I have worked in the manufacturing business for 13 years and I am ready to make a career change. And real estate is what I have my eyes on. I have been to real estate seminars, webinars from Fortune builders Than Marell to Chicago business development group. Needless to say real estate is where the $$ is at but are these the places to go get educated in the real estate world? I don't know if I am comfortable shelling out 20k to 10k on these "guru get rich quick classes". I do understand that someone like me that has no prior experience in real estate what so ever needs to get educated some where but where? I was thinking about getting a job involving real estate but what? I am the kind of person that wants that education backing me up. To let my potential sellers investors know that I actually know what I am talking about and not sound like I have my head somewhere where the sun don't shine. Can anyone please guide me the right direction.
If I were you I might start by understanding the laws around real estate in your state and how they apply to investors. Some times there are little unique things you need to know. Next find a mentor. You don't have to pay thousands just go to your local real estate network events or hang out here. That should get you started. I'm sure some of the other gurus here will chime in and help you. Happy house hunting!
The paid mentorships work very well for some individuals and not so good for others. This is a great place to start your REI education. There are many niches to real estate investing (REI). You can not be a master in all the niches, so use Bigger Pockets (BP) to help narrow down what niche you want to start in. Once you determine your goals, use BP to help you figure out the best way to reach your goals.
I would start with education, I just completed my first deal and I studied for about 2 years.. kind of dabbled in wholesaling then found buy and hold was perfect for me to start out with. I bought my first property with every penny I saved for 10 years ($30,000) and even sold my wonderful BMW to cover my contingency budget. It was the best decision I ever made.. but without my education,friends/colleagues the outcome could have been much different.
ps Never trust a Guru.. they will never get you a deal... no matter what they can do for you... YOU are the only one that can get a deal.
@Arturo Martinez Welcome Auturo. Start reading, listening to the podcast and visiting your local REIA meetings.
@Arturo Martinez No I did not. I asked around what I should be doing and I kept getting the same answer. I need to educate myself first. I thought I need run around like a chicken with my head cut off and do everything at one time. I did not know what I wanted to invest in, SFR, Multi's, commercial, retail. So I got analysis paralysis. Now I am taken a step back to get started the right way. Reading the beginners guide to investing was a good place for me to restart my engine. I have several meetings in my area coming in the month of May, all free by the way. Then I will start to network with individuals and build relationships with investors, agents, landlords that I can build my knowledge with. Do not rush out to get everything done all at once. This will be a marathon not a sprint.
Disclosure: I am a member of RIREIG
Hi @Arturo Martinez ,
Do you have any idea of which real estate area you want to get into?
Here are some of the ways you can make money in Real Estate (Information derived from www.RIREIG.com):
- Buy and hold
- Single, multifamily, commercial
- Section 8/low-income
- Options-create or buy
- Sell the contract
- Bird dog
- Title problems
- Tenant-in-common interests
- Life and remainder estates
- Adverse Possession
- Judgment investing
- Corporate property
- Short sales
- Discount lien release
- IRS sales
- Discount mortgages
- Create mortgages
- Commercial real estate
- Property-wanted ads
- Out-of-state land owners
- Environmental problem property
- Condo lien foreclosure
- FHA and VA repos
- Foreclosure auctions
- Condemned property
- Moving houses
- Condo conversion
- Abandoned houses
- Combining these
- Existing options
I recommend you take one of these areas and focus specifically on that. Many people do a little bit of this and that in real estate, and don't do any of it well. I suggest developing a niche and being the best at it!
Hi Arturo, welcome! I was asking myself the same questions not long ago, and I dug into BiggerPockets online, my local REIA's (Real Estate Investment Assoc), called lenders, and started taking action with lists. You can spend $20k for someone to tell you about REI, but why not spend that money on a down payment of your first deal after getting info free from real life people who will tell you the real ups and the downs.
I would go to www.biggerpockets.com/ubg which is the Ultimate Beginners Guide. Also, if you commute or have time in the car, I cannot stress the Podcasts more. I have learned so much from the podcasts just driving around than any other place.
It is understanding to want all the answers as soon as possible, but this is a marathon not a sprint. I am learning that building systems, accountability to others for my actions/results, learning something new, and taking action daily is the best recipe for success....
Good Luck! Keep us posted...
Immerse yourself in the subject matter. Read everything you can about all strategies to building wealth in real estate. Eventually one strategy will jump out at you as being the most attractive, then create your niche. Read and learn all you can about the path you want to take. A library card is free, and so is the content here on BP.
Also network with RE professionals in your area and study your market every day. I takes a long time to learn your market well, but the sooner you start the quicker you'll get there!
Good luck and happy learning!
@Tony Cavalli,Great job on your new property. I would love to know what lessons you learned and what kind of deal would make you clear out your savings and sell your Beamer. I'm sure it was great.
Ps. please don't take my guru suggestions to heart. I just through it out there to refer to experts like you and the other guys here:-) I love bigger pockets. You can learn so much here!
Biggerpockets is the answer to your educational needs.
Listen to the podcasts. Like this one (it's my favorite...ok I am biased because I was the one who got interviewed in it).
Is real estate investing right for you? Follow the real life of a real estate investor here (again, this is provided to you by BP Nation free of charge so why pay a guru?)
Then whenever you are looking at a deal, here's how you can analyze it (again, FREE courtesy of BP FilePlace).
@Arturo Martinez I would reflect on why you want to do real estate AND what about it do you like and what intrigues you. Then, use the list
@Gregory Rice gave you and match up what you think most fits the reasons why you like it. Ultimately you can make money in any area of investing but YOU will only make the big bucks in the areas that YOU find most interesting and appealing.
Once you have that list that matches up your interests with real estate niches then find people in those areas who are doing it successfully. Model what you do after how they got there.
And that's it. You'll be well on your way to building big-time wealth because you'll be doing what you enjoy doing while following a proven model that others used to get there before you.
No need to waste money on gurus. If they were making so much money in real estate why would they be pitching online courses and workshops for thousands of $? Yes, I know... they're just "looking to give back because they're so grateful that they made it in real estate". If you believe that there's a bridge in Brooklyn I'd like to wholesale to you ;)
And here's a dirty little secret the gurus don't want you to know. The info they give you on their blogs and their free audio seminars is 99% of what you get in their expensive courses.
Join your local RE group. Go to the BP forums everyday (set up keyword alerts). Get a couple good RE books (there was a thread on here where BP members listed their faves). Listen to the BP podcasts.
I went to a $59 one day seminar my local RE group hosted on wholesaling a few years ago. One month later I did my first wholesale deal and made $7,000. Fast forward to today, many wholesale deals and flips later....and I'm closing on 3 properties (1 rehab 2 rentals) on the same day. I haven't spent a dime on gurus.
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