How to get a good start in real estate investing?

How to get a good start in real estate investing?

La Puente, CA · Member since 2016 · 102 posts · 21 votes

Ladies and gentlemen I'm at a crossroads. I'm a big fan of Michael Quarrels. I think he's the smartest real estate investor there is. But Michael Quarrels is a licensed broker which gives him lock box access, and allows him to write his own offers. So I figured I follow in his footsteps and get my license before I pay him to mentor me.

I recently spoke to broker#1 who has several small offices. He's looking for a full time go getter. He's asking $750 (overpriced) as far as his price to help me get to licensed in 2 months. I also met with a Keller Williams broker#2 who has a real estate class ($250) for 1/3 the cost and also has several brokerages.

The Keller Williams program is cheaper and faster (6 weeks).

Both offer me only a real estate license and no pay check until I close a deal.

My plan is to get my real estate license, while I work a day job to get an apartment. Then pay Michael Quarrels to mentor me and I follow his program to the promised land or go bust.

I understand real estate investing doesn't require a real estate license, however I'm shy of the $100,000 Michael Quarrels recommends to start his program. That and my living situation isn't that great. The job and apartment plan while I study, get licensed, and then study again to go for the real prize, wholetailing (buying at 50 or 65/100 and selling for 100% of as is value, no rehab).

Please advise if I'm on the right track and or if you tried this and found out another path is more practicle. Thanks.

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Yukon, OK · Member since 2017 · 4 posts · 3 votes
9y
I just listened to one of the BiggerPockets podcasts and I've noticed that more than one guest has said not to pay for a mentor. They have said find a person at local real estate investors associations and meet people that are doing what you want to do and bring them in on deals and have them mentor you through partnerships. All the guest speakers I've heard on the podcast have said that you need to bring value to your mentor but not straight up buying their program.
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  • Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    9y
    I would avoid paying for a mentor at all costs.
  • Sulphur Springs, TX · Member since 2017 · 4 posts · 3 votes
    9y

    Hi Caleb. I am new to this forum and I am just now getting deals under my belt. May I ask why you advise against paying a mentor? As I thought about looking for one myself. Thanks.

  • Yukon, OK · Member since 2017 · 4 posts · 3 votes
    9y
    I just listened to one of the BiggerPockets podcasts and I've noticed that more than one guest has said not to pay for a mentor. They have said find a person at local real estate investors associations and meet people that are doing what you want to do and bring them in on deals and have them mentor you through partnerships. All the guest speakers I've heard on the podcast have said that you need to bring value to your mentor but not straight up buying their program.
  • Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    9y
    Because more than likely you'll just be wasting your money. These programs often costs 1000s of dollars. If you wanted to spend a couple hundred bucks to do that, I'd say go for it, but likely it'd be 10-20k and that's not worth it
  • Real Estate Agent · Hamilton, NJ · Member since 2013 · 464 posts · 311 votes
    9y

    I know from experience, Keller Williams is extremely affordable and offers online/in-person training after the initial real estate pre-licensing class.  KW might not offer "guru advice" but you're also paying a fraction of the cost.  As the other have said, I would re-think the whole paying someone to mentor you bit because there are plenty of free/low cost methods to learn.  BiggerPockets is one of the many great resources out there.  Best of luck!

  • La Puente, CA · Member since 2016 · 102 posts · 21 votes
    9y

    Thank you all. Today was the deadline for broker#1. I feel that his small brokerage is in need of free labor to build out his brand. The trainer had picked out for me only had 3 closings in 2016. 

    I didn't find much value in his offer. I'll save $500 and go with KW, they have a good brand and I heard the best support. Thank you all. I'll keep you posted.

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