I am curious about this. I want to see if anyone has any input. I went to a guru seminar where they give you free food then try to sell you a class for $2k. I checked my smartphone during the presentation and found online that going to the $2k class just tells you that you need to attend a $20k class and so on. None of the reviews ever said they actually bought some real estate after attending the classes. It looked scammy to me.
That being said, I also know some people IRL who have spent tens of thousands attending guru classes. These people have never actually bought any real estate. They just keep paying to attend the classes.
I also know people who buy and sell real estate as landlords and flippers. I don't know any landlords or flippers that attended the guru classes before getting into real estate.
So my thought is that the guru classes are somehow causing analysis paralysis when these people go about trying to get their first deals. Perhaps they are constantly telling you that you need more classes before you can begin? When I hear how much time and money some people have put into real estate guru classes I feel they could have already been rather far along in real estate if they'd gotten their education from a few good real estate books then put their money into property instead of classes. (I'm talking about people spending between $50k to $100k on guru classes with no actual real estate deals to show for it.)
Am I wrong about this? It seems like real estate guru class attendees end up taking classes until they run out of funding then never buy any real estate.
These statistics are always going to be like this. Some people have good intentions of doing something but never do. I think that some of the guru courses are decent but some I am not a fan of. I am not a fan of the guys who are charging say $20k+ for their programs.
I think the guys who are charging $700-$2,000 for their materials and their boot camp give just as much info as the rip off artists.
Have you bought a property?
I am a landlord. I own 2 duplexes and 3 single family homes which I am currently happy with.
I bought these before attending the free seminar so it had no affect on my decision to get started.
The guru classes may not cause analysis paralysis, but they do cause your wallet to become lighter as you sign up for each one.
It just seems like people that take the classes are being told they need to take more classes. So they don't feel confident enough to make any big decisions because they feel they need more classes (because each class tells them about another class they need). It just goes in a circle without ever doing any real life real estate investing.
It looks like gurus are making more than real estate investors.
Being that I've done one, the problem with those courses are obviously they are overpriced in my opinion. Secondly, you're getting people to fly in from all over the country giving you general information but not specific enough for your own market and when you need help, all you have is an 800 number to call. In my case, after I paid the 25k, the first thing they told me to do is join my local REIA club, which is what I should've done in the first place before paying all of that money. But you live and you learn. Thanks to my local REIA, I should be closing my 3rd deal within the next two weeks. So my adivce, is join your local REIA and pay for the program which should be much cheaper and more helpful if it's decent.
You learn much more by doing than studying. You may fail a couple of times but that's an education process that I think is necessary. No one can do this real estate thing without failing at something. But to pay a ton of money to just learn? There's college for that :)
agreed. And the paralysis can come in because you get loaded with so much information at once, and you may feel that you can't start until you know everything which will never be the case. So you just keep buying course after course.
guru seminars can often cause wallet de-moneyification
Depends on the course. The hyped ones and certainly anything costing over $10k is gonna be junk. There are still plenty of teachers out there like Dyches Boddiford and such that teach advanced strategies worth the coin.
I spent six figures on seminars when I was getting started. Did 1-2/mo for two years. Was doing that many houses, too, so was easily funding them with profits, I wouldn't recommend doing that unless your business easily supports it. That wasn't all RE, there was some Tony Robbins and such in there too. That stuff was worth more than the how to stuff for me. I did Ron LeGrand's stuff mostly, and while there were some holes in the education I know more about what we do than most.
I did mine in 2000-2002, though, there wasn't nearly the access to free info online as there is now. There's not much they can teach you that people on BP won't tell you for free.
Mostly what they teach is the more gimmicky stuff to make it sound like they've got the secret ingredient you can't get anywhere else...I know all that stuff and my current business model doesn't really use any of it unless I stumble into a situation that calls for something creative.
I will say that my classes made me realize what's possible. For the life of me I couldn't figure out why someone would sell/deed me a house for half what it's worth, but there's definitely people out there that will, more than you'd think if you're making lots of offers to motivated sellers. There's also something about sitting next to a guy at lunch that owns 100 +houses to get you pumped.
Saying that, you really don't need to learn too much to do a deal anyway. Figure out if you wanna flip or landlord and go buy one that meets the criteria taught here. Expand your knowledge as you go. If you need help getting the first one find an experienced guy and give up half the deal for him helping you.
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