So today while flipping channels, I came across a infomercial for Than Merrill. I guess he is in Chicago, so I watched it for a few minutes. He talked a lot about some "secrets" to RE success. I have never taken a guru course, but what are these "secrets"? I had zero real estate experience when I started out, but I had an accounting background, so everything boiled down to numbers for me. I invested in rental properties, so I started with how much rental income I wanted to make, how much it would take to fix a house and the purchase price was the plug. Starting out I found all these properties right on MLS that everyone else could bid on. That's pretty much all I did and I learned it right here at BP. His student testimonials talked about some "strategies". Anyone who has attended a guru course, what "secrets" and "strategies" did you learn from these courses that you weren't able to from BP and other online resources?

I really like what @Joel Owens said. However, perhaps some have no money for marketing. But It is still so possible to start in this business. I have a friend I have known over 30 years who has gone from job to job. Very smart but job to job. A month ago he called and asked me to come over to help him with something. When I got there he wanted to show off his brand new Rich Dad Poor Dad software he was going to use to get rich in RE investing. I sat him down and told him to read the marketing threads in BP for 2 hours a day until he read everything or he had actually mailed letters or something. I told him to think of and write down every reason a person might want to sell and then separate the ways that might have motivation linked to them. I told him to knock on doors of potential motivated sellers from the list he made ie foreclosure or what ever. Then I told him to knock on more doors and talk to more people. Then I told him to get his RE license while doing all of this. I even told him one of my "secrets" to find deals as long as he promised to stay out of my county :). My "secret" takes a few hours a week but does produce deals. Just closed on one doing this Friday and had it sold on Friday for a real nice spread. I told my friend I will help him every step of the way but he has to do what I told him first. Most people want the easy way; I hope he takes the hard way. As for my "secret", I'm not going to tell. But if one will make the list I spoke of and look for something that everyone and their dog is not going after and knock on doors, one will find a deal. I havn't done this but I bet if one picked the correct neighborhood and knocked on every door and asked the right questions, one could find a deal within a few months. Once one has the money, more efficient ways of marketing can be done.

@Joel Owens Agreed RE is such a big field NO one knows it all or even close to it. And as we gain experience we learn new things. A lot of what we learn is by doing it.. Trial and Error. Making boo boo's learning from those boo boo's. The reality is what most investors gravitate to when they are starting out is what is most visible in their daily lives and that's basically flipping houses ERGO HGTV and all the off shoot celebrity flipper shows and people, then those guys get a name and morph into the the Seminar bizz. Its just a business of selling information and willing buyer and willing seller comes to play.. And unless one was handed an already operating profitable RE business we ALL started as newbies never have done a deal,, little or no cash, and somehow figured out how to succeed.. Those with backgrounds in finance and Marketing and construction. Have a distinct advantage over those with no fundamental RE knowledge. This is why for me I think a good suggestion to those starting out is get a RE license that will at least teach you the terminology and laws of the land.. And most RE companies give those course's for free or nominal costs ( in the hopes you will work for them when you pass the test.) For me personally I had good background in Sales and Marketing, but I hired the accounting, and construction I have just learned by trial and error and or hired people that new that field. But when your starting out which is like we are stating 90% of the audience here they have to be all things. So that is where a seminar or paid mentorship could be a benefit to some... Not all but to some. and especially those that can afford it. AS for little secrets my favorite that I learned was standing in the basement of this lovely bricker in Detroit the rehabber was working and they were painting the copper pipes grey.. I asked why are you doing that.. Response.. When the thieves come in at night looking for copper they see these grey pipes and think its Galvanized and they don't have value and they don't steal them... Nice little touch and a trade secret Eh.

Any type of business you are in it's all about MARKETING. The companies you see with a profitable balance sheet typically have a very good marketing campaign. What I have learned after decades is there are no secrets only information I haven't learned yet. Many people want to be lazy and make money so they buy into these types of "easily change your life" programs. Everyday I get up with the mentality that I know nothing so that it opens my mind to absorb the most information possible to increase my knowledge and competency. People BUY into the DREAM but they do not realize that the dream is nothing more than actionable steps and a continual process of where they want to go in life. Nike had one of the best slogans out there "Just do it ! " I would rather taste failure from trying than fear from never taking the first step.

Funny, I got a random call at 11pm last night from a guy across the country who was about ready to sign up for Fortune Builder's $25K coaching program. By the time the conversation was done, he had decided (on his own) to spend $2000 working 1:1 with a local coach instead. I saved him $23,000 and he'll probably get better instruction from the local investor/coach...I feel I've done my good deed for the week... :-)

Something we aren't likely to find out is the extent of BP's impact on the guru market. I really only have three reasons to be here; 1, I enjoy talking about RE, 2. I want to educate and encourage ethical dealing leading others making a great living, 3. Put those who prey on the public with unethical dealings or promoting illegal and bad information out of business, to get the scammers out of the industry. 3. Won't likely happen as they pop up like weeds. There will always be crooks. There will always be those wanting an easy buck off others with little effort. There will also be an endless supply of people wanting to make money in RE with the least amount of effort, who believe if they just get the secret of some strategy that's all they need to be in the RE business. If you can attend some seminar on RE and meet other folks there, for the price of a night out with a dinner and a movie, then by all means, go have fun! Just have the common sense to know what is said may not be true and their goal is to get in your pocket, not to make you rich, but them. :)

Sharad - some good and accurate posts here. I don't know Than Merrill however I do know many of the people who've claimed real estate success but went down in flames. Here is the secret: Most people never follow through and give up! I had this very conversation at lunch yesterday with a well-known trainer. Statistics are probably 80-90%+ of people don't apply what they learn. I've been on both sides of this equation for close to 40 years! Add to this the challenge of managing people's expectations and you have a recipe for only a handful of really successful real estate investors. This is human nature. It's not unique to real estate. Substitute dieting, gym, etc. if you don't belive me, get the BP people to survey members and see what percentage of posters here have even done a single deal! This is also the problem that brings down trainers. If you sell education to people who get excited by a TV show or some mass media, and have your top students testify as to their success, thereby proving the material works, you're going to have a lot of people who never take the shrink wrapper off the course or leave the couch but are unhappy with the (lack of) results of the training. Don't let BPers tell you otherwise; there are secrets in real estate investing! If I were you, however, I'd hold off spending much money on training until you find that the tools you have are insufficient for the job you are tying to do. That's when specialty tools are good investments - when you know that you're going to use them. Imagine that...a wrench for every nut.

What are the "secrets" and "strategies"?

J ScottPro Member

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Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes

What are the "secrets" and "strategies"?

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