Renter · Queensbury, NY · Member since 2012 · 1 post · 0 votes
I am brand new to this forum and am not really sure if this is the appropriate place to ask this question!
I'm a 43 year old man who was just recently laid off from my job. I don't have a lot of money saved and my credit is not very good. Anyways, I'll get right to the point. Is there any program or person out there that can teach someone like myself how to make money in real estate?
I have seen many people such as Peter Conti, Michael Kimble, Armondo Montelongo, Ameraco, and Bill Vaughn to name a few. I don't care if it's being a "bird dog" or buying properties outright, I just want to get involved with real estate. However, I do not want to be scammed.
So that is basically what I'm looking for. I figured a well known real estate forum may have someone who could help me. I have always been interested in real estate but suffered from information overload. Now that I'm unemployed and have a family I need to support it's time to get serious!
I hope this message crosses the path of someone who is honest and genuinely wants to help someone eager to learn and in need! Thanks for your time and I hope to hear from someone!
Real Estate Consultant · Lansing, MI · Member since 2011 · 356 posts · 306 votes
14y
You'll learn a TON from people here. I would spend some free time exploring the site and reading the forums, becuase people are willing to offer advice, review deals, and explain things in detail. Do a search for topics that interest you and go from there; you won't be disappointed!
Lexington, KY · Member since 2009 · 2k+ posts · 1k+ votes
14y
First off, welcome to BP Steve. You have definitely come to the right place to seek advice about real estate investing, as this place has plenty of successful people willing to help others. I admire your desire to get into real estate investing, I find it a very satisfying business to be a part of .
As for the programs you asked about…there are hundreds. I typically tell people to stay away from the guru “programs” as most of them are the same dozen ideas repacked with new fad terms and fancy phrases. Most of the feedback I have received from people who have spent money on these programs is not positive, and I believe there are many other ways to learn real estate investing (while spending much less). If you do decide to purchase one of these programs I caution you to be very careful! Read reviews (be careful for paid pumpers) and check out the cost structure, Google the name of the program and the people involved along with the word “scam” and see what you can find out. Use your gut…if something seems shady it most likely is…do not let someone change your mind with promises or salesman tactics.
Here are some things I recommended to another new BP member not long ago:
1) Stick around on Bigger Pockets. Search the forums for the answers you have, as many of them will have been asked and answered already. You will find a goldmine of information here without spending a cent.
2) Take control of your own financial situation. I understand you were recently laid off, but do whatever you can to get back on your feet and saving money. Start working on your credit now as good credit will likely be key as you progress in real estate investing. It will be very difficult to go from zero to full time real estate, so start thinking of backup options like getting another job (even if it is not ideal) to hold you over. Use real estate to supplement that income.
3) Check into joining a local real estate investors association. There are several threads about what to look for in a good association (try a forum search). In general, look for one that does not constantly have people pitching products/programs. Looks for one with a solid group of experienced investors.
4) Check out your local library. There are hundreds of books about real estate books. Again, use the forums to find many recommendations by some of BPs top contributors.
5) There are free college courses on real estate and related subjects (finance, analysis, etc). I wrote a blog post on some of the options out there.
6) Start to learn your real estate market. Drive around neighborhoods and see how many properties are on the market. Check into prices and attend open houses. The more you know about the market, the more success you will have.
I hope this helps and I wish you luck! Do not be afraid to ask questions.