Guru, Shmuru: The best teachers are in your own backyard
Greetings! I’ll be the first to tell you that I’m soooo not into the “guru” thing! My first experience in purchasing investing course material was with a guru and I still haven’t gotten what I paid for. Lesson learned, right? This experience has given me an “eagle eye” when it comes to purchasing courses that will help my business grow. After doing much research, guess what I found? The best info is with folks who do it successfully in your own city! Here are a couple of resources that I’ve personally used in my Memphis-based business:
1. Check you local government- The city of Memphis has several great
resources for entrepreneurs. The Renaissance Business Center is free
and provides everything you need to get started with your business,
such as counseling, financing workshops, and business plan assistance.
They also host workshops for handymen to earn limited contractor's
licenses. http://www.cityofmemphis.org/framework.aspx?page=446
DDI- The City of Memphis’ Diversity Developer Incubator is one of the best real estate investor programs I’ve attended. First, they walk you through the development process from beginning to end (including deal analysis, code enforcement, construction, design/architecture, financing, etc). It included two weekend courses for Real Estate Development 101 and using the development course software. Second, they use local professionals that are active in their businesses to present each phase of the process. I’ve personally contacted at least 4 presenters for Bell Investments. Last, the course, when we took it, was for 13 weeks and only cost $375 per person! The coolest part about the DDI class is that all participants get to compete for ridiculously discounted land at the end of the course. Participants can compete individually or in a group and create a site plan for 3-4 different parcels of land selected by the city. It’s kind of like The Apprentice :0) http://www.cityofmemphis.org/framework.aspx?page=940
2. Local REI Clubs- I am still learning the importance of the local REI club. Although I still work my full-time teaching job and two side jobs (yeah….I know), I try to make time to read the monthly newsletter articles and attend weekend workshops. The coolest thing about our local REI club is the networking; in addition to meetings, members meet every Friday at the Butcher Shop to meet new faces and discuss real estate investing.
3. Local Veterans in the REI Game- once you attend and join your REI
club, ask the veterans that are knowledgeable in your investing niche
to allow you to follow them one day or take them to lunch for a Q&A
session. Who else knows your market better than the ones who are
investing in it on a regular basis?
4. Local Community Housing Development Organizations- Our target market for Bell Investments is low-income communities and non-profit organizations that service families in these communities. Community Housing Development Organizations (CHDOs) offer valuable market information including the community’s demographics, median area income, economic information, crime statistics, and housing information. It’s always good to know the area that you’re investing in!
1. Check you local government- The city of Memphis has several great
resources for entrepreneurs. The Renaissance Business Center is free
and provides everything you need to get started with your business,
such as counseling, financing workshops, and business plan assistance.
They also host workshops for handymen to earn limited contractor's
licenses. http://www.cityofmemphis.org/framework.aspx?page=446
DDI- The City of Memphis’ Diversity Developer Incubator is one of the best real estate investor programs I’ve attended. First, they walk you through the development process from beginning to end (including deal analysis, code enforcement, construction, design/architecture, financing, etc). It included two weekend courses for Real Estate Development 101 and using the development course software. Second, they use local professionals that are active in their businesses to present each phase of the process. I’ve personally contacted at least 4 presenters for Bell Investments. Last, the course, when we took it, was for 13 weeks and only cost $375 per person! The coolest part about the DDI class is that all participants get to compete for ridiculously discounted land at the end of the course. Participants can compete individually or in a group and create a site plan for 3-4 different parcels of land selected by the city. It’s kind of like The Apprentice :0) http://www.cityofmemphis.org/framework.aspx?page=940
2. Local REI Clubs- I am still learning the importance of the local REI club. Although I still work my full-time teaching job and two side jobs (yeah….I know), I try to make time to read the monthly newsletter articles and attend weekend workshops. The coolest thing about our local REI club is the networking; in addition to meetings, members meet every Friday at the Butcher Shop to meet new faces and discuss real estate investing.
3. Local Veterans in the REI Game- once you attend and join your REI
club, ask the veterans that are knowledgeable in your investing niche
to allow you to follow them one day or take them to lunch for a Q&A
session. Who else knows your market better than the ones who are
investing in it on a regular basis?
4. Local Community Housing Development Organizations- Our target market for Bell Investments is low-income communities and non-profit organizations that service families in these communities. Community Housing Development Organizations (CHDOs) offer valuable market information including the community’s demographics, median area income, economic information, crime statistics, and housing information. It’s always good to know the area that you’re investing in!
http://www.cityofmemphis.org/framework.aspx?page=433
I pray that this gives you some insight regarding the Memphis market and what’s available.
Note to Self…- There’s no such thing as “too much networking”. Get your butt out there and meet people.
- Be prepared to smile and talk confidently about your business. If you don’t believe your business, we can’t believe in your business.
Press toward the mark!
SRB
Comments (7)
Thanks Greg,Marcus, and Kevin for your comments. All it takes is one mistake and it will propel you to do things right the second time. Real professionals share knowledge and not hoard it to make a profit. I'm a woman of faith, and I know that God blesses those who bless others :0)
Sonja Bell, about 14 years ago
wow Sonja. Quite inspiring post. I think you exposed the power of doing your own due diligence. Enough information is available at the right price for everyone, all it takes is effort.
Kevin Kaczmarek, about 14 years ago
I have been rehabbing properties as the contractor for several years. Just watching the guys I have worked for has given me more information than all the books I have read. I have read a stack three feet long they did provide me enough to get an idea but watching it in action is the real deal. Where the rubber meets the road is in the daily activities. No book I have read has ever said anything about being up at six for materials, on site at eight, deal with 7 unexpected complications, check email, return calls, get gas, look at deals, figure renovation expenses, Etc., Etc., home at six or eight. REPEAT.
Marcus Geiser, about 14 years ago
Thanks for sharing this Sonja. Great points.
Greg B., about 14 years ago
Wow! Thanks, guys, for the encouraging words :0)
Sonja Bell, about 14 years ago
Your on the money sonja! --Mitch Stephen--
Mitch Stephen, about 14 years ago
Great post, Sonja!
Joshua Dorkin, about 14 years ago