How much have you spent on Real Estate Education?

Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes

I've probably bought a couple of dozen books over the years and I've spend a few hundred on my BP plus membership, so a few hundred dollars in total. Best book I've read is @J Scott 's The book on Flipping Houses. I've learned tons on BP and one other landlord site, which I stopped reading once I truly discovered BP.

Please exclude the school of hard knocks-meaning any losses you suffered; although, they are often a great teaching tool they are harder to quantify. Thanks!

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AJ ArdPro Member

Lender · Pompano Beach, FL · Member since 2013 · 13 posts · 5 votes

10y

I have spent tens of thousands on RE courses and hundreds of thousands on all types of educational expenses. In hindsight I have realized that cost and value can vary significantly. In the future I have been more selective in what I am willing to pay for and require a list of prior students to select a sample to discuss what the course did for them and their experience with the material. Many of the gurus will say unable due to confidentiality. That is an automatic reason to exclude them. I think the most effective way to utilize any educational information is to start small and boot strap the material and cost up if it is effective. If the material pays for itself than it has proven its worth. Additionally I think everyone should allocate a small percentage of income to educating themselves on their chosen fields. Maybe somewhere between 1-5% should be allocated to continuing education and consider like a marketing expense. Just my two cents!

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Gary Wright
Temecula, CA · Member since 2015 · 19 posts · 12 votes
10y
$249 for Tarbell Real Estate school. They will reimburse if you make a sale in the 1st year. $2000 for Abundance learning. Gave me a good basic understanding of REI. A few books under $50.
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Cal C.
OP
Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
10y
Bump
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Tariq B.
Investor · Laurel, MD · Member since 2014 · 251 posts · 140 votes
10y
Zero
I go the library...a lot.
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Robert L.
Investor · Jacksonville, FL · Member since 2008 · 70 posts · 37 votes
10y
I've spent thousands and thousands but not all once, of course. All you need is to get an idea of which direction to go, even if it's from a library book or talking to others in a networking club. Then take massive action. Yes, fear sets in,but action is what kills fear.
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Michael Wagner
Specialist · Victor, NY · Member since 2013 · 823 posts · 844 votes
10y
In the almost 10 years I have been doing this, I would estimate that I have probably spent $4,000-$5000. I'm not one for spending too much on GURU boot camps (though I've been to a few) but I will gladly pay for local Workshops and Classes on things that interest me. Probably 100 books or so and the best bang for my buck has easily been BP membership and Local Real Estate Investment Association dues.
Compare that with the $250,000 I spent on "formal Education".......
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AJ ArdPro Member
Lender · Pompano Beach, FL · Member since 2013 · 13 posts · 5 votes
10y
I have spent tens of thousands on RE courses and hundreds of thousands on all types of educational expenses. In hindsight I have realized that cost and value can vary significantly. In the future I have been more selective in what I am willing to pay for and require a list of prior students to select a sample to discuss what the course did for them and their experience with the material. Many of the gurus will say unable due to confidentiality. That is an automatic reason to exclude them. I think the most effective way to utilize any educational information is to start small and boot strap the material and cost up if it is effective. If the material pays for itself than it has proven its worth. Additionally I think everyone should allocate a small percentage of income to educating themselves on their chosen fields. Maybe somewhere between 1-5% should be allocated to continuing education and consider like a marketing expense. Just my two cents!
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Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
10y
I learn everyday. Talking to people all over the country and world you gain insight into various markets and strategies of what others are doing. You also learn various perspectives on how othes make investment decisions and why they want to invest that way. It helps bolster your own decisions of what you want out of life and your investments and why.
I constantly read books. I get specialty ones on Amazon cloud as they are not readily available in bookstores. I read all of those starter books over 10 years ago. I would go in and sit down when I had more time than money and absorbed all I could.
I stayed away from guru courses and all of that. With learning and Bigger Pockets wealth of info I didn't need it.
A lot of the courses is just telling people to go do what they already know they need to.
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Al Wilson
Investor · Daphne, AL · Member since 2014 · 1k+ posts · 242 votes
10y
I have spent more money than I can count on real estate education. All of it attending the school of hard knocks. None with real estate gurus. Good luck.
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Cal C.
OP
Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
10y
Originally posted by @AJ Ard:

I have spent tens of thousands on RE courses and hundreds of thousands on all types of educational expenses. In hindsight I have realized that cost and value can vary significantly. In the future I have been more selective in what I am willing to pay for and require a list of prior students to select a sample to discuss what the course did for them and their experience with the material. Many of the gurus will say unable due to confidentiality. That is an automatic reason to exclude them. I think the most effective way to utilize any educational information is to start small and boot strap the material and cost up if it is effective. If the material pays for itself than it has proven its worth. Additionally I think everyone should allocate a small percentage of income to educating themselves on their chosen fields. Maybe somewhere between 1-5% should be allocated to continuing education and consider like a marketing expense. Just my two cents!
In many instances I'd agree with you about the 1-5%, particularly on the low side, but the very existence of BP almost totally negates the need to spend more than for plus/pro BP membership.
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Cal C.
OP
Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
10y
Anybody else care to share how much they have spent on RE education? Thanks
0 Reply
Blair Knowles
Real Estate Agent · Burlington, VT · Member since 2015 · 108 posts · 46 votes
10y
@Account Closed That is a shame. At least now you are committed, there will be no sitting back and no analysis paralysis for you. Good luck on your first deal. It is never to late. Go get em.
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Jon Behlke
Accountant · Hopwood, PA · Member since 2015 · 125 posts · 92 votes
10y
I won't count the insane costs of tuition for my accounting degree, although it really comes in handy for REI. Otherwise, it's been maybe $100 on books on particular subjects I'd like to know more about.
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Steve Vaughan
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
10y
A few hundred on a couple courses early on. One was $169 and covered everything without fluff. One was $49.99 and took years to get off their spam list.
Prior to learning of BP (or before BP was mainstream) I went to the library a lot as well. Spend some time here on BP and at your local library! Good discussion @Cal C.!
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Roy N.Pro Member
Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
10y
How much to learn what little bit I know now?
Adding up all the down payments, rehabs, additions, etc. we are probably getting close to a 7-digit number ... on my way out this afternoon with the intention of spending another 25K ... and then there is the never ending distressed apartment dance which may turn out to be an expensive lesson all on its own.
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Bill Gulley
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
10y
It's pretty hard for me to put a dollar amount om my education. First, there was some hard knocks like everyone else, then government schools, then college, then corporate schools, more college, more governmental education, then appraisal and real estate courses, then seminars at HUD, national conferences for housing officials. Never took a guru course. Got a few guru books out of the library at different times. The value of it all? I'd have to say $100,000 plus, certainly not what I had to pay!
Actual real estate education, probably less than $3,000, another $1,000 travel and down time I can't really say. You think that time for education is non-productive, but that's not true. You may miss a couple deals (and you might not) but if it's good and useful stuff it pays big dividends for years.
Again, my suggestion is to read my blog on BP, "How To Develop A Good BS Meter". That can save you thousands of dollars.
Sorry to hear that some have gotten into the guru stuff so deeply, real estate is not that hard to do at the small investor level, nor does it take much time getting the basics and the ways of applying different strategies. No one course should be more than $500.00 IMO and that should let you begin in the business. Many courses are much less than that and there is a ton of free education out there, just need to know where to look.
I can also say that education is never ending, that's true in any business. You have to stay current!
Good luck learning! :)
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Cal C.
OP
Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
10y
Originally posted by @Account Closed:

After reading all the posts of how hardly anyone here spent tons on RE 'guru's' makes me feel a huge lump of regret in my throat, as it never once occurred to us that the program we bought was a 'Guru' type situation. We haven't actually been to the last phase of 'training' yet where there will be more upsell for POF - One on One mentoring - Field Training - and other stuff, and we have laid out 30k on CC so far, plus have to pay for our 6 day out of state trip to attend. I have no choice but to grab enough strategy, and knowledge here on BP, and the chunks of info given thus far and make it work. I'm 60 years old and just started. Never too late.
You're right it is never too late. And it is never too late to stop buying from a guru.
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Alex Allemand
Investor · Aix en Pce, France · Member since 2015 · 21 posts · 10 votes
10y
In 2016, you really don't need to pay to learn real estate investments. Internet and some books for détails or law, and that's it. 100$ maximum. Better spend in a first deal that will teach you more than anything else.
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Cal C.
OP
Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
10y
Originally posted by @Alex Allemand:

In 2016, you really don't need to pay to learn real estate investments. Internet and some books for détails or law, and that's it. 100$ maximum. Better spend in a first deal that will teach you more than anything else.
You're mostly right. Although, I'd probably spend a bit more on books. But the point of this whole thread is to make people see what you, me and many other BPs already know.
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Ed Emmons
Specialist · Milford, ME · Member since 2016 · 630 posts · 378 votes
10y
I have spent several thousands and made several hundreds of thousands from all types of education but I would suggest everyone starting out to get a free book from library or spent $20 on a well known one then see if you have what it takes to follow through. How you react and benefit from a $20 investment will give you an idea what a $5000 investment will do for you. Once you have some experience and a few properties, a good course on business structure is well worth it. In 2003 I bought such a course for $3000. I set up several corporations and limited partnerships on my own , which in itself saved me well over $10,000 and I had them court tested in 2008. It saved me $226,000. If you own a lot of rentals you will be sued especially if you rent to low income that have access to free lawyers. Be prepared.
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