Newbies: Eager to learn or Entitled?
I know that BiggerPockets looks down on guru education programs and seminars that cost thousands of dollars to teach people what they can learn for free on this website. However, I didn't find BiggerPockets until after I was half way through the expensive one-year education and coaching program. One thing my coach told me over and over again was to find investors to partner up with because it didn't matter how much money I personally had to invest, I would eventually run out if I only used my own money.
So, over the past few months to a year, I have reached out to several people who are newbies to real estate investing who are looking for a mentor to teach them how to flip houses for profit. I explain to them that I can show them from start to finish a system to learn how to find, fund, rehab, and sell houses for a profit in Arizona. I show them how they will gain experience, credibility, and earn money on the money they invest. But when I tell them that the profit they would make would be 10% APR on their money while it is invested, they become disinterested because they were hoping to make more on their deal.
When I see a newbie who wants to partner up and learn how to flip a house for profit and expects to make more on a first deal I think to myself, " Let me get this straight, I spent 75k on a real estate education program which I will never get back and which gave me education but didn't supply me with experience or credibility (having done a profitable deal) and I am offering this to you, plus you get your money back, and you are unsatisfied because it isn't as much as you wanted it to be?" Hummm... I don't know of any education program, college, or institution, that you pay to go to that will teach you a skill to earn lots of money that will then give you your money back plus interest at the end of it.
Is there something wrong with my thinking, that someone would be glad to find a mentor to hold their hand through the whole process, and show them a detailed system of how to make money flipping a house, where they would gain experience, credibility, and money and that they should be pleased with that? Or is it that many newbies read posts on success stories of first flips where people made 30 or 40 grand on their first flip and they believe that they should be able to do that also without doing it all on their own?
Is it just me, or does it seem some newbies feel entitlement towards earning half of the profits when they come in with a quarter or less of the money for the deal and have no experience?
I would appreciate any thoughts. And don't be shy to correct my thinking.
