What should my next step be?

Question

First I want to start out with an introduction on my real estate journey thus far...

I was in a dead end job living barely pay check to pay check when I received a flyer in the mail about real estate investing, I had received these in the past but never paid attention to them...why I bothered with this one I don't know, call it good timing on their part...with nothing to lose except a couple of hours and $10 worth of gas I decided to attend. Long story short I have no background in Real estate, business, marketing, etc..I attended the 3 day seminar and was sucked into paying the $30,000 for the education. I justified the payment with the fact that I'm going at this alone without a partner and have no idea how to run a business or how to invest in real estate so I would need the training and education that the program offers.

Well 4 months later I am still where I was 4 months ago only now I'm $50,000 more in debt with no profit or deals to show for it. I have a coaching service that has been provided to me but it appears that everyone on the advisory side is telling me one thing and everyone in the real world is saying another...

Did I make a HUGE mistake? I have spoken with many people and everyone tells me I'm on the right track and I feel like I'm so close but yet so far.

So my big question is how can I make money immediately using these resources that I've paid for?? I have used up my cushion fund because I did not think it would take this long to at the very least get a finder's fee...

Joe Villeneuve · Answer

Never look back use what you've learned. Why have you not moved forward with a deal yet? What's the holdup?

Brian Gibbons · Answer

@Autumn Faulkner

I'm very sorry you're having trouble and you cant get help from your coach.

I'm gonna tell you from the coaches perspective then I get very upset when my students don't make money

Your post did not talk about what you learned how to do or what the strategies you're interested in learning or where the coach didn't provide assistance on what kind of questions you asked.

I would write out exactly what you spent 30k on, what did you learn since you been with them, what are your goals, what do you not want to do, what do you want to do, and so forth

It's my opinion that "Wholesaling or flipping only" is not the best way to start. You should learn how to interview the seller, and talk to them about all the choices, including seller financing, and joint ventures with the seller.

In the "starting out forum" I have a thread called "how to get a quick start in real estate investing this spring"

You might want to take a look at that.

If you want talk privately, please contact me and I'll be happy to give you 30 minutes and just give you suggestions.

I have many students that have tried other coaching programs in the past and have been very disappointed like you.

Paul Timmins · Answer

@Autumn Faulkner

Welcome. Keep working it.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

Michael W. · Answer

Here is a start in finding REIA club in the valley area

http://www.northwestreia.com/Default.aspx

Brian Gibbons · Answer

@Autumn Faulkner

I have heard that through Rich Dad, Than Merrill and Phil Pustejovsky's teams.

I coach my students 100 hours 1 on 1. I have 30 yrs experience in real estate and finance.

I also have a background in retirement and estate planning for consumers and businesses.

My focus for all my students is:

Talk to expired listings.

Get a motivated seller to consider terms rather than cash.

Exit with a lease 2 own, where all parties win - the seller, the buyer, and the real estate investor.

Get 1 coach, not an "advisory line".

Autumn Faulkner · Answer

@Brian Gibbons Thank You, I will check it out and I would love to chat about what I have tried and what I have learned because I have learned a lot from my training's. What I would like to see is my actions that I've learned from the training's turn into profit and that's where the disconnect seems to be...I am following the training's and there teachings but not getting any real results as of yet. One of the main reasons I am frustrated with the program is that when they were trying to get me to invest into their program they all but assured me that at the very most it would only take 2 months to get my first deal done if I turned this into my full time career. Also another frustrating point is that every adviser on my advisory line is different and when I call in for advice on how to proceed they ask me why I took action the way I did and when I tell them I took the advice of a fellow adviser they than say well here's how you should've done it...

Autumn Faulkner · Answer

Thank You Paul!! I appreciate your advice!

What should my next step be?

What should my next step be?

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