Just getting started in the NW suburbs of Chicago

Just getting started in the NW suburbs of Chicago

Contractor · Algonquin, IL · Member since 2014 · 12 posts · 2 votes

Hi everyone,

My name is Jim and I’m just dipping my toe in to real estate investing here in the northwest suburbs of Chicago.I was an electrician for 15+ years, a small business owner (a restaurant/bar), and spent a couple years doing the construction and repairs on houses for a real estate investor on the houses he was flipping.I was involved in a rental property that my ex-girlfriend owned (one I completely remodeled for her) and have watched as my father has profited off of a successful rental property and have always wondered why he doesn’t have more.I’m ready to move to the other side of these projects and become the investor instead of just doing all the physical work.

I just spent the weekend attending the Rich Dad Education Three day Real Estate seminar, which left me with mixed feelings.I am a big fan of Kiyosaki and have read just about everything he has written.I fully believe that we in the middle class are not taught what we need to know about money and it really affects our financial wellbeing.I don’t regret spending $495 on the weekend seminar (I brought my brother with me which helped me feel better about spending the money) although I believe they misrepresented themselves a bit. In the two hour teaser seminar they claimed that I would learn the methods to make money in real estate, which they did, even though the information was somewhat broad.However, I think if the trainer would have spent less time yelling at us about how dumb we are and how much smarter he was, I might have gotten more out of the weekend.That is not to say that I didn’t learn anything, I actually learned a great deal, others around me did not share in that opinion.The bottom line is that after the three day seminar I think I could stumble my way through some of the real estate vehicles they covered but I would make a lot of mistakes.

My first and biggest complaint was the trainer, he was a terrible speaker.My girlfriend is a professional speaker/educator for a medical device company and I am a semi-professional magician/comedian, so I know a thing or two about public speaking.He was late both starting and finishing every day; he was also late for every single break and lunch.And although our trainer was passionate about the material, he was not supportive and had absolutely no apathy for his audience.The concepts they were teaching, often times go against deeply ingrained ideas some of us have held for 25+ years or more and would stir up deep emotions.Whenever a question was asked for more information, he would yell “you don’t need to know the details!”.I’m sure everyone can imagine just how feels when a trainer tells you that you don’t need to know the details after he just told you to buy a house using your credit card, not a warm and fuzzy feeling.

I can honestly say that the three day seminar did help me understand that there are many options in real estate that I didn’t know about and still don’t know enough about.But it very much whet my appetite to learn as much as I can about real estate investing and more importantly get started actually investing.

1Reply
20 views

7 Replies

Jump to latestLatest
  • Investor · Chicago, IL · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    I love Kiyosaki's Rich dad, Poor Dad book but I heard similar "horror" stories about RDPD seminars and coaching programs. They're overpriced, broad and are platforms for further upsells.

    You will learn MORE from BP than these "guru seminars".

    Listen to the podcasts. The ones being interviewed in the podcasts are not gurus who have some homestudy courses to sell. We are just real estate investors who have a little bit more experience and have done a fewer more deals than the average real estate investor. Here's my podcast interview:

    http://www.biggerpockets.com/renewsblog/2014/04/10...

    Since you're in Chicago, read my "Real Life of a Real Estate Investor" where I share what happens to me - a full time real estate investor - on a weekly basis. I openly share what's working...even my mistakes so everyone can learn. You can read it here:

    http://beta.biggerpockets.com/forums/223/topics/12...

  • Accountant · Chicago, IL · Member since 2014 · 38 posts · 7 votes
    12y

    Jim,

    It's great to know that you already have the background of real estate and construction it will definitely help. I started out with zero knowledge about real estate investing, started listening to the podcasts 6 months ago, twice sometimes, but today I am working on closing my first 4 flat home on the South West side of Chicago. So my main recommendation is go for the Podcasts, they are free and full of knowledge and awesome QuickTips!!

    We also had a meetup 2 weeks ago and had the opportunity to meet lots of investors from the area! 

    Best of luck to you,

    Polina

  • Investor · Chicago, IL · Member since 2013 · 451 posts · 96 votes
    12y

    Welcome...

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    12y

    Welcome to BP community @Jim Santopadre  It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:

    Find and connect with other BP members that are in your area http://www.biggerpockets.com/meet

    Set up keyword alerts to be notified of the topics that interest you http://www.biggerpockets.com/alerts

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below. He or she will be notified of being tagged so that the conversation will continue.

    Wishing you the best!   

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @Jim Santopadre thanks for jumping in and introducing yourself! If you haven't yet- be sure to setup some "Keyword Alerts" to get into conversation in your target area.

    Seeya around!

  • Flipper / Rehabber / Real Estate Investor · Toronto, Ontario · Member since 2012 · 392 posts · 77 votes
    12y

    Welcome @Jim Santopadre

    It's good to get a kickstart with a "boot camp" weekend, but it's the sustained effort that will get you there. Fortunately, there's tons of people here that can help you out with any questions that the forums don't answer. Don't forget to ask!

    Happy investing

  • Contractor · Algonquin, IL · Member since 2014 · 12 posts · 2 votes
    12y

    Thanks for the advice Larry, I will do that. 

Join the conversationCreate a free account to reply, vote on answers and follow this thread.