no, don't give up on your dream if your dream is real estate investing...

@Stephanie Muhammad  I agree with the other posters, you have to move towards thinking in a positive way instead of negative. That being said do you have a more specific plan in mind? When you say "I want to do real estate" I don't know what that means. It is like someone saying "I want to be rich" but they never define what rich means. If you want to be a real estate agent, focus your efforts there first, if you want to find your first rental property, move in that direction. Once you have identified what "real estate" you want to do first work on attaining that goal. 

@Stephanie Muhammad  Are you familiar with the story of Edison and the light bulb?

When asked why he didn't give up when he "failed" 1000's of times to invent the lightbulb, he said "he didn't fail".  What he found was "1000's of ways how not to invent the lightbulb...he only needed to find one way to do it".

Now, go find that one way.

Welcome to Biggerpockets!!!

Use your frustrates to motivate you and not distract you! I totally agree with @Troy Fisher  . There are tons of way for you to succeed. The key is for you to find them. You mentioned having two kids, do you own your house. Do you qualify for fha or another program. Can you buy a house and rent out rooms or get a duplex so you can live in one side and having someone pay off the other? 

Getting yourself out of the hole is not going to be fun or pleasant. If you ask many investors how they got started it does not start with. I woke up one day and I had 5 properties. My husband and I started young with no dependents but we had very little money. We slowly put together a buy and hold portfolio. there are tons of sacrifice, we are stilling sacrificing. 

If you put yourself full into this website you will love it. There are TONS of FREE tools. Everyone wants to help those who want to help themselves. There are free  blogs and podcasts. Participating in the forum is a great way to network, learn and grow. Once you are meeting your goal you can give back to help the next disgruntle person. Another GREAT resource is everyone's signature. MANY of us, including myself have put together a blog/website about our niche, strategy and business model. Think of them as "free" books. These are GREAT free resources too! Again free, informationive. So open your eyes and you will get there. Babysteps but in a couple of years you will start to see progress.

Stephanie, look at it this way, all investors make mistakes early on in their journey before succeeding. I think there is a certain quota or certain amount of money the universe takes from you before giving back. Now that you've made yours (if it even is a mistake), you can get down to having the successes that you are in line for. 

Don't feel bad, early on in my career, I had made paper losses amounting to millions and to this days, some of those losses are still hanging over my head, but if I wasn't for those losses, I wouldn't have learned the lessons I needed to learn in order to move forward. 

The first thing I would do in your situations, like the other posters above, is to decide what aspects of real estate you want to focus on. Personally, if I was in your situations, the avenues I would look into would be trading real estate options, real estate or loans sales, finance, possibly wholesaling.... sectors that don't take a large amount of capital to start up and where the chance of incurring losses are lower. 

Thank you all so much for your uplifting responses. I have these break down moments from time to time. I'm really not a negative person, but I do get emotional. I didn't expect this much of a response. But now that I see this I must check this site out a little more. Thank you so much. 

@Steve Osowicz   I wasn't specific because I just wanted to know if my general goal was unrealistic. I hear people say all the time that you can get into real estate investing with little to no money, but when I inquire I find that it's not true. I was wondering if it was a waste of time without a better foundation.

I want to keep moving forward but I must reconfigure some things first.

Stephanie

Mindset is the name of the game. I suggest you go to the library and check out the book by Michael Losier titled the Law of Attraction, and after you have read it check into his you tube site. 

And while your at the library, check out books on real estate investing. Then don't take whatever is said as the truth, plenty of pretend gurus write books, but they have borrowed some good information sometimes Just check with BP here to ask questions. 

This may sound trite but I would love to be in your position and have a chance to do it all over again. When the final curtain is dropping and you have had a good life you just wish it would drop a lot slower if your in good health.

@Stephanie Muhammad  Welcome to BP.

Let me say, it is not going to be easy but NOT impossible. I have a realized that trying to get into REI investing is a challenge especially when you are mom. Networking is plays a big part and sometimes we just can't get it done because we have other priorities (kids).

Take all the great advice presented to you above, start by educating yourself here on BP for FREE, Sooner than later it will all come together.

Side not: We all have breakdown moments from time to time. (:

Good luck!!

You can get in with little or no money, but you'll have to make it up with creativity and hard work! I don't think anybody can give you the answer on how, but I would listen to every podcast and figure out how others have and see what works for you. There are a million reasons why you can't make it, but you just have to stay focused on the reasons you can make it!

Tim Macy, Real Estate Agent in TX (#657759)
210-965-4000

@Stephanie Muhammad  

  Given your description of your personal circumstances.. all the platitudes are nice. But you need to make money....If you want to get into RE your in a pretty tough position to start realistically. So you need to find a way to earn why you learn.

And to do that you should be talking with top producing RE brokers and offer to do the things they don't want to do or have time for.. And you will do this in exchange to learn the business and a pay day when deals close do this in your off hours.. It could be making flyers.. filling flyer box's helping set listing appointments YOu can do this at home and just with a phone.. many things you could do. At least you will be working and learning.

Or find development companies start for free.. work your way in... Find the top wholeslaers in the area help them... Almost anyone in this bizz will take help as long as your rewarded at the close...

Make sure you have a reputable person so they don't take advantage of you.. But that is one way to break in.. instead of thinking that with no time no money and no experience your somehow going to find this dream in RE .... It can happen but its pretty rare.

Try that spend your time talking with the top earners in the field  and ask them what you can do to help them and get paid when they close deals.  YOu may be surprised at what you learn and what they will have you do... and then you never know when one may really like you and your work ethic and take you under wing and help you rise above.

I read and dreamed for seven years.  Then I lived on nothing, even cutting cable (which I still don't have), eating cheaply etc... I saved enough for my first purchase and never looked back.  It's not about giving up.  It's about how bad you want it...

Hey @Stephanie Muhammad, what about switching jobs to something in the real estate industry?  You didn't mention what kind of work you do, but if you were a secretary at a title co., mortgage broker or attorney's office you'd be getting valuable experience and meeting other professionals in the industry every day when you went to work!

Hi Stephanie.  I came here and started hearing all these tremendous success stories.  I bought a place with two partners, and within weeks, one of them had bailed and we found ourselves with two terrible tenants.  It's easy to ask your self why some things seem easy for some and difficult for others, but really all you can do is DIG IN and keep fighting.  We got rid of the bad partner, got rid of the bad tenant, scared the other one straight, and now we're cash flowing a net of $1100 per month on the same place that six months before, had been a total disaster.  Keep plugging away and you never know when things can turn.  There is some great advice here for increasing your exposure to folks who know what they are doing, so keep us posted about how things turn out for you.  You will find yourself inspiring others!

John

This post has been removed.

I have nothing to add, other than this thread shows why BP is such a tremendous site with tremendous people.

This it was I love with BP, "you " post something here and then with in 4 hours you get 19 people giving you feedback and care about you.. That's pretty awesome!

Thanks everyone for being here

Joakim

Double down on your time and effort to learn more about Real Estate from biggerpockets!

Originally posted by @Stephanie Muhammad :

I feel really stupid because I just learned from this site that the scott yancey real estate investing workshop is a scam. I want to do real estate. I'm 32 years old. I have two children, a worthless two year degree. I work 9 hour shifts, daily but my income doesn't cover basic needs. I make what the minimum wage should be. I don't have savings and I never will at this rate. I don't have credit. I was willing to find a way to get to that three day workshop. It was my one shot. I needed that support. I was willing to work and learn. I don't have 30 years to save pennies in a jar just to not have enough money to do this. Is there anything out there that isn't a scam? Am I wasting my time?

Welcome to BP Stephanie,

It's so important to understand that we live in a great country that allows a hard working person to really flourish.

It doesn't matter what state you live in or what your level of education is. Hard works pays off so study this site and learn for free. Don't get frustrated even though there will be bumps in the road. The real estate industry is a tough one but with the right mindset and the right attitude you WILL find success. It might be in 6 months or 2 years but I promise that if you put in the work you'll be able to obtain the low hanging fruit sooner than later.

Welcome to BP!

The only word of advice I have - fix your credit. It can - and will prove to be - a huge asset to you in the future when you get to the point that you are ready to make your first deal. Your credit is literally your reputation with the people (besides HML) you will be asking to lend you money for your deals. There's no reason to have bad credit - and nothing you have done is completely irreversible. I'm in my 30s with 2 kids as well but I don't have even a "worthless 2 year degree - went from the low 500s to the mid 700s with effort and dedication. Being your word when it comes to money is a good thing to carry with you in life whether you are investing in real estate or not.

Good luck! 

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