Updated about 6 years ago on . Most recent reply
Scared to get started!
About 3 1/2 years ago my then gf, now my wife, and I purchased a real estate course for a total of about $22k. I went to the bootcamp class once, and maybe spoke to ten people after that. I put $1000 in an escrow account for bids (not sure if that's a decent strategy), and made two offers on homes. I got neither of them, and we have been questioning our decision to purchase that course ever since. We purchased the course because we were fascinated by the idea of starting REI by wholesaling. We didn't have money to do flips or anything, nor did either one of us have good enough credit to secure financing for something like that.
Right now though I am desperate to get started in REI in any way, shape or form. I just went through our finances and we are over $117k in debt with student loans, credit cards (one of which still has the $22k from the course), and my car. We just had our first child 6 months ago, and we want to buy a house soon. I want nothing more than to get out of debt completely, buy our home, and raise our daughter up to with a good financial education (the kind neither one of us got). I've been listening to the bigger pockets podcast for the past two days, and have heard too many stories of people coming on here and learning exactly what to do to go out and make their first deal. I think that's what I need, just to get the first one out of the way to know that this is actually possible for me.
I’m looking to get any help that this community is willing to give on wholesaling. I just need to know the actions to take that will lead to the most productivity, and I think I’ll be ok. I currently live in Seaside, CA, but we are moving to D.C. at the end of the year. If that helps.
Can’t wait to hear from you all. Thanks so much. God bless.
Most Popular Reply
#5 All Forums Contributor
- Plymouth, MI
So let me get this straight. You went to a REI program, paid for it, made 2 offers, didn't get either one, and blamed the course you took for failing you?
Let me ask you a question. Was it the second failed offer that made the REI course a scam, or was it the first one...and you decided to give it one more shot and made a second offer?
Stop playing the victim of the course. You are a victim of yourself. Take responsibility for your own action, or lack of. Two offers? Only two offers? Really?
The course didn't fail you...you did. You gave up on yourself, and blamed the course.
Now, I don't want you assume I'm defending the course, which I'm not. I'm just not going to let you brush off your own responsibility in this...and I'm NOT doing this as an attack on you. Far from it. You took the initiative and spent money on what you thought would bring you closer towards financial freedom. The mistake you are making is assuming it's automatic...and fast. It's neither.
No REI investor on earth, newbie or experienced, should expect to have all of their offers accepted. If you did, you're probably doing something wrong. Offers are made based on getting deals...not properties. Huge difference. Sometimes, the best deals you make are the ones you don't make...or the properties you don't get.
You're not doing anything wrong here...except not realizing that getting offers rejected is a part of REI...and sometimes it's a successful part of REI.
Keep firing offers...and deals will come.