To Guru or Not to Guru...

To Guru or Not to Guru...

Chicago, IL · Member since 2015 · 469 posts · 81 votes

Since I personally don't like the word newbie...I will use the word neophyte-a person who is new to a subject, skill, or belief. Many times it is used in a religious context and one could argue that real estate is a religion and the gurus are the many varied ministers asking for contributions to their "ministries" lol. Many people say that the info that gurus put out can be easily found on the internet, in books, etc...but so can the theory of relativity and cell microperfusion, does that help me understand how it works?? The lure of the gurus for a neophtye is not the lack of information but the lack of connection between the information and the understanding of how to apply it properly. There are not enough real estate pros and vets that are available for all the neos out there who need mentors to help them learn. The word on the street is that the best way to enter real estate with little or no money and without using credit is wholesaling so neos try to be wholesalers. Then I see many pros and vets on BP and at local REIA's complain about the inefficient wholesalers...well, who's out there teaching them how to be good wholesalers?? Nobody but the gurus. I don't see a bunch of pros and vets saying hey let me help a few of you become great wholesalers and together we can grow our business. There are a few but compared to the complaints I read and hear, not enough. As neos, we are told to take action if we want to see things happen, that goes for the pro side as well. If you want great wholesalers, help us become great wholesalers. We only have gurus to tell us and pros to tell us don't pay the gurus, just go to the internet, read a book or post a question and that's not how you learn a business fully. That's a good start, but just like earning a college degree, you need a good professor along with your own self study in order to get a solid "A" in the course. If the gurus can offer "mentorships" so can the pros. Many people spend $10K, $15K, $20K in guru mentorships, why not be their mentor and let them put that into a JV deal with you as they are doing "on the job" training in a real deal that bring real profit for you both?? Me personally, I learn more by doing along with what I read. The application makes it real for me, especially if it is applied properly and I have help avoid pitfalls. We know the gurus are overpriced. We're not crazy or blind...we just have no place else to go to have help to apply the information properly and receive help avoiding the mistakes along the way. So instead of beating up on the gurus and saying how their information is overpriced and can be found in other cheaper and free places, which may indeed be true, offer education and application of that information which is what we neos truly want and need.

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Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
10y

will the 30k help you make 3M? yes? then do it!

See this reply in the discussion

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  • Urbandale, IA · Member since 2015 · 54 posts · 7 votes
    10y

    @Jerry Stanford Well stated. I went to a 3 day guru class that opened my eyes to REI and excited me to pursue it. The $34k price tag for follow on training was a bit steep so I went looking elsewhere and found BP. I have since read a lot and listened to a lot of podcasts but have as yet really found the information that I really need to "get started". I'm not running back to the guru with my credit card but that is one thing that they offer is some hand holding to get you going that I have not been able to find here on BP or in my local meet ups... yet. :-) I've met some terrific people so far and maybe one of them will end up being a sort of mentor for me but for now I am learning, trudging along and hoping to ink my first deal with or without one on one assistance.

  • Gino BarbaroPro Member
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    10y

    @Jerry Stanford

    The word guru has so many negative implications.  All it means is someone who is a teacher of knowledge.  What you want to achieve with a guru is to shorten your learning curve and get specific advice.

    Problem is, most gurus aren't practicing what they are preaching.  Find a guru who is actually investing in real estate and who has a solid track record.

    Do you need to spend 30,000.  I don't think so, but I would like to make a point on BP.  Most people bash paying for education and coaching.  And yet, many successful people employ coaches to help with motivation, clarity, and teaching.  Athletes such as MJ and Tiger Woods employ multiple coaches to help them.  CEOs and business owners also find value in coaching.

    Coaching isn't for everyone, but if you have not tried it, you should at least give it a try with a professional before you formulate a negative opinion

    Gino

  • Chicago, IL · Member since 2015 · 469 posts · 81 votes
    10y

    @Gary White....That's what happened to me as well and when I talk with fellow neos, it's the same scenario. I've gotten great info and met great people but I've missed getting that one-on-one that for me would have helped me. I did spend for one system...Clever Investor. I did get to pay monthly and I was getting some good mentoring in my opinion and good support but when I lost my job and could not keep up with the payments, my mentorship disappeared. Not unexpected as with any business, if you don't pay, you don't play...it was just the fact that if it hadn't cost so much, I may have been able to pay it off sooner and could have continued with the program and gotten through my first deals. I have been lucky enough to find someone local who is willing to work with me and answer my questions, thoughts and ideas and we are able to JV on deals together...

  • Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    10y

    will the 30k help you make 3M? yes? then do it!

  • Chicago, IL · Member since 2015 · 469 posts · 81 votes
    10y

    @George P....I do agree with that line of thinking.  Hard to tell with some gurus sometimes but leveraging as you speak of is something to consider...

  • Chicago, IL · Member since 2015 · 469 posts · 81 votes
    10y

    @Gino Barbaro...I agree.  The word "guru" did not start out as a negative word. It was word that was to denote someone of a higher mindset, a more divine, spiritual teaching that could guide you to a higher level.  College is paying for education and coaching and they making billions a year and corporate america demands that you have a nice little piece of paper from one of these colleges that cost these thousands of dollars before they will accept you to prove that you learned something of value so in some respect, paying for an education or coaching has some value but like college, not every "school" has the same value of education for same money and sometimes the less expensive schools can give more valuable knowledge than the higher priced ones. Many successful people in many industries have coaches and they pay prices in the 6 and 7 figures for their coaches.  In my book, coaching and mentoring is needed especially in real estate but instead of throwing tomatoes at gurus, offer up a positive, viable, achievable alternative that gives desired results for the same if not less money. Just like colleges, we know there's some good, some bad, some ugly, but we have enough great minds on BP alone that the same amount of money could probably do some great deals that people could earn and learn from and gain valuable knowledge, experience and build some stellar relationships that you can't buy at a 3-day workshop for any amount of money...

  • Investor in the making · Orlando, FL · Member since 2014 · 201 posts · 49 votes
    10y

    The "guru's" can offer great mentor ship programs. Unfortunately, they can be pretty expensive. Often times you hear that finding a mentor, is simply a matter of networking and finding friends. It can be true, if you are fortunate enough to find someone who is willing to help and has the heart of a teacher. Unfortunately, many active investors have very busy schedules and simply cannot offer their undivided attention. Many don't want to take on the commitment and possible responsibilities that may come from being a mentor. Other's come from the school of hard knocks, and feel that anyone who is "hungry enough" should figure things out for themselves. I have also met some awesome people on here, and through my local REIA's. Many will always offer advice and opinions. Although I can't say that I have a mentor-student relation with most, I do have one person that comes pretty close. Like yourself though, I am always looking for a mentor who will almost consider me his "partner in crime!"... not an easy task, but not impossible. I guess as relationships grow, so does the opportunity to develop such a relationship. I would also advise that if you do choose to pay for a mentor, then go with a local one who knows your market.

  • Flipper/Rehabber · Crown Point, IN · Member since 2009 · 482 posts · 216 votes
    10y

    Jerry,

    I'm currently mentoring a "neophyte", "newbie" or whatever the phrase is, that you'd like to use. I've been doing it for approximately 6 months. But I'd also like you to know, that when I started in this business, I bought Ron LeGrands cd's from ebay and listened to every single one. I had no mentor. I went to REI's to network with people. I scoured the internet for information. I pestered and quizzed experienced people already in the business. I did everything I could to gain knowledge. Plus, I worked about 25 hours a week on RE, including a full time job. I was obsessed with learning. In my humble opinion, that's what you have to do. I listened, learned and put into practice the knowledge I had. Did I make mistakes? Of course I did. However, I learned from them. I turned negative's into positive's. You have to be hungry. You have to want it and I mean REALLY want it. If that describes you, I have no doubt you'll be successful. In certain cases, I think people almost have to hit bottom, to become successful. Sounds crazy, but hitting bottom can be a major blessing in disguise. The ones who recognize it as a blessing and do something to better themselves, are the ones who will live a happy and productive life. I came down with kidney cancer. I lost everything.....everything. But I'm still here. That was the only thing that was positive! But when I hit that bottom, I decided to change everything. Corporate America wasn't for me. So I went back into real estate. I was relentless. Eighty hour work weeks were common for me. I refused to give up. I took it upon myself to make money again in the business. I didn't rely on anyone but myself. Guess what? It worked. It paid off. It can pay off for anyone willing to do the work necessary to become successful. No matter how low you get, you HAVE to bounce back. My business card says: "Success is how high you bounce when you hit bottom." Think about that. I also find that many people want the big paycheck, but aren't willing to put the time and effort in, that is so absolutely necessary to be successful in RE. It's a very difficult business. It's riddled with highs and lows. Trust me, if you truly want to be a good wholesaler, you'll get there. Yes, it'll take you time, but you'll get there. NEVER EVER give up! Good luck.

  • Professional · Columbus, OH · Member since 2015 · 119 posts · 37 votes
    10y

    The "Gurus" won't teach you anything regarding REI that you can't learn here (BP) or by reading a book. In fact your worse off if you follow a "guru's" advice, as they are not teaching the proper way to conduct a real estate transaction especially as it relates to "wholesaling". This will get you into trouble in the long run. I have commented on a couple of blogs/posts where the "gurus" have responded to questions and they refuse to respond when I "call them out" on this subject. Join a local REIA and read everything you can, the "Gurus" will only take you money and leave you to fend for yourself win trouble comes calling.

  • Chicago, IL · Member since 2015 · 469 posts · 81 votes
    10y

    @Scott Steffek...I agree on a specific level.  To each...his own.  There are those, like you...who can and have achieved success that way. It is not impossible and kudos to you for being a mentor. There are exceptions to EVERY rule, no matter what the rule is. Not ever neophyte can read and post and achieve success and not every person that is labeled a guru is worthless. @Account Closed...In general, I agree with you, but again there are exceptions to EVERY rule. There is much that cannot be taught here on BP or in a book. BP or a book are just the tip of the iceberg. Not to say gurus are the way but most people will not learn how to be successful in real estate even if they read every book, listen every podcast and ask every question they can think of. For some it does and can work that way, but realistically for many, it does not. That's why I offer the challenge to the pros and vets instead of bashing gurus and saying what they will not offer and cannot do, turn it into something positive for the neos and offer a JV or some form of OJT(on the job training) along with learning from BP and various others treasure troves of information. We hear enough about what won't work but there are still many pieces of the puzzle missing and many questions to be answered that even reading every BP post and listening to every podcast and posting every day will not answer. DIY doesn't turn on the light bulb for most, this is why the gurus are so successful. If you really want to help neos find their way, offer them a better alternative instead of constant negative input and brick walls. If the gurus don't know anything and and leave you fend for yourselves, show a better way...show the truth. Don't talk about...be about it. Do what you tell them to do it...take some action...if they are willing...you be willing. Make it a learning and a business opportunity. If a neo wants to give a guru $20K to learn how to flip a house, I say better yet, come with me and let's JV together on a rehab and you can see real life practicals on how it's done. I can read all day long how to fix an engine, I can ask all the questions to all the mechanics at PepBoys, Murray's and the like, read every article on the internet and still not learn like I would if a mechanic was there with me walking me thru the entire process as I was fixing it. What better way to rid the world of gurus than to help neos learn with someone who's been there and done that with the boots on the ground help they need?? What better way to know you've given back than to know you kept someone from being cheated out of their money by helping them build a viable business that helps them achieve their dreams?? It's something that is sorely needed and desired.

  • Professional · Columbus, OH · Member since 2015 · 119 posts · 37 votes
    10y

    @Jerry Stanford

    I think I have already addressed the issue of what to do if you don't want to be ripped off paying a so called "guru", attend a local REIA meeting. The few that I have attended have a networking component and everyone shares and helps each other. If someone is to lazy to do that then they aren't going to and don't deserve to succeed.

  • Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
    10y

    If you're not self motivated/driven than paying for education may be the right thing for you to do. Don't go and drop 30k.... but what you get with a "guru" is structure and order. Some people need that. 

    If you're hungry and motivated... You can find the good majority of what you need to know by lurking and chatting on BP. 

    The exception to this is if you want to perfect a skill like Lease Options. Or something more "niche" like. 

  • Chicago, IL · Member since 2015 · 469 posts · 81 votes
    10y

    @Account Closed...REIA's are great places to network...there are exceptions to EVERY rule. I've been to many local REIA's. Simply going to REIA's may not give all the answers either. It's not about laziness and it's a bit more needed than simple sharing and helping for some...not all, but some. REIA is not the all be all answer to solve the guru problem. I have been snubbed at REIA's because I was new. I have asked questions that were blown off because "You should know that if you're going to be a real estate investor" at a local REIA. I have an IQ above 50, I can read very well and I hear exceptionally well. Some pieces of the puzzle may not fit as well for me and I need a bit of a deeper explanation. Where is the problem in asking the question?? How do I learn if I'm not able to ask a question?? It wasn't an isolated incident either. I've had it happen on BP in private messages as well. Some people you meet at a REIA are great but you cannot reach them when you have a question. They are just busy people. Nothing wrong with that, just not available when you have questions especially when you are trying to figure out what to say to this motivated seller and you need an answer for them. I can give you a bad situation about every and any thing that has to do with real estate. The key things I wanted to point out were assumption, negativity and generalization. That because a person is labeled a guru they are bad, because it is BP, it has all the answers, because it is on the internet or in a book that you have all the answers you need, a REIA can give you all the help you need. In my perspective, as a neophyte, if you want to stay away from the guru trap, a combo of them all is needed but with more help from the pros and vets to stop the neos from being preyed upon. Not everyone needs the extra help, but I've seen hundreds of people with a lot of money that say they do. Sure, there are some lazy people who wanted all done for them and will pay for a system that let's them sit back and do nothing...I would take their money too, but I think there's many more that sincerely are just a little nervous about going it alone and would feel much better with someone with more experience by their side for a deal or two, till they get the hang of it and they don't mind paying someone who's kind enough to take the time to lend that helping hand. It's helped me quite a bit and I believe it would help many others.

  • Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    10y

    @Jerry Stanford  As a per se neophyte, your understanding is amazing - - BRAVO.

    Consider this analogy:

    • the guru is a teacher for which you pay tuition to be taught, similar to college.
    • the mentor (imo) is more like the tutor who works thru the problems to see you understand HOW to apply the information.

    BP can provide the first for free, but a qualified mentor, one in YOUR local area who will advise- consent and have you to the homework to be presented for review - - rare.

    There's lots of 'vaporware, smoke and mirrors' in REI and weeding thru that is no trivial exercise.

    Watch the bylines of those that respond - - mine is just buy&hold investor and that means I have real experience in OPERATIONS and any opinions offered along other lines needs to be verified.  There are others like Broker/Agent, Lawyer, Accommodator and these are professionals that earn a living at those specific professionals.  There's lots of credibility from such comments.

    You surely have heard "Believe nothing you hear and validate everything thing you read" - - it's a universal axiom.

  • Chicago, IL · Member since 2015 · 469 posts · 81 votes
    10y

    @Jeff B....Thank you very much. That's it in a nutshell.  It's not so much getting the information as it is HOW to apply the information properly and that local mentor is rare...

  • Flipper/Rehabber · Crown Point, IN · Member since 2009 · 482 posts · 216 votes
    10y

    Jerry,

    Reading books and listening to CD's worked for me. Here's why that doesn't work for many people. They're afraid to "just do it". I wasn't afraid. "I did it". If you don't pull the trigger, no matter what self employed business you're in, you'lI never succeed. I don't mean to be negative, but I have to say this. It sounds like you want someone to "carry" you and place you into the RE business. JUST GO DO IT!   I did it on my own just like many others. No one helped me. Everything I learned was either from asking questions, reading, CD's or RE forums. Most people who are successful, don't have a lot of extra time. I know I don't. I've been on BP three times today. That's a record for me. I typically don't have  the time to be writing in forums. I have a business to run. 

    Here's the major difference between RE and Pep Boys. Pep Boys is a corporation. They have people to train new mechanics. That's built into their budget. Many of us work on our own or have a staff of one or two people. We work for ourselves. We're self employed. We have employees to get work done for us, that we don't have time to do. 

    Without sounding arrogant, tell us why any self employed RE investor should spend their hard earned money helping you? I'm being serious. Think about that for a minute. I'm not saying don't help the newbies, but that's what BP is all about. That's what REIA meetings are for. 

    I got where I am by myself.....period. I made things happen, not others. I forced myself to shadow someone or ask 10 million questions at an REIA meeting or whatever the case may be. The bottom line is, in this business, most of us are self employed. We made it on our own, with a little help from some friends. So just go do it. You're the one, not me or anyone else, that needs to find a way to educate yourself and get it done. Maybe partner up with an experienced investor and get a deal done. But if it were me, I'd stop relying on others. If I relied on others, I'd probably be in the bread line right now! Good Luck

  • Chicago, IL · Member since 2015 · 469 posts · 81 votes
    10y

    @Scott Steffek...Many people are afraid to do it. Many more are not. Many can pull the trigger and it will still not be effective. You made an assumption and it was incorrect. I do not want someone to carry me or place me into an RE business. Would never ask anyone to. Will always give whatever I have and can to make any partnership work. Never have asked for handouts. I did just go and do it and I failed....three times. I apologize if I gave the impression that I would want a handout for myself or anyone else. I mentioned that instead of giving $20K or so to a guru, it could be given to a pro or vet or used to JV on a deal. I know a contractor that JV's on deals where he does the work if the investor acquires the property and they split 50-50. There can be all kinds of agreements so that it can be made worthwhile for the seasoned investor. There's nothing in anything that I've posted that would suggest I would want any investor to spend their hard earned money on anyone for anything other than what would be profitable to both the investor and the neophyte. BP and REIA's can be a great start and offer a wealth of information, but once again, that's not always enough for everyone and the reason is not pure laziness or fear. You had one type of experience that worked great for you. Excellent!!! That's not always the way for everyone and what is successful for you, will not be successful for everyone. Know that kid in class that always knew the answers and was the first to put his/her hand up?? Know the kid that always sat in the back of the room and never answered any questions at all?? Everyone is different and learns differently. Not every avenue will work for everyone no matter how well paved it is. For me, I learn better with a little one-one-one for a minute. I know many others that are like me. I know many others learn differently than I do. I'm speaking for myself and those that learn as I do. I can read every bit of info but that one-on-one mentoring and follow up has always been priceless for me and had allowed me to be successful in any endeavor I have undertaken, real estate or otherwise.

  • Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    10y

    @Scott Steffek sorry buddy, but there's several fallacies in your arguments, not the least of which is 'just go do it - - we all stand alone'.  I take umbrage with both.

    All learning is from the proposition that we "Stand on the shoulders of those who have preceded us".  It's well accepted in science.

    Without the basic rules of the game, no one would understand even the game of chess and REI has many more components that must be moved at the right time and in the correct manner less we fall off the cliff like lemmings".

    The other day someone was dealing with the problem of using the Residential Purchase Contract when the Commercial Purchase Contract would have had the right clauses to manage (among other things) the tenants in place a) to remain b) premises to be delivered vacant.

    Knowledge IS power and it doesn't come by osmosis unless the trial and error (very expensive tuition) is attractive.

    @Jerry Stanford

  • Chicago, IL · Member since 2015 · 469 posts · 81 votes
    10y

    Some kids learned to drive by watching their friends, other adults, watching Dad fix the car on the weekends, took the drivers' ed course in high school and then got the guts to sneak the keys one night and take a joy ride for that first drive and brought the car back in pristine order.  Some kids hit the curb, bent the rim, backed into the light post, got grounded and then Dad took 'em to the empty lot at night to drive around slowly teaching them the difference between the break and the accelerator. Everyone is different. Everyone learns differently. In my other life, I work as a medical coding auditor.  This is someone who takes the details of a doctor's or hospital visit and turns them into numerical codes for insurance companies and researchers to use to simplify the story of what happened during the visit as far as the patient's illness/injury and the treatments received. I am certified by a national board and must take continuing education every two years. I've had many people come to me who have seen what I have done in my 10 year career as a medical coder and auditor who have asked for my guidance in helping them not only pass their certification test but to help them in their various locations whether it was at a hospital or at a doctor's office.  I've often been told that I should teach others as I seem to know more and make it much simpler than many of the schools who charge hundreds even thousands of dollars for the education.  It is still something I am considering doing.  I have not hesitated to help those in need even though there are numerous resources online and a multitude of forums that can be used to ask questions.  I even have a facebook group for that reason.  I'm sure there are some people out there who don't need all of that and can read the guidelines and handbook and can follow every piece of information there is and do exceedingly well without any outside input at all. There are some that have read all the books, have done the examples, even have classes and courses at big name universities and it still does not make sense to them despite studying it over and over again.  I was and am that guy.  Sometimes that one-on-one just make the light bulb come on in a way that nothing else does and I have seen over and over again not only for myself but for others that I have helped to mentor in my own field. I believe the same can be said and is true for real estate investing.  

  • Flipper/Rehabber · Crown Point, IN · Member since 2009 · 482 posts · 216 votes
    10y

    Maybe I wasn't clear in my statements to Jerry. You bring up the statement I made, "just do it". I don't mean go buy a house, rehab it and sell it. The point I'm trying to make, is too many people want to know "everything" about the business, before they act. Sometimes you have to take action, but you also have to be cautious. Let me give you an example. I found an investor in California that wanted a buy and hold. I put together a rehab crew. Were they the best....far from it, but nevertheless, I put one together. I found a nice property for a fair price and we all put a scope of work together and priced out the rehab costs. He purchased the home and we rehabbed it. I ran into many stumbling blocks but we made it through. Why? Because I made sure things were done properly and helped the contractor work through the problems. I was hands on, in every aspect. Was I nervous? Absolutely. But it all worked out in the end. The plus in all of this was I used his money. I think we all know that's a huge plus. But I was responsible for the success or demise of the project. I just did it. If you look back at my posts, I said that I bothered people, I asked a thousand questions, went to REIA meetings, studied cd's etc.

    I don't know what Jerry's business plan is for investing. There's comes a time when you either form a JV partnership or do it on your own. Of course a JV is a far better way to do things, than on your own. Having a mentor is also a huge benefit. But if you don't have that luxury and want to, let's say wholesale properties, you just do it. You pick up the phone and talk to other wholesalers and gain knowledge. Just like you do from reading the forums on BP. You take that knowledge and apply it. You have to dig and dig some more and then dig again. Knowledge is power, like you stated. In the example of a commercial contract for an SFR, you can go online and there's a wealth of information about the difference between the two. Heck, an attorney will review a contract for $100 in my area. I'd say that's the best $100 you could spend! There's many different ways to limit your mistakes. It goes back to "digging" for that information, if you don't have a partner. We all make mistakes in RE. I still make them. It's a learning process. There's comes a point in time where you have to ask yourself if it's time to move. If not, keep digging. I'm a firm believer in this statement: "You have to be uncomfortable to become comfortable". I understand your point but anyone can go to meetings, read forums, search the internet, read books, pay a "guru" etc. It's not hard. You have a plan in place and you execute. Jerry said he failed 3 times. I wish I only failed 3 times! You have to get back in the saddle and arm yourself with enough information to be a little dangerous. I hope he succeeds and I have no problem helping him, if he wants to contact me. Giving back is an obligation we all have. It also makes this world a much better place.

  • Investor · Arcadia, CA · Member since 2015 · 3 posts · 4 votes
    10y

    Jerry,

    There is no secret that the "gurus" are going to disclose to you no matter how much money you are willing to give them. In competitive markets finding deals is 99% of the challenge and if you do so finding a partner to jv with you should be easily accomplished (find one in Southern California and I will partner with you and provide all the funds and systems to get it rehabbed and sold.) The reason why the gurus are able to fleece "mentees" for so much is because the dream they are selling is not nearly as easy as it sounds. Its hard to actually find someone willing to sell real estate at a big enough discount to create a big return for the investor( at least in my area) Its human nature  for the neophite to get frustrated and insecure that they are missing the magic ingredient but the truth is it really doesn't exist. Over the years ( starting with Carlton sheets in the early 1990s) I have purchased around 8 different investor programs or books to see the new pitch but they all really say the same things.

    My advice is to find someone who really has money and can close fast to partner with. Find out their criteria and find distressed homeowners/properties that criteria that your new partnership will buy. Which marketing methods to use is the million dollar question but just about every one of them is available on these forums, also you will have a $20,000 budget advantage over the "mentees" you will be competing with. Referrals are my best source of deals -( Realtors, Wholesalers and bird dogs) Once you have a legitimate cash investor behind you brand the heck out of yourself as a cash real estate buyer so others are bringing deals to you. 

  • Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    10y

    @Russell W. "Over the years ( starting with Carlton sheets in the early 1990s)"

    Infamous name in REI. We must have started about the same time :)

  • Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    10y

    If we search for "what to do now" you get lots of postings, 

    typically along the line "I just xyx, what to do now?"

    Guess I'm just too too conservative to begin something for which I don't understand at least the steps in the process.  Lot's of variations in the HOW TO, that's kind of different as every opportunity has variables and asking for input is the right approach.

    I (personally) just can walk up to a poker table, anti-up 20k and then ask 

    "so, how do you play this game?"

  • Chicago, IL · Member since 2015 · 469 posts · 81 votes
    10y

    @Scott Steffek...I agree that there are too many people that over analyze before making a move but remember that there are many who do not. I hadn't gotten past wholesaling because that's what you do as a new person in investing when you have no money and no credit right?? All the books and articles and such tell you it's not a good idea to do a rehab out the gate, right?? Yeah, wholesaling didn't go well for me. Didn't know about BP then, didn't know about REIA's, didn't have a cash buyer's list, didn't have anything but the mentorship I had bought and paid for that when I lost my job, I couldn't pay for any more. What do I do?? I kept plugging away. I kept researching the only way I knew how. You don't know what you don't know. I think I still have a few sellers that are PO'd at me but apparently I haven't given up or I wouldn't be here right now, would I?? I get you Scott, and I'm far from oblivious to the stumbling blocks and mistakes that are going to be encountered and made along the way but not everyone is exposed to or aware of what is truly out there. How many new people come onto BP and say they didn't know this site existed and how long has it been in existence?? Don't take it for granted that everyone has all the info sitting right in front of them just for the taking. They don't. You'd be surprised, even as a realtor, how many people realize what they don't know about real estate when I tell them things but as a realtor they come to me and ask me about. It may seem simple to you and me but it's not simple or cut and dry for them. Your experience Scott was one that showed it can be done, which is a great inspiration, but a person should not be discouraged if they cannot brave the wild like Scott did and they should not be told they are not doing something right if it does not happen for them like that. Sure anyone can go to meetings and forums but it won't magically put a big "I" on their chest where they can take the real estate world by storm just by doing these things. Tutoring exists for a reason. Not because everyone doesn't have access to the same type of information and learning but because it still may not be clear to them and they may need a bit of extra help. Sometimes simply asking a question here or there doesn't make it clear for every person no matter how many forums you go to, post in, look up, etc...and no one should be made to feel that they are not doing all they can because it's not crystal clear to them after doing all of that and after "just doing it". I've gotten plenty of information, but for me, it didn't fit all together until I sat with another investor and put all those pieces out of the table and he helped me put them together and I could see a better picture. All the forums, REIA's, internet searches and books didn't do that...my time with him did....I got back up on the saddle but I got tired of having a sore behind...he helped me to see why I kept falling off the saddle. Every person in a gym will not get the same results doing the same workout...each person needs the workout that will help them for where they are and for what they need. Doing the same workout that someone has gotten great results from doesn't mean that you will too and it doesn't mean that you are not trying if that workout doesn't make it happen for you. It means you need something different for your success. A new person should not be made to think that are not serious because they are not following someone else's thoughts or ideas of what they should be doing to be successful but there are folks out there who do just that and I've encountered them. LOL...I asked one question about mobile homes and I was told "if you have to ask that question then you shouldn't be trying to invest in real estate". I've never done real estate before and I'm trying to learn. I looked up everything I could and didn't see it so I asked a question and that was the response I got. Wasn't a guru either. Was a referral from someone else. Didn't stop me from getting into real estate but when you consistently run across people like that, you wonder why the gurus become attractive to a new person. I appreciate your offer of assistance Scott and I plan to take you up on it. I just hear and see a lot of guru bashing and instead of doing that, I would like to see and hear of more JV's with neophytes and pros and vets where both get something beneficial from the partnership that proves how much better it is to have BP and REIA's to network and JV with than to follow the guru train.

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